Spain's NH Hotels swung to a sharp annual loss in 2020 and experienced record-low occupancy during what chief executive Ramon Aragones has called "the worst year in our history" due to the impact of the COVID-19 pandemic.
Demand Continues To Be Severely Affected
Demand continues to be severely affected during the start of this year, but NH said that it expects a steep recovery in the medium term
Occupancy across the group's hotels averaged 25% last year, down from 72% in 2019, as coronavirus measures brought the global tourism trade to its knees.
Loss And Revenue
Get a FREE Digital Subscription!Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Despite almost halving operating expenses across the year, NH Hotels swung to a €371 million loss from a profit of €103 million in 2019. Revenue plunged by 69% to €539.7 million.
News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.