Hilton Posts $720 Million Loss for 2020 Amidst Pandemic

By Paul Riegler on 17 February 2021
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Hilton CEO Chris Nassetta

Hilton Worldwide announced financial results for fourth quarter and calendar year 2020.

The hotelier posted a net loss of  $225 million for the fourth quarter, down from profit of $176 million in the same period in 2019, and $720 million for the full year, down from $886 million.

Revenue plummeted 62% in the fourth quarter to $890 million and 54% for the year to $4.3 billion.

Revenue plummeted by 62% to $890 million amidst the coronavirus pandemic-induced decline in travel, with

Hilton CEO Chris Nassetta said that the results “were largely in line with our expectations” and cited “rising Covid-19 cases and tightening travel restrictions” as the reasons for the significant drop in revenue and RevPAR.

The chain said that system-wide RevPAR, or revenue per available room, an important performance metric in the hotel industry, dropped 59.2% for the quarter and 56.7 percent for the full year, compared to the same periods in 2019.  The company said that said that its systemwide occupancy improved every month from April through October

(Photo: Accura Media Group)

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