AccorHotels has secured a €1.2 billion banking credit facility with interest linked to its sustainability efforts, the French hospitality giant revealed today.
A consortium of 15 banks is providing the five-year revolving credit facility and is being coupled to the group’s environment, social and governance performance.
It replaces a €1.8 billion facility agreed four years ago which was reduced to €1.2 billion following the disposal of investment arm AccorInvest.
The new facility falls within the scope of an initiative introduced by the group in 2016 which aims to achieve the best possible ethical, social and environmental performance based on a series of six strategic priorities
The group’s chief financial officer, Jean-Jacques Morin, said: “I am pleased that AccorHotels are the first hospitality leader to link the interest rate structure of our new revolving credit facility to our sustainability performance.
“Our group is fully committed to environment, social and governance issues and we take pride in being a member of most key sustainability indices.”