Accor S.A.

This report does not constitute a rating action. Overview Key strengths Key risks As the largest hotel operator in Europe, Accor S.A.'s portfolio includes over 850,00 rooms worldwide, as of Dec. 31, 2024. Its operating leverage is relatively higher than larger rated peers due to its higher exposure to the managed portfolio (about 50% of total rooms). It has a well-known and diversified brand portfolio globally and across its two divisions: premium, midscale, and economy on one hand, and luxury and lifestyle on the other. The lodging and hospitality industry is cyclical and exposed to international mobility, reflecting reliance on airline and travel industries. The asset-light operating model is credit positive as it implies very limited exposure to real estate

...Accor reported sound operating performance in 2024, and we expect this to continue in the medium term despite challenging consumer environment. In 2024, Accor delivered steady results, with revenue reaching 5.60 billion--an 11% increase compared to 2023. This performance was underpinned by a 5.7% rise in revenue per available room (RevPAR), average...

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