Hilton Reports up to a 45% Drop in Quarterly Revenue Per Room Compared to Last Year
Like other industries related to travel, hotels and resorts have taken a major blow from coronavirus-related travel restrictions and quarantines -- a fact underlined this morning by data released by Hilton Worldwide Holdings (NYSE: HLT) in an SEC filing. The company shows its revenue per available room (RevPAR) plunged as much as 76% year over year in some regions, pushing three-month revenue deep into negative territory.
According to Hilton Worldwide's Current Report, the hardest-hit region was Asia-Pacific. With the coronavirus pandemic already under way in China at the start of the year -- and probably earlier, as U.S. intelligence reports in November 2019 apparently indicated a potentially "cataclysmic" contagion loose in and near Wuhan -- Asia-Pacific room revenue had already fallen 6% in January 2020 compared to January 2019. By March, the region's RevPAR figure plummeted by 74% to 76%.
Image source: Hilton Worldwide Holdings.
Source Fool.com
