[Update] Financial results of hotel groups, in the first semester of 2022 return to profitability

Business performance

Behind this unanimous optimism, there are performances that have exceeded the recovery scenarios anticipated by the hotel groups.

Accor posted a RevPAR of -11% compared to that of the first half of 2019. While the year started off in the doldrums, the second quarter saw the trend reversed with +1% compared to the same period in 2019. 

All agree on the importance of ADRs in boosting RevPAR without hiding the increase in production costs linked to the rise in energy prices, raw materials and wage costs. This situation tempers the strong dynamics of recovery, pushing operators to seek productivity gains to anticipate the normalisation of prices.

Although the trend is positive, disparities persist between regions. In Southern Europe, Accor properties posted a RevPAR of +2% compared with the second quarter of 2019, with performances driven in particular by France and Spain, whose domestic markets are very dynamic. In Northern Europe, which is more dependent on international markets and corporate customers, the second quarter was down 7% compared with 2019. Although the recovery has been slower to take hold, the signs are there and will be felt in the second half of the year.

For the India, Middle East, Africa and Turkey region, performance has been steadily improving since the last quarter of 2021. + 32% of RevPAR in the second quarter of 2022 compared to 2019. Ramadan, which took place in April, largely boosted performance.
Overseas +5% RevPAR in Q2 2022 compared to 2019. The French group points to occupancy rates that are also improving compared to 2019 for the Brazilian market.

The Asia Pacific region shows a significant delay in recovery due to the continuation of very restrictive travel conditions in China, a key emitter for the region. The second quarter performance is better than the first...