Accor plans to open more than 1,200 hotels as travel demand climbs

The hospitality industry has benefited from higher prices and a rebound in travel demand in the wake of the pandemic.

Accor, Europe's largest hotels group, plans to open more than 1,200 hotels in the next five years, increasing the number of its resorts by more than one-fifth, in the latest sign the industry is betting on strong travel demand long-term following the pandemic.

The group also said it plans to return around €3bn to shareholders in the 2023-2027 period via dividends and share buybacks, and raised its 2023 core earnings outlook.