Accor Announces Soaring Profits and Expansion in 2023

Accor Announces Soaring Profits and Expansion in 2023

By Author

Published on February 26, 2024

In a remarkable year of growth and expansion, Accor, a leading name in the global hospitality industry, has reported a 19.69% increase in total revenue for 2023, amounting to €5.05bn. This financial success story is further underscored by a significant jump in net profit to €633m, reflecting a 57.46% rise compared to the previous year.

The hotel giant's operational efficiency shines through with its EBITDA soaring to €1bn, a substantial improvement from €675m in 2022. These impressive figures are indicative of Accor's robust performance across all sectors and geographical regions, demonstrating the strength and appeal of its brand portfolio.

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2023 also marked a year of aggressive expansion for Accor, with the addition of 291 hotels to its network. This expansion has brought in 41,000 new rooms, contributing to a net growth of 2.4% over the last 12 months. As of December 2023, Accor's portfolio boasts 821,518 rooms across 5,584 hotels, with an ambitious pipeline of 225,000 rooms in 1,315 hotels set for future development.

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Accor's Chairman and CEO, Sébastien Bazin, attributed this success to the group's dedicated teams and highlighted the effectiveness of its asset-light model, strong brand desirability, and financial discipline. The company's future looks bright, with anticipated compound annual growth rates (CAGR) for RevPAR between 3% and 4% and EBITDA between 9% and 12% from 2023 to 2027.

This year's achievements reinforce Accor's position as a leader in the hospitality sector, promising continued growth and innovation in the years to come.


Marriott Announces Dividend and Expands Share Buyback Plan

Marriott Announces Dividend and Expands Share Buyback Plan

By Manu Vardhan Kannan

Published on August 10, 2025

Marriott International, Inc. has declared a quarterly cash dividend of 67 cents per share on its common stock, reaffirming its commitment to delivering shareholder value. The dividend will be paid on September 30, 2025, to shareholders who are on record as of August 21, 2025.

Alongside the dividend announcement, the hospitality giant also revealed an expansion of its share repurchase program. The board of directors has authorized the repurchase of an additional 25 million shares of its Class A common stock. This comes in addition to the approximately 7.4 million shares that were still available under previous authorizations as of July 30, 2025.

Marriott has already bought back 6.4 million shares this year, amounting to $1.7 billion. These moves reflect the company’s continued confidence in its financial stability and long-term performance, aiming to strengthen shareholder value through strategic capital allocation.


Chennai Postal Services Still Disrupted: Experts Call for Alternative Systems Amid Software Transition

Chennai Postal Services Still Disrupted: Experts Call for Alternative Systems Amid Software Transition

By Author

Published on August 4, 2025

In what was intended to be a smooth digital transformation, postal services across the Chennai Circle continue to remain disrupted even days after a scheduled upgrade to India Post's new IT 2.0 system. The software transition—part of a broader effort to modernize the nation’s postal network—was implemented on August 2nd and 4th across Chennai North and South divisions. However, officials have now confirmed that technical issues still persist, leaving customers and businesses grappling with delayed or inaccessible services.

Key services such as Speed Post, registered mail, parcel bookings, and money orders have either been significantly slowed or paused altogether in many branches. Despite expectations that systems would normalize post-upgrade, the rollout of the Advanced Postal Technology (APT) system has proven more complex than anticipated.

“We are still working on stabilizing the system. There have been unforeseen glitches post-upgrade, and our teams are actively resolving them,” said a senior postal official who requested anonymity.

The disruption has raised concerns across industries—including the hospitality sector—where timely document dispatch, license renewals, vendor payments, and customer correspondence are crucial to daily operations.

Experts and industry stakeholders are now calling on India Post to introduce alternative operational strategies or backup mechanisms during such large-scale transitions.

“In a digital age where seamless service is non-negotiable, a complete blackout due to a software update is avoidable. A fallback process, whether manual or cloud-based, should be in place to ensure continuity,” said a Chennai-based hospitality consultant.

The hospitality industry relies heavily on postal services for legal documentation, international communication, and procurement logistics. The ongoing delays have caused bottlenecks not just in operations but also in customer experience delivery.

As authorities continue to work toward a resolution, the broader question remains: Should India’s essential public infrastructure be this vulnerable to a single system upgrade? The answer may lie in future-proofing core services with hybrid digital models that include disaster recovery plans and parallel systems.


Hospitalitynews.in will continue to track updates as the situation evolves.


IPO-bound Brigade Hotel Ventures Raises ₹126 Crore from 360 ONE, Cuts IPO Size

IPO-bound Brigade Hotel Ventures Raises ₹126 Crore from 360 ONE, Cuts IPO Size

By Nishang Narayan

Published on July 5, 2025

Brigade Hotel Ventures Limited, the second largest owner of chain-affiliated hotels and rooms in South India, has raised ₹126 crore in a pre-IPO placement round, bringing a strategic investor on board ahead of its planned initial public offering.

The company issued 1.4 crore equity shares to 360 ONE Alternates Asset Management Limited (360 ONE) at ₹90 per share (including a premium of ₹80) in consultation with lead bankers. This placement, representing 4.74% of Brigade Hotel Ventures’ pre-offer share capital, effectively trims the IPO size announced in the DRHP from ₹900 crore to ₹774 crore.

The company intends to use approximately ₹481 crore from the IPO proceeds for debt repayment, including ₹412 crore for Brigade Hotel Ventures and ₹69 crore for its subsidiary, SRP Prosperita Hotel Ventures. Additionally, around ₹108 crore is earmarked to purchase an undivided share of land from its promoter BEL, while the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.

A wholly owned subsidiary of Brigade Enterprises Limited, one of India’s leading real estate developers, Brigade Hotel Ventures owns and develops hotels across key Indian cities, with a strong focus on South India. The company operates nine hotels with 1,604 keys, holding the second largest portfolio of chain-affiliated hotels and rooms in South India, spanning Karnataka, Tamil Nadu, Kerala, Andhra Pradesh, Telangana, and the Union Territories of Lakshadweep, Andaman and Nicobar Islands, and Pondicherry.

With this pre-IPO boost from 360 ONE, Brigade Hotel Ventures is better positioned to move forward with a leaner public offering, a sharper focus on debt reduction, and strategic expansion in India’s growing hospitality sector.

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