Spanish hotel chain NH increases revenue by 84% thanks to easing restrictions due to COVID

Nov 11 (Reuters) – The Spanish hotel company NH Hotel Group recorded an 84% increase in revenue in the third quarter of the year, thanks to the reactivation of the business after the lifting of a large part of the sanitary restrictions imposed to curb the pandemic of COVID-19.

Between July and September of this year, revenues reached 273.5 million euros, compared to 148.4 million in the same quarter of 2020 and 215.9 million in the first half of 2021.

“The increase in income remains constant from month to month, supported by a percentage of hotels open already above 95%, as well as by the better evolution of the income obtained in Spain and Italy, with respective growth of 120% and the 127% in the quarter, “the group said in a statement on Thursday.

“The recovery in revenue extends to large European cities and is also beginning to extend to business travelers, corporate events and groups of companies, very important differentiating segments for NH,” added the company, which is confident that the recovery will gain strength in the coming quarters.

Total occupancy at the group’s hotels rose from 42% in July to 55% in September, with a quarterly occupancy rate of 49%, more than double the 23% in the previous quarter.

All in all, the company still recorded losses in the third quarter, of about 30 million euros, compared to the 77 million lost in the same period of 2020. (Information from Tomás Cobos. Edited by Javier Leira)

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