Accor Q3 Revenues Up 95%

(RTTNews) - Accor (ACRFY.PK, ACRFF.PK) Wednesday reported third-quarter revenues of 1.15 billion euros, up 95% from 589 million euros last year.

RevPAR improved by 20 percentage points from last year, reflecting a strong activity recovery seen over the summer.

Hotel services revenues gained 99% to 874 million euros, while hotel assets surged 85% to 283 million euros last year.

CEO Sébastien Bazin said, "Business momentum remained very strong in the quarter, with the Group's RevPAR and revenue well above their 2019 levels. Excluding Asia-Pacific, where activity is now recovering, all regions saw growth compared with 2019. These strong performances, coupled with strict operational and financial discipline, give us confidence in our ability to reach the upper end of our full-year EBITDA guidance range, which should be between €610 million and €640 million."

The Group's RevPAR was up 14% overall in third quarter, confirming the sharp improvement in activity seen since the start of the year, with Group RevPAR exceeding its 2019 level for the second consecutive quarter.