Accor Records Revenue Decrease For First Quarter Of 2021; Expects Strong Recovery In Summer Of 2021
Accor has recorded a fall in first quarter revenue, which was adversely impacted by the continuing COVID-19 pandemic, but the hotel group expects a strong recovery this summer.
Vaccines And Travel Passes
The acceleration of vaccine campaigns and Europe moving forward with the certification project bodes well for a rebound this summer, Accor chief financial officer Jean-Jacques Morin said in a conference call with reporters.
"What we really see is that as soon as people can, they are eager to travel and consume; the way is to go back to a certain normality and then business will follow," he added.
Last week, European Union countries formally agreed to launch COVID-19 travel passes as a step towards reopening to tourism this summer.
Southern Europe, Australia, The Middle East And North America
Accor, which runs high-end chains Sofitel and Pullman as well as budget ones such as Ibis, added that it saw year-on-year improvements in southern Europe, Australia, the Middle East and North America, although revenue was still down.
First Quarter Revenue Figure
First quarter revenue fell 48% on a like-for-like basis to €361 million.