DB resumes Accor at 'buy' after strong H1 and as travel adjusts to new normal

Accor SA

01/09/2026 08:18

** Deutsche Bank resumes coverage of French hotels group Accor ACCP.PA at "buy", citing its strong H1 performance despite the conflict in the Middle East
** "Cost savings and system growth (net unit growth +3.2%) were able to compensate for relatively lacklustre group RevPAR (+2.2% or +4.6% excluding the Middle East), especially in Q2," the brokerage says
** DB says travel demand is adjusting to a new geopolitical normal and the Middle East has recovered consistently, notably in the UAE, where market RevPAR was down 20% in August, compared with a 70% drop in April
** "This detractor is likely to ease further in Q3," it says, noting RevPAR has grown across Accor's top eight markets so far in Q3, apart from China, with most of them, including France and Spain, accelerating from Q2
** Out of 17 analysts that cover Accor, 13 rate the stock "strong buy" or "buy" and ​four "hold" - LSEG data

(Reporting by Ronan Corcoran in Gdansk)
((ronan.corcoran@thomsonreuters.com))