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Covid-19 pushes Hilton into larger loss than expect

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Extended disruptions to travel have led to tighter corporate travel budgets, an increasing pace of group cancellations and a dearth of new bookings

An exterior shot of hotel operator Hilton Worldwide’s Hilton Midtown in New York. Picture: REUTERS

Shares of the company fell 2.4% in pre-market trading after the company also reported an 81% plunge in RevPAR — a key performance measure for the hotel industry — for the second quarter. Hilton’s recovery has been faster in Asia-Pacific and the company has reopened all of its hotels in mainland China. However, its system-wide RevPar continues to be under pressure even as economies reopen gradually.“As restrictions are lifting and properties around the world are reopening, we are seeing improved occupancy,” CEO Christopher Nassetta said in a statement.

 

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