Accor：H World partnership allows Accor to potentially connect to 430 million members

Research evidence excerpt

Accor：H World partnership allows Accor to potentially connect to 430 million members

30 June 2026

Sabrina Blanc

+33 1 42 13 47 32

Global Hotels & Leisure sabrina.blanc@bernsteinsg.com

Accor SA Niall Mitchelson

+44 20 7676 7144

Rating niall.mitchelson@bernsteinsg.com

Outperform Lasith Siriwardana

Price Target +44 20 7550 2191

lasith.siriwardana@bernsteinsg.com

AC.FP 55.70 EUR

Accor : H World partnership allows Accor to potentially connect to

430 million members

Accor and H World (previously Huazhu) are opening a new chapter in their alliance with

Close Date 29 Jun 2026

a scaled, cross-border partnership that will link their direct booking and loyalty

AC.FP Close Price (EUR) 50.14

platforms across China, Europe and the Middle East.

Price Target (EUR) 55.70

Accor and H World Group have unveiled a major expansion of their long-term strategic Upside/(Downside) 11%

partnership. Accor and H World have been linked by a strategic alliance for more than a 52-Week Range 52.00/37.54

decade, including a master franchise agreement signed in 2014 that enabled H World to EDME 1,582.25

develop Accor brands in China. Today, the partnership with the two companies creates FYE Dec

a direct connection between their booking and loyalty platforms, serving a combined Div Yield 2.7%

430 million members and close to two million rooms worldwide. Under a phased rollout Market Cap (EUR) (M) 11,839

throughout 2026, members of ALL Accor and H Rewards will gain access to a broader EV (EUR) (M) 16,319

selection of hotels across both groups, with enhanced status recognition, member rates, Performance YTD 1M 6M 12M

hotel-level benefits and points-earning opportunities on participating partner properties Absolute (%) 4.0 6.6 5.4 14.0

booked through their usual direct channels. EDME (%) 7.6 2.1 7.6 18.2