A strong finish to 2025 has executives at Accor optimistic even as the France-based global hotel company weighs the scope of downsizing its portfolio.
During a fourth-quarter and full-year 2025 earnings conference call, Accor Chairman and CEO Sébastien Bazin confirmed discussions are happening for the company to exit its Essendi holdings — formerly known as AccorInvest — and that a possible exit from its Ennismore luxury and lifestyle division is not off the table.
Accor must complete the Essendi transaction in 2026, Bazin said.
“We’re not late. Exactly at the same time last year when the question was asked, [we said] it was a 12- to 18-month process … and we are exactly at the stage we wanted to be,” Bazin said.
Jean-Jacques Morin, Accor's group deputy CEO and CEO, added the Essendi exit is very complex.
“Because of the very nature of the people you are faced with, sophisticated investors … and it takes time to align everyone,” he said, adding Accor remains within its timeline to get the deal done. “There is no surprise here.”
Ennismore remains one of the Accor's greatest differentiators, Bazin said, adding there has been no change from Accor's outlook the company gave in October about a potential Ennismore exit.
“We said the board of Accor will be in exploration mode, as is the board of any [company], by the way, on exploring the benefits, the constraints, the plusses and minuses of actually a potential listing of Ennismore on any market, which if we were to do so would certainly enhance the visibility, authority, quality and maybe flexibility of [it],” he said. “[It] is an extraordinary asset of Accor, and Accor in any scenario will intend to remain in control of that growth engine.”
Accor reported full-year revenue per available room rose 4.2% in 2025, including a 7% RevPAR jump in the fourth quarter, according to its earnings release. The company's full-year RevPAR growth exceeded its projections, which predicted 2025 RevPAR growth between 3% and 4%.
“For the third year in a row Accor’s performance is line or above its midterm perspective … and we have a very strong finish in 2025 with results above our annual guidance,” Chief Financial Officer Martine Gerow said, adding that Accor's RevPAR jump in the fourth quarter was “mostly driven by rate.”
Accor's premium, midscale and economy hotel division reported a 1.9% revenue increase for the full year, while its luxury and lifestyle division achieved a 13.1% revenue jump.
Gerow said such numbers confirmed “the benefit of our geographical and segment diversification. Room revenue growth was driven by both leisure and business … with corporate activity actually picking up speed in the fourth quarter.”
Bazin said the firm saw “overachieving results despite macroeconomic and geopolitical headwinds.”
Accor's full-year recurring earnings before interest, taxes, depreciation and amortization increased by 13% to €1.2 billion.
“We are doing all this,” Bazin added, “to make sure we have cash to return to shareholders. … We delivered on what we have been promising to you, cost discipline.”
Accor executives confirmed the launch of a €450 million ($528.7 million) share buyback plan. In 2025, the company returned €743 million to shareholders, which is equal 6.5% of Accor’s market capitalization as of Jan. 1, 2025.
Gerow said that return meant that in the last three years, the firm has returned €2.1 billion to shareholders.
Accor also set new records in hotel rooms signings and in loyalty-program member additions in 2025. Bazin said 15 million new members joined last year, an increase from the 12 million that joined in 2024.
“Probably between 15 million and 20 million in 2026,” he added. “In 2019 when we launched [loyalty program] All, we had €6 million partnership revenues.”
In 2025, Accor opened 303 hotels and approximately 51,000 rooms, which translates to 3.7% net unit growth year over year. As of the end of the year, Accor's portfolio includes 5,836 hotels and 881,427 rooms along with a development pipeline of 1,527 hotels and more than 257,000 rooms.
Accor’s current hotel development pipeline equals 10.3% of its existing network. Bazin said he expects fewer property exits and was very confident in the quality of the hotels signed in 2025 that have been added to Accor's pipeline.
“We know where [the hotels] are, we know what we signed … and [we expect] a lesser amount of churn,” he said. “One thing that is striking … the net-unit growth has been 3.7% last year, which is roughly 50,000 rooms being opened, a record number for Accor. We are certainly looking for overachieving that 50,000-rooms marker. …. We’ve never enjoyed so much of a signings pace [than we have] over the last few months of 2025, and notably in” Accor's premium, midscale and economy segment.
Accor executives also plan to pivot to a hotel franchise model in mature markets, Bazin said.
“No. 1, it is proven by many other operators and by us as well that you have a better market when it comes to a franchise hotel. … Two, it is more resilient in terms of performances over the years. Three, which is probably very much additive, it does enable you to go faster …. Probably twice as faster,” he said.
Accor also negotiated two new senior bond issuances, the first a €600 million, eight-year bond with a 3.5% coupon, the second a €500 million, seven-year bond with a 3.625% coupon, Gerow said.
As of press time, Accor stock was trading at €48.29 ($56.73) a share, down 0.5% year over year. The Euronext Stock Exchange was up 19.3% over the same period.