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[Travel News]: Hilton reports 54.5% revenue decrease in Q1, sees occupancy rise only in Asia

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The following is the [Travel News]: Hilton reports 54.5% revenue decrease in Q1, sees occupancy rise only in Asia from [ChinaTravelNews] recommended by TheTourAttraction.com:

The RevPAR in Asia was USD 42.7, down by 6.6% year-on-year.

Hilton announced a net loss of USD 109 million for the first quarter of 2021. Adjusted EBITDA was USD 198 million for the first quarter. Total revenues were USD 874 million, down by 54.5% compared with the same period of 2020.

System-wide comparable RevPAR decreased 38.4% on a currency neutral basis for the first quarter from the same period in 2020.

Approved 21,900 new rooms for development during the first quarter, bringing Hilton’s development pipeline to 399,000 rooms as of March 31, 2021.

Added 16,500 rooms to Hilton’s system in the first quarter, contributing to 13,100 net additional rooms during the period and approximately 5.8% annualized net unit growth from March 31, 2020.

As of April 28, 2021, 97% of Hilton’s system-wide hotels were open.

Christopher J. Nassetta, President & Chief Executive Officer of Hilton, said, “We are pleased with our first quarter results. While rising COVID-19 cases and tightened travel restrictions, particularly across Europe and our Asia Pacific region, weighed on demand in January and February, we saw meaningful improvement in March and April. We expect this positive momentum to continue as vaccines are more widely distributed and our customers feel safe traveling again…”

In the first quarter, occupancy in Asia was 43.7%, an increase of 6.5 percentage points, making Asia the only region see occupancy growth. The ADR in Asia was USD 97.6 and the RevPAR was USD 42.7, down by 20.5% and 6.6% year-on-year respectively.

During the quarter, Hilton added over 5,000 rooms to its development pipeline in connection with the exclusive management license agreement with Country Garden to introduce and develop Home2 Suites by Hilton branded properties in China.

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