ARA H-Trust shutters two-thirds of hotels, slashes workforce, cuts pay amid pandemic
The operator of 41 hotels in the US saw its portfolio occupancy dive to 39.6% in March from 66.5% in February
Add BT as a preferred sourceSingapore
ARA US Hospitality Trust (ARA H-Trust) has temporarily closed about two-thirds of its hotels, slashed its workforce and cut the pay of senior managers in response to the worsening novel coronavirus pandemic.
The stapled group shut 15 hotels in the last week of March and 13 other hotels in the first week of April due to low occupancy rates, its managers said on Thursday night in an investor update.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
That ‘cheap’ Malaysia condo could cost Singapore buyers far more than they think
Gojek founder Nadiem Makarim faces 18-year jail demand in Indonesia laptop graft trial
China’s regional slowdown: Painful but necessary?
