Specifically, hotel investments contributed to less than 20% of 2H2020 revenue as compared to the 37% it accounted for 2H2019.
Resort-developer Banyan Tree sank deeper into the red with losses of $49.8 million in 2H2020 ended December, down from earnings of $5.2 million in the year before.
This follows a 61% plunge in its revenue to $82.5 million in 4Q2020 from $213.97 million in the year before that came as a result of the travel restrictions imposed globally to curb the spread of the coronavirus.
