Accor posted record revenue for available room levels in the third quarter, surpassing 2019 levels, the company announced on Wednesday.
Accor CEO Sebastien Bazin said in a statement that all regions saw growth compared to 2019 except for Asia-Pacific, where activity is currently picking up.
Overall, Accor’s third-quarter occupancy was 66.9 percent, down 5.6 percentage points from 2019 levels. Its average room rate was €107.90, up 23.3 percent; And its RevPAR was €72.20, up 13.9 percent.
Regional performance
In the Americas region, which includes North, Central and South America as well as the Caribbean, Accor reported third-quarter occupancy at 62.6 percent, down 2.6 percentage points from Q3 2019. Average room rate increased by 16.4 percent to €142.60, and RevPAR increased. 12 percent to €89.30.
In India, the Middle East, Africa and Turkey, Accor reported 65.1 percent occupancy, up 0.5 percentage points from the third quarter of 2019. ADR increased by 67 percent to €127.40, and RevPAR increased by 68.3 percent to €83. According to Accor, this region saw the highest percentage increase.
Asia-Pacific saw lower Q3 growth due to slower recovery from the pandemic. Occupancy decreased 12.3 percentage points from Q3 2019 to 60.6 percent, ADR increased 9.6 percent to €86.50, and RevPAR decreased 8.5 percent to €52.40.
Accor reported third-quarter occupancy of 72.3 percent in Northern Europe, down 6.7 percentage points from 2019. ADR increased by 18.9 percent to €109.80, and RevPAR increased by 8.9 percent to €79.40. Southern Europe saw occupancy of 73.4 percent, down 2.8 percentage points, average room rate up 25.2 percent to €103.60, and RevPAR up 11 percent to €76.
Revenue and forecasting
Accor has formed its brands into two main divisions, effective October 1. “Economy, Midscale & Premium Division” with brands such as ibis, Novotel, Mercure, Swissôtel, Mövenpick and Pullman, and the Luxury & Lifestyle division, including Ennismore, Accor’s luxury brands lifestyle entity.
According to Accor, the company’s third-quarter consolidated revenue rose 83 percent year-on-year to nearly €1.15 billion.
Accor projects full-year earnings for 2021 before interest, taxes, depreciation, amortization and restructuring or rental costs of €610 million to €640 million.
Hotel development
Accor has picked up pace in development and room openings, including 93 new hotels with an additional 15,300 rooms in the third quarter, registering growth of 2.4 percent over the past 12 months. The latest developments expand Accor’s portfolio to 5,357 hotels, offering more than 789,000 rooms with a development pipeline of 1,218 hotels and 212,000 rooms.
