[Update] Pierre & Vacances – Center Parcs, Accor, CapitaLand Ascott Trust and Compagnie des Alpes have reported solid results for the first half of their financial year, demonstrating resilience and strategic growth despite a challenging economic environment.
Accor: steady growth and resilient performance
Accor has also reported a positive trajectory, with a 9.2% increase in revenue, reaching €1.349 billion in Q1 2025. This strong performance was driven by consistent demand across its broad geographic and brand portfolio, despite global economic volatility. RevPAR saw a 5% increase compared to the same period in 2024.
“Accor continues to demonstrate dynamic growth, driven by sustained demand. Our geographically diverse portfolio and leadership in key markets, combined with the strength of our attractive and differentiated brands, allow us to continue growing in a more volatile geopolitical and economic environment.” – Sébastien Bazin, CEO of Accor
The company also saw positive results in the Luxury & Lifestyle division, where RevPAR grew by 8.3%, indicating the resilience of high-end market segments. The group is actively pursuing further expansion, having opened 45 hotels with over 5,900 rooms in Q1 2025, and is confident in maintaining its growth trajectory throughout the year.
Pierre & Vacances – Center Parcs: resilience amid challenges
Pierre & Vacances – Center Parcs reported a slight decline of -0.9% in economic revenue for the first half of 2024/2025. Despite this, the group’s overall performance remains strong, with a solid customer satisfaction rate and a robust booking portfolio for the second half of the year.
“Despite a difficult economic backdrop, the Group posted strong results for the winter season with an increase in customer satisfaction. We had excellent performance at our mountain resorts with a 96% occupancy rate in the second quarter. Family-friendly, local holidays continue to be a safe haven for travelers, and our portfolio reflects this trend. The current booking outlook for the second half of the year reaffirms the Group’s growth trajectory for the full year.” – Franck Gervais, CEO of Pierre & Vacances – Center Parcs
The group’s performance was buoyed by a 0.5% growth in accommodation revenue, with a positive uptick in the hospitality segment. Notably, the brand’s Spanish operations saw strong growth, with a significant 21.8% increase in accommodation revenue, while French operations remained stable despite challenges.
CapitaLand Ascott Trust: a dynamic first quarter
CapitaLand Ascott Trust (CLAS) achieved a 4% year-on-year increase in gross profit for the first quarter of 2025. This growth was driven by successful portfolio reconstitution and improved operating performance. Despite divestments in 2024, new acquisitions and redeployment of proceeds minimized the income loss. On a same-store basis, gross profit increased by 1%. Key drivers for this growth included the renovation of properties completed in 2024 and stronger demand from properties under management contracts.
Revenue per available unit (RevPAU) grew significantly in several key regions, particularly in the United Kingdom, the United States, and Japan. CLAS saw solid performance from its student accommodation and long-stay properties, with Japan and Singapore showing positive growth. The Trust’s properties catering to long stays continue to provide stable income, which is crucial in an uncertain macroeconomic environment.
CLAS has continued to expand in key markets. Recent acquisitions, including properties in Japan and Singapore, add diversity to the portfolio, enhancing its geographic and income resilience. The Trust also continues its asset enhancement initiatives (AEIs) to further improve the value of existing properties. Notable projects include the upcoming Somerset Liang Court in Singapore, expected to complete in 2026.
Despite the macroeconomic uncertainties, CLAS is focused on growth through strategic investments in high-yield properties, asset enhancements, and proactive capital management. The Trust continues to explore opportunities for divestment and reinvestment to optimize returns. With its diversified portfolio and stable income from long-term leases, CLAS is well-positioned for future growth and remains committed to delivering stable distributions to its security holders.
Compagnie des Alpes: strong first half performance
Compagnie des Alpes has reported an 11.6% increase in revenue for the first half of the 2024/2025 fiscal year, reaching €849.5 million. This positive performance is supported by strong growth in the ski resorts and outdoor activities segment, with a notable 5.5% rise in revenue from ski lifts and related services.
The company also saw a substantial increase in revenue from its leisure parks, which grew by 32.8% year-on-year. This growth was driven by increased visitor numbers and higher spending per visitor during key seasonal periods, including Halloween and Christmas events.
In addition, the company strengthened its position with the acquisition of Belantis, one of the largest amusement parks in Eastern Germany, marking an important step in expanding its portfolio of leisure assets.
Looking forward, the company remains confident about sustaining growth, with promising prospects for the second half of the year. The company is also making strides in environmental sustainability, with a new night train service planned to connect Paris and Bourg-Saint-Maurice to reduce the carbon footprint of its visitors.
Strong performances reflect resilient business models
The positive results reported by Pierre & Vacances – Center Parcs, Accor, and Compagnie des Alpes underscore the resilience and adaptability of major hospitality players in a volatile global environment.
Each group is leveraging strategic expansions, brand differentiation, and innovative customer offerings to maintain growth, solidify market positions, and respond to evolving consumer trends. As they continue to invest in new developments and enhance their service offerings, these companies are well-positioned to maintain their growth trajectories in the years ahead.
