We See Accor’s Demand Lifting Further in 2023, as Industry Tailwinds Outweigh Macro Concerns

Accor’s third-quarter revenue per available room, or revPAR, traveled higher to 114% of 2019’s level versus 101% seen three months prior, driven by volume and pricing improvement across all regions. Northern Europe (21% of rooms) revPAR lifted to 109% of prepandemic marks in the quarter (from 93% last quarter), Southern Europe (24%) to 111% (versus 102% three months prior), and Asia-Pacific (31%) to 91% (compared with 82% a quarter ago). Systemwide, the brand’s pricing power remained strong, with its room rates reaching 123% of 2019’s level, up sharply from 113% last quarter.