(Reuters) – Europe’s biggest hotel group Accor said on Thursday its core earnings swung back to profit in 2021, helped by consecutive business recovery since April and higher absorption of fixed costs.
“Despite a disrupted start of the year due to overall health restrictions, 2021 showed significant improvement in our business, as of the spring, with trends picking-up month after month right up to December,” Chairman and Chief Executive Officer Sebastien Bazin said in a statement.
The group, which runs high-end chains Sofitel and Pullman, as well as budget brands such as Ibis, posted full-year earnings before interest, taxes, depreciation and amortisation (EBITDA) of 22 million euros ($24.69 million), bouncing back from a loss of 391 million a year earlier.
The group’s revenue per available room (RevPAR), a key gauge of performance for the hotel industry, was down 46% in 2021 compared with the pre-pandemic level in 2019, reflecting the resurgence of the COVID-19 pandemic.
($1 = 0.8912 euros)
(Reporting by Anait Miridzhanian; editing by Milla Nissi)
