Accor Hotel Group Launches Fund In The Wake Of COVID-19

Accor Group Fascade

Like many hotels, the Accor group is taking drastic action across its global operations and the group has stated that it will stand by its employees more than ever before.

The ALL Heartist Fund aims to help the group’s 300,000 employees.

Today, more than half Accor branded hotels worldwide are closed, likely over two thirds in the coming weeks.

Accor Group raises funds

One piece of good news is the confirmation of initial recovery of the Chinese hotel market, with mild improvements in occupancy and F&B activity.

After consulting with the Group’s main shareholders, JinJiang International, Qatar Investment Authority, Kingdom Holding Company and Harris Associates, Accor has decided to allocate 25% of the planned dividend (€70m) to the launch of the ALL Heartist Fund, a Covid-19 special purpose vehicle.

The fund will typically 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.

Sébastien Bazin, Chairman and CEO of Accor, 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.”

We say this is a wonderful initiative by their chairman to safe guard his employees.

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