France: the hotel group Accor records record losses
The headquarters of the Accor group in Paris on January 8, 2021. AP - Thibault Camus
Text by: Altin Lazaj
3 min
The French giant Accor is in the red.
The sixth largest hotel group in the world suffered significant losses last year and an unprecedented drop in turnover.
The Covid-19 pandemic has hit the French group head-on.
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The numbers speak for themselves.
Accor, which owns brands such as Ibis, Sofitel and Novotel all over the world, lost nearly 2 billion euros in 2020 and its activity plunged by 60%.
The reason for this situation is already known: the fall in the number of tourists due to travel restrictions and health measures.
In this context, the leading European hotel group has confirmed the rapid implementation of its savings plan announced last August which provides for the elimination of a thousand jobs worldwide, including 300 to 400 in France.
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Accord's difficulties show the extent to which the tourism sector is ravaged by the health crisis. 2020 will have been the worst year in the sector: travel restrictions, closure of bars and restaurants, stationary ski resorts , the tourism sector in France has been severely tested since last March.
Tourism receipts fell 41% last year.
This represents a shortfall of 61 billion euros for the
tourism
industry
.
Globally, we observe the same phenomenon, the losses are estimated at more than 1 000 billion euros, it is colossal.
The consequences on employment are catastrophic.
According to the UNWTO, the world tourism organization, nearly 120 million people are at risk of losing their jobs.
Poor prospects in tourism
What worries the actors of tourism, it is the weak prospects.
The travel sector in France is sounding the alarm on the lack of visibility linked to the various restrictive measures, from one country to another.
The president of travel companies, Jean-Pierre Mas, believes that the spring tourist season is very compromised or even ruined and the summer badly started, whether it is for the reception of foreign tourists in France, as well as for the departure French people abroad.
He is also concerned about the lack of visibility of the aid granted by the state.
Under these conditions, it seems difficult to predict when the sector will restart.
The tourism sector is subject to two constraints: the first concerns travel restrictions both in France and abroad, the second concerns the risk of a decline in the purchasing power of tourists, due to the economic consequences. linked to the health crisis.
However, industry experts are hoping for a gradual recovery during this year.
As for a return to normal, they do not envisage it before 2023 or 2024. Everyone agrees that the resolution of the situation rests on the success of massive vaccination campaigns.
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