Transcorp Hotels Plc, a major player in the nation’s hospitality industry, says it has lost huge, unprecedented revenue following the COVID-19 pandemic.
Consequently, salaries of all Executives of Transcorp Hilton Abuja have been cut.
The Managing Director of Transcorp Hotels Plc, Mrs Dupe Olusola, who disclosed this at a news conference on Thursday in Abuja, said the losses had forced the management to restructure the business strategy of its hotels and optimize its operations.
She said the African Hotel and Tourism industry had lost more than $50 billion to the pandemic.
Olusola restated that as one of the leading hospitality brands in Africa, Transcorp Hotels Plc would uphold it’s high service standards and ensure that all guests continue to experience the warmth and hospitality that it is known for.
“The management of Transcorp Hotels Plc will be taking steps to ensure business continuity.
“To this end, the hotelier is diversifying its portfolio and reducing its workforce as part of its cost management initiatives. The impact of COVID-19 on the business is like nothing the company has ever witnessed,” Olusola said.
She also said:”The hotel and hospitality industry in Nigeria has never faced a crisis that brought travel to a standstill, including the Ebola Virus Outbreak of 2014 and the recession of 2015.
“The slow pick up of international travel, restriction on large gatherings, the switch to virtual meetings and fear of the virus, has drastically reduced demand for our hotels and occupancy levels to its lowest of less than 5 per cent.”
Per Second NewsSeptember 18, 20202 Mins read724 
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