CHICAGO, ILLINOIS: Hyatt Hotels has reported that it is facing greater losses in Q1 as the public opted to remain homebound during the Covid pandemic.
However, the global hospitality firm did record business demand improving more modestly during the quarter, as compared to leisure demand.
As the COVID-19 pandemic surged through the hospitality industry, literally bringing it to its knees, those operating hotels are projected to make a recovery in 2021 due to an increase in the rate of vaccinations, as well as pent-up demand.
"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," CEO Mark Hoplamazian remarked, as reported by Reuters.
Hyatt, headquartered in Chicago, announced that its comparable systemwide revenue per available room, or RevPAR, remains an important metric for gauging the performance of hotels, fell some 48.9 percent in the first quarter.
Hyatt posted revenues totaling $438 million, a drop of 55.9 percent, thereby failing to match analysts' $468.9 million projections.
Hyatt generated a net loss of $304 million, or $2.99 per share, during the three-month period ending March 31, in comparison with losses of $103 million, or $1.02 per share, in 2020.
Not including items, the company's loss per share reached $3.57.