Latest news with #MartineGerow
The Star
09-05-2025
- Business
- The Star
Tourism trends shift as Canada gains popularity with travellers
Toronto, the largest city in Canada by population, has lots of attractions for tourists. — Pixabay French hotel group Accor said Canada is gaining traction as a tourist destination as travellers increasingly avoid the United States for holidays. Canada is benefiting from this influx of travellers, chief financial officer Martine Gerow said on a call with reporters, adding that Canadians are also scaling back travel to the US. Evidence is mounting that lucrative transatlantic travel may be at risk as European visitors avoid the US amid a larger shift in anti-American sentiment and US tourists rein in spending. Chief executive officer Sebastien Bazin warned earlier that Accor's forward hotel bookings from Europe to the US this summer are down 25%. Arrivals of non-citizens to the US by plane dropped almost 10% in March from a year earlier, the US's International Trade Administration data shows. The pullback could cost the US economy almost US$90bil (RM389.3bil) in 2025, Goldman Sachs Group estimates. 'The good news is, if they don't go to the US they usually end up going somewhere where Accor is present,' Gerow said. Accor reported first-quarter revenue of €1.35bil (RM6.65bil), ahead of the average analyst estimate, and confirmed its medium-term growth outlook. Demand was sustained through April and May, though visibility is limited beyond that, Gerow added. Revenue per available room – a key measure of profitability – rose 5% in the first quarter, according to a recent statement. Meanwhile, the Philippines is planning to issue digital nomad visas to attract foreigners who are working remotely and boost tourism. President Ferdinand Marcos Jr issued an order allowing the Department of Foreign Affairs to issue the visas valid for a maximum period of one year. Foreigners who will apply for the visas must show proof of sufficient income, and must be from a country that offers a similar visa to Philippine nationals. The Philippines adds to countries that have offered remote work visa schemes, even with a recent push for return to offices. Foreign tourist arrivals have yet to recover to pre-pandemic levels, although tourism revenue has bounced back. Tourism contributed 8.6% to Philippine economic output in 2023, according to government data. – Bloomberg
Yahoo
29-04-2025
- Business
- Yahoo
SCOR SE Combined Shareholders' Meeting held on Tuesday 29 April 2025 - Approval of all resolutions by SCOR SE shareholders
Press release29 April 2025 - N°09 SCOR SE Combined Shareholders' Meetingheld on Tuesday 29 April 2025 Approval of all resolutions by SCOR SE shareholders The Ordinary and Extraordinary Shareholders' Meeting of SCOR SE (the 'Company') was held today at the Company's registered office, 5, avenue Kléber, 75016 Paris, France, under the chairmanship of Fabrice Brégier. All the resolutions proposed by the Board of Directors were approved. In particular, the shareholders decided on the payment of a dividend of EUR 1.80 per share for the 2024 financial year. The ex-dividend date is set for 2 May 2025, with payment scheduled for 6 May 2025. The shareholders approved the renewal of the terms of office as directors of Fabrice Brégier, Martine Gerow and Fields Wicker-Miurin by a large majority. They also appointed Diane Côté and Doina Palici-Chehab as directors, and Jacques Aigrain as an observer. Fabrice Brégier, Chairman of the Board of Directors, warmly thanked Natacha Valla and Zhen Wang, whose terms of office expired at the close of the Combined Shareholders' Meeting, for their valuable contribution to the Board's work. The details of the resolution voting results have been posted on the Company's website at: * * * SCOR, a leading global reinsurer As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying 'The Art & Science of Risk,' SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide. For more information, visit: Media Relations Alexandre Garciamedia@ Investor RelationsThomas FossardInvestorRelations@ Follow us on LinkedIn All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at Attachment SCOR Press ReleaseSign in to access your portfolio
Yahoo
26-04-2025
- Business
- Yahoo
Accor Says April Bookings Have Rebounded: No ‘Cracks in Demand'
