Hotels investor PPHE has seen its revenue dive by 75% during the coronavirus pandemic, amid “ever-changing government lockdowns and travel restrictions”.
PPHE’s room revenue dropped to £63.6m for the year ended 31 December, down from £250.6m a year earlier.
The drop reflects occupancy of just 28% during the period compared with 80.6% in 2019. The average room rate fell by 18.2%.
Chief executive Boris Ivesha said: “While the near-term trading environment remains challenging, mired by further government-imposed lockdowns to stem the spread of the virus, we are encouraged that vaccine programmes are being rolled out in all the markets in which we operate.
“As restrictions are eased, we anticipate a phased recovery driven by strong consumer demand for leisure travel, which we experienced in the summer of 2020.”
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