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Hyatt Hotels CEO Sees Encouraging Signs Despite Quarterly Losses
Unsurprisingly given the COVID-19 pandemic’s impact on lodging, Chicago-based Hyatt Hotels Corporation reported a 376% year-over-year decline in net income, registering a $236-million loss for the second quarter. CEO Mark S. Hoplamazian cited “uncertainty” on the timing for hotel demand to return to pre-pandemic levels, but said he saw positive signs.
“We are encouraged by the demand progression we have seen in China and also in certain markets in the U.S. and other parts of the world,” said Hoplamazian. “Our teams are prepared for varied recovery scenarios sustained by continuously evolving new ways of operating.”
Hoplamazian called the chain’s balance sheet, including nearly $3 billion of liquidity, “a great source of strength.” He added, “We continue to navigate this dynamic situation, and expect to emerge stronger when the pandemic subsides and demand returns.”
Shares of Hyatt stock closed Tuesday at $49.24, up $1.26 following Q2 results.
Pictured: Grand Hyatt in Tampa.
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