Intercontinental Hotels Group (IGH) has reported a $153m (£108m) loss for 2020 in its preliminary financial results for the year.
The hotel group saw revenues fall from $4.6bn (£3.2bn) to $2.4bn (1.7bn) over the period as the pandemic impacted the hospitality industry.
IGH owns brands such as Holiday Inn, Six Senses Hotels Resorts Spas, Regent Hotels & Resorts, InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, Hotel Indigo and Crowne Plaza Hotels & Resorts.
“2021 has begun with many of these challenges still in place, with more meaningful progress towards recovery for the industry unlikely until later in the year and dependent on global vaccine rollouts, lifting of restrictions and an acceleration in economic activity.”
He added: “The shape of recovery remains varied globally, but we’ve continued to outperform the industry in key markets thanks to the strength of our teams, business model and segments in which we compete.
“This includes our industry-leading position in upper midscale, where demand remains stronger.”