For full-year 2022, Accor reported group RevPAR for full-year 2022 was 2% higher than in 2019. In the Americas, RevPAR in full-year 2022 was 5% higher than in 2019.
“Tourism recovered substantially in 2022 and our performances, up strongly in all regions, reflected that rebound,” said Sébastien Bazin, chairman/CEO, Accor. “We exceeded our financial and non-financial targets and can look to the future with serenity. Our brands are attractive, our distribution is powerful, our teams are talented and motivated and our organization has been adapted to capture future growth even more effectively.”
He continued, “These strengths combined with the genuine culture of the group, placing people and talents in the heart of its model, give meaning to our action. In 2023, our ambition is to keep our growth and reinforce our leadership by continuing to evolve the codes of the hospitality industry and remain the chosen partner of our hotel owners and customers.”
After two years severely impacted by the health crisis, fiscal year 2022 posted a solid and sustainable rebound in Accors activity. The performance of hotels over the second half of the year surpassed pre-crisis levels in almost all regions. Only Asia, a region impacted by China’s strict zero-COVID policy until year-end, is still significantly below 2019 activity levels.
Worldwide, Accor’s recovery was primarily driven by domestic guests, with levels exceeding those of 2019. Whereas international travelers, even whose number grows sharply, failed to return to the level of 2019. As observed in recent quarters, the recovery was led by a strong increase in prices, fueled by demand and accentuated by inflation.
In 2022, Accor opened 299 hotels, corresponding to 43,000 rooms, accounting in a net organic growth in the network of 3.2% over the 12-month period. At the end of December, the group had a hotel portfolio of 802,269 rooms (5,445 hotels) and a pipeline of 216,000 rooms (1,247 hotels).
Consolidated revenue
In 2022, the group recorded revenue of 4.22 billion euros ($4.45 billion), up 80% like-for-like (LFL) versus FY 2021. This growth breaks down into an improvement of 89% for HotelServices and 63% for Hotel Assets & Other. To provide a RevPAR comparison (presented as the change versus FY 2019 throughout this release), the group reported an increase of 4% in LFL revenue versus FY 2019.
Changes in the scope of consolidation (acquisitions, disposals and reopenings) contributed positively with 72 million euros ($75.9 million) mainly due to the takeover of Paris Society and the reopening of the Pullman Montparnasse.
Currency effects had a positive impact of 189 million euros ($189.8 million), mainly linked to the U.S. dollar.
HotelServices revenue
HotelServices, which includes fees from Management & Franchise (M&F) and Services to Owners, generated 3.19 billion euros ($3.36 billion) in revenue, up 89% LFL versus FY 2021 (up 5% LFL versus FY 2019). This increase reflects the solid recovery in business over the year.
Management & Franchise (M&F) revenue stood at 1.05 billion euros ($1.11 billion), up 93% like-for-like versus FY 2021 (down 1% LFL versus FY 2019), with regional performances correlated to health crisis situations in the considered countries.
In some cases, the lower improvement in M&F revenue compared to RevPAR can be explained by the slower recovery in incentive fees based on the hotel operating margin generated from management contracts. This results from a lower business activity in 2022 in contrast with 2019 in Asia-Pacific and Northern Europe regions.
Consolidated RevPAR reported a global increase of 15% during Q4 2022 compared to the same period in 2019, improving on the excellent performance in Q3 (+14%). Group RevPAR for full-year 2022 was 2% higher than in 2019.
South Europe, driven by France, reported a 12% increase in RevPAR in Q4 2022 compared with Q4 2019. Business performance increased quarter after quarter, with RevPAR for full-year 2022 exceeding that of 2019 by 3%. In France, RevPAR was up 13% in Q4 2022 compared with Q4 2019. The performance was driven mainly by Paris, which benefited from the return of international leisure guests. In Spain, RevPAR was up 5% in Q4 2022 versus Q4 2019.
North Europe posted a 5% increase in RevPAR in Q4 2022 versus Q4 2019, marked by a slight slowdown compared to Q3 2022, notably owing to Germany. Northern Europe RevPAR for full-year 2022 was 6% lower than in 2019. In Germany, the sequential decrease in business activity reflected by the seasonality of trade fairs and conventions, with fewer events as well as a lower attendance in the Q4. In the U.K., RevPAR remained solid and increased from the previous quarter. London and the province achieved comparable performances despite transport-impacting strikes over the period.
Asia-Pacific benefited from a sequential improvement in RevPAR (+3 percentage points between the third and fourth quarters), to stand at -6% in Q4 2022 compared with Q4 2019. Asia-Pacific RevPAR for full-year 2022 is 18% lower than in 2019, offering the largest recovery potential in FY 2023 due to the activity lag. In the Pacific region, business activity was stronger than before the crisis, with a 13% increase in RevPAR in Q4 2022 versus Q4 2019, still largely driven by prices. In China, RevPAR decreased compared to Q3, falling at 39% in Q4 2022 compared with Q4 2019 owing to the strict application of a zero-COVID policy until December 2022. Business has since improved despite the sanitary situation still challenging. Southeast Asia posted a substantial improvement in Q4 2022 (up 17 percentage points from last quarter), with RevPAR at 4% lower than in Q4 2019. The recovery was underpinned notably by Singapore, leisure guests in Thailand, and the reopening of Japan in October.
In the India, Middle East Africa, & Turkey (IMEAT) region, business benefited considerably from the Soccer World Cup in Qatar in November and December, with RevPAR 73% higher in Q4 2022 than in Q4 2019. The World Cup had a knock-on effect across the Arabian Peninsula. Saudi Arabia also benefited from a solid activity linked to pilgrimages. Regional RevPAR for full-year 2022 was 47% higher than in 2019.
In the Americas, the improvement in RevPAR was also noteworthy (+6 percentage points between the third and fourth quarters), increasing 18% in Q4 2022 compared with Q4 2019. RevPAR for the Americas region in full-year 2022 was 5% higher than in 2019. North/Central America and Caribbean region RevPAR was 8% higher in Q4 2022 than in Q4 2019, still strongly fueled by prices. In South America, business also remained robust with Q4 2022 RevPAR exceeding that of Q4 2019 by 42%, the sustained rise in prices having been driven by inflation over the last three years.
FY23 RevPAR Guidance
FY 2023 group RevPAR is expected to increase between 5% and 9% on a LFL basis compared to FY 2022.
