(Alliance News) - Several Greek hotel owners are facing huge losses this year as Tui AG has decided to defer the payment of money due to them this year until March, the Financial Times reported on Thursday.
https://www.ft.com/content/f1303432-6a6c-488b-98e7-9787b6ae9029
The Anglo-German tour operator has issued several contract amendments requiring the hoteliers to hold off until March to receive three-quarters of the money due to them for stays made this year, the newspaper explained.
According to the FT, the payments run into the hundreds of thousands for many hotels, with two hotel owners saying they are owed more than EUR600,000 each. The Greek tourism minister said the government was "monitoring the situation closely".
Tui has been hit hard by the pandemic, with the company saying in August it lost EUR1.5 billion in the third quarter ended June 30 as it announced a restructuring programme to save cash which could chop 8,000 jobs.
By Ife Taiwo; ifetaiwo@alliancenews.com
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TUI AG (TUI)