GL closes hotels temporarily amidst lockdowns

Its subsidiary’s hotels saw a reduction in bookings and rise in cancellations.

Leisure group GL Limited is progressively closing its hotels temporarily amidst lockdowns and low occupancies due to the COVID-19 pandemic, the company announced in an SGX filing.

The outbreak in China did not cause a fall in demand for the group in Q2 ended December 2019, but its subsidiary GLH saw a reduction in bookings and rise in cancellations in the hotels due to a spread of the infection in Europe.

However, some of its hotels will remain open, due to needs from their guests.

Because of these, coupled with the impact of low oil prices, the group expects its financial results in FY2019-20 to be significantly and adversely impacted compared to the previous financial year.

The group has implemented measures to cushion the economic impact of COVID-19, including cost reduction initiatives and the temporary deferring of capital projects which are not critical to their business.

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