Recovery, First Half of 2021 Profitable Variable

Accor: Recovery, First Half of 2021 Profitable Variable

According to Accor’s second-quarter earnings report, despite sequential monthly key performance indicators improvements in the second quarter, the recovery is “still heterogeneous”. Accor still reported a net profit for the first half of EUR67 millions, compared to a loss in the second quarter of 2020 of EUR1.51 trillion.

Recovery, First Half of 2021 Profitable Variable

The first-half revenue per room decreased by 60.4 percent, compared to the first quarter of 2019. And 58 percent when compared to the second quarter 2021. According to Accor, “This decrease masks very mixed circumstances by country.” “Some regions saw a significant improvement in the second quarter, while others were still hard hit by restrictions imposed on them as a result of the Covid-19 crisis.”

The second quarter RevPAR was up in all regions of Accor, except South Europe. At 38.5 percent, the Asia-Pacific region saw the largest decline compared to 2019. The Q2 RevPAR for Greater China was only 18% lower than in 2019. The U.S. RevPAR decreased 62.6 percent in the third quarter compared to 2019, however, this is a more than 10-point improvement over first-quarter results.

The average companywide occupancy was only 33.5 percent in the first half, which is 35.3 percentage points lower than 2019 levels. The average daily rate for the first half was EUR70. This represents a 17.8 per cent decrease over the period of two years prior.

Accor has opened 121 hotels, with approximately 15,000 rooms. This net growth rate of 1.9 percent was achieved in the first half 2021. Accor owned 762,072 rooms as of June 30 and had a pipeline with approximately 211,000 more. 93% of the hotels in the company were still open as of July 26.

Publiated at Thu 29 July 2021 21.55:03 +0000

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