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May 8, 2020 Comments Off on Hilton’s Nassetta Expects “Dramatic Impact” from Pandemic on Q2 Results Views: 901 D.C. Metro News, Top Washington, D.C., Washington, D.C. News

Hilton’s Nassetta Expects “Dramatic Impact” from Pandemic on Q2 Results

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Hilton Worldwide Holdings’ RevPAR decreased 22.6% in the first quarter and 57% for the month of March, while net income declined 88.6% to $18 million from $159 million a year ago. The McLean, VA-based lodging giant attributed the year-over-year drop in RevPAR to the impact of the COVID-19 pandemic.

However, CEO Christopher Nassetta said on an earnings call Thursday, “Overall, I do not think our first-quarter results provide clear insight into the current environment, given the timing of the pandemic, and we expect a much more dramatic impact on our second-quarter results.”

Om the near term, Nassetta said the sector would start to see recovery “as we get into Q3, Q4. But getting back to the sort of levels of occupancy—which for us were in the low- to mid-70s—of 2019, which were all-time highs, that’s going to take time. That’s going to take two or three years.”

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