Accor’s 2024 performance showcased a resilient hospitality sector, navigating a diverse consumer landscape. The Group’s strategic diversification, encompassing both geographic and segment variations, facilitated robust activity. This allowed both the Premium, Midscale, and Economy (PM&E) and Luxury & Lifestyle (L&L) divisions to deliver results consistent with the projections from the June 2023 Investor Day.
Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “Ambition, discipline, and high standards are the three pillars that have guided Accor’s actions in 2024. They have once again enabled us to post record results, in line with each of the objectives we have set for the Group. This performance reflects the extraordinary commitment of our teams, the strength of our brands and our digital tools, the renewed confidence of our partners, and the efficiency of our organization based on two autonomous and complementary divisions. Thanks to this vigorous growth, we will propose an increased return to shareholders at the next General Meeting. On these solid foundations, and by continuing to control our destiny, we are approaching 2025 with confidence and the ambition to once again deliver excellent results.”
The company’s expansion was highlighted by the opening of 293 hotels, adding over 50,000 rooms, and achieving a 3.5% net network growth. By year-end, Accor’s portfolio included 850,285 rooms across 5,682 hotels, with a pipeline of over 233,000 rooms in 1,381 hotels. The fourth quarter saw the PM&E division’s RevPAR increase by 4%, driven by balanced price and occupancy growth. Regional performance varied, with Europe and North Africa seeing a 2% RevPAR increase, led by Germany. The Middle East, Africa, and Asia-Pacific region rebounded with a 5% increase, while the Americas, primarily Brazil, saw a 12% increase.
The Luxury & Lifestyle division achieved its best annual performance, with a 10% RevPAR increase, driven by both price and occupancy. Consolidated revenue reached €5,606 million, up 11% from 2023, with growth in both PM&E and L&L divisions. Consolidated Recurring EBITDA reached a record €1,120 million, a 12% increase. Net profit was €610 million, and diluted earnings per share rose to €2.33. Recurring Free Cash Flow improved to €614 million, with a 55% cash conversion rate. Net financial debt was €2,495 million. Accor confirmed its medium-term growth prospects and will propose a dividend of €1.26 per share. Key events included the sale of Accor Vacation Club, strategic partnerships, acquisitions, and the LVMH partnership.
