by Lacey Pfalz
Last updated: 4:09 PM ET, Thu November 5, 2020
According to Hilton's third quarter results, the hotel brand is making a comeback after the COVID-19 pandemic greatly inhibited normal operations.
The business's third quarter ended on September 30, 2020. The quarter's RevPAR, or Revenue Per Available Room, dropped 59.9 percent from the same quarter in 2019. Net loss was $81 million for the last three months.
However, Hilton is still showing signs of growth and recovery. Ninety-seven percent of Hilton's hotels were opened as of November 2, 2020. More than 17,000 new rooms were added this past quarter, too. Adjusted EBITDA earnings (earnings before interest, taxes, depreciation and amortization) was $244 million.
"Our third quarter results show meaningful improvement over the second quarter," President and CEO of Hilton, Christopher J. Nassetta, said.
"The vast majority of our properties around the world are now open and have gradually begun to recover from the limitations that the COVID-19 pandemic has imposed on the travel industry, with occupancy increasing more than 20 percentage points from the second quarter. While a full recovery will take time, we are well positioned to capture rising demand and execute on growth opportunities."
From April to September, growth in occupancy has grown worldwide on an average of 32 percent, a steady increase. With cases rising in Europe and the United States, the fourth quarter could see this increase dropping, at least slightly.
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