Hilton Reports Almost All Its Hotels Are Now Open
In its third quarter earnings statement, the company posted an $81 million loss but sees improvement over previous periods
According to its third quarter earnings report, Hilton is saying almost all of its hotels (97 percent) are now open for business. While the company continued to lose money with a net loss of $81 million for the quarter, Chris Nassetta, CEO, said the results “show meaningful improvement” over the second quarter with occupancy increasing more than 20 percentage points.
The company said it opened 17,100 new rooms in the third quarter and approved 17,400 new rooms for development during the quarter, bringing the development pipeline to 408,000 as of Sept. 30.
While a full recovery will take time, Nassetta said “we are well positioned to capture rising demand and execute on growth opportunities.”
Since April, Hilton’s system-wide occupancy has increased month over month with the most notable recoveries in Asia-Pacific, the US and Europe with comparable occupancy levels up over 30 percent in each of those regions.
