Accor’s RevPAR Forecast Exceeds Expectations

Accor, Europe’s largest hotel group, has announced that revenue per available room (RevPAR) is set to exceed expectations, with forecasts indicating a four to five percent increase for 2024. This surpasses previous predictions of three to four percent growth and reflects a robust performance across all regions and brands.

According to Reuters, the positive outlook is attributed to strong global travel trends despite economic uncertainties. Accor’s finance chief, Martine Gerow, highlighted strong performance expectations in the Middle East and Southeast Asia. The Paris Olympics are also expected to positively impact the third quarter across Europe and Africa.

Accor’s optimistic forecast is bolstered by the success of its luxury and lifestyle properties. The company reported a six percent increase in RevPAR over the past six months, driven by international events and geographical diversification.

In contrast, Hawaii’s hotels reported a decline in occupancy for June and the first half of the year, although they continue to lead the U.S. in hotel revenue, as per new data from STR and the Hawai’i Tourism Authority.