Spain’s NH Hotels swung to a sharp annual loss in 2020 and reported record-low occupancy during what Chief Executive Ramon Aragones called on Wednesday “the worst year in our history” due to the impact of the COVID-19 pandemic.

Demand continues to be severely affected during the start of this year, but NH said it expected a steep recovery in the medium term.

Occupancy across the group’s hotels averaged 25% last year, down from 72% in 2019, as coronavirus measures brought the global tourism trade to its knees.

Despite almost halving operating expenses across the year, NH Hotels swung to a 371 million euro ($450.54 million) loss from a profit of 103 million euros in 2019. Revenue plunged 69% to 539.7 million euros.

($1 = 0.8235 euros) (Reporting by Nathan Allen, editing by Andrei Khalip)

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Photo Credit: A room at the NH Collection Aránzazu in Gipuzkoa, Spain. NH Hotels