Turnover at the Pig hotels' parent company Home Grown Hotels increased 20.7% to £26.1m in 2019 as it focused on expansion.
The group launched the Pig at Bridge Place near Canterbury in Kent in April 2019 as the first of a planned £30m trio of new openings.
Documents show earnings before interest, tax, depreciation and amortisation (EBITDA) fell 6.4% to £2.7m, impacted by the running costs of the two unopened hotels.
Pre-tax profits also dropped from £230,924 in 2018 to a loss of £219,014 in 2019.
The Pig at Harlyn Bay in Cornwall (pictured) and the Pig in the South Downs near Arundel in Sussex were originally due to open in 2019, but both launches were delayed.
The Cornish hotel opened in 2020, and the company said it has seen strong occupancy and covers despite the challenges of the coronavirus pandemic.
The Pig in the South Downs is due to launch in 2021.
Home Grown Hotels was founded by Robin Hutson in 2011. It now runs seven properties across the south of England, which had an average occupancy rate of 92% in 2019.
Hutson, who also co-founded Hotel du Vin with Gerard Bassett in 1994, was the winner of the Lifetime Achievement Catey award in 2020.