Accor has reported a web lack of €2 billion for monetary 2020 as Covid-19 took an enormous toll all over the world.
The determine is sharply down from a revenue of €464 million reported in 2019.
Journey restrictions noticed revenues fall 60 per cent to €1.6 billion for the yr.
The most important resort firm in Europe, Accor lately offered an additional a 1.5 per cent stake in Huazhu Group of China for €239 million because it continues to battle the fallout from the pandemic.
Sebastien Bazin, chief govt of Accor, stated the resort business had “navigated an unprecedented disaster”.
Nevertheless, he added that the enterprise was “ideally positioned to learn from the restoration” this yr, citing the worldwide vaccine roll out and a gradual restoration in tourism.
Asia, the Center East and Africa had been notable for “tangible indicators of enchancment” through the closing three months of 2020, Bazin defined.
Europe, in distinction, grappled with a winter wave of the lethal virus that set again the nascent restoration in journey.
About 18 per cent of Accor accommodations remained shut globally on the finish of final yr.
Accor burned by way of a mean €61 million a month final yr.
In the course of the course of the yr, it launched a €200 million cost-cutting programme and ended the yr with a money place of €3.9 billion.