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Sep 30, 2020
Hyatt Q3 2020 Earnings Report
Hyatt adapted to a continuously changing and uneven demand environment and doubled the number of room nights sold compared to the second quarter of 2020.
Key Takeaways
Hyatt Hotels Corporation reported third-quarter 2020 financial results with a net loss attributable to Hyatt of $161 million, or $1.59 per diluted share. The company opened a record number of 27 new hotels representing over 4,300 new rooms for any third quarter in its history. Comparable system-wide RevPAR decreased 72.0% and net rooms growth increased by 6.0%.
Net loss decreased 154.2% to a net loss of $161 million.
Adjusted EBITDA decreased 129.9% to $(48) million.
Cash and cash equivalents of $1,778 million.
Net rooms growth of 6.0%.
Hyatt
Hyatt
Forward Guidance
Demand is expected to remain uneven over the coming months.
Positive Outlook
- Ingenuity and resilience of teams will enable Hyatt to continue to win share.
- Deepen strong relationships with loyal guests and customers.
- Strong liquidity position will help to sustain operations over time.
- Support long-term growth strategy.
- Unwavering commitment to living our purpose to care for our colleagues, guests, owners, and communities around the globe is of paramount importance.
Challenges Ahead
- Demand to remain uneven over the coming months.
- Short- and longer-term effects of the COVID-19 pandemic, including on the demand for travel, transient and group business, and levels of consumer confidence
- Actions that governments, businesses, and individuals take in response to the COVID-19 pandemic or any resurgence, including limiting or banning travel
- The impact of the COVID-19 pandemic and actions taken in response to the COVID-19 pandemic or any resurgence, on global and regional economies, travel, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending
- The ability of third-party owners, franchisees or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic