The French hotel group Accor, founded in 1967 and now owns 55 brands, has recorded strong revenue growth in the luxury and lifestyle segments, as well as a 13% increase in the group's EBITDA in the last six months.
Accor has set its sights on becoming a market leader in these two categories after recording a considerable 22% increase in revenues in this sector compared to the first half of 2023 with a group EBITDA, earnings before interests, in taxes, depreciation and amortization of £424 million / 0ver Є 500 million for the first half of 2024 which is quantified in an increase of 13% compared to the same period of the previous year.
Accor's premium, midscale and economy division reported a 4% increase in RevPar, revenue per available roomcompared to the second quarter of 2023 as a result of price increases, while in the luxury and lifestyle segment, it recorded an 8% increase in RevPar mainly due to higher occupancy rates.
The remarkable performance of Accor's luxury & lifestyle division was bolstered by the acquisition of French high-end catering brand Potel & Chabot in October 2023, which is believed to have contributed £98.4 million/ over Є 116.0 million.
In March 2024, the subsidiary of Accor Ennismore that manages various brands including Hoxton, Hyde and Gleneagles acquired a 51% stake in Rikas Restaurants Management, a hospitality company headquartered in Dubai that offers premium catering.
In June, Accor partnered with luxury goods brand LVMH through a strategic investment in the Orient Express brand, which owns two sailboats and plans to operate other businesses with other hotels and trains.
Reaffirming its confidence, Accor's Chairman and CEO stated that business in the second half of the year remained strong in all regions across all brands and the pace of development of the group has accelerated and its position as a leader in luxury and lifestyle has been further strengthened by important partnerships.
These performances allow Accor to increase RevPar's target for 2024 by reaffirming its confidence in the strength and strength of the group. ambition of the group.
The coming weeks will be marked by the Olympic and Paralympic Games of which Accor is one of the partners and for this unique event The teams of the group will be mobilized for services to the Athletes' Village, the Media Village and all the guests staying in the hotels of the group.
Link : https://www.thecaterer.com/news/accor-consolidates-leading-position-in-luxury-and-lifestyle
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