Accor 3rd Quarter 2020 Revenue
Sébastien Bazin, Chairman and Chief Executive Officer 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. We keep transforming our organizations to make the Group even more efficient, more agile, and focused on the most profitable and promising markets and segments. We are also deploying additional sources of revenue, in our hotels and in our loyalty program.
These efforts will help us benefit faster from recovery and pursue our ambitious development of the Group.”
Group revenue in the third quarter of 2020 came in at €329 million, down by 68.7% as reported and by 63.7% like-for-like due to the effects of the health crisis.
RevPAR fell by 62.8% during the third quarter of 2020, a significant sequential improvement in the wake of a difficult second quarter (RevPAR down by 88.2%). This improvement reflects a recovery in business in all regions, and most especially in Europe during the summer season. 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.
Accor opened 57 hotels during the third quarter of the year, or 7,800 rooms, which are encouraging figures, in line with those of the 1st quarter (58 hotels, and 8,000 rooms). By the end of September 2020, the Group was operating 750,135 rooms (5,121 hotels), with a pipeline of 208,000 rooms (1,192 hotels) running at 75% in emerging markets.
By the end of September 2020, 90% of the Group’s hotels were open for business, or over 4,600 units.