Accor posts €2B loss, lays out 2021 strategy

Accor has set its ALL loyalty program as one of the business’s strategic focuses for 2021. Announcing results for 2020, the hotel giant says it wants to speed up its personalization efforts via the loyalty scheme that was first unveiled two years ago. Accor posted a net loss of almost €2 billion for the year, […]

Scottish hotels to reopen on 26 April

First minister Nicola Sturgeon has announced that hospitality businesses, including hotels, in Scotland will be able to reopen from 26 April.  Sturgeon outlined the country’s exit out of lockdown restrictions yesterday (23 February), giving businesses a timeframe of when they can expect to reopen. Scotland’s stay-at-home order is likely to remain in place until 5 […]

Marriott International appoints new CEO and president

Marriott International has announced that Anthony Capuano has been appointed to CEO and that Stephanie Linnartz has been appointed president, both with immediate effect. Capuano’s and Linnartz appointments follow the death of Marriott’s former president and CEO Arne Sorenson on February 15, 2021. Prior to this appointment, Capuano was group president, global development, design and […]

Accor reports loss of £336m in FY20

Accor has reported an EBITDA loss of £336m for the year ended 31 December 2020, marking a year-on-year swing of over £1bn. The group also revealed a major blow to its 2020 revenues, falling 60% from £3.5bn to £1.4bn in the period. Accor attributed the results to the “dramatic deterioration” in the wider industry due […]

Buyers out in Europe once more

Hotel investors have signalled the end of the pandemic hiatus, with a slew of new activity across Europe.   Private equity is looking outside the main EU eurozone area, with KSL moving into Croatia, following the recent news that Starwood Capital is venturing into the Nordics. Meanwhile, new funds are picking off developments, and others are preparing their […]

Blue collar winners

Asset light operators Wyndham and Choice fared better than most through the pandemic, with Choice turning a profit in the fourth quarter as they won market share.   At Choice, fourth quarter net income was USD7.865m, on revenues down 28% at USD63m. For the year as a whole, revenues were down 31% year on year. Wyndham was not far behind, […]

East plays west in battle for growth

Executives at hotel giants Marriott and Hilton are all looking forward to a happier 2021, with travellers moving around once more, and the prospect of lucrative business and group bookings restarting.   Both businesses are living with quarterly losses, but cash burn has fallen as head office teams have cut overheads. Revenues are starting to recover through an […]

Scandic thrashes as Hyatt swims

The pandemic has delivered a sharp contrast in the way different hotel operating models have been able to cope with a massive drop in demand.   Aside from the purely asset-light brand groups, it has been the exposure of those with highly leveraged investment in hotels, and those with heavy property lease exposure, who have been […]