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Greater China continues to lead Hyatt Hotels' recovery

08/04/2020| 6:31:08 PM| ChinaTravelNews 中文

RevPAR in Greater China has shown continued improvement since May, with preliminary estimates indicating occupancy reaching 57% at the end of July.

Hyatt Hotels Corporation posted a steep 80% decline in total revenue to USD 250 million in the second quarter this year. Net income (loss) decreased 376.0% to a net loss of USD 236 million.

Comparable system-wide RevPAR decreased 89.4%.

CEO Mark S. Hoplamazian said there remains uncertainty regarding the full return of hotel demand to pre-COVID-19 levels. The company saw demand progression in China and certain markets in the U.S.

Greater China, where the impacts of the COVID-19 pandemic were first reported, continues to lead the recovery. RevPAR in Greater China has shown continued improvement since May, with preliminary estimates indicating occupancy reaching approximately 57% at the end of July. Excluding Hong Kong, Macau, and Taiwan, preliminary estimates indicate occupancy in China reached approximately 65% at the end of July.

The recovery in Greater China and certain markets within the Americas and EAME/SW Asia regions is being led by strength in leisure transient demand.

Hyatt continues to re-open hotels where operations had been suspended. As of July 31, 2020, 87% of total system-wide hotels were open compared to 65% of total system-wide hotels as of April 30, 2020. 

For the month of July 2020, preliminary estimates indicate RevPAR decreased 76% for all comparable system-wide hotels compared to July of 2019 reflecting the ongoing impact of the pandemic. 

TAGS: Hyatt | financial statements | hotels | Greater China
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