French hotel company Accor – one of many in the tourism sector to have been hit hard by the impact of the coronavirus – said on Monday it had secured a new 560 million euros ($606 million) banking credit facility.
Europe’s biggest hotels group, with brands such as Sofitel and Ibis, Accor said the new credit facility had been underwritten by BNP Paribas, Credit Agricole CIB , Credit Industriel et Commercial (CIC), Natixis and Societe Generale.
Accor added in a statement that it was seeing some “initial signs of business improvement” with revenue per available room (RevPAR) showing some recovery in China while more and more of its hotels were being re-opened.
It has 42% of its hotels network currently in operation and has re-opened 250 hotels since the end of April.
Accor, which warned last month of likely losses for April and May, said it currently has more than 4 billion euros in liquidity.