Hyatt Reports First Quarter Loss of $304 Million Amidst Pandemic

Hyatt Hotels announced financial results for the first quarter of 2021.

The hotel chain reported a net loss of $304 million amidst the coronavirus pandemic-induced decline in travel.

Revenue for the first three months of the year was $438 million, down 55.9%.

Despite the decline, the company was optimistic as more people across the globe were inoculated against the coronavirus.

“The expansion of vaccine distribution and the easing of travel restrictions in certain markets fueled improved confidence in travel in many of the markets in which we operate,” said Mark Hoplamazian, the hotel operator’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 48.9%.

(Photo: Accura Media Group)