AccorHotels suspended its dividend and slashed staff hours as the hotel company grapples with the impact of the coronavirus pandemic, London's Financial Times reported.
The dividend suspension will enable AccorHotels to save €280 million, a quarter of which will be placed into a fund that would help its struggling employees.
The French hotel group has also furloughed or cut the hours of three-quarters of its 310,000 workers worldwide since more than half of the company's 5,000 hotels were shut down.
AccorHotels CEO Sébastien Bazin said the number of hotel closures is projected to rise to "over two-thirds" in the coming weeks, according to the publication. Bazin said 90 of the 110 countries where the company has hotels have already enacted travel bans or quarantines, according to the report.
Additionally, the hotel company will cut annual general and administrative expenses by €60 million in 2020 and slash capital expenditures such as hotel renovations by a further €60 million given the anticipated lower revenue, the FT reported.