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The income of FibraHotel, still affected after reopening
- FibraHotel's revenues decrease by 93.6% in the second quarter.
- The company implements changes in its business model to improve operational efficiencies.
By: SiiLA News
07/29/2020 During the second quarter of the year, FibraHotel experienced a significant decline in its total revenues due to the temporary closure of hotels as a result of the COVID-19 pandemic. Income from room rentals, leasing, and other sources were affected, resulting in a decrease of 93.6%. However, the company has implemented changes in its business model and has begun a gradual reopening of its hotels in June.
FibraHotel has evaluated and revamped its business model, implementing changes in areas such as food, beverages, and services to achieve operational efficiencies and reduce fixed expenses in its hotels. CEO Simón Galante mentioned that these measures will enable them to reach an operational breakeven point with an occupancy rate of 25 to 30%. Despite the challenges, the company maintains a solid liquidity position with 600 million pesos in cash and agreements for grace periods with its banking creditors.
Despite the decline in revenues, FibraHotel is taking steps to adapt to the current situation and ensure its financial stability. The company is focused on implementing strategies to increase operating margins and reduce fixed expenses while seeking new sources of financing. Through these actions, FibraHotel aims to overcome the challenges posed by the COVID-19 crisis and maintain a strong presence in the hotel industry.
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