By Kimberly Chin
Hyatt Hotels Corp. swung to a fourth-quarter loss as sales were crimped by weak travel demand due to coronavirus restrictions.
The Chicago-based company posted a loss of $203 million, compared with a profit of $321 million in the year-earlier quarter. On a per-share basis, it had a loss of $2, compared with $3.08 in earnings a year earlier. Excluding certain items, the company had a loss of $1.77 a share. Analysts polled by FactSet were expecting an adjusted loss of $1.37 a share.
Total revenues fell to $424 million from $1.28 billion in the same period last year. Analysts were targeting revenue of $457.4 million.
For the year, the company generated revenue of $2.07 billion, a roughly 60% decline from the prior year.
Comparable system-wide revenue per available room (RevPAR), a key industry metric, plunged by 69% year-over-year. The company said RevPAR showed improvement from the previous quarter, helped by strength in Greater China and U.S. select-service hotels.
"Consistent with third quarter trends, occupancy was driven primarily by favorable leisure transient demand, particularly on weekends and holidays in the fourth quarter," the company said.
As of Dec. 31, 94% of total system-wide hotels were open.
Write to Kimberly Chin at firstname.lastname@example.org