Hospitality Property Fund Limited

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Hospitality Property Fund Limited (2022-03)
  • Hospitality Property Fund Limited
  • Year : Mar 2022
3 Tokens
USD 300.00
Summary

GCR considers Hospitality Property Fund’s (“HPF”) to be a core operating entity of TSH, being the direct owner of most of the group’s hotel properties and having a very high level of operational integration. As such, HPF’s rating is equalised to the wider group. TSH’s performance in FY21 was severely impacted by the pandemic-induced disruptions, which saw occupancy levels fall to unprecedented lows and most of the hotel portfolio closed due to the collapse of both business and leisure travel. This saw TSH report a 74% YoY decline in revenues to R1.2bn in FY21 and a large operating loss of R290m, despite management undertaking stringent cost control measures.

Additional Information

The Negative outlook continues to reflect the uncertainty over the pace of post-pandemic business normalisation in the hospitality industry, with performance to remain under notable pressure. A ratings upgrade is unlikely and would require a marked improvement in the overall hospitality sector outlook.

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