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City Lodge warns hotels recovery may be slow

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Covid-19 had temporarily closed almost all of the group’s 62 hotels, but the company has seen improved occupancy since July

The first phase of the City Lodge Hotel Newtown in the central business district of Johannesburg. Picture: SUPPLIED

The company, which tapped shareholders for R1.2bn cash injection to cover working capital requirements in August, said it expected to break even on an earnings before interest, tax, depreciation and amortisation level in the last quarter of its 2021 financial year, which ends in June 2021. measure of corporate underlying performance that show earnings before the influence of accounting and financial deductions.

“The next year will remain challenging as we continue to bear the impact of the prolonged lockdown measures across the SA and remaining African economies,” the group said.The easing of lockdown measures has resulted in the gradual reopening of approximately 30 hotels across SA and the rest of Africa operations.

 

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