Ibis and Sofitel owner Accor swings to £335m loss as tourism revival splutters
Accor hotel group, the owner of Ibis and Sofitel chains, swung to a £335m loss for 2020.
The hotel company, Europe’s largest, saw a tenatative recovery in hotel bookings in the third quarter snuffed out by the fourth quarter as lockdown restrictions kept more of its site shut in December than September.
Accor, swung to a €391m (£335m) loss before interest, taxes, depreciation and amortization (Ebitda) in 2020, compared to a profit of €825m the year prior.
The French company, which operates more than 5,000 hotels in around 110 countries including the Raffles chain, added that 82 per cent of its hotels were open as of end-December, compared with 90% at end-September.
It also confirmed the swift rollout of the €200m recurring cost savings plan announced in August 2020.