“What a year it has been for all of us.”

So began Corinthia Group founder and chairman Alfred Pisani in his annual Christmas message to employees and shareholders, where he expressed a confidently hopeful outlook for the year ahead.

Mr Pisani started by outlining the challenges experienced by the Group in this “unprecedented year”, noting that the first two months of the year looked promising, only for the business to experience a “huge reversal” due to the COVID-19 pandemic.

“Our hotel business was very negatively affected,” he said, commiserating with those whose jobs were cut, calling the job losses “painful” and “heartbreaking”.

Referring to the vaccines, Mr Pisani said that their rapid distribution should lead to a change of results and moods, both immediately and more so come summer 2021.

“We look at the middle of next year to be a turning point,” he said, “when following months of operating losses we may as a Group reach a breakeven point and thereafter reach a sustainable level of hotel business.”

“I feel optimistic that our company will survive this setback and ultimately come out even stronger,” he continued, “ready to face the challenge to regain our position in the market, giving us job security and return on capital for shareholders.”

Mr Pisani, who has led the company since its inception in 1966, said that the view ahead gives him comfort and assurance that good prospects will come in summer.

“We have survived and continue to walk with courage and determination through this tunnel thanks to your hard work and the trust you have maintained in our company throughout this period,” he said.

He believes this joint effort will translate into a greater bond within the Corinthia family, and said he looks forward to visiting all the hotels and activities in person.

“It has become glaringly obvious that people need to meet personally and show affection to one another,” he said. “Video conferencing will never substitute the close interaction between human beings.”

“I earnestly await the day when I can freely shake hands with all of you and exchange the warmth that has kept our family alive,” he concluded.

Mr Pisani took the opportunity to wish listeners and their loved ones a warm and joyful festive season.