PPHE Hotel Group has reported a 70% decline in revenue in its financial results for the year ending 31 December 2020, as the company was impacted by the economic downturn and subsequent lockdowns resulting from the Covid-19 pandemic.
The hotel chain, which owns brands such as Park Plaza, saw total revenue drop from £357.7m last year to £101.8m in 2020.
Furthermore, PPHE delivered room revenues of £63.6m for the year, down from £250.6m in 2019.
Occupancy rates also dropped from 80.6% to 28% over the period.
In a message to investors, the group emphasised it was “excellently positioned” for a phased economic recovery going into 2021, however.
Boris Ivesha, the group’s president and CEO, said: “Despite the challenges presented over the past 12 months, our well-invested portfolio, agile owner- operator model and strong 30-year track record together provide a solid foundation for success, and we remain excited about the long-term future of the business.
“After the UK government’s recovery roadmap announcement last week, we have seen an encouraging early uplift in customer demand”
He added: “We are optimistic that this positive trend will continue, supported by a calendar of cultural and sport events taking place in the UK during the second half of the year.”