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The second half of 2021 is going to be a lot better than everybody thinks , the chief executive of the Hilton hotels business said.
The hospitality industry is still in the eye of the storm caused by the Covid-19 pandemic, and the next 60-90 days are going to be very difficult , Christopher Nassetta, president and chief executive of Hilton told the Bloomberg Year Ahead event on Tuesday evening. There are parts of the world that had been doing well that are doing less well – Europe, Asia Pacific, even China more recently, Mr Nassetta said.
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The global hotel industry continues to expand its footprint, even in the worst year on record for travel demand.
Hilton’s pace of construction and development put the company over one million rooms in its global portfolio sometime during the fourth quarter, the company announced Tuesday. The growth stems from construction activity well underway before the pandemic began earlier this year.
But Hilton’s growth milestone stands out for being accomplished through building out its own brands rather than via mergers and acquisitions like some of its competitors.
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Huntley Mitchell 10 Nov 2020
It’s been a difficult year so far for hotel companies, to say the least, but the key players are all witnessing green shoots in their recovery from the impacts of COVID-19.
In the third quarter of this year,
Marriott International saw its worldwide RevPAR drop 65.9 per cent, compared to the same period in 2019.
However, CEO Arne Sorenson noted this figure was a nearly 19-percentage-point improvement from the decline in the second quarter.
“Greater China continues to lead the recovery and demonstrates the resiliency of travel demand, with third-quarter occupancy of 61 per cent and RevPAR recovering to down 26 per cent – a 35-percentage-point improvement compared to the decline in the second quarter,” he said.