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.
Despite this, "the light is at the end of the tunnel," he added. "Objectively, you can see the steps in place. We have a political cycle over with, a new administration, an intense focus on getting us through the crisis in terms of what’s going on with the rollout of vaccines."
Like many companies in the hospitality sector, Hilton has witnessed a significant fall in revenues as movement restrictions to stem the spread of the virus have been put in place in countries around the world.
The company's revenue for the first nine months of 2020 more than halved to $3.4bn, leading it to declare a loss to shareholders of $491m for the period, compared to a profit of $706m in the prior-year period.
Occupancy rates across its hotels stood at 40.4 per cent for the first nine months of 2020. Hilton had 6,333 hotels containing a total of 998,282 rooms in properties it either owned, managed or franchised as of September 30, 2020.
"What I’ve said to our team is the first quarter is going to be really challenging, the second quarter is not going to feel great and we’re going to be transitioning, but I think there’s going to be a real opportunity for the third and fourth quarter, where we get to the other side of the health crisis, to be a lot better than people think."
Mr Nassetta said the recovery is dependent on the rollout of vaccinations going well, with support from the political systems in terms of providing a "bridge" for workers and small businesses, so that "liquidity issues don’t turn into solvency issues".
Hilton will "strongly encourage" its workers to be vaccinated when appropriate, but will not require it, Mr Nassetta said.
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Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
More from Rashmee Roshan Lall
Race card:
6.30pm: Maiden; Dh165,000; 2,000m
7.05pm: Handicap; Dh165,000; 2,200m
7.40pm: Conditions; Dh240,000; 1,600m
8.15pm: Handicap; Dh190,000; 2,000m
8.50pm: The Garhoud Sprint Listed; Dh265,000; 1,200m
9.25pm: Handicap; Dh170,000; 1,600m
10pm: Handicap; Dh190,000; 1,400m
RACE CARD
6.30pm Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m
7.05pm Handicap (TB) $68,000 (Turf) 2,410m
7.40pm Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m
8.15pm Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m
8.50pm Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m
9.25pm Handicap (TB) $65,000 (T) 1,000m
RESULTS
5pm: Rated Conditions (PA) Dh85,000 (Turf) 1,600m
Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
Winner: AF Alajaj, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,400m
Winner: Hawafez, Connor Beasley, Abubakar Daud
6.30pm: Maiden (PA) Dh80,000 (T) 2,200m
Winner: Tair, Fabrice Veron, Eric Lemartinel
7pm: Handicap (PA) Dh80,000 (T) 2,200m
Winner: Wakeel W’Rsan, Richard Mullen, Jaci Wickham
7.30pm: Handicap (PA) Dh100,000 (T) 2,400m
Winner: Son Of Normandy, Fernando Jara, Ahmad bin Harmash
RESULTS
5pm Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner AF Nashrah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm Maiden (PA) Dh70,000 (D) 1,400m
Winner Mutaqadim, Riccardo Iacopini, Ibrahim Al Hadhrami.
6pm Maiden (PA) Dh70,000 (D) 1,600m
Winner Hameem, Jose Santiago, Abdallah Al Hammadi.
6.30pm Maiden (PA) Dh70,000 (D) 1,600m
Winner AF Almomayaz, Sandro Paiva, Ali Rashid Al Raihe.
7pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Dalil Al Carrere, Fernando Jara, Mohamed Daggash.
7.30pm Handicap (TB) Dh70,000 (D) 1,000m
Winner Lahmoom, Royston Ffrench, Salem bin Ghadayer.
8pm Handicap (PA) Dh70,000 (D) 1,000m
Winner Jayide Al Boraq, Bernardo Pinheiro, Khalifa Al Neyadi.
SCORES IN BRIEF
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26)
bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
