(TAN): Hilton Worldwide posted a USD 432 million net loss for the second quarter and cited the impact of the COVID-19 pandemic as a reason for it.
Adjusted EBITDA was USD 51 million for Q2 2020.
The company approved 18,400 new rooms for development during the second quarter, growing Hilton’s development pipeline to 414,000 rooms as of June 30, 2020, representing 11% growth from June 30, 2019. The hotel chain opened 6,800 rooms in the second quarter, contributing to 5,500 net additional rooms in Hilton’s system.
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As of July 31, 2020, 96% of Hilton’s system-wide hotels were open.
In the second quarter, the company also announced a new strategic partnership with Country Garden to develop 1,000 Home2 Suites by Hilton in China, representing the first major extended stay offering for Hilton outside of North America.
