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Accor Gathers Funds For COVID-19 Recovery

Accor has signed an agreement with the association of 5 banks to acquire a new €560 million revolving credit facility, as reported by BreakingTravelNews. The cash, accompanied by €1.2 billion facilities signed in 2018, is designed to further strengthen the liquidity position of the company. Accor says they now have more than €4 billion on hand, enough to survive for 40 months under current conditions.

Accor now has the new fully committed facility, which comprises a 12-month tenor, with two six-month extension options. This has neither an agreement or a restriction. It has been underwritten by BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, Natixis and Société Générale. Accor has already reopened 250 hotels since the end of April, currently operating 42% of the network.

Partnership with AXA

Accor has signed an agreement with AXA, an insurance provider, to support guests in all their 5000 hotels worldwide. This partnership will enable the guests to receive expert medical solutions of AXA Partners, as well as free access to medical teleconsultations.

Guests can also access AXA’s extensive medical networks, with tens of thousands of vetted medical professionals. Accor has established an overall global recovery plan, with health and prevention protocols. This, along with the medical service mentioned above, remarkably helps in Accor’s preparations for the post-COVID-19 rebound.

This partnership facilitates AXA to strengthen its payer to partner strategy, as a part of its Ambition 2020 plan. This aims to provide innovative healthcare services to its customers. Sébastien Bazin, chief executive of Accor said “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.”

Also Read: Norwegian Cruise Line Loses $1.8bn In First Quarter

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