Throughout 2024, including a very strong fourth quarter, the hospitality sector proved resilient in a contrasting consumer environment. In 2024, Accor opened 293 hotels, corresponding to more than 50,000 rooms, i.e., net network growth of 3.5% in the last 12 months. At end-December 2024, the Group had a hotel portfolio of 850,285 rooms (5,682 hotels) and a pipeline of more than 233,000 rooms (1,381 hotels).
Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “Ambition, discipline and high standards are the three pillars that have guided Accor’s actions in 2024. They have once again enabled us to post record results, in line with each of the objectives we have set for the Group. This performance reflects the extraordinary commitment of our teams, the strength of our brands and our digital tools, the renewed confidence of our partners and the efficiency of our organization based on two autonomous and complementary divisions. Thanks to this vigorous growth, we will propose an increased return to shareholders at the next General Meeting.
On these solid foundations, and by continuing to control our destiny, we are approaching 2025 with confidence and the ambition to once again deliver excellent results.”
Fourth quarter RevPAR
- The Premium, Midscale and Economy (PM&E) division posted a 4% increase in RevPAR compared with the fourth quarter of 2023, driven equally by prices and occupancy.
- The Europe North Africa (ENA) region posted a 2% increase in RevPAR compared with Q4 2023, driven by higher occupancy rates. The three main countries pursued the momentum seen in the first 9 months of the year, with Germany outperforming France and the UK.
- In France, which accounts for 42% of the region’s room revenue, the change in RevPAR in Paris was slightly negative in the fourth quarter, due to an unfavorable basis of comparison with the Rugby World Cup in October 2023. However, this trend turned positive again in December 2024, thanks to strong international demand, particularly from the US, the reopening of Notre-Dame de Paris and the post-Olympic Games effect. Meanwhile, performance in the provinces was less volatile, with RevPAR stabilizing in the fourth quarter of 2024.
- In the UK, which accounts for 13% of the region’s room revenue, both London and the provinces posted weak RevPAR growth, in line with the first three quarters of the year.
- In Germany, which accounts for 13% of the region’s room revenue, RevPAR growth was slightly stronger than in France and the UK. Occupancy, 5 points below the level of the fourth-quarter 2019 level, remains an important vector for future growth.
- The Middle East, Africa and Asia-Pacific region rebounded in the quarter, posting a 5% increase in RevPAR compared with the fourth quarter of 2023. Two thirds of this increase in RevPAR was driven by prices, and one-third by occupancy rates.
- In the Middle East-Africa region, which accounts for 24% of the region’s room revenue, Saudi Arabia explains the rebound in RevPAR. Indeed, in the third quarter of 2024, Saudi Arabia had to deal with a difficult basis of comparison linked to religious pilgrimages. This country is benefiting from strong demand, reflected in an occupancy rate now at 70%, 10 points above the pre-crisis level.
- Southeast Asia, which accounts for 33% of the region’s room revenue, posted double-digit RevPAR growth, reflecting the region’s growing appeal. Occupancy now at 71% exceeds its 2019 level.
- The Pacific, which accounts for 25% of the region’s room revenue, resumed positive growth in the fourth quarter, driven by strong demand from leisure customers, won over by an attractive pricing policy.
- In China, which accounts for 18% of the region’s room revenue, the situation improved in Q4 2024, although the change in RevPAR remained negative compared to Q4 2023.
- The Americas region, which mainly reflects the performance of Brazil (61% of the region’s room revenue), posted a 12% increase in RevPAR compared with the fourth quarter of 2023.
- Brazil, whose occupancy rate returned to its pre-crisis level in the second quarter of 2022, continued to record a rise in occupancy and benefited from higher prices.
The Luxury & Lifestyle (L&L) division posted its best performance for the year with a 10% increase in RevPAR compared with Q4 2023, driven by both prices and occupancy.
- Luxury, which accounts for 74% of the division’s room revenue, posted a 9% increase in RevPAR compared with the fourth quarter of 2023. RevPAR growth was solid across all brands and regions, outperforming the PM&E segment in comparable areas and demonstrating the resilience of the Luxury segment in hotels.
- Lifestyle posted an 11% increase in RevPAR compared with the fourth quarter of 2023. This increase was in line with the momentum observed in the first three quarters of 2024. The resort hotel segment again recorded a solid quarter in Turkey, Egypt and the United Arab Emirates. This demonstrates the ever growing appeal for unique experiences.
Consolidated revenue
The Group reported revenue of €5,606 million in 2024, up 11% with 2023. This growth breaks down into a 5% increase for the Premium, Midscale and Economy (PM&E) division and 19% for the Luxury & Lifestyle division.
Scope effects, linked mainly to the full-year effect of Potel & Chabot (takeover in October 2023) and the acquisition of Rikas (in March 2024) in the Luxury & Lifestyle division (the Hotel Assets & Other activity), positively contributed for €223 million.
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