(Bloomberg) -- Hyatt Hotels Corp. swung to a loss as cratering travel demand hammered the hotel chain.
Hyatt reported a loss of 35 cents per share, worse than analysts expected. Revenue per available room, which combines pricing and occupancy, decreased 28% in the quarter -- a steep fall considering that travel restrictions didn't take full effect in most of the world until March.
Hyatt has raised capital through a bond sale and cut costs by closing hotels and furloughing workers. Chief Executive Officer Mark Hoplamazian said in a statement that the company's “existing liquidity provides sufficient capacity to cover at least 30 months of operations under current conditions.”
Hilton Says Its Results Could Get Worse With Travel Frozen
Roughly 35% of the company's hotels were closed as of April 30, and occupancy rates were about 15% at hotels that remained open.
Hyatt shares initially rose on Thursday before turning negative. The stock, which had droped 44% this year through Wednesday, was down less than 1% as of 10:26 am. in New York.
Hilton Worldwide Holdings Inc. reported adjusted quarterly profit that was better than expected on Thursday, sending its shares higher. Marriott International Inc. is scheduled to release its results on Monday.
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