Emirates: Abu Dhabi National Hotels said profit fell 35 percent last year as hotels across the emirate were forced to close due to the pandemic.

The group behind some of the emirate’s most luxurious properties reported net profit of 162 million dirhams ($44.1 million) as overall sales fell 38 percent to 874 million dirhams.

CEO Khalid Anb made the disclosure at the company’s annual general assembly, according to an Abu Dhabi stock exchange filing.

The group owns or operates some of the best known hotels across the emirates including the Park Hyatt in Abu Dhabi and the Sofitel Dubai Jumeirah Beach.

Like other cities, Abu Dhabi’s tourism sector has been pummeled by the pandemic, but the latest data from hotel research group STR suggests it may be on the rebound.

Abu Dhabi hotels reported their best performance since the start of the pandemic according to preliminary February data, STR said.

Occupancy stood at 65.4 percent which was just 15.4 percent below the level from the year-earlier period.

The massive IDEX military exhibition helped to boost occupancy for hotels in the emirate during the month.