Europe’s largest hotel chain Accor swung to a €2 billion (CA$3 billion) net loss in 2020, underlining the devastation the coronavirus pandemic has wrought on the travel industry. The loss for the French group, which owns Ibis and Novotel brands and operates more than 5,100 hotels, was a sharp reversal from the €464 million (CA$708 million) net profit in 2019. CEO Sebastien Bazin said the hotel industry had “navigated an unprecedented crisis”, but added Accor was “ideally positioned to benefit from the recovery” this year, citing the global vaccine roll out and a gradual recovery in tourism.
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