Publication:

The Star Early Edition - 2021-11-25

Data:

TSOGO SUN HOTELS STILL TRADING AT A HALF-FULL RATE BECAUSE OF COVID-19

BUSINESS REPORT

Philippa Larkin

TSOGO Sun Hotels, which owns hotels such as Holiday Inn, Sandton Sun and 54 on Bath, among others, said yesterday that for the six months ended September 30 it saw its hotel occupancy surge 21.9 percent, but it was still trading at only 50 percent of system-wide rooms sold prior to Covid-19 and at occupancies far below the group's long-term average. “It is clear that Covid-19 will remain with us for the foreseeable future and the only way to return to some form of normality is to ensure that the majority of the South African adult population is vaccinated,” Tsogo said. No interim cash dividend was declared, while Ebitdar, or earnings before interest, taxes, depreciation, amortisation and restructuring, was at R145 million. Tsogo continued to focus on cash preservation and liquidity to continue trading through the pandemic. “Unnecessary regulation and limitations on travel are an impediment to our recovery and our view is that, provided an adult is fully vaccinated, they should be allowed to travel internationally. The group continues to encourage our employees to get vaccinated,” it said. |

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