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

研报英文原文证据摘录

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