Hyatt shares slip as results show pain
Hyatt Hotels Corp. reported second-quarter results that show just how deep the pain from travel bans and hotel closures has been for the lodging industry. Net loss attributable to Hyatt was US$236 million, or US$2.33 per diluted share, in the second quarter of 2020, compared to net income attributable to Hyatt of US$86 million, or US$0.80 per diluted share, in the second quarter of 2019.
Booking.com to cut thousands of workers
Booking Holdings is the latest online travel giant to eliminate thousands of jobs after the coronavirus pandemic hammered the industry. As much as 25% of employees at Booking.com, the company’s biggest business, will be cut, the company said in a statement Tuesday. That’s about 4,000 workers. The reductions will be implemented globally.
OYO valuation drops to US$8 billion
OYO’s valuation has dropped to $8 billion, according to a new report, The Hurun Global Unicorn Report 2020, which values the company at US$8 billion. The latest known market valuation had been $US10 billion.
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Turks & Caicos’ resort opening delay ‘devastating’
A senior executive of a leading hotel chain says the delay in Beaches Resort’s opening is “devastating news” for the tourism industry in the Turks and Caicos Islands. Armando Pizzuti, the chief operating officer for Turks and Caicos Collection, which owns Blue Haven, The Alexandra, The Beach House and Ambergris Cay in the area, said the news of the October 14 reopening is just “horrible.”
How Israel’s faring
HVS has released its annual report on the Israel hotel sector, which reflects an exceptional trading performance in 2019, resulting in increases in profitability and values across the board. The report also focuses on the impact of COVID-19, which includes a large reduction in visitation and operating performance, a slowing down of supply growth, and a drop in hotel values.
The ‘Uplift Fund’
Singapore-based Park Hotel Group and YMCA of Singapore launched the Uplift Fund, a relief fund that dedicates 20% of proceeds to individuals in the hospitality and F&B sectors who are financially affected by the COVID-19 pandemic. The fund aims to raise a total of S$3 million (US$2.2 million) to benefit up to 3,600 individuals and households in need.