Accor Q1 Revenues Down 17%

(RTTNews) - French hotel group Accor (ACRFY.PK, ACRFF.PK) said its consolidated first-quarter 2019 revenues totaled 768 million euros, down 17% from 925 million euroslast year. On a like-for-like basis, revenues were dropped 15.8%.

RevPAR fell by 25.4%, reflecting the sharp deterioration in the environment due to the worldwide spread of the COVID-19 epidemic, first in Asia-Pacific (-33.7%) and then in other regions, including Europe (-23.2%) and North America (-22.2%).

CEO Sebastien Bazin said, "Nearly two-thirds of our hotels are currently closed, and most of the others are being used to support healthcare workers and all those on the front lines of the fight against COVID-19."

As of April 22, 2020, 62% of the Group's hotels are closed, i.e., more than 3,100 units.