(Bloomberg) -- Hyatt Hotels Corp. swung to a loss as cratering travel demand hammered the hotel chain.

Hyatt reported a loss of 35 cents per share, worse than analysts expected. Revenue per available room, which combines pricing and occupancy, decreased 28% in the quarter -- a steep fall considering that travel restrictions didn’t take full effect in most of the world until March.

Hyatt has raised capital through a bond sale and cut costs by closing hotels and furloughing workers. Chief Executive Officer Mark Hoplamazian said in a statement that the company’s “existing liquidity provides sufficient capacity to cover at least 30 months of operations under current conditions.”

Roughly 35% of the company’s hotels were closed as of April 30, and occupancy rates were about 15% at hotels that remained open.

Hyatt shares fell as much as 5.1% in late trading before paring the losses.

Investors will be watching closely as competitors Hilton Worldwide Holdings Inc. and Marriott International Inc. report earnings in coming days.

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