Melia Hotels' Q1 Was Very Poor In Line With Q4, CEO Says
Spanish hotel chain Melia Hotels has experienced a very poor first quarter of 2021, similar to the previous quarter when the company reported a steep loss.
"We need financial support, the sector is in agony," chief executive Gabriel Escarrer said on Wednesday at a business conference in Madrid.
The Mallorca-based firm posted a net loss of €126 million ($151 million) in the fourth quarter of 2020, while revenue slumped 76% to €98 million as COVID-19 travel restrictions devastated the tourism industry.
The company is expected to release its first-quarter results on 5 May 2021.
International tourism to Spain plunged 80% to 19 million visitors last year - the lowest since 1969 - as coronavirus curbs took their toll.
In March of this year, the hotel chain filed a complaint against the Spanish government with an administrative court seeking €116 million in damages incurred due to last year's COVID-19 restrictions.