Accor has returned to profit for 2021, posted full-year earnings before interest, taxes, depreciation and amortisation (EBITDA) of €22 million.

The figure compares to a loss of €391 million a year ago.

The French hotel giant follows rival IHG Hotels & Resorts back into the black, providing further evidence the tide may be turning in the hospitality sector.

However, revenue per available room (RevPAR) at Accor was down 46 per cent in 2021 compared with the pre-pandemic level in 2019, reflecting the resurgence of the Covid-19 pandemic.

Sébastien Bazin, chief executive of Accor, said: “Despite a disrupted start of the year due to overall health restrictions, 2021 showed significant improvement in our business, as of the spring, with trends picking-up month after month right up to December.

“Moreover, our pipeline continues to flourish, with luxury and upscale segment representing close to 40 per cent of future openings, a 12-point increase in the past four years.

“As the desire to escape and to resume travelling has never been stronger, we are well underway to make the most of this rebound in all our markets.

“In 2022, we will continue to unfold our vision of ever-more experience-driven and sustainable tourism, facilitated by digital technologies.

“Armed with these strengths, we are confident in our capacity to enduringly continue creating value for our partners as well as our shareholders.”