Shares of Whitbread PLC (LON: WTB) have plunged around 5% on plummeting sales in March. Premier Inn owner recorded an 80% drop in sales during the times of lockdown measures.
The hotel chain said it has reopened all 19 hotels in Germany. On the other hand, nearly 300 hotels and restaurants are opened in the UK.
Whitbread has witnessed a surge in demand since hotels have reopened, especially for regional tourist destinations.
“It is still very early days and therefore too early to draw any conclusions from our booking trajectory, especially as there has been volatility in hotel performance in other countries that relaxed controls before the UK,” said Alison Brittain, chief executive Whitbread.
“However, in traditional regional tourist destinations, we are seeing good demand for the summer months, whilst the rest of the regions and metropolitan areas, including London, remain subdued,” added Whitbread.
Whitbread share price has dropped around 5% after the firm released a trading update this morning. Prior to this move lower, the price action has been in a continuous uptrend in the past 2 weeks.