Hotels and guesthouses saw revenues fall by €2.6 billion last year, according to the Irish Hotels Federation, as Covid-19 limited the entire hospitality sector for most of 2020.
The figure represents a 60% dip year-on-year, with room occupancy levels falling from 73% to 30%.
The data was based on a survey of IHF members late last year, representing 165 properties and almost 17,000 guest rooms.
The IHF said the figures represented the "obliteration" of tourism in Ireland last year.
With further restrictions likely to remain in place for months to come it called on the Government to introduce further measures to assist hotels and guesthouses.
That would include the extension of the Employment Wage Subsidy Scheme and the waiver of local authority rates until the end of the year. It also wants the amount paid under the Covid Restrictions Support Scheme to be doubled and paid irrespective of the level of restrictions in place at the time.
The IHF also wants the Government to commit to the 9% VAT rate for the sector until 2025.
"We have experienced nothing short of a catastrophic financial shock, with risks of a prolonged and devastating impact on our industry and the ability of tourism businesses to survive and recover," said IHF CEO Tim Fenn. "Government supports so far have been piecemeal and fallen far short of what is required given the extended restrictions and economic damage facing our sector."