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)