Accor reported its H1 2025 results.
Highlights include:
- RevPar was up 4.6 percent in the first half of 2025
- Revenue was up 5.1 percent in the first half of 2025 at constant currency
- During the first half of 2025, Accor opened 117 hotels, corresponding to more than 15,000 rooms, representing net unit growth of 1.9 percent over the last 12 months
Sébastien Bazin, chairman and CEO of Accor, said, “In the first half of 2025, the Group once again posted strong momentum despite a complex geopolitical environment and the impact of exchange rates. This solid performance confirms the quality of our brand portfolio and the relevance of our diversified geographic presence, and is the result of the operational and financial discipline that the Group implements quarter after quarter.
“At constant currency, for the full year 2025, we are confirming our RevPAR, network, and recurring EBITDA growth targets, in line with our June 2023 Capital Market Day medium-term prospects. We will also continue, as promised, our attractive shareholder return policy by launching the second tranche of our share buyback program.”
At the end of June 2025, Accor has a hotel portfolio of 854,695 rooms (5,740 hotels) and a pipeline of more than 241,000 rooms (1,432 hotels).
Second quarter 2025 RevPAR
The premium, midscale, and economy (PM&E) division posted a 2.9 percent increase in RevPAR compared with the second quarter of 2024. Three-quarters of this increase in RevPAR was driven by prices, and one-quarter by occupancy rates.
- The Europe North Africa (ENA) region posted a 3.3 percent increase in RevPAR compared with the second quarter of 2024, driven by higher occupancy rates. The sequential improvement of 2.7 percentage points compared to the first quarter was driven primarily by France.
- In France, which accounts for 43 percent of the region’s room revenue, the increase in RevPAR was strongly positive in the second quarter. The Paris region benefited particularly from a favorable comparison due to the pre-Olympic Games impact in June 2024 and from strong tourist traffic. The performance in the provinces was more moderate, with RevPAR returning to slightly positive growth in the second quarter of 2025.
- In the UK, which accounts for 11 percent of the region’s room revenue, both London and the provinces continued to record a decline in RevPAR in the second quarter, due to weak confidence among economic agents about the country’s situation.
- In Germany, which accounts for 12 percent of the region’s room revenue, the RevPAR variation was negative in the second quarter due to a highly unfavorable comparison basis in June 2024 linked to the 2024 European Football Championship.
- The Middle East, Africa, and Asia-Pacific region posted a 1.2 percent increase in RevPAR compared with the second quarter of 2024. This RevPAR growth was driven solely by prices, which offset a slight decline in occupancy rates.
- In the Middle East-Africa region, which accounts for 27 percent of the region’s room revenue, RevPAR trends were mixed: the United Arab Emirates posted double-digit growth despite some cancellations linked to tensions in Iran. However, the timing of Ramadan and stricter entry rules for the Hajj pilgrimage had a negative impact on Saudi Arabia.
- Southeast Asia, which accounts for 31 percent of the region’s room revenue, posted resilient RevPAR growth despite lower tourist arrivals from China due to security concerns in Thailand and the slowdown in the Indonesian economy following government budget restrictions.
- The Pacific, which accounts for 24 percent of the region’s room revenue, posted a strong rebound in the second quarter, particularly after the impact of Tropical Storm Alfred, which affected the Queensland region of Australia in March.
- In China, which accounts for 18 percent of the region’s room revenue, the RevPAR variation remained negative with no significant improvement in the country’s economy.
- The Americas region, which mainly reflects the performance of Brazil (62 percent of the region’s room revenue), delivered a 1 percent increase in RevPAR compared with the second quarter of 2024.
- Brazil continued to record strong price increases driven by sustained demand from corporate guests.
The luxury and lifestyle (L&L) division posted a 7.0 percent increase in RevPAR compared with the second quarter of 2024, driven by both prices and occupancy rates.
