Occupancy of RTG hotels increased slightly in the third quarter
Hospitality giant Rainbow Tourism Group (RTG) Limited, hotel occupancy rates from the third quarter to September (Q3) were slightly billed by a percentage point to 24% from the previous quarter’s levels of 23% despite increased restrictions.
During the period under review, the Group’s activity was affected by the worsening of containment restrictions between July and August compared to the previous quarter.
“The COVID-19 pandemic continued to impact the Group’s performance for the period ended September 30, 2021,” said Group Secretary Tapiwa Mari.
The group said its financial situation remains healthy and the impact of the COVID-19 pandemic on the month remaining until the end of the year will not be able to offset the positive projections.
The Group’s Gateway Stream division continued to post positive gains with business volume growth 55% higher than the same quarter.
“Notable performance was recorded in Gateway Stream rooms (non-RTG hotel rooms) which sold rooms equivalent to 30% of total RTG hotel rooms sold in the third quarter of 2021,” said Mari.
Other channels such as grocery, music and hardware continued to record significantly increasing volumes.
The performance of Hertage Expeditions Africa during the period was largely affected by the bottlenecks.
“The Group will continue to enable the company to take advantage of the increase in domestic tourism,” added Mari.
The Group has stated that it will review its financing and working capital investment models as part of its business continuity plans.