Accor said its strategic shift toward premium hotels generated half of its new property signings in 2024, as the Paris-based hotel giant diversifies away from its traditional budget-focused roots toward higher-growth segments in higher-growth markets.
Jean-Jacques Morin, Accor’s group deputy CEO, told Skift that the transformation represents a fundamental change for a company long known for its economy brands invented in Europe.
“The company was born as economy and midscale,” Morin said. “What was missing was diversification.”
Accor figured out a decade ago that it was leaving money on the table because the future growth is in premium and luxury hotels.
Jean-Jacques Morin, Deputy Global CEO, Accor. Photo by Sandrine Roubeix. Source: AccoR.
Adding Brands?
Geographic diversification is another goal. Accor expects that roughly 600 out of the approximately 900 hotels it will open over the next few years will be in China, Asia-Pacific, or the Middle East. It sees strong growth potential in these markets, especially in India and in Saudi Arabia.
Will it add more brands to its current 47, the most of any hotel group?
“We’re not in