In Spain, the group's domestic market, hotels were compulsorily closed. One more handicap compared to its European neighbours for the group, which found additional support in the face of the crisis.
The group obtained a 250 million euro loan, 175 million euros of which are already guaranteed by the Spanish government as part of the support plan for companies in the country.
Like its competitors, from the very beginning of the crisis it launched a plan to limit spending, reducing employee activity, limiting investment in communication and consulting, halting renovations and renegotiating prices with its suppliers. The Group also approached its landlords to stagger rents during the period of inactivity.
The loan will mature in 2023, giving the group time to absorb the shock and restart a profitable business.
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