Articles tagged “accor”

Isn't hosting the Olympics supposed to be a gold mine for hotels? Not for France, at least. Accor warned that it didn't expect a "massive financial uplift" from Paris hosting the Summer Olympic Games.

Accor has opened the world’s largest Mercure hotel in Singapore, featuring extensive amenities and a prime location between Chinatown and the CBD.

Today's podcast looks at hotel expansion in Europe, cautious flight plans in the Middle East, and Accor’s India ambitions.

Sébastien Bazin believes India has untapped potential, and asserts players need to increase their goals and ambitions to cater to the demand of the market.

Hilton CEO Christopher Nassetta led the pack among hotel executives with a total compensation of $56.8 million in 2023, followed closely by Hyatt's Mark Hoplamazian at $56.4 million and Marriott's Anthony Capuano at $55.5 million.

India is a strong player in Accor's global vision. The record-breaking expansion in 2023 is a step towards its goal of opening 30 properties in the country over the next three to five years.

Accor plans to expand its Indian portfolio by introducing 30 new hotels, adding 5,500 rooms over the next 3-5 years, and is set to open luxury hotels including Sofitel Jaipur Jawahar Circle and Raffles Jaipur.

While Raffles is best-known for its classical hotels, the brand is fast-developing in the modern Middle East.

India’s hospitality sector in 2023 saw a record investment of $401 million, marking a near fourfold increase from 2022, with robust growth in hotel transactions, signings, and openings, particularly in tier-two cities, and an optimistic revenue growth forecast for FY2025 driven by spiritual tourism.

CBRE anticipates continued growth in the U.S. hotel industry in 2024, with a 3% RevPAR increase driven by recovery in international travel and strong segments performance, amidst challenges of increasing operational costs and pressure on profit margins.