Hotel and cinema giant Event has kicked off a $250 million divestment program of non-core property assets as part of plans to reduce its debt mountain and as it tries to navigate its way back to profitability after its hospitality and entertainment businesses took a pounding due to the impacts of the pandemic.

The 111-year-old company, backed by Financial Review Rich Lister Alan Rydge, revealed the divestment strategy after revenue fell 58 per cent to $294 million over the December half year and after it swung to a $31 million operating loss from a $144 million profit a year earlier. No dividend was declared.