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The Accor group, weakened by the health crisis, anticipates a recovery

The Accor group, weakened by the health crisis, anticipates a recovery

In 2020, the French hotel group Accor was severely crippled by the health crisis, but a recovery is expected soon.

 

In 2020, the Accor group, with a hotel fleet of 4,780 hotels, posted a net loss from continuing operations of 2.244 billion euros, compared with a profit of 447 million euros a year earlier. The net loss amounted to 1.988 billion euros, compared to a net loss of 464 million euros on December 31, 2019.

 

Indeed, the French hotel group was severely paralyzed by the health crisis and the ensuing health restrictions, with border closures, first in Asia, then in Europe and the United States. Gross operating income fell to -391 million, compared to +825 million in 2019.

 

The key RevPar index (revenue per available room) fell by 62%, including a sharp 64.5% decline in the second half of the year. 1.621 billion, down 54.8% like-for-like and 60% on a reported basis.

 

The world’s leading hotel operator will not pay a dividend in respect of the fiscal year 2020 and pointed out that in December 2020, 82% of the Group’s hotels were open, i.e. more than 4,000 units. Accor also saw clear signs of recovery in Asia, Africa-Middle East, and South America in the fourth quarter.

 

In 2021, while the rollout of vaccination will enable a gradual rebound in tourism, driven in particular by leisure customers, Accor is therefore ideally positioned to benefit from the recovery and pursue its roadmap with determination,” commented the group’s CEO, Sébastien Bazin.

See Also

 

 

Read also > LVMH ACQUIRES 50% OF THE ARMAND DE BRIGNAC CHAMPAGNE BRAND FROM JAY-Z

 

Featured photo : © Press

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