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
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
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.
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