Accor Q1 revenues fall 50%

Accor has announced that revenue in its first quarter of 2021 totaled €361m (£312m), down 48% on a like-for-like basis from Q1 2020.

Its HotelServices revenue fell by 57% to €234m (£203m), while its Hotel Assets and Other revenue fell by 33% to €129m (£112m).

RevPAR fell by 64.3% against Q1 2019, reflecting an “environment that remains hard hit by the Covid-19 epidemic”.

In South Europe, RevPAR improved sequentially to -63.2%, mainly due to the easing of some restrictions in the region.

North Europe reported a sharper drop in RevPAR of 81.9% due to the extension of strict lockdown measures since end-2020. In the UK, RevPAR fell by 86.5%, and London was more affected than the regional cities with RevPAR down 91.1% and 80.5%, respectively.

Accor noted that the gradual easing of the restrictions expected to begin on 17 May “bodes well for an improvement in the second quarter”.

During the first quarter, Accor opened 56 hotels, representing 7,100 rooms. Although slightly below previous years, it said this was a “very satisfying level given the current backdrop”.

At end-March 2021, the group had a portfolio of 5,163 hotels and a pipeline of 1,204 hotels. As of April 19, 2021, 87% of the group’s hotels were open, more than 4,500 units.

Sébastien Bazin, chairman and CEO of Accor, said: “There were no surprises in our first-quarter performance. Global business trends are improving slightly and the ramp-up of the vaccine rollouts bodes well for a particularly strong rebound.

“As it did in 2020, the Group continues to keep a close eye on protecting its cash and cutting costs. Today, all our efforts are focused on the strong recovery expected this summer.”

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