Accor: Opening hotels in Mykonos too risky

The company’s decision to scrap Mykonos projects highlights rising hazards due to the impact of climate change on hotels

Accor CEO Sébastien Bazin announced the cancellation of plans to open two new hotels on the Greek island of Mykonos due to climate-related risks, including water shortages and fire hazards. This decision highlights the growing impact of climate change on the company's development strategies. Accor, known for its Raffles and Fairmont brands, is re-evaluating its future projects in regions prone to extreme climate risks.

Key takeaways

• Accor scrapped plans for two hotels in Mykonos due to climate-related risks;
• Water scarcity and fire risk are primary concerns in certain regions such as Mykonos;
• The UN's IPCC has identified the Mediterranean as a climate hotspot, with rising temperatures increasing the risk of wildfires;
• The company is assessing its existing properties for vulnerability to climate change;
• Accor is reassessing its development in regions affected by severe climate risks.

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