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PPHE Hotel Revenue Down In Q1

PPHE Hotel Group, the international hospitality real estate group, Wednesday reported 17.7 percent decline in total revenue for the first quarter, with 18.8 percent downslide on like-for-like basis. Overall trading performance in the first quarter was significantly impacted due to the pandemic outbreak, the Group said.

While in January and February the trading was in line with its expectations with 7.8 percent growth in total revenue, in early march the travel and hotel industry begin to see reduced demand due to the Covid-19 outbreak. With temporary closures of hotels, the Group said its total revenue in March reduced by 60.2 percent, with RevPAR down 64.5 percent. Occupancy was 29.6 percent.

Looking ahead, the Group said it is well positioned to withstand a continued and significant decrease in business activity across its markets during 2020.

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