The Covid-19 pandemic has greatly affected Accor due to its strength in European markets where most of the hotels have been closed.
Accor had 90% of its hotels closed during the last update on April 22 (read more here), and now the number of suspended hotels stands at roughly 3,000 (58%).
You can access Accor here.
Accor made some financial disclosures today:
In this context, while operations are still challenging, the Group sees initial signs of business improvement. In France, the lockdown relaxation and the measures announced by the government to support tourism in the country are favourable elements. RevPAR shows some recovery in China while the number of opened hotels in the world increases every day, in Asia and in Europe, notably in Germany. Accor has re-opened 250 hotels since end-April. To date, 42% of the Accor network is operating.
Here’s the situation back in April:
It is a challenging time for hotel chains, and especially for investors that own most of the hotels that are operated under international brands.
Hotels will soon start to reopen in Europe when travel bans and entry restrictions are first removed for intra-block travel (should be next month).
It is interesting to see if there will be complete closures and reflags if and when some properties go under.