Accor Gets €560m Credit Line, Sees Signs Of Recovery
French hotel company Accor - one of many in the tourism sector to have been hit hard by the impact of the coronavirus crisis - said on Monday May 18 that it has secured a new €560 million banking credit facility.
Accor, which is Europe's biggest hotels group, said that the new credit facility has been underwritten by BNP Paribas, Credit Agricole CIB, Credit Industriel et Commercial (CIC), Natixis and Societe Generale.
"Initial Signs Of Business Improvement"
Accor, the portfolio of which includes brands such as Sofitel and Ibis, added in a statement that it is seeing some "initial signs of business improvement", with revenue per available room (RevPAR) showing some recovery in China while more and more of its hotels are being reopened.
42% of Accor's hotel network is currently in operation and the company has reopened 250 hotels since the end of April.
Accor, which warned last month of likely losses in April and May, said that it currently has more than €4 billion in liquidity.