International hotels operator, Hyatt has announced losses of £145.5m for its fourth quarter of 2020, marking a year-on-year fall of over £350m.
The group also revealed that its adjusted EBITDA for the period declined from profits of £137m to a loss of £70.3m.
As a result, the firm’s full-year results entailed a £504.1m net income loss, a swing of over £1bn from the group’s 2019 figures.
The company did, however, see a global net rooms growth of 5.2% for the year as it opened 72 hotels during the period.
Mark Hoplamazian, president and CEO at Hyatt, said: “Amidst a backdrop of challenging operating fundamentals, our net rooms growth was strong, demonstrating the strength of our brands.
“We opened 72 hotels and entered 27 new markets. Our teams also executed new signings to maintain a pipeline representing over 40% growth of our existing hotel rooms in the future.”
Despite the increase in net rooms, Hyatt’s Europe, Africa, Middle East, and Southwest Asian (EAME/SW Asia) operations saw a decline in the number of hotels open during the final quarter when compared to the three months prior.
The group attributed this to the “new travel restrictions in Europe”, contributing to a 121.8% decrease to the firm’s Q4 adjusted EBITDA in the region.
Looking forward, the company said it was reluctant to provide extensive guidance for 2021 due to the “uncertain pace and timing of recovery”.
Hoplamazian added: “We are prepared for whatever 2021 brings, and we are looking ahead to realize improving financial results as vaccine distribution continues and travel restrictions are lifted over time.”