2022 seems to have signalled a return to financial profitability for many international hotel operators, as evidenced by last year's fourth quarter results from Hilton, Marriott, Choice, Wyndham, Hyatt, IHG, NH and Melia.

In this latest quarter, Hilton reported net income of $333 million and $1,257 million for the full year, exceeding the high end of expectations. EBITDA was $740 million for the quarter and $2,599 million for the full year, also exceeding the high end of guidance.

Comparable system-wide RevPAR also showed a notable increase with +24.8% and +42.5% for the fourth quarter and full year, respectively, compared to the same periods in 2021.

The addition of 17,700 rooms to the Hilton system in the fourth quarter, resulting in 48,300 net additional rooms in the Hilton system for the full year, contributed to net unit growth of 4.7%. In addition, net unit growth for the year 2023 is expected to be between 5% and 5.5%.

For the current year, system-wide RevPAR is expected to increase by 4% to 8% on a comparable basis and neutral to 2022. Full year net income is expected to be between $1,382 million and $1,454 million and full year adjusted EBITDA is expected to be between $2,800 million and $2,900 million.

The year 2023 also marks the launch of the new premium economy brand, Spark by Hilton, which is expected to drive even stronger performance.

Marriott reported operating income of approximately $996 million in the fourth quarter of 2022, up from $635 million in the previous quarter. Adjusted net income for the fourth quarter of 2022 totalled $622 million, compared with $430 million in the fourth quarter of 2021. And Adjusted EBITDA totalled $1,090 million in the fourth quarter of 2022, compared to Adjusted EBITDA of $741 million in the fourth quarter of 2021.

Global RevPAR in the fourth quarter of 2022 increased by 28.8% compared to the fourth quarter of 2021. RevPAR in the US and Canada increased by 23.6%, and RevPAR in international markets increased by 45.1%. 

The group added 145 properties (22,589 rooms) to its global lodging portfolio during the fourth quarter of 2022, including nearly 6,900 rooms converted from competitive brands and approximately 16,700 rooms in international markets.  At year-end, Marriott's global lodging system had nearly 8,300 properties, with more than 1,525,000 rooms.

At the end of 2022, the company's global development pipeline totalled 3,028 properties with more than 496,000 rooms, of which 1,009 properties with approximately 199,000 rooms were under construction, representing 40% of the pipeline.

In addition, Marriott's board of directors has appointed current Chief Executive Officer Anthony Capuano as President and CEO effective February 24, 2023. As previously announced, Marriott's current President, Stephanie Linnartz, will retire to become CEO of Under Armour.

Our performance in 2022 was tremendous. Just two years after experiencing the biggest downturn in our company's history, we delivered record financial results. Our fee-based, asset-light business model generated significant cash flow during the year, allowing us to both invest in growing our business and return $2.9 billion to shareholders.

Anthony Capuano, CEO, Marriott International

On the Choice Hotels International side, total revenue for the fourth quarter of 2022 increased 27% to $362 million compared to the same period in 2021, including a revenue contribution of $64 million from Radisson Hotels Americas. Net profit was $55.5 million for the fourth quarter of 2022.

Adjusted EBITDA for the fourth quarter increased by 18% to $112.5 million compared to the same period in 2021 and includes $11.5 million of adjusted EBITDA contribution from Radisson Hotels Americas.

RevPAR increased 20.4% in the fourth quarter of 2022, compared to the same period in 2019, driven by a 17.4% increase in ADR and a 130 basis point increase in occupancy rates, compared to the fourth quarter of 2019. National system-wide RevPAR growth has exceeded 2019 levels for 19 consecutive months through December 31, 2022. The trend continued in the first quarter of 2023, with RevPAR increasing by more than 6% in January, compared to January 2022.

The company awarded 590 national franchise agreements in 2022, an increase of 11% over the previous year. Of the total agreements awarded in 2022, 87% were for premium, mid-range and extended stay brands. As of December 31, 2022, the size of the national system for the company's upscale segment has increased by 29% since December 31, 2021, due to an increase in the number of hotels due to the acquisition of Radisson Hotels Americas and the growth of the Cambria Hotels brand.

Finally, Wyndham generated net income of $56 million compared to $48 million in Q4 2021. The increase in net income was primarily due to higher adjusted EBITDA in the company's hospitality franchise segment.

 Adjusted EBITDA was $126 million, compared to $131 million in the fourth quarter of 2021, which included a $12 million contribution from the company's select service management business and owned hotels - both of which were exited in the first half of 2022.

In the fourth quarter, global RevPAR was up 15% in constant currency compared to 2021, reflecting 5% growth in the US and 46% growth internationally.  Global RevPAR was 116% of 2019 levels in constant currency, with the US at 115% and international at 123%.  The increases over 2021 and 2019 are primarily due to stronger pricing power.

The group awarded 882 new contracts in 2022, an increase of 35% from the 655 contracts awarded in 2021. As at 31 December 2022, the global development pipeline comprised more than 1,700 hotels and approximately 219,000 rooms, of which approximately 73% were in the mid-market and upscale segments.  The pipeline increased by 12% year-on-year, of which 34% was in the US. Approximately 60% of the company's development pipeline is international and more than 80% is new construction, with approximately 36% under development.

Hyatt's net income was $294 million in the fourth quarter and $455 million for the full year 2022. Adjusted net income was $278 million in the fourth quarter and $365 million for the full year 2022. 

Adjusted EBITDA was $232 million in the fourth quarter and $908 million for the full year 2022. Apple Leisure Group contributed $43 million to adjusted EBITDA in the fourth quarter and $231 million for the full year 2022.

System-wide comparable RevPAR increased 34.8% in the fourth quarter and 60.2% for the full year 2022, compared to 2021. Comparable owned and leased hotel RevPAR increased 41.7% in the fourth quarter and 87.6% for the full year 2022, compared to 2021. Owned and leased comparable hotel operating margin improved to 27.9% in the fourth quarter and 27.1% for the year 2022.

In the fourth quarter, 57 new hotels (representing 10,784 rooms) joined the Hyatt system. Notable openings included 31 franchised hotels (or 5,082 rooms), primarily in Germany, under Hyatt's agreement with Lindner