The hotel giant AccorInvest, a former subsidiary of Accor weakened by the Covid-19 pandemic, announces that it achieved a turnover of 1.5 billion euros in the first half, reduced its debt and “consolidated its financial situation” after the health crisis.
In the first six months of 2021, turnover was only 500 million euros, recalls the group, investor and operator of a real estate portfolio of 782 hotels in 27 countries, in a press release published on Wednesday. Located 95% in Europe, but also in Latin America and Asia, this park employs 23,000 people.
After a first quarter of 2022 still penalized by the health crisis, activity has recovered strongly in all countries, indicates AccorInvest, formerly Accor’s real estate division which only has 30% left, a level of participation frozen until May 2023.
In June, the average occupancy rate of the park, made up of budget and mid-range establishments under the Accor brands (Ibis, Novotel, Mercure, etc.), rose to 77%, however still remaining 7 points lower than in 2019, the long-haul international clientele and the business generated by shows and fairs have not yet returned.
Revenue per room sold (RevPar) is equivalent to that of 2019, constant scope, still in June, with an average price above 100 euros, i.e. 8% more than in 2019 at constant scope, indicates AccorInvest.
As for activity in July and August, it was better than that of 2019, mainly thanks to the prices charged, the trend remaining good in September, its CEO Gilles Clavi told AFP.
We are now benefiting from the transformation plan which is two years old, thanks to which our margin is maintained despite inflation and the rise in the cost of energy, he believes. Having two activities, real estate and operations, is a great strength, it allows us to capture value and recover, says the CEO.
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After seeing its turnover drop by 70% between 2019 and 2020, due to the health crisis, the group had taken out a massive State-guaranteed loan (PGE) of 477 million euros – which it will begin to repay. in 2025-, and announces the loss of 1,900 jobs.
AccorInvest, which had seen its debt jump to 5 billion euros – it was reduced to 4.2 billion, said Mr. Clavi – had also had to carry out a capital increase of exactly the same amount as that of the PGE, ie 477 million euros.
Falls to 7.3 billion euros at the bottom of the wave, he says, the value of assets rose to 8.5 billion at the end of June, while 375 million euros of assets were sold, in Africa and Australia in particular, for enable the group to refocus on Europe.