Hyatt Hotels Corp. has withdrawn its previously announced 2020 outlook due to the effect of the coronavirus outbreak, the company announced. A statement noted the action was based on Greater China revenue per available room "due to the impact on travel demand outside of Greater China, in part as a result of the new corporate travel restrictions in North America and Europe, as well as near-term cancellations outside of Greater China, as a result of the COVID-19 outbreak."
"This is an evolving situation, and our ability to assess the financial impact of COVID-19 on our business continues to be limited due to quickly changing circumstances and uncertain consumer demand for travel," said Hyatt president and CEO Mark Hoplamazian in the statement. "The 2020 outlook we provided with our fourth-quarter earnings announcement was clearly stated as our base case excluding the impact of COVID-19. … We continue to closely monitor the situation, and plan to provide more information during our first-quarter earnings call based on the information we have available at that time."
Hyatt at the time of its fourth-quarter 2019 earnings call on Feb. 20 anticipated comparable full-year 2020 RevPAR growth in the range of negative 0.5 percent to 1.5 percent, with RevPAR growth in the United States a bit lower than growth elsewhere. Net rooms growth was expected to be in the range of 6.5 percent to 7 percent. Anticipated net income was in the range of $113 million to $144 million.
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