Against the backdrop of the global Covid-19 pandemic Accor in 2020 reports RevPAR down 62%. The 2020 report is attributed by Accor to a decline in revenues reflecting the business downturn in the global hospitality industry linked to the spread of the Covid-19 virus.
In positive tone, Accor is seeing signs of ‘significant recovery’ in all regions in the third quarter, with a strong summer season predicted in Europe.
New restrictions implemented by European governments in response to the resurgence of the epidemic in the fourth quarter however halted the recovery.
Consolidated full-2020 revenue totalled €1,621 million, down 54.8% like-for-like and down 60.0% as reported compared with full-year 2019.
In the UK RevPAR fell by 73.3%. RevPAR in London was down 78.5%, slightly harder hit than the rest of the country (-67.3%) where domestic activity was stronger. The UK was affected by longer lockdowns than the rest of Europe as the resurgence of the pandemic was more virulent there.
Sébastien Bazin, Chairman and CEO, Accor, said of the report: “In 2020, the hotel industry navigated an unprecedented crisis. In response to the pandemic, Accor, its employees and its owners made an extraordinary effort across the globe to support those most affected, continuing to uphold their values of generosity, hospitality and sharing. At the same time, the Group’s rollout of measures to protect its financials was quick and disciplined.
“The measures delivered benefits over the second half of the year, and helped to limit the impact of the health crisis.
“The Group also continued with the rollout of large-scale initiatives to plan ahead for the economic recovery and consolidate its leadership position in lifestyle: implementation of a new streamlined and agile organization, a merger with Ennismore through the creation of a dedicated entity comprising 12 unique hotel brands, and the signing of a strategic partnership with the Faena brand.”
Bazin concluded by saying: “In 2021, while the vaccine is ensuring a gradual rebound in tourism—largely driven by leisure guests—Accor is ideally positioned to benefit from the recovery and press ahead with its roadmap.”
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Hospitality & Catering News: Accor reports global revenues down 62% in 2020. – 24 February 2021 – Accor reports global revenues down 62% in 2020.
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