Travel

Accor CEO: ‘I Was Wrong’ on Predicted Corp. Travel Cuts

Published

3 months ago

February 23, 2024

Two years ago, Accor Group chairman and CEO Sébastien Bazin
joined the pandemic-era chorus of executives who predicted corporate travel
would never fully recover to 2019 levels, thanks to the growing acceptance of
remote conferencing tools. On Thursday, he formally retracted his projection.

“I was wrong,” Bazin said Thursday during Accor’s
fourth-quarter earnings call.

Like several executives inside and outside of the travel
industry, notably
Bill Gates, Bazin in 2022 suggested at least some of the corporate travel
cutbacks companies implemented during the Covid-19 pandemic were permanent. Bazin
at the time suggested projections that international business travel would
remain at least 20 percent below pre-pandemic levels “could probably last
forever” because “of our capacity via Zoom, WebEx and Teams to be
able to connect yourself without going onto a very long journey” compared
with “the agony of crossing the frontiers with all the paperwork you will
have to do.”

I was wrong three years ago when I said we’re probably going to stand to lose 25 percent of corporate travel forever because of this ability to work remotely.”

Accor CEO Sebastien Bazin

Thursday, he sang a different tune. “I was wrong three
years ago when I said we’re probably going to stand to lose 25 percent of
corporate travel forever because of this ability to work remotely,” Bazin
said. “We are already at 90 percent of the level of 2019. So they’re not
only coming back, but they’re coming back much quicker than I ever expected.”

Bazin projected an additional average 8 percent
year-over-year increase in 2024 business travel spending “from major
corporate organizations.”

Still, he noted the nature of post-pandemic business travel
has changed from the past.

“It’s a different mix,”
Bazin said. “It’s less people going alone from Seattle to Singapore, it’s
less people having 500 [attendee] seminar organization groups. It’s spread over
10 cities of 50 people each and they go on Microsoft and all the systems where
they can regroup together, even though they are in different locations. So
smaller groups, greater numbers of small and medium-sized enterprises, but it
is a very strong component of Accor and the rest of my peers.”

Accor’s Q4 Performance

Accor’s systemwide fourth-quarter revenue per available room
increased 11.1 percent year over year to €73, while average daily rate
increased 6.7 percent to €111 and occupancy increased 2.6 percentage points to
65.8 percent. Full-year 2023 systemwide RevPAR increased 22.7 percent year over
year to €73, while ADR increased 11.8 percent to €110 and occupancy grew 6
percentage points to 66 percent.

Total 2023 Accor revenue increased 20 percent year over
year—18 percent on a like-for-like basis at constant currency—to nearly €5.1
billion. Earnings before interest, taxes, depreciation and amortization
increased 49 percent year over year (55 percent like-for-like) to €1 billion.

The company projected a compound annualized RevPAR increase
of 3 percent to 4 percent through 2027. January 2024 systemwide RevPAR was
“solid” and “in line with our expectations,” said Accor CFO
Martine Gerow on the call.

RELATED: Accor
Q3 performance

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Travel

BestPrice travel to promote the image of Vietnam at New York’s times square

Published

2 days ago

May 17, 2024

Apollonas Kritikos

This is a self-run activity of BP Group – the holding company of BestPrice Travel, intending to support underprivileged individuals in Vietnam.

On April 9th 2024, BestPrice Travel promoted its “Taste Vietnam” campaign in New York Times Square, proudly presenting the image of Vietnam to the whole world.

Though it was not the first time Vietnam appeared on a billboard at New York’s Times Square, this one came differently. In just 15 seconds, the country was presented with a combination of all landscapes, cultures, and cuisines in one message “Taste with BestPrice Travel”.

Burning desire to bring Vietnam tourism worldwide
Promoting the image of Vietnam at New York Times Square is the initial move in BestPrice Travel’s internalization strategy – the travel company’s genuine desire to make Vietnam’s beauty known to the world.

As an online travel agency, BestPrice Travel provides cruises, tours, and other services for foreign tourists visiting Vietnam and Southeast Asia.

With advanced technology and professional staff, the company has managed to provide services for thousands of inbound tourists every year, receiving numerous certificates and awards, namely 8 years of Travelers’ Choice on TripAdvisor ‘til 2023, nomination for the World Travel Awards 2024 as Vietnam’s Leading Tour Operator & Vietnam’s Leading Travel Agency, and the Prospect Travel Agent Award at the Vietnam International Travel Market 2024.

After 14 years of continuous growth, BestPrice Travel decided to renew the image of the company as well as Vietnam tourism, getting closer to its customers, who live thousands of miles away. Whereby, in February 2024, the “Taste Vietnam” campaign kicked off, targeting European, US, and Canadian markets.

“Taste Vietnam” – The combination of Vietnamese values
Beyond a promotion campaign, “Taste Vietnam” is a chance for BestPrice Travel to provide its customers with genuine values of Vietnam, bridging the distance gap and forging the bond between foreign tourists and the country.

Through “Taste Vietnam” tour packages, visitors are entitled to multisensory experiences, from admiring the magnificent landscapes to tasting the excellent cuisine and joining the off-the-beaten-track traditional activities.

In addition, it is not only experiential but also sentimental values that “Taste Vietnam” could bring to its customers. With every booking successfully purchased, US $1 will be used for charitable purposes. This is a self-run activity of BP Group – the holding company of BestPrice Travel, intending to support underprivileged individuals in Vietnam.

At the moment, BPG Foundation, the fund community under BP Group, is associating with Blue Dragon Children’s Foundation, which rescues, protects, and supports homeless children as well as victims of trafficking in Vietnam. Accordingly, with US $1 from your pay, you would indirectly give a hand to better the life of thousands of Vietnamese kids and people in need.

Save the children’s lives through “Taste Vietnam” campaign
The potential of Vietnamese tourism has never been greater. As a leading company in the industry, BestPrice Travel is relentlessly taking the chance to spread the beauty of Vietnam to the whole world while contributing to the country’s social development. More than ever, your booking matters right now. Let’s book the trip and join the hashtag #TastewithVietnam!

For detailed information about the program, please visit bestpricetravel.com or WhatsApp (+84) 904 699 428.

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