Hyatt Hotels Corporation has reported that net income has decreased 154.2 per cent to a net loss of $161M.
The onset and continued disruption and impacts of the Covid-19 pandemic have certainly hit the hospitality industry hard this past year. Hotel operators have reacted quickly to the changes that have occurred however despite working tirelessly to overcome unmovable obstacles, Hyatt Hotels Corporation has reported a huge loss in their third quarter.
Net loss attributable to Hyatt was $161M or $1.59 per diluted share, in comparison to the same period last year which saw a net income attributable to Hyatt of $296M, or $2.80 per diluted share.
Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt Hotels Corporation, said, “Third quarter results reflect Hyatt’s ability to adapt to a continuously changing and uneven demand environment. In the third quarter, we doubled the number of room nights sold compared to the second quarter of 2020. I am exceptionally proud of our hotel teams who gained transient demand market share in the segments and geographies of strongest demand globally as they continue to discover and secure demand from many different sources. I am also very encouraged that we opened 27 new hotels representing over 4,300 new rooms, a record number of hotel openings for any third quarter in our history, while sustaining our pipeline for future growth during this disrupted time.”
