Hilton Reports 45% Drop in Q1 Revenue Amidst Coronavirus Pandemic

By Paul Riegler on 5 May 2021
  • Share

Hilton CEO Chris Nassetta

Hilton Worldwide announced financial results for the first quarter of 2021.

The hotel operator reported a net loss of $109 million for the first three months of the year on revenue of $874 million, down 45% from $1,920 million in the same period in 2020.

The company said it began to see an uptick towards the end of the quarter into the second quarter.

“While rising Covid-19 cases and tightened travel restrictions, particularly across Europe and our Asia Pacific region, weighed on demand in January and February, we saw meaningful improvement in March and April,” said Christopher Nassetta, the chain’s CEO.

The hotelier said that its first-quarter REVPAR, or revenue per available room, a key measure of a hotel’s performance, fell by 38.4%.

(Photo: Accura Media Group)

Accura News

Read previous post:
Coronavirus News Update – May 5: U.S. Sets Goal of 70% of Americans Getting at Least One Vaccine Dose by July 4

President Joseph Biden announced a new vaccination goal on Tuesday.  The new benchmark for the country to return to pre-pandemic...