When the pandemic struck, business travel leaders were worried about the long-term impact. Sébastien Bazin, the CEO of French hotel group Accor, told analysts at the presentation of its 2023 financial results, “I said we would lose 25 per cent of business travellers. Well, I was wrong.”
In fact, he was too pessimistic and business travellers have returned – and in numbers. The hotel group, which counts Sofitel, Novotel and Pullman among its many brands, made more than €1 billion in earnings for the first time in its history, with premium and midscale hotels doing particularly well.
French hotel rates have gone up sharply in 2023 which have helped Accor and other hotel groups. In…