# Accor plans to add more than 1,200 hotels
Author:  Pal Sinha,Barnali
Author URL: https://economystandard.com/author/pal-sinha-barnali/
Published: 2023-06-27
Category: News
Category URL: https://economystandard.com/category/news/
Meta Title: Accor to Add 1,200+ Hotels by 2027
Meta Description: Find out how Accor's expansion plans are set to revolutionize the hospitality industry with over 1,200 new hotels in the pipeline.
URL: https://economystandard.com/accor-plans-to-add-more-than-1200-hotels/

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## Accor plans to add more than 1,200 hotels   (Reuters) -Accor plans to open more than 1,200 hotels in the next five years, increasing the number of its resorts by more than one-fifth, Europe’s biggest hotel group said on Tuesday.    The hotel industry has benefited from higher prices and a rebound in travel demand in the wake of the pandemic, with consumers rushing to travel even as rising interest rates stoke fears of a recession and inflation erodes household purchasing power.    Accor also raised its outlook at its capital markets day, forecasting its 2023 revenue per room (RevPAR) to grow by 15% to 20% amid reorganisation plans that were implemented in January.    The firm expects core earnings before interests, taxes, depreciation and amortisation (EBITDA) this year of 920-960 million euros ($1.01-$1.05 billion).    Chief Executive Officer Sébastien Bazin attributes the growth to the “confirmation of a very broad international demand across the different countries, a summer that will be a good one based on current confirmation of booking occupancy, and therefore demand that is only growing in almost all the Group’s segments, in almost all geographies,” he said on a call.    The French-listed group aims to grow its EBITDA by 9-12% annually from 2023 through 2027.    Accor said it plans to return around 3 billion euros to shareholders in that period via dividends and share buybacks.    Shares were up 1.2% at 0703 GMT and have gained more than 40% year to date.    “We expect a positive share price performance today and we will probably upgrade our recommendation on Accor as the updated mid-term guidance is stronger than expected,” said analyst Yi Zhong at AlphaValue.    “We mostly read the release positively today but flag a few points also in the 23E guidance that are less than expected. For us the most positive is the commitment to return cash to shareholders,” said a note from Barclays, which holds an “overweight” rating on the stock.    ($1 = 0.9153 euros)    (Reporting by Tristan Veyet and Gaëlle Sheehan in Gdansk; editing by Sherry Jacob-Phillips)


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