(AOF) – The Société des Bains de Mer carried out its activity update for the third quarter of 2021-2022 on Friday evening. Between October and December 2021, the company and its subsidiaries recorded consolidated revenue of €125.8 million over the period, down 31% year-on-year. It is slightly higher than that of the third quarter 2019-2020 (pre-crisis) due to the increase in rental income.
Due to seasonality, the group indicates that the activity of the third quarter of the financial year was naturally weaker than that of the previous months.
Nevertheless, the improvement trend observed during the summer period was confirmed in October and November.
On the other hand, activity in December was impacted by the fifth wave of the Covid-19 epidemic and revenue for this last month was down 24% compared to December 2019.
As of January 20, 2022, the group had a level of available cash of around €200 million.
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Hospitality & Leisure: new expectations from travelers
The sector suffered a 74% drop in tourist arrivals worldwide in 2020 according to the World Tourism Organization (UNWTO). At 500 million, these arrivals have fallen to their level of the early 1990s.
Globally, the sector lost 1.3 trillion dollars last year following the Covid-19 pandemic. A return to normal is expected for 2023, particularly under the effect of vaccination, with changing requirements.
Continued growth for major global hoteliers
In 2020, the hotel park of the major operators has progressed according to the firm MKG, with the exception of that of the Indian Oyo and the American Wyndham. The 54.3% contraction in its customer base pushes Oyo from second to ninth place, due to its decline in China (-75%). On the other hand, the three major Chinese groups (Jin Jiang, Huazhu, and BTH), which are among the top ten global operators, have continued to expand. Their domestic market, in the recovery phase from 2020, shows considerable needs.
Jin Jiang, which notably owns the French Louvre Hotels Group, has regained its place as number two in the world. As for the world leader, the American Marriott International, the growth of its park exceeded 3%, as well as for Accor, and it almost reached 5% for Hilton.
This expansion can be explained by the economic model of the major operators and by the appetite of investors, who are confident in the sector’s medium and long-term prospects.
Emergence of a new tourism
Local tourism, which has suffered the least from the health crisis, should emerge strengthened. On the other hand, business travel should continue to be penalized in the short term for health reasons and because of the reductions in company costs authorized by new tools (Teams, Zoom, etc.).
Travelers’ expectations have evolved. They are more sensitive to flexibility (possibilities of cancellation, flexible departure dates, etc.). Several tour operators believe that prices should increase to take into account the
and
s ecological costs and a rebalancing of wages. They believe that operators offering a differentiating experience should be the big winners from this crisis.