Hotel group Accor swings back to profit as travel business rebounds

The logo of French hotel operator AccorHotels is seen on top of the company’s headquarters in Issy-les-Moulineaux near Paris, France, February 17, 2021. REUTERS/Gonzalo Fuentes

Feb 24 (Reuters) – Europe’s biggest hotel group Accor (ACCP.PA) said on Thursday its core earningsswung 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…