City Lodge, a hotel group, has reported a rebound in annual headline earnings after experiencing a loss the previous year.
- The increase in occupancy has contributed to the positive financial performance of the hotel group.
- City Lodge owns most of its hotel buildings, with about half of them located in Gauteng, which heavily relies on business travel.
- The COVID-19 pandemic had a significant impact on business travel, causing a halt in operations and a decline in occupancy.
- The hotel group has repaid a substantial portion of its debt, with R300 million paid before year-end and an additional R200 million after year-end.
- The recovery in occupancy levels indicates a positive trend and suggests a revival in business and travel activities.
- City Lodge’s performance reflects the gradual recovery of the hospitality industry as travel restrictions ease and business activities resume.
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