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Tangible signs of improvement in Asia, Middle East & Africa and SouthAmerica in Q4


Tangible signs of improvement in Asia, Middle East & Africa and SouthAmerica in Q4

Category: Worldwide - Industry economy - Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2021-04-22

Monthly Cash Burn Halved In H2
strengthening Of The Liquidity Position At €4.2bn
swift Rollout Of €200m Recurring Cost Savings Plan
revenue Down 60% To €1,621 Million (-55% Lfl)
ebitda: €(391) Million
recurring Free Cash Flow: €(727) Million
net Loss, Group Share: €(1,988) Million

Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said:

“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.

In 2021, while the vaccine is ensuring a gradual rebound in tourismlargely driven by leisure guestsAccor is ideally positioned to benefit from the recovery and press ahead with its roadmap.”

Against the unprecedented backdrop of the global health crisis, RevPAR was down 62.0% in 2020. This marked decline reflects the dramatic deterioration in the industry linked to the spread of the Covid-19 virus worldwide, as well as lockdown measures and border closures implemented by governments throughout the world.

Nevertheless, we saw signs of significant recovery in all regions in the third quarter, with a strong summer season in Europe, after the low point seen in the second quarter (RevPAR down 88.2% in Q2). The new restrictions implemented by European governments in response to the resurgence of the epidemic in the last quarter halted the summer recovery. Consolidated RevPAR was down 66.2% in Q4 and RevPAR in Europe was down 73.1%, while the gradual recovery continued in other regions.

During full-year 2020, Accor opened 205 hotels, i.e., 28,942 rooms, confirming the appeal of the Group’s brands to hotel owners. At year-end 2020, the Group had a hotel portfolio of 753,344 rooms (5,139 hotels) and a pipeline of 212,000 rooms (1,209 hotels), of which 73% in emerging markets.

As of December 31, 2020, 82% of Group hotels were open, i.e., more than 4,000 units.

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