Hyatt Hotels Corp. reported a USD $304m net loss during the first quarter, which included a USD $193m non-cash full valuation allowance on U.S. deferred income tax assets, according to the company. The loss is nearly triple the USD $103m loss reported one year ago. Total revenues for the quarter were USD $438m, down from $993m on 31MAR 2020. Still, "first quarter results exceeded expectations as demand improved meaningfully over the course of the quarter," said president and CEO Mark Hoplamazian. He added that "pent-up demand for travel is immense," noting that Hyatt is beginning to see "business travelers once again connect in person with colleagues and customers, and larger groups ready to convene again in our hotels.”
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