Accor: Revenue down 63.7% in Q3
329 million in the third quarter of 2020, down 63.7% like-for-like.
329 million in the third quarter of 2020, down 68.7% on a reported basis and 63.7% like-for-like due to the impact of the health crisis.
Sébastien Bazin, Chairman and Chief Executive Officer of Accor, commented on these figures: “Our third-quarter performance reflects the marked rebound in business during the summer season. The worst of the crisis is now behind us, but our main markets are still heavily impacted by the measures implemented to combat the health crisis. Only China is performing very well and should quickly return to pre-crisis levels of activity“.
Revenue per available room (RevPAR) was down 62.8% in the third quarter of 2020, a significant improvement after a difficult second quarter. Indeed, in the second quarter of 2020, RevPAR fell significantly by 88.2%.
This improvement reflects the recovery in activity in all regions, particularly in Europe during the summer period.
Nevertheless, the decline in the leisure customer base combined with the implementation of new restrictions since the end of August led to a slowdown in this recovery during the month of September.
During the third quarter, Accor nevertheless opened 57 new hotels, representing 7,800 rooms, encouraging figures that were in line with those of the first quarter, when there were 58 hotels with 8,000 rooms. At the end of September 2020, the Accor group had a hotel portfolio of 750,135 rooms (5,121 hotels) and a commercial pipeline of 208,000 rooms (1,192 hotels), 75% of which are located in emerging markets.
By late September 2020, 90% of the Accor group’s hotels had reopened their doors.
Read also > LUXURY HOTELS: MUNICH’S MANDARIN ORIENTAL COMPLETES THE MOST IMPORTANT RENOVATION IN ITS HISTORY
Fearured photo : © Accor
What's Your Reaction?
