(Reuters) – Europe’s biggest hotel group Accor reported on Thursday a jump in first-quarter revenue, as travel gradually recovers from the pandemic.
“Accor’s performance in the first quarter of 2022 confirms the clear upturn in business across all regions and the renewed momentum in tourism, food services and entertainment,” Chairman and Chief Executive Officer Sebastien Bazin said in a statement.
The group, which runs high-end chains Sofitel and Pullman, as well as budget brands such as Ibis, posted revenue of 701 million euros ($737.10 million) for January to March, up 85% on a like-for-like basis from 361 million euros a year earlier.
The group’s revenue per available room (RevPAR), a key gauge of performance for the hotel industry, more than doubled in the first quarter of 2022 but was still down 25% compared to pre-COVID levels.
($1 = 0.9510 euros)
(Reporting by Anait Miridzhanian; editing by David Evans)
