Accor announces additional €560m banking credit facility and reports ‘initial signs' of recovery

18 May 2020 by
Accor announces additional €560m banking credit facility and reports ‘initial signs' of recovery

Accor has announced that it has signed an agreement with a consortium of five banks for a new €560m (£499m) Revolving Credit Facility (RCF).

The hotel group's liquidity now exceeds €4b (£3.57b), meaning more than 40 months under the current market conditions.

The group said that, while operations are still challenging, it is seeing "initial signs of business improvement", with some recovery in China revenue per available room (revpar) as it begins to reopen its properties, particularly in Asia and Germany.

Accor has re-opened 250 hotels since the end of April and 42% of its network is operating. The group has a portfolio of 5,000 hotels and residences across 110 destinations.

Accor ‘taking aggressive measures to adapt' >>

Accor to launch safety and cleaning certification for hospitality businesses >>

Accor to divert quarter of £245m dividend towards staff support fund >>

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