TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.
The following is the [Travel News]: Huazhu domestic RevPAR recovers to 95% of 2019, European results still reeling from [ChinaTravelNews] recommended by TheTourAttraction.com:
The company is taking further cost reduction and cash flow measures in Europe.
Shanghai-headquartered hotel chain Huazhu Group said in its first-quarter preliminary results that RevPAR in January and February 2021 recovered to 74% and 56% of 2019 respectively.
RevPAR in March this year recovered to 95% of 2019, mainly driven by the strong recovery of business demand.
The recovery trend continued heading into April, Huazhu mentioned. RevPAR during the Tomb Sweeping holiday recovered to 96% of same period of 2019, which demonstrated the strong recovery of leisure demand.
But the situation of its overseas subsidiaries was not that good.
Steigenberger Hotels AG and its subsidiaries (Deutsche Hospitality) suffered from the several resurgences of COVID-19 pandemic in European countries. The lock down period there has been extended several times, and most likely to further extend to the end of May, 2021.
European countries began their vaccination process in December 2020. However, due to the uncertainty of the completion of the vaccination process, and consequently the timing of business recovery, the company is taking further cost reduction and cash flow measures, such as negotiating with landlords to reduce our rental costs, reducing or eliminating discretionary corporate spending and capital expenditures, etc.