‘Green shoots’ of recovery for Event Hospitality despite $262m drop in revenue

The company behind hotel brands QT, Rydges and Atura has recorded its worst annual result in more than three decades due to the devastating effect of the coronavirus on all aspects of its business.

Event Hospitality & Entertainment, which operates hotels, resorts and cinemas, saw its revenue “almost entirely” wiped out from March through to June following the Covid-19 restrictions, posting a $3.3 million pre-tax loss, from a $158 million pre-tax profit the year before.

The group lost $262 million in revenue between March and June as occupancy rates across its 66 hotels and more than 10,000 rooms slumped to just 36 per cent.

“We believe that our businesses will rebound relatively quickly once restrictions are lifted due to pent-up demand and we have already seen green shoots, when this has occurred, across the group,” said chief executive Jane Hastings.