Accor’s overall performance is improving with every quarter, buoyed by domestic demand in each of its markets, which will return to 2019 levels by the end of this year, according to executives at the global hotel franchise company based in France.

The firm's hotels in China remain the big drag on performance, Jean-Jacques Morin, Accor’s chief financial officer and deputy CEO, said.

“Shanghai is closed down, and 70 million people are shut down,” he said. “No one can foresee when China will reopen, and every statement out of China clearly shows that there is to be no short-term change to its policy of restrictions."

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