Accor says it can see “initial signs of business recovery”, with 250 hotels having reopened since the end of April.
The French hotel group said that “while operations are still challenging”, the relaxation of lockdown restrictions in France, along with measures announced by the government to support tourism in the country are “favourable elements”.
Accor added that revenue per available room (RevPAR) in China is showing some recovery – rival hotel group Hilton this week announced it had reopened all of its closed hotels in mainland China.
A total of 42 per cent of the Accor network is now operating.
Meanwhile Accor has signed an agreement with a consortium of five banks for a new €560m Revolving Credit Facility (RCF), complementing an undrawn €1.2bn RCF signed in July 2018.
It brings the group’s liquidity position to over exceeds €4 billion, which it says equates to over 40 months of operations under current market conditions.
Last month Accor announced a number of measures to protect its finances, including a travel ban, hiring freeze, reduced schedules and /or furloughing for 75 per cent of global head office teams for the second quarter of this year, and a withdrawal of a proposed €280 million dividend payment.
WMWNEWSTURKEY MEDIA GROUP
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