"The job is done. Now it's a question of delivering results "concludes Sébastien BazinCEO of Accor. On the occasion of its Investor Day, the French group unveiled to the financial community the opening of thea new chapter in its growthThis is symbolised by a new organisation that consolidates the profound transformation of the Group over the last decade.
Announced last summer and implemented from autumn 2022, this organisation is based on two sets With, on the one hand, the Premium, Midscale and Economy (P&ME) division, focused on what has made the group strong since its beginnings - the Ibis, Novotel, Mercure, Pullman and others. On the other, a division encompassing all the luxury and lifestyle brands that have helped to transform the French hotel industry, with key acquisitions such as Fairmont and Raffles and a host of contemporary brands such as Mama Shelter, Hoxton, 25Hours and Mondrian.
" This group needed to be transformed radically. We were too European, too economic and mid-range, with too many capital commitments. Conversely, we didn't have enough of a presence in luxury and lifestyle. Today, we are global, asset light, with a diversified portfolio of brandssums up the Accor CEO. There is no longer any need to make new acquisitions, apart from possible 'tactical' opportunities to strengthen our market share with local players, as we have done with Atton in Chile or Mantra in Australia ".
A leader in all the world's major markets, except China and the United States, Accor is today the world's leading player for premium, mid-range and economy hotels, and the second for luxury and lifestyle. " We've done a lot over the last few years. We're going to try to do a little less to finish, with discipline, everything we've started. "explained Jean-Jacques Morin, CEO of the P&ME division.
" At some point, we have to accept that the transformation is complete and that we probably need to move less. "says Sébastien Bazin, the man behind the project. the idea of enhanced hospitality which has seen the group extend its activities to catering and events with Paris Society, concierge services with John Paul and coworking with Wojo, as well as acquiring key players to strengthen its distribution, such as Gekko, the parent company of HCorpo, and Fastbooking and AvailPro, giving rise to D-Edge, the world's third-largest hotel distribution technology company. All of this has been added to a redesigned loyalty programme, focused on unique experiences and now boasting 89 million members.
This "resignation" to moving less does not mean that we are standing still. On the contrary, in fact. Accor took advantage of this investor day to give figures for expected growth between now and 2027. " After a period of constant change, this is the first time we've been able to project ourselves very accurately. "said Sébastien Bazin.
In 2023, EBITDA is expected to rise to between €920 and €960 million, thanks in particular to an increase in RevPAR from €15% to €20%. But this optimism extends above all to the period 2023-2027, with average annual growth of 9% to 12% expected for EBITDA3 billion in returns to shareholders.
The creation of two separate divisions gives Accor the opportunity to highlight the growth drivers, driven in particular by the group's advance in the luxury and lifestyle segments. While the P&ME division accounts for more than 90% of establishments, it contributes only 66% to Group revenues. While sales per room in the P&ME division are between €1,000 and €1,100, in the luxury and lifestyle segment they are between €3,500 and €3,900. Or a ratio of 1 to 3.5. " The markets probably didn't realise how important this was. "says Sébastien Bazin.
All the more so as the share of luxury and lifestyle in the group's results is set to grow further in the light of the developments announced. While the P&ME division still accounts for the vast majority of Accor hotels, its number of rooms is expected to grow from 2.5% to 3.5% over the 2023-2027 period, compared with 2.5% in the previous year. growth in the luxury and lifestyle offer from 8% to 10%. In total, the group is expected to open more than 1,200 hotels over the next four years, 996 in the P&ME division and 242 in the luxury and lifestyle division. This is sustainable growth in every sense of the word, given that the group has set itself the target of seeing 100% of its hotels certified as eco-responsible over the next few years.
