Hyatt Records Wider Than Expected Loss as Pandemic Saps Demand
(Bloomberg) -- Hyatt Hotels Corp. posted worse than expected fourth quarter results, as spiking Covid-19 cases and a new wave of travel restrictions kept travelers at home.
The company reported an adjusted loss of $1.77 a share, according to a statement Wednesday. Analysts had estimated the loss at $1.38 a share. The shares slipped in late trading in New York.
Hyatt, led by Chief Executive Officer Mark Hoplamazian, recorded a net loss of $203 million in the quarter. That compared to a profit of $321 million in the year before period.
The miss comes after Hilton Worldwide Holdings Inc. and Choice Hotels International Inc. missed analyst estimates on Wednesday.
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