Covid travel restrictions see revenue at hotel giant Accor tumble
Revenue at Accor fell in the first quarter of its 2021 financial year, as Covid-19 restrictions left the group still unable to operate at full capacity.
First-quarter revenue totalled €361m, down 48 per cent when compared with Q1 in 2020.
Revenue per available room fell by 64 per cent against Q1 2019, reflecting the current coronavirus situation worldwide. However, there were significant year-on-year improvements in South Europe, Australia, the Middle East and North America.
Sébastien Bazin, chairman and chief executive officer of Accor, said: “There were no surprises in our first-quarter performance. Global business trends are improving slightly and the ramp-up of the vaccine rollouts bodes well for a particularly strong rebound.
“As it did in 2020, the group continues to keep a close eye on protecting its cash and cutting costs. Today, all our efforts are focused on the strong recovery expected this summer.”
Despite a slow start to the year, the hotel group expects a strong recovery this summer with the rollout of Covid-19 vaccines.
“Global business trends are improving slightly and the ramp-up of the vaccine rollouts bodes well for a particularly strong rebound,” Bazin added.