Accor Adjusts Its Outlook Upward

Accor, Europe's biggest hotel group, raised its outlook at its capital markets day on Tuesday and forecast its 2023 revenue per room (RevPAR) to grow within a range of 15% to 20% amid reorganisation plans.

The hotel industry has benefited from higher prices and a rebound in travel demand in the wake of the pandemic, with consumers rushing to travel even as rising interest rates stoke fears of a recession and inflation continues to erode household purchasing power.

Accor now expects its full-year earnings before interests, taxes, depreciation and amortization (EBITDA) to come in the range of 920 million euros to 960 million euros ($1.01 billion - $1.05 billion).

The French-listed group aims to grow its EBITDA by 9-12% annually from 2023 until 2027.

($1 = 0.9153 euros)

(Reporting by Tristan Veyet and Gaëlle Sheehan in Gdansk; Editing by Sherry Jacob-Phillips)

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