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Accor Q1 Revenue Nearly Doubles

French hotel group Accor (ACRFY.PK,ACRFF.PK) said its consolidated first-quarter 2022 revenues totaled 701 million euros, up 94% from 361 million euros last year. On a like-for-like basis, revenues were up 85%.

Hotel services revenues surged 117% to 507 million euros from 234 million euros last year, while Hotel Assets & Other gained 55% to 200 million euros from 129 million euros last year.

Consolidated RevPAR more than doubled in the quarter, was up 108% compared with last year but was still down 25% compared to 2019.

Commenting on the results, CEO Sébastien Bazin said, "Accor's performance in the first quarter of 2022 confirms the clear upturn in business across all regions and the renewed momentum in tourism, food services and entertainment. These results are notably driven by our market dynamics in Europe, the Middle East and the Americas as well as the strong demand for our Luxury and Lifestyle hotels, and domestic travel."

During the first quarter of 2022, Accor opened 26 hotels, representing about 3,700 rooms, for net growth in the network of 2.5% over the twelve-month period.

At end-March 2022, the Group had a portfolio of 777,849 rooms (5,304 hotels) and a pipeline of about 212,000 rooms (1,212 hotels).

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