Millennium & Copthorne Hotels Ltd has offered a glimpse of its recovery strategy after a 12-month period that witnessed an ill-timed privatisation, a sector-wrecking pandemic and boardroom upheaval.
After the hospitality division of Singapore-listed City Developments Ltd (CDL) reported a pre-tax loss of S$208.2 million ($155 million) for the first half of 2020, M&C highlighted “green shoots” of improvement in second-half occupancy and operating profit in a statement released this week.
Despite the promise of better days ahead, the 125-hotel company plans to sell assets and cut staff in a bid to right the ship amid a COVID-19 crisis that saw M&C’s global occupancy fall to 30 percent at its June trough.
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