HILTON REPORTS NET LOSS OF $432M IN Q2
Hilton Worldwide Holdings Inc. has reported its second quarter 2020 results reflecting the material impact the COVID-19 pandemic had on Hilton’s business, but announces optimistic growth plans.
System-wide comparable RevPAR decreased 81% on a currency neutral basis for the second quarter from the same period in 2019.
In Q2, Hilton approved 18,400 new rooms for development, growing Hilton’s development pipeline to 414,000 rooms as of June 30, 2020, representing 11% growth from June 30, 2019. In the second quarter of 2020, Hilton opened 60 new hotels totalling 6,800 rooms, and achieved net unit growth of over 5,500 rooms.
As of July 31, 2020, 96% of Hilton’s system-wide hotels were open for business.
Christopher J. Nassetta, President & Chief Executive Officer of Hilton, said, “Our second quarter results reflect the challenges that our business has experienced as a result of the pandemic. However, as restrictions are lifting and properties around the world are reopening, we are seeing improved occupancy. While we have a long journey in front of us, we are on the road to recovery and look forward to the opportunities ahead.”
Photo – top of page – Las Vegas Hilton 2019 – by Dave Matthews