Accor Isn’t Ready to Celebrate Just Yet After Surprising Display of Profitability
Photo Credit: Accor posted a strong first half to 2021 following losses that crept into the billions last year. Flickr / VasenkaPhotography
Skift Take
It’s a little early to call this a rebound, but Accor finally has some wind in its sails as far as recovery numbers go. Now it just needs to hold onto some level of the momentum heading into the fall.
Europe’s largest hotel company wasn’t expected to necessarily post a strong financial first half of the year, but it beat expectations Thursday.
Accor — owner of brands like Fairmont and Raffles — reported a $67 million net profit for the first half of 2021, a major lift from the $1.5 billion loss seen in the first half of last year. The performance beat analyst expectations and was driven by measures like Accor selling a 1.5 percent stake in Chinese hotel company Huazhu Group for $289 million, strong performance in Australia, and the early weeks of summer leisure travel.
But Accor’s top executives aren’t ready to take a victory lap.
“We are still in a bit of muddy water in terms of navigating through different countries and different rules,” Accor CEO Sebastien Bazin said Thursday on the company’s investor call.
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