Hilton Worldwide has seen a pick-up in business travel in the third quarter, as well as some group business bookings 'in the year, for the year, and not in insignificant amounts,' said the company's president and CEO Christopher Nassetta on a Wednesday morning earnings call.
Recovery Led by Greater China and U.S. Select Service Net Rooms Growth of 6.0%
Third quarter year-over-year change in domestic RevPAR performance exceeded the overall industry by nearly 20 percentage points; awarded 81 new domestic franchise agreements in the quarter
Adjusted EBITDA was $1.5 million compared to $5.9 million for the same period in 2019.
Q2 Revenues up by 85% from Q1
System-wide comparable RevPAR decreased 59.9 percent on a currency neutral basis for the third quarter from the same period in 2019
Pro forma hotel EBITDA was $5.7 million, a decrease of 89.6 percent from the same period in 2019. Pro forma hotel EBITDA margin contracted to 10.8 percent from 37.6 percent in the same period of 2019.
During the third quarter of the year, MGM China recorded total revenue of approximately HK$363 million, up by 41% sequentially from the second quarter. The Group had narrowed its loss to a negative adjusted property EBITDA of approximately HK$731 million, compared to -HK$886 million in previous quarter.
As of October 28, 2020, preliminary operational results have continued to improve at the 36 open and operating hotels with occupancy of approximately 33% and an ADR of approximately $189, resulting in RevPAR of approximately $63.
Monthly hotel portfolio cash burn is currently running at $5 to $8 million; a $10 million reduction to the Companys early May midpoint estimate