Accor sees revenue slump in third quarter as travel stalls
Accor has seen group revenue fall to €329 million in the third quarter of 2020, down by 69 per cent on a reported and 64 per cent on a like-for-like basis.
The decline was attributed to the ongoing restrictions in travel created by the Covid-19 pandemic.
RevPAR at the hotel giant fell by 63 per cent during the third quarter of the year.
This was, however, a significant sequential improvement in the wake of a difficult second quarter, when RevPAR had been down by 88 per cent.
This improvement reflects a recovery in business in all regions, and most especially in Europe during the summer season, Accor said in a statement.
However the downturn in leisure customers, in addition to the introduction of new restrictions after the end of August, pushed the recovery down in September.
Sébastien Bazin, chief executive of Accor, said: “Our performances during the third quarter point to a marked recovery of business during the summer season.
“The worst of the crisis is now behind us, but our main markets are still substantially affected by the measures rolled out to combat the health crisis.
“Only China reports solid performances and should swiftly recover its activity level pre-crisis.
“Against this still uncertain context, discipline, adaptability and cost control are critical.”
Accor opened 57 hotels during the third quarter of the year, or 7,800 rooms, which it said were encouraging figures, in line with those of the first quarter of the year, pre-Covid-19.