“We have no intention to pursue any redundancies across all of our businesses,” remarked Senior Executive at Corinthia Group Jean-Pierre Schembri.

Mr Schembri is the Director – Corporate Office and Company Secretary for International Hotel Investments plc, the owners of the Corinthia and Radisson hotels.

He was asked to comment in reaction to Prime Minister Robert Abela’s latest aid measures, providing increased wage subsidies to workers in sectors listed as critically endangered, among other measures.

Hospitality and accommodation have been included, allowing for a monthly €800 wage subsidy for each worker.

“We, of course, welcome the measures announced as they continue to tangibly support our determination to retain all our full-time employees on our books and weather the storm together.

“We have no intention to pursue any redundancies across all of our businesses,” Mr Schembri said.

Despite this, he said the Group will be monitoring the situation, which “will be reviewed on a month-by-month basis”, specifying that they will “take further action should the situation persist”, though no details were forthcoming as to what actions these may be.

In the meantime, the hotel group has had to take several other initiatives on board in order to minimise the financial bleed.

“For some weeks now, we have addressed a series of cost cutting and cost containment measures, which include shutting down of hotels or shutting down entire wings or floors in our hotels. We have directed no new CAPEX, no new recruitment, no payroll shifts and no travel.

“We are also watching costs and conserving amenities, energy and consumables,” Mr Schembri explained. Other than the financial, Mr Schembri also noted other initiatives focused on the health and safety of the hotels’ staff and guests.

“We have been for several weeks and will continue to take all measures as directed by all relevant health authorities in the various jurisdictions we are operating. Internal guidelines on operations and staff welfare have been in circulation for some time,” he said.

Early on in March, when the COVID-19 pandemic was just unfolding in Europe, the Group’s Chairman and founder, Alfred Pisani, had revealed that six-new hotels were to be added to its nine-property portfolio.

This is an extract of a feature which appeared in the March edition of The Malta Business Observer.