Accor, the Paris-based hotel operator, reported solid first-quarter performance despite broader economic concerns related to recent U.S. trade policies. "We're not seeing cracks in demand," said Martine Gerow, chief financial officer, on an earnings call Thursday. "We feel good about how April and May are trending." While March performance softened compared to January and February, Gerow attributed this primarily to calendar shifts, notably Easter moving to April this year, which created a temporary headwind. April bookings had rebounded and "are back to positive territory," particularly in popular French spots like Paris and Provence, the CFO said. Accor's "visibility is limited beyond May," Gerow said, because most of its hotel reservations are non-refundable. Hotels are also often booked more last-minute than flights and trains are. Accor Group CEO Sébastien Bazin said on April 1 that the company had seen a 25% drop in European bookings to the U.S. this summer. When an analyst asked Gerow about this, she said things didn't ultimately turn out as dire as that overall. Accor "saw softness in March, with overall European bookings to the U.S. down about 10%." However, demand from some European countries, such as Germany, Denmark, the U.K., and France had higher double-digit percentage declines, particularly among individual business travelers. So far, the company hasn't seen much change in U.S. hotel bookings in April and May versus last year. Yet Gerow emphasized that the impact had been minimal on Accor. Americans traveling outside the U.S. represent less than 3% of Accor's room revenue, with the entire U.S. market (including international travelers to the U.S.) accounting for only about 5%. "The only market where we've seen an inflection, and it's actually benefiting us, is Canada," Gerow said. "We see Canadians who had been planning to travel in the U.S. actually staying in Canada," she said. "Some events which were planned in the U.S. are now being repositioned in Canada." That trend is somewhat positive for Accor because it has more properties in Canada than in the U.S. Some analysts have worried that rising interest rates because of bond market turmoil in reaction to tariffs would impact access to capital and financing for hotel developers, while others have been eying potential inflation from tariffs in the inputs to build and run hotels. "As a service business, the direct impact of tariffs on Accor is clearly minimal," Gerow said. "Nevertheless, we are closely monitoring the situation, and we have tightened our cost control measures in this respect." All the talk of economic uncertainty had not led to any impact on new construction or any withdrawal of hotel development plans, she said. "What we do see is a bit more time, a bit of a longer process in terms of renovation, but it's more anecdotal," she said. "It's not a trend at this point." When asked about potential impacts from economic uncertainty on the company's margins, Gerow noted that Accor's cost structure is "more flexible today and more variable today than it was pre-Covid." The company has implemented cost control measures to help weather any potential change in demand, with Gerow stating that "a couple of points of RevPAR is certainly something that we can manage." In the first quarter, Accor saw its worldwide revenue per available room (RevPAR) rise 5% year-over-year for properties open for the past year, "driven by strong performance in the Middle East and Southeast Asia and the Americas." The hospitality group grew its revenue by 9.2% in the quarter, driven by a combination of pricing power and growth in the size of its hotel network. Some countries in Europe had relative weakness. Europe had overall RevPAR up just 0.6% year-over-year. France reported flattish to slightly negative growth in the first quarter. The United Kingdom saw low single-digit negative RevPAR growth, reflecting lower consumer confidence as customers prioritize savings over spending, Gerow said. The luxury and lifestyle segment emerged as a particular bright spot with 8.3% RevPAR growth year-over-year worldwide. Luxury brands specifically posted 9% growth, with rate increases driving most gains, fueled by sustained elevated levels of cross-border travel. The hotel group reached a milestone of 100 million loyalty program members last month. On the development front, net unit growth reached 2.7% on a last-twelve-month basis. Yet the only question analysts asked Gerow on the earnings call was about demand. She said: "Thus far, we are not seeing significant changes in demand trends in our key markets." Accor's Group Deputy CEO Jean-Jaques Morin will speak on-stage at Skift Asia Forum in mid-May. Airlines' post-pandemic growth will be tested as tariffs, mass layoffs within the federal government, and weakened international demand continue to create economic uncertainty. Read More What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares. The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance. Read the full methodology behind the Skift Travel 200. Get breaking travel news and exclusive hotel, airline, and tourism research and insights at Sign in to access your portfolio
Bloomberg
24-04-2025
- Business
- Bloomberg
Canada Gaining Traction With Tourists as Travelers Shun US, Accor Says
French hotel group Accor SA said Canada's gaining traction as a tourist destination as travelers increasingly avoid the US for holidays. Canada is benefiting from this influx of travelers, Chief Financial Officer Martine Gerow said on a call with reporters, adding that Canadians are also scaling back travel to the US.
