NEW YORK (S&P Global Ratings) May 7, 2020— Hyatt Hotels Corp. (BBB-/Watch Neg/--) announced in its first quarter 2020 earnings report that systemwide revenue per available room (RevPAR) declined 28% and its adjusted EBITDA declined 54%, reflecting the impact of the COVID-19 pandemic on travel and hotel demand during the quarter. The RevPAR trend was substantially worse in April across the world, and we expect Hyatt's systemwide RevPAR will be very low in the second quarter. The company also said it took substantial measures reducing its monthly run-rate costs in April by 75% at hotels in its owned system and franchise base; reimbursable hotel expenses related to reservation systems, technology, and marketing by approximately 50%; SG&A expenditures by 40%; and
