PPHE Hotel Group’s revenue shrunk by 66.3% in the nine months ended 30 September, as Covid-19 had an “unprecedented impact” on the hotel market.
The company, which develops, owns and operates hotels and resorts, saw revenue for the nine months ended 30 September fall to £93.1m from £276.3m in the previous comparable period.
This marked an even steeper decrease for revenue for the three months ended 30 September, which fell by 74% to £31.2m from £121m the previous year.
As a result of “prolonged uncertainty” the business has had to restructure, with “certain properties remaining closed and others operating with limited services”, the company said.
Chief executive and president Boris Ivesha said: “Looking ahead, we remain focused on positioning the business well for long-term growth, underpinned by our unique model, well-invested portfolio and strong customer proposition.”
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