Yahoo
21-02-2025
- Business
- Yahoo
Accor SA (ACCYY) (Q4 2024) Earnings Call Highlights: Strong Revenue Growth and Strategic Focus
Revenue: EUR5.606 billion, up 11% year-over-year. Recurring EBITDA: EUR1.120 billion, up 12% year-over-year. RevPAR (Revenue per Available Room): Up 5.7% for the full year, with a 5.8% increase in Q4. Net Unit Growth: 3.5%, in line with 3% to 4% guidance. Pipeline Growth: Up 3.8% year-over-year. Recurring Free Cash Flow: EUR614 million, with a 55% cash conversion of EBITDA. Shareholder Return: EUR686 million, equating to a 7.5% yield. Net Profit: EUR610 million for 2024. Earnings Per Share (EPS): EUR2.33, up 5% year-over-year. Net Debt: Approximately EUR2.5 billion at the end of 2024. Luxury and Lifestyle RevPAR Growth: 10% in Q4. Americas RevPAR Growth: 12% in Q4, primarily driven by Brazil. Middle East, Africa, Turkey RevPAR Growth: High single-digit growth in Q4. Dividend Proposal: EUR1.26 per share, 7% higher than 2023. Warning! GuruFocus has detected 6 Warning Signs with EADSF. Release Date: February 20, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Accor SA (ACCYY) reported a strong financial performance in 2024, with revenue reaching EUR 5.606 billion, up 11% from the previous year. Recurring EBITDA was close to the high end of guidance at EUR 1.120 billion, marking a 12% year-over-year increase. The company achieved a net unit growth of 3.5%, aligning with its guidance of 3% to 4%, and pipeline growth was slightly higher at 3.8%. Accor SA (ACCYY) returned EUR 686 million to shareholders in 2024, equating to a 7.5% yield based on the January 1 market cap. The company is optimistic about international travel recovery, expecting a 3% to 5% growth in 2025, with strong performance in the Middle East and improving conditions in Asia Pacific and China. Geopolitical fragmentation and economic contrasts pose challenges, with varying levels of happiness and economic conditions across regions. Eco-consciousness and climate control are not progressing in the right direction, necessitating more sensitivity to overtourism and climate policies. Occupancy rates are still about 2 points behind 2019 levels, indicating a need for further recovery in some regions. The company faces challenges in accurately assessing the purpose of trips, as business and leisure travel are increasingly combined. Accor SA (ACCYY) anticipates a drop in net unit growth for PME in 2025 due to the exit of some AccorInvest portfolio hotels. Q: Can you provide more details on the AccorInvest disposal process and any interest shown so far? A: Jean-Jacques Morin, Group Deputy CEO, explained that the disposal of AccorInvest is timely due to its strong performance and market recognition. There is significant interest in the unique portfolio, and while the negotiation will be complex, it is expected to attract considerable attention. Q: What are your expectations for 2025 in terms of RevPAR and net unit growth? A: Martine Gerow, CFO, stated that while 2025 won't have an event as large as the Olympics, there is a good pipeline of events. The company expects good momentum in 2025, although not at the same level as 2024. Net unit growth is expected to be higher in 2025 than in 2024. Q: How do you plan to handle the potential impact of climate change on your hotels? A: Sebastien Bazin, CEO, acknowledged the importance of assessing climate change risks. While there isn't a precise list of hotels that could be impacted, the company is aware of geographies with water shortages and fire hazards and has decided to slow down development in those areas. Q: Can you elaborate on the luxury and lifestyle segment's performance and future strategy? A: Martine Gerow, CFO, noted that the luxury and lifestyle segment saw a 12% growth in EBITDA, driven by strong M&F revenue growth. The company is focused on cleaning the existing portfolio and reviving brand standards, with a faster growth expected in the latter part of the 2023-2027 plan. Q: What are the key priorities for Accor over the next three years? A: Sebastien Bazin, CEO, outlined five priorities: operational excellence, faster growth in selected geographies, completing the AccorInvest sale, expanding Ennismore, and grooming talent within the company. These initiatives aim to strengthen Accor's position and ensure sustainable growth. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
