Melia Hotels Records Annual Loss

Spain's Melia Hotels swung to a sharp annual loss in 2020 as the COVID-19 pandemic put global travel into hibernation, the company has said, while projecting that demand will begin to pick up from the second quarter.

"Confident That The Worst Is Behind Us"

"I'm confident that the worst is behind us and that we can have a very positive summer season," Melia Hotels chief executive Gabriel Escarrer said.

Net Loss And Revenues

The Mallorca-based firm recorded a net loss of €595.9 million, down from a profit of €222.8 million in 2019, while revenues slumped by 71% to €528.4 million.

"Moderately Optimistic"

The company said it is "moderately optimistic" about a strong increase in bookings from May-June.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.