Hilton has revealed its Q1 2021 results, and while losses are still in the millions, they are drastically less than Q4 2020.
Net loss in the quarter stood at US$109 million, well below the net income of $18 million in Q1 2020, but above the $225 million loss in the final quarter of the pandemic-struck 2020. Hilton also outperformed fellow US hotel group Hyatt, which saw losses amount to $304 million in Q1 2021.
The following results reflect the material impact that the novel coronavirus (“COVID-19”) pandemic has had on Hilton’s business. Highlights include:
- Diluted EPS was $(0.39) for the first quarter, and diluted EPS, adjusted for special items, was $0.02
- Net loss was $109 million for the first quarter
- Adjusted EBITDA was $198 million for the first quarter
- System-wide comparable RevPAR decreased 38.4 percent on a currency neutral basis for the first quarter from the same period in 2020
- Approved 21,900 new rooms for development during the first quarter, bringing Hilton’s development pipeline to 399,000 rooms as of March 31, 2021
- Added 16,500 rooms to Hilton’s system in the first quarter, contributing to 13,100 net additional rooms during the period and approximately 5.8 percent annualized net unit growth from March 31, 2020
- As of April 28, 2021, 97 percent of Hilton’s system-wide hotels were open
- In March 2021, repaid $250 million of the outstanding debt balance under the Revolving Credit Facility, for a total of $500 million repaid in the first quarter
Click here to view the full release.
Source: Hospitality Net
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