Accor Forecasts Robust Revenue and Profit for 2023
Skift Take
- PEB reported better-than-expected 3Q results, but concerns arose from their commentary about a cooling US leisure demand and a weak 4Q guidance.
- Accor anticipates full-year RevPAR growth of over 20%, with strong 3Q RevPAR growth in the Middle East, Africa, and Asia Pacific segments.
- Various hotel developments were announced, including a Marriott conversion in New Orleans, renovations in Indian Wells, a hotel sale in Boston, and plans for a new luxury brand in San Miguel de Allende, among others.
The DJIA fell 367 points on Friday while the Nasdaq was up 47, the S&P 500 fell 20 points, and the 10-year treasury yield was flat at 4.85%. Lodging REITs took it on the chin following Pebblebrook Hotel Trust’s earnings report. PEB took the worst of it, down -10%, but RLJ, CLDT, INN, and AHT all hit new lows while quite a few of the lodging REITs - RLJ, CLDT, INN, PK, DRH, and XHR, were down -5% on the day. BHR was down -7%.
PEB’s 3Q results were better than expected, but it was their forecast and commentary that scared REIT investors. PEB confirmed US leisure demand for hotel rooms is cooling off. They said ‘Revenge Travel’ related to outbound international and cruising this year has overwhelmed improving demand, business travel, and international outbound travelers. They see a lot of uncertainty going into 2024 regarding leisure demand and recovery in key markets like San Francisco. They also did not repurchase any sha
