Hotel giant Accor reported first quarter revenue of €701 million, an 85% increase on the same period in 2021 but still 23% behind the equivalent quarter in 2019.
The company said its business had continually improved quarter-on-quarter since Q2 2021, with the emergence of the Omicron variant causing “only a brief hiccup” in January.
It also reported growth in leisure and business travel, with revenues boosted by higher pricing driven by demand and inflation.
It opened 26 properties during the first quarter and reiterated its forecast of increasing its network by 3.5% over the course of the year.
It expects domestic demand to return to 2019 levels by the end of the year and said the recovery in international demands is “catching up” despite a lag in Asia.
Sébastien Bazin, chief executive, said: “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.
“These results are notably driven by our market dynamics in Europe, the Middle East and the Americas as well as the strong demand for our luxury and lifestyle hotels, and domestic travel.
“Such underlying trends, combined with borders reopening give us confidence that our performance will continue to improve month after month, with prices already above 2019 level.”
He added: “Our brands are attractive, ideally positioned, and the augmented hospitality ecosystem we have built over the past years is attracting an increasing number of guests and owners.
“In the coming months, we will continue to focus our efforts on accelerating the development of our network, promoting our brands as well as attracting and retaining more and more customers.”