Accor continued its positive momentum in the third quarter of 2025, recording stable revenues and increased profitability, despite the challenging international economic environment and the unfavorable comparison base created by the 2024 Olympic and Paralympic Games in France.
The Group revised upward its forecast for full-year recurring EBITDA, which is now expected to rise by 11% to 12%, compared with a previous estimate of 9% to 10%, at constant exchange rates.
At the same time, it announced a new share buyback program worth 100 million euros, to begin in the fourth quarter of 2025.
Stable Revenues, Positive Performance
Accor’s total revenue for the third quarter amounted to 1.37 billion euros, representing an increase of 0.1% at constant exchange rates compared with the same period last year.
Management and franchise fees rose by 3.1%, confirming the Group’s steady growth trajectory.
Chairman and CEO S?bastien Bazin stated:
“This performance demonstrates the strength of our brands and the geographic diversification of our portfolio—factors that enable us to maintain a solid growth path despite a mixed macroeconomic environment.
To address ongoing uncertainties, the Group’s profitability protection measures have proven effective, allowing us to revise our recurring EBITDA growth target for the year upward. We continue our growth journey with consistency and discipline—both operational and financial—while activating new value creation drivers. This logic underpins the launch of our new share buyback program and our consideration of an IPO for Ennismore, our lifestyle brands portfolio. This is a strategic asset for the Group, and should the transaction proceed, we intend to retain control while providing Ennismore with greater resources to accelerate its expansion.”
Network Development
In the third quarter of 2025, Accor opened 77 new hotels with 11,200 rooms, expanding its network by 2.5% year-on-year.
By the end of September 2025, the Group operated 5,760 hotels with 859,830 rooms, while its development pipeline exceeded 250,000 rooms across 1,453 new hotels.
By Region and Segment
Performance varied across segments and geographical regions:
- In the Premium, Midscale & Economy segment, RevPAR decreased by 1.1%, mainly due to price adjustments. Despite this, occupancy remained consistently high.
- In Europe and North Africa, RevPAR fell 4.6%, due to the comparison with the prior-year quarter that included the Paris Olympic Games.
- In France, representing 42% of the region’s room revenue and host of the Paris Games last summer, RevPAR posted a mechanical decline, mainly in Paris, while the provinces showed a slightly negative trend.
- In the United Kingdom, which accounts for 12% of the region’s room revenue, both London and regional areas recorded RevPAR growth, supported by a favorable calendar of leisure and corporate events.
- In Germany (12% of room revenue), RevPAR was negative in the third quarter, reflecting the country’s persistent economic challenges in a business travel-dependent market.
- In the Middle East, Africa, and Asia-Pacific, RevPAR grew 2.7%, driven notably by Saudi Arabia and the United Arab Emirates.
- In the Middle East and Africa (21% of the region’s room revenue), growth was supported by a particularly strong pilgrimage season.
- Southeast Asia (34%) remained stable due to safety concerns in Thailand and deteriorating travel conditions in Indonesia.
- The Pacific region (26%) continued to deliver strong RevPAR performance.
- In China (19%), RevPAR remained negative but showed sequential improvement through the quarter.
- In the Americas, and especially in Brazil, growth reached 7.1%, driven by steady corporate demand. Brazil continued to see strong rate increases supported by sustained business travel.
By contrast, Accor’s Luxury & Lifestyle hotels recorded a 5% RevPAR increase.
The Luxury segment, representing 72% of the division’s room revenue, rose 4.3%, while the Lifestyle segment grew 6.9%, with outstanding performances in Turkey, Egypt, and the UAE.
Financial Effects and Outlook
Although foreign exchange fluctuations negatively impacted results (–68 million euros)—mainly due to the Australian dollar (–8%), US dollar (–6%), and Canadian dollar (–7%)—and the sale of the Paris Society “Festive” division reduced revenue by 19 million euros, Accor maintained stable operating profitability.
Sales, Marketing, Distribution & Loyalty (SMDL) activities continue to support growth, with the EBITDA margin expected to reach or exceed 6% in the coming years.
Strategy and Future Initiatives
Accor continues to focus on responsible growth, sustainable hospitality, and strengthening investments in strategic areas.
The potential IPO of Ennismore—the Group’s lifestyle brand portfolio—is expected to give new momentum to its global presence.
About Accor
Accor is one of the world’s leading hospitality groups, present in over 110 countries with 5,700 hotels and resorts. It manages 45 hotel brands, ranging from luxury to economy, as well as a network of 10,000 bars and restaurants.
The company is listed on Euronext Paris and trades on the OTC market in the United States.
