With over half the worldwide population either confined and/or under lockdown due to COVID-19, Accor has had to take some drastic measures in these unprecedented times.
More than half of the Accor branded hotels worldwide are closed, with more to close in the coming weeks. Although there is initial recovery of the Chinese hotel market, with mild improvements in occupancy and F&B activity, the abrupt deterioration in the situation has prompted the Accor Group to take drastic actions across its global operations.
While there remains a hiring freeze, Accor has allocated approximately €70m to the launch of the “ALL Heartist Fund”, a COVID-19 special purpose vehicle. This fund will assist the Group’s 300,000 employees, pledging to pay for their COVID-19-related hospital expenses, for those who do not have social security or medical insurance, on a case by case basis, furloughed employees suffering great financial distress, on a case by case basis, individual partners facing financial difficulty and in further deploy its solidarity initiatives to support frontline healthcare professionals and non-profit organisations.
Accor Chairman and CEO, Sébastien Bazin, said, “Welcoming, protecting and taking care of others is at the very heart of what we do. In light of the urgency and the scale of the situation, we have decided to act in an immediate and meaningful way, in the spirit of our values and commitments. Through this impactful gesture, we wish to express our solidarity and gratitude to all those demonstrating courage and selflessness during this crisis.”
