Hilton takes $603 million hit in Q2

Philadelphia, Pennsylvania May 28 2018: Hilton hotels and resorts logo on the building of Hilton Prague hotel

The pain of reporting season for hotel giants continues, with Hilton slumping to a big second-quarter loss.

The company posted a net loss of US$432 million ($602.6 million) for the three months to 30 June 2020, compared to a US$261 million ($364.1 million) profit in the prior corresponding quarter.

Adjusted earnings totalled US$51 million ($71.1 million) in Q2, while system-wide comparable RevPAR fell 81.0 per cent.

On a more positive note, Hilton had 18,400 new rooms approved for development during the second quarter, growing its development pipeline to 414,000 rooms as of 30 June 2020 – up 11 per cent from 30 June 2019.

The company opened 6,800 rooms in the second quarter, contributing to 5,500 net additional rooms in Hilton’s system. As of 31 July 2020, 96 per cent of its system-wide hotels were open.

Hilton president and CEO Christopher Nassetta said the second-quarter results reflect the challenges that the company has faced as a result of the COVID-19 pandemic.

“However, as restrictions are lifting and properties around the world are reopening, we are seeing improved occupancy,” he said.

“While we have a long journey in front of us, we are on the road to recovery and look forward to the opportunities ahead.”

The announcement of Hilton’s dour quarterly results comes not long after Accor revealed a tough first six months for the French hospitality behemoth in 2020.


Featured image source: iStock/helen89

Latest News

  • Destinations
  • News

APT Launches 2025 Asia Adventures

APT has launched its Asia Adventures for 2025, including new luxury holidays in India, Sri Lanka and Japan. Five new tours lead guests to the highlights of India, including a seven-night cruise along the rarely travelled Lower Ganges aboard the Ganges Voyager. Further south, Sri Lanka’s greatest destinations are revealed on a new 15-day Land […]

  • Cruise
  • Luxury
  • News

Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit

Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]

  • Luxury

Malolo Island Resort opens brand new Spa

Fiji’s Malolo Island has added another string to its bow – opening its $1.3 million day spa on Thursday, 18th April 2024. (Lead Image: matriarch Rosie Whitton with spa staff) Located at the edge of the resort’s luscious patch of tropical rainforest, the new “Leilani’s Spa” adds another level of elevated experiences to Malolo’s already […]