Accor reports solid results, confirms medium-term targets

French hospitality giant Accor reported solid financial results for the latest quarter and confirmed its medium-term growth targets during a press conference in Paris on May 15, 2023, demonstrating resilience in the post-pandemic travel recovery. The company announced a 12% increase in revenue compared to the same period last year, driven by strong performance across its luxury and premium segments, particularly in the Asia-Pacific and North American markets. Accord's CEO Sébastien Bazin emphasized that the company's strategic focus on asset-light business models and digital transformation has positioned it advantageously in the evolving hospitality landscape. The company maintained its ambitious medium-term targets of achieving 10-12% annual revenue growth and expanding its portfolio of sustainable hotels to 500 properties by 2025, signaling confidence in the global travel sector's continued recovery despite economic uncertainties in some regions.