Accor hit by terror attacks, strikes and Paris flooding
Accor’s Paris hotels have been considerably hit by terrorist attacks, a series of strikes and the flooding in June, according to its first half results.
Revenue per available room in the French capital dropped 12% year on year, while ‘revpar’ in France fell 2.2% in the period.
The group’s overall revenue in the first six months fell by 4.7% to below €2.5 billion, while net profit dropped 23% to €74 million.
Chief executive Sebastien Bazin said: "With several of our key markets, including France and Brazil, shaken by crises and violent events, the group showed remarkable resilience in the first half of 2016.
"We continued to invest heavily in order to grow, transform and gain a foothold in new businesses that are destined to become fundamental for the group. We will pursue this offensive strategy in the coming months."
He said recently announced plans to turn its property division into a subsidiary, with a view to selling off a stake, will help drive future growth.
The group, which has recently announced a string of acquisitions, has now announced plans to buy French concierge company Jean Paul.
It has begun ‘exclusive negotiations’ to buy 80% of Jean Paul for about £115 million. The remaining stake will be kept by the founder, David Amsellem, who will stay on as chief executive.
In April, Accor acquired the luxury home rental business onefinestay for £117 million and earlier in the year took a 49% stake in Squarebreak, a private home rental company in France, Spain and Morocco.
Earlier this month it completed a deal to buy Fairmont, Raffles and Swisshotel.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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