Four years after exiting during the pandemic, Accor will rejoin the prestigious CAC 40 index on the Paris Stock Exchange.
The French hotel firm will rejoin the index on March 15 following a quarterly review by the Euronext Paris stock exchange’s Expert Indices Committee.
It already is a member of the CAC 40 Environmental, Social and Governance index.
Accor dropped off the index — officially known as the Cotation Assistée en Continu 40 — in 2020. Prior to that, the firm had been on the index since it was created in 1987.
Other members of the CAC 40 include Airbus Group, supermarket group Carrefour, food manufacturer Danone, beauty company L’Oreal, automotive company Michelin and LVMH Moët Hennessy Louis Vuitton SE, which in December 2018 acquired hotel company Belmond in a deal with an enterprise value, including debt, of $3.2 billion.
Sébastien Bazin, Accor’s chairman and CEO, said in a news release that he is proud of Accor’s re-inclusion.
“[It is] an important milestone in our journey and a testament to the hard work and commitment of our team. It reflects the group’s sustained growth and market leadership in the dynamic landscape of the global hospitality sector. … After a record year in 2023, [we have] had a solid start to 2024, driven by higher occupancy and demand, and we look forward to the coming years with optimism," he said in the release.
In its recent full-year earnings report, Accor posted posted revenue of €5.06 billion ($5.52 billion) and earnings before interest, taxes, depreciation and amortization of more than €1 billion, the first time it has reached that height.
The company said it had recurring free cash flow of €596 million, more than 5,500 hotels and 821,000 rooms in operation and a pipeline of more than 1,300 hotels and 225,000 rooms.