March 12, 2020 / 11:35 AM / a month ago

Portugal's hotels project up to 800 mln euros in lost revenue due to coronavirus

LISBON, March 12 (Reuters) - The hotel sector in tourism-depedent Portugal could lose 30%- 50% of its revenues, or up to 800 million euros ($898 million) between March and June, if the coronavirus continues to spread at its current pace, the AHP hotels association said on Thursday.

In a report, it said 27% of Portugal’s hotels expected their 2020 results to be much worse than in 2019 due to the coronavirus epidemic, with over 41% of hotels across Portugal having reported cancellations in early March.

$1 = 0.8912 euros Reporting by Catarina Demony, writing by Andrei Khalip

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