Hotel giant leverages equity investments to grow profit significantly last year; Chinese visitors to Japan plunge 87.9% in February.
Senior executives from Plateno Group’s Xana Hotelle, 7Days Inn and Vienna Hotel Co. believe that they have weathered the COVID-19 storm with apt financial planning, and by responding with compassion.
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Same-hotel RevPAR growth has been going down for the past three years.
Huazhu is expected to close 350-450 hotels, including planned closure of 300-350 hotels and special closure of 50-100 hotels impacted by COVID-19.
Weekly flights will be downsized to around 130, reducing the number of China's inbound airline passengers from 25,000 to around 5,000 per day.
The chain is seeing occupancy rates in North America at under 25%, down from about 70% last year
Agarwal’s comments come as a rise in imported coronavirus cases and the lifting of restrictions on movement in some cities in China.
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