Accor: Revenue up 9.8% in third quarter, 2026 EBIT floor raised
The hotel group published on October 22, 2026 revenue of €1,503 million in the third quarter, up 7.7% at constant exchange rates. The still partial recovery in the United Arab Emirates, where RevPAR remains down approximately 20% year-on-year, now serves as an assumption for part of its annual objectives.
Current 2026 EBIT now targeted between €1,270 and €1,285 million
Accor has tightened its current earnings before interest, taxes, depreciation and amortization (EBIT) range downward for fiscal year 2026. The objective is now set between €1,270 and €1,285 million, compared to a previous range of €1,260 to €1,285 million. This forecast is based on an expected negative exchange rate effect of €10 million for the year and an euro-dollar parity of 1.14 in the fourth quarter.
The group also targets annual RevPAR (revenue per available room) growth in the upper end of the 2% to 2.5% range. This objective assumes no deterioration in the situation in the United Arab Emirates in the fourth quarter compared to the third. According to the statement, the increase is based on activity recovery in this country and cost control. Sébastien Bazin, Chief Executive Officer, indicated that third-quarter performance enabled the group to "raise our earnings objective for the year".
One objective was however adjusted: network growth is now expected between 3.0% and 3.5%, compared to "around 3.5%" previously. During the quarter, Accor opened 63 hotels, representing nearly 9,000 rooms, and its net network growth reached 3.0% over twelve months. As of September 30, 2026, the portfolio comprised 885,219 rooms spread across 5,857 hotels, with a project pipeline of over 273,000 rooms (1,628 hotels), up 9.5%.
On a reported basis, quarterly revenue increased 9.8%, compared to €1,369 million a year earlier. At constant exchange rates and perimeter, growth reached 8.6%. Exchange rate effects contributed €28 million, mainly through the Australian dollar and Brazilian real, while the perimeter effect reduced revenue by €11 million, reflecting the disposal of certain Paris Society activities in the second half of 2025. The Premium, Midscale and Economy division generated €767 million (+2.1% at constant exchange rates), and the Luxury & Lifestyle division €404 million (+11.6%).
Luxury RevPAR up 8.9%, China still in decline
The group's RevPAR increased 4.9% in the third quarter, primarily driven by pricing: average price gained 4.7%, with an occupancy rate of 70.6% (+0.1 percentage point). Over nine months, RevPAR growth reached 3.3%. The Luxury & Lifestyle division shows an increase of 8.3%, rising to 11.3% excluding the Middle East.
Within this perimeter, Luxury, which represents 71% of accommodation revenue for the division's hotels, recorded RevPAR growth of 8.9%. Lifestyle grew 7.1% in the quarter, following a decline of 0.3% over nine months, despite greater exposure to the United Arab Emirates. Management & Franchise activity reached €142 million (+11.2%), and hotel assets and other activities increased 21.3%, notably thanks to the impact of the FIFA World Cup on Potel & Chabot's business.
The Premium, Midscale and Economy division recorded RevPAR growth of 3.2%. By region, growth reached 2.5% in Europe North Africa, 3.6% in Middle East, Africa and Asia-Pacific, and 6.5% in the Americas. In China, which accounts for 19% of accommodation revenue for its region, RevPAR variation remains negative.
Management & Franchise fees for this division (€236 million, +2.4%) were dampened by the conversion of management contracts to franchise contracts, as anticipated by the group, and by slower growth in fees linked to the operating margins of hotels in the Middle East. Recharging of costs incurred on behalf of owners reached €351 million (+16.3%), reflecting increased payroll in North American hotels related to the 2026 FIFA World Cup.
Essendi divestiture signed and shareholder returns scheduled
On July 23, 2026, Accor and Blackstone signed a definitive deed of sale for Accor's approximately 30.7% stake in Essendi (formerly AccorInvest). The transaction, concluded with a consortium formed by Blackstone and Colony IM, is valued at up to approximately €975 million. This amount includes approximately €675 million to be received upon completion and an earn-out of up to €300 million.
Completion is expected in the fourth quarter of 2026, following receipt of regulatory and competition clearances. Once the transaction is completed, Accor plans to return the majority of proceeds to shareholders through an additional share buyback program of €500 million. The group also completed on July 28, 2026 a first tranche of buybacks of €225 million, representing 4,910,762 shares acquired at an average price of €45.82, under a €450 million program announced on February 19, 2026.
On the financing side, Accor issued on September 2, 2026 convertible bonds maturing in 2032 for a nominal amount of €380 million. Net proceeds were used to repurchase approximately €317 million in nominal value of convertible bonds maturing in 2027. The net proceeds from the convertible bond issuance were allocated to the financing of the partial repurchase of obligations maturing in 2027.