- Luxury, which accounts for 72 percent of the division’s room revenue, posted a 3 percent increase in RevPAR compared with the second quarter of 2024. RevPAR growth in the segment was strong across all brands and regions, outperforming the PM&E segment in comparable areas.
- Lifestyle showed a 12.0 percent increase in RevPAR compared with the second quarter of 2024. Resort hotels continued to perform well during the quarter, particularly in Turkey, Egypt, and the United Arab Emirates.
Consolidated Revenue
Accor recorded revenue of $3,132,882 in the first half of 2025, up 2.5 percent compared with the first half of 2024. This growth breaks down into a 0.1 percent increase for the Premium, Midscale, and Economy divisions and 5.6 percent for the luxury and lifestyle division.
Currency effects had a negative impact of $78.75 million, mainly related to the Brazilian real (13 percent), the Australian dollar (4 percent), and the Canadian dollar (4 percent). At constant currency, revenue increased by 5.1 percent in the first half of the year.
Scope effects, mainly related to the full-year impact of the acquisition of Rikas (in March 2024) and the opening of new Paris Society venues in the Luxury & Lifestyle division (Hotel Assets & Other activity), contributed positively for $41.08 million.
Premium, Midscale & Economy Revenue
Premium, midscale, and economy, which includes fees from management & franchise (M&F), services to owners, and hotel assets, and other activities of the group’s premium, midscale, and economy brands, generated revenue of $1.68 million, up 0.1 percent compared with the first half of 2024, also impacted by currency effects.
The management and franchise (M&F) revenue stood at $487.1 million, down 0.8 percent compared with the first half of 2024. This decline mainly reflects the negative impact of conversions of a limited number of management contracts to franchise contracts, as anticipated, as well as the unfavorable impact of currency effects.
Services to owners’ revenue, which include sales, marketing, distribution, and loyalty division, as well as shared services and reimbursement of costs incurred on behalf of hotel owners, totaled $635.6 million, up 3.5 percent compared with the first half of 2024. This increase mainly reflects an improvement in distribution and loyalty program fees.
Hotel assets and other revenue was down 2.8 percent compared with the first half of 2024. This activity is strongly linked to business in Australia and Brazil. It is therefore significantly impacted by negative currency effects related to the Brazilian real and the Australian dollar.
Luxury and Lifestyle Revenue
Luxury and lifestyle, which includes fees from management and franchise (M&F), services to owners, and hotel assets and other activities of the group’s luxury and lifestyle brands, generated revenue of $1.49 million, up 5.6 percent compared with the first half of 2024, also impacted by currency effects.
The management and franchise (M&F) revenue stood at $278.4 million, up 0.6 percent compared with the first half of 2024. Solid RevPAR growth over the period was offset by lower activity in lifestyle residences in the first half and significant negative currency effects. The performance of the management & franchise business is detailed in the pages hereafter.
Services to owners’ revenue, which include sales, marketing, distribution, and loyalty division, as well as shared services and reimbursement of costs incurred on behalf of hotel owners, totaled $819.4 million, up 0.3 percent compared with the first half of 2024.
Hotel assets and other revenue was up 23.0 percent compared with the first half of 2024. This activity includes a significant scope effect linked to the full-year impact of the acquisition of Rikas (in March 2024) and the opening of new Paris Society venues.
Management and franchise revenue came to $765.76 million, down 0.3 percent compared with the first half of 2024 and up 1.7 percent at constant currency. This variation reflects RevPAR growth across the group’s various regions and segments (up 4.6 percent compared with the first half of 2024), offset by the impact of currency effects, the unfavorable phasing of the residences activity in the luxury and lifestyle division, and the conversion of a limited number of management contracts to franchise contracts in the premium, midscale and economy division.
In the PM&E division, the ENA region is mainly impacted by conversions of a limited number of management contracts to franchise contracts, while the MEA APAC and Americas regions are mainly impacted by currency effects.
In the luxury and lifestyle division, both segments were negatively affected by currency effects. The lifestyle segment was particularly impacted by the different phasing of the residences activity last year.
