Accor reported a strong 9.4 percent EBITDA increase to €552 million, ahead of market expectations, but added it would be adversely impacted by about €60 million based on expected exchange rates.
“In the first half of 2025, the group once again posted strong momentum despite a complex geopolitical environment and the impact of exchange rates," Chairman and CEO Sébastien Bazin said in a statement. "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.”
Earlier this summer, Accor added Las Vegas' Treasure Island to its portfolio. The 2,884-key Treasure Island – TI Las Vegas Hotel & Casino, Handwritten Collection becomes Accor’s largest hotel in the world and its first property in Las Vegas.
Second Quarter 2025 RevPAR
The Premium, Midscale and Economy 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 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 & Lifestyle 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 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.
The group recorded revenue of €2,745 million 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 division and 5.6 percent for the Luxury & Lifestyle division.
Currency effects had a negative impact of €69 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.
Premium, Midscale & Economy Revenue
Premium, Midscale and Economy, which includes fees from Management & Franchise, Services to Owners and Hotel Assets & Other activities of the group's Premium, Midscale and Economy brands, generated revenue of €1,475 million, up 0.1 percent compared with the first half of 2024, also impacted by currency effects.
The Management & Franchise revenue stood at €427 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. The performance of Management & Franchise by region 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 €557 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 & 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 & Lifestyle Revenue
Luxury & Lifestyle, which includes fees from Management & Franchise, Services to Owners and Hotel Assets & Other activities of the Group's Luxury & Lifestyle brands, generated revenue of €1,312 million, up 5.6 percent compared with the first half of 2024, also impacted by currency effects.
The Management & Franchise revenue stood at €244 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 €718 million, up 0.3 percent compared with the first half of 2024.
Hotel Assets & 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.