French hotel group Accor said its RevPAR for the first half of 2023 was up by 38% from last year. Chairman and CEO Sébastien Bazin said demand is expected to remain strong for the coming months.
EBITDA stood at €447 million in H1 2023, more than double the figure reported in H1 2022. This performance was linked to the strong recovery in activity and strict discipline in costs of Services to Owners, enabling the group to post a marginally positive EBITDA as expected for this activity.
The China market has seen a strong recovery since the start of the year, but there is still room for considerable growth, as business has not yet returned to pre-crisis levels.
Accor has raised the guidance for 2023:
* Growth in RevPAR expected at the top end of the 15-20% range.
* Consolidated EBITDA expected between €930 million and €970 million (previously between €920 million and €960 million)