TTD Group’s hotel booking numbers plunged in the fourth quarter, with the hotel industry reporting its first year-on-year drop in occupancy.
The U.S. investment bank reported a 6.3 percent decline in hotel book-to-stay traffic, and booked 6,719 hotel stays in the quarter.
Bookings also dropped 1.7 percent in the hotel and hospitality segment.
The average price of a hotel stay fell 5.6 percent to $1,038.20 in the three months ended March 31, the biggest decline since Q4 2017.
TTD Group also reported a 2.6 percentage point decline in total booked hotel room bookings, down from a 3.5 percent decline the year ago quarter.
The company reported a $10.3 million loss for the quarter, a decrease of $6.1 million or 4.3%.
The hotel industry is a crucial part of TTD Holdings’ $2.8 billion cash flow, and the company is also in the process of closing two of its other hotel properties.
As a result of the drop in bookings and occupancy, TTD has cut its dividend by 5.9 percent, from 1.9 cents per share to 1.5 cents per half share.
It also has reduced the dividend yield, which is the average yield a stock pays on its debt.
Read more on TTDBank.com:What we know so far about TTDs hotel business