Revenue slumped by 60% at the owner of the Village Hotels brand as the company battled the effects of lockdowns.
Warrington-based VUR Village Hotels also saw losses soar after it had to close for three months and was then forced to cope with low occupancy as restrictions returned.
VUR operates 32 hotel and leisure complexes on the outskirts of towns and cities across the 海角视频 under the Village brand. It employs more than 4,000 people.
The Warrington-based company reported turnover of £86.5m for 2020 - down from £215.5m in 2019.
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It reported pre-tax losses of £147m - a big increase on the £9.5m loss reported in 2019. That includes a £108.4m revaluation loss on the company's assets.
The accounts also reveal that the group received £20m of Government grants over the year under the Government's Coronavirus Job retention Scheme for employees placed on furlough.
VUR said the hospitality sector first felt the effects of the pandemic in January 2020 and that business levels were "significantly affected" by early March.
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In his report to the board, director Coley Brenan said March was "traditionally one of our busier months", but by the announcement of the national lockdown on March 22 occupancy was down to just 30%.
All the group's hotels closed for the rest of March and stayed closed from April to June. English hotels began to reopen from July 4, with Scottish and Welsh hotels reopening later in the month.
Mr Brenan said: "Occupancy levels started to improve, achieving 31% in July and reaching a high in August at 55%, with the resort hotels at Blackpool, Bournemouth and Swansea benefitting from the Staycation market demand.
"However, this initial recovery was short lived with regional and local tiered lockdowns coming into effect throughout September and October and a second four week national lockdown from 5 November.
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"During this lockdown, and for the restricted trade periods that followed until the end of December 2020, the hotels remained open for key worker groups.
"Occupancy levels across November and December averaged only 25% vs 80% in 2019. Average room rates also fluctuated throughout the year, with an average across the twelve month period of £60; compared to £68 in 2019."
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The group also saw health and fitness memberships fall during the year, from an opening membership of 99,000 to 75,000 at 31 December. The group's food and drink outlets were also hit hard by lockdowns and social distancing regulations.
Mr Brenan said: "Furthermore, the ongoing restrictions around groups and families mixing meant that meetings and events of almost any type were unable to take place, decimating our normally buoyant business around weddings, tribute party nights and business and corporate meetings."
That meant Village saw its worst ever Christmas trading period, "with all meeting and events business, including the traditional Christmas and New Year celebrations, cancelled as the 海角视频 headed towards a third national lockdown".
Mr Brenan said Village hotels had remained open for key workers in the early 2021 lockdown - and that occupancy had slowly risen in the early part of the year as other hotel groups were closed.
He added: "Despite the impact on the hospitality sector during 2020 and 2021, the Group remains committed to the expansion of the Village brand acquiring both an existing hotel for conversion in May 2021 and completing agreements to purchase land for new development in June 2021."
Village opened its hotel in Southampton Eastleigh in May 2021. It bought the former Hilton in Bracknell in May 2021 and is set to reopen it as a Village Hotel this month.
VUR Village Hotels is ultimately owned by investment funds managed by KSL Capital Partners.