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COVID-19: Hyatt reports 3Q numbers | Midweek closure for Vegas hotels

Hyatt reports 3Q numbers

Chicago-based Hyatt Hotels Corp. reported third-quarter 2020 financial results. Some highlights, compared with the same period in 2019:

  • Net income (loss) decreased 154.2% to a net loss of US$161 million
  • Adjusted EBITDA decreased 129.9% to US$(48) million
  • Cash and cash equivalents of US$1,778 million
  • Comparable system-wide RevPAR decreased 72.0%
  • Net rooms growth of 6.0%
  • Pipeline of executed management or franchise contracts for approximately 101,000 rooms, an increase of 9.8%

According to Seeking Alpha, Hyatt’s third-quarter non-GAAP EPS of -US$1.48 missed by US$0.17; GAAP EPS of -US$1.59 missed by US$0.38; and revenue missed by US$30.61 million.

President and CEO Mark Hoplamazian said: “We expect demand to remain uneven over the coming months and believe the ingenuity and resilience of our teams will enable us to continue to win share and deepen our strong relationships with our loyal guests and customers. Furthermore, we believe our strong liquidity position will help to sustain our operations over time and support our long-term growth strategy.”

Read the press release

Vegas hotels closing midweek due to low demand

Joining a handful of other hotels on the Las Vegas Strip, the Park MGM hotel is closing during the middle of the week as tourism in southern Nevada continues to slump. The midweek closure is the result of low occupancy rates and the loss of conventions and other meetings and events during the slow holiday season, according to the Las Vegas Review-Journal. Beginning November 9, the hotel will be closed from Mondays at noon until Thursdays at noon. Other Vegas hotels are also closing at least part of their operations during the middle of the week — these include the LINQ Hotel and Experience and Planet Hollywood Resort and Casino, which are accepting weekend-only hotel room reservations until further notice.

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