Accor Drives Asia Expansion with 27 New Hotel Signings in 2024

2024-11-23 12:40:12 Business

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13th November 2024, Singapore - Accor, a global leader in hospitality, is accelerating the Group's growth in Asia securing 27 hotel signings and 8,117 keys year-to-date. The expansion encompasses twelve brands throughout eight countries, from India to South Korea and Japan.

These signings reinforce the Group's standing as a hospitality leader in the region. Importantly, the premium, midscale and economy (PM&E) segments remain central to the Group's strategic growth plan. Leading the way are the Group's renowned midscale and economy brands such as Novotel and ibis, which continue to be strengthened as they evolve and adapt to the needs of modern travelers. The premium segment, with brands like Pullman and Mövenpick, is also gaining significant momentum, positioning Accor as an emerging global leader in this high-growth segment.

A major area of expansion has been Accor's conversion-friendly brands, such as Mercure, Handwritten Collection, and ibis Styles. While all of Accor's 45+ brands offer conversion potential, select brands within the Group's diverse portfolio present an advantageous business case for rapid growth via conversion, particularly in Asia, as they appeal to independent hotel owners.

While the PM&E segments are helping to drive growth at scale for Accor in Asia, the Group is also a key player within the luxury and lifestyle (L&L) segments with well established luxury brands like Raffles, Fairmont, and Sofitel. Lifestyle brands such as Mondrian and SO/, which sit under Ennismore, continue to benefit from expansion opportunities and are enjoying positive momentum throughout the region's hospitality scene.

In Asia, Accor now operates 495 hotels and 110,647 keys across 19 brands in 13 countries, maintaining its position as the largest international hotel operator in the region. With a robust development pipeline of over 239 hotels, the Group ensures that every guest can find a hotel and brand experience that resonates with their individual travel preferences.

Asia: Key Milestones in 2024 Growth

Accor's expansion in Asia this year has been marked by several high-profile signings. In Singapore, Accor is strengthening its footprint with a landmark signing to introduce three hotels, totaling more than 1,300 keys. These include the largest Mövenpick hotel in Asia; the first Mövenpick Living in Singapore; and Hotel D'Art Singapore – Handwritten Collection, the Group's second Handwritten Collection in Singapore. Handwritten Collection continues to gain traction in the market, responding to the growing demand for character-rich hotels.

One of the five deals signed in India is Pullman Varanasi, which will be Accor's first hotel in one of the world's oldest living cities and a renowned center of spiritualism and culture. This development aligns with Accor's vision for India as a high-potential growth market, where the group continues to strengthen its presence.

Indonesia remains a focus with signings such as the Kapuk Hills Hotel Jakarta – Handwritten Collection, located in a serene coastal setting, and Novotel Medan in the heart of the city. These additions reinforce Accor's stronghold in Indonesia's growing hospitality sector.

Vietnam is also witnessing notable growth, with ten signings in both emerging and established destinations. Sofitel Sapa Hotel & Residences; Grand Mercure Living Saigon Riverside, an extended stay concept, along with other signings like Phu Yen Handwritten Collection; ibis Phu Yen Tuy Hoa Beach Resort; Mercure Ha Long City Center; Mercure Nha Trang; and Novotel Danang Nam An, reflect Accor's commitment to expanding in this market. Vietnam will also welcome its first TRIBE hotel with the signing of the design-centric TRIBE Saigon Airport.

Japan also represents a key growth market for the Group. In July, Raffles Hotels & Resorts announced plans to debut in Tokyo in 2028 with a 130-room hotel located in the city's iconic World Trade Center (WTC). Meanwhile, as Accor's premium segment continues to see rapid growth, especially in Japan, the signing of Pullman Tokyo Ginza further enhances the group's hospitality offerings in the country.

Garth Simmons, Chief Operating Officer of Accor's Premium, Midscale, and Economy Division in Asia, commented, "Asia continues to be a dynamic and fast-evolving market for hospitality, and we are thrilled to see the growth of Accor's hospitality offerings throughout the region. The demand for diverse and distinctive experiences is stronger than ever, and our broad portfolio of brands allows us to meet the varied needs of both owners and travelers. The strategic signings we have secured so far in 2024 reflect our commitment to strengthening our footprint and delivering long-term value across key markets in Asia."