Whitbread (LON: WTB) lost £660.5 for six months until August 27th.
The losses for the Premier Inn owners are compared to the previous year’s profit of £172.2 million.
Revenues plummeted from £76.9 million to £250.8 million in the UK and Germany as hotels were closed during lockdowns.
In the UK lockdown, revenues plummeted 99% as almost all hotels were closed.
Since the hotel reopened, Whitbread said performance has been ahead of the market.
“Whitbread’s long-term strategy will remain as relevant and persuasive as ever,” said CEO Allison Britten.
“The impact of the Covid pandemic on the hotel sector is undoubtedly significant, and there are already signs of pain and constraints in the competitive environment.
“This could accelerate structural change in the market due to supply shrinkage and constrained investments between operators of independent budget brands in both the UK and Germany.
“We hold a unique and lucrative position as the biggest player with the most powerful brands in the UK market.
“Our financial flexibility and resilience, combined with a strong balance sheet, gives us the ability and confidence to invest in discipline and focus on strong long-term returns.
“We will be placed well enough to further strengthen our market leadership position in the UK, accelerate growth in Germany, support our guests and teams, and promote long-term value for all stakeholders,” Brittain added.
Whitbread stock (LON: WTB) trades 3.16% higher at 2.315,00 (0828GMT).
