Accor secures fresh liquidity as Covid-19 recovery begins | News


Accor has signed an agreement with a consortium of five banks for a new €560 million revolving credit facility.

The cash complements the undrawn €1.2 billion facility signed in 2018 and is designed to further reinforces the liquidity position which of the company.

In total, Accor said it now has more than €4 billion on hand, enough to survive for 40 months under current conditions.

The new fully committed facility has a 12-month tenor, with two six-months extension options in the hands of Accor and has neither covenant nor restriction.

It has been underwritten by BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, Natixis and Société Générale.

Accor has re-opened 250 hotels since the end of April, with 42 per cent of the network currently operating.

AXA

At the same time, Accor has signed with insurance provider AXA to provide medical support to guests across its 5,000 hotels worldwide.

As soon as July, this partnership will enable guests to benefit from care thanks to the expert medical solutions of AXA Partners.

Accor guests will benefit from free access to medical teleconsultations.

Guests will also get access to AXA’s extensive medical networks with tens of thousands of vetted medical professionals.

As Accor prepares for the post Covid-19 rebound, this medical service complements its overall global recovery plan and is included in the enhanced health and prevention protocols the company has put in place.

For AXA, this partnership is a unique occasion to strengthen its payer to partner strategy, which aims to provide innovative services to its customers, notably in health, one of its areas of growth in its Ambition 2020 plan.

“Welcoming, safeguarding and taking care of others is at the very heart of what we do and who we are as hoteliers.

“This distinctive partnership with AXA which we have been working on for several months makes even more sense in today’s context. In an increasingly complex environment, our 300.000 team members on the ground will be able to assist our guests and ensure their safety during their stays, turning our hotels into shelters,” said Sébastien Bazin, chief executive of Accor.

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