The prestigious Raffles Hotel in Singapore is owned by Accor, which also owns such well-known hotel brands as the Savoy in London and the Fairmont / Shutterstock.comHSF Advises French Hospitality Group Accor on €560 Million Credit Line
The credit line will reinforce the liquidity of a company whose lines of business have been severely impacted by the COVID-19 shutdowns worldwide.
June 11, 2020 at 04:54 PM
2 minute read
Herbert Smith Freehills has advised Accor, a major French-based hospitality group, on the establishment of a new revolving line of credit of €560 million.
The credit line will reinforce the liquidity of a company whose lines of business have been severely impacted by the COVID-19 shutdowns worldwide.
Accor's brands include hotels in all price ranges, including Raffles, Fairmont, Sofitel, Novotel, Pullman, Mercure and Ibis. Its portfolio also includes catering companies, thalassotherapy spas, and chains of coworking spaces.
The company said group revenue fell 15.8% in the first quarter of 2020, to €768 million, from the similar period a year earlier.
The new credit line is in addition to a €1.2 billion credit line signed in June 2018, HSF said in a statement. BNP Paribas, Crédit Agricole CIB, Crédit Industriel et Commercial, Natixis and Société Générale are the participating banks.
Louis de Longeaux, head of the finance practice at HSF in Paris, led the team advising Accor.
Allen & Overy advised the banks with a team led by banking and finance partner Julien Roux.
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