On 12 March 2020, International Hotel Investments plc issued an announcement updating the market on the impact being experienced from the global spread of the coronavirus ‘COVID-19’. In this respect, IHI highlighted that the health and safety of its guests and staff are at the top of its order of priorities. In fact, for the past several weeks, IHI has been taking all the necessary measures as directed by all relevant health authorities in the various jurisdictions in which it operates. Furthermore, IHI has been implementing a series of first-wave cost cutting and cost containment measures, including the shutting down of entire hotel wings or floors as well as the suspension of new capital investments, recruitment and staff payroll shifts and travel.
In conclusion, IHI explained that it will continue monitoring developments and has also formulated plans for escalating its cost containment measures, as and when necessary. Although it is still too early to estimate the impact of the ‘COVID-19’ pandemic on the financial performance of IHI for 2020, the Group will continue monitoring all aspects of its operations and financial positions, and will also provide further updates on future expectations when more certainty returns to the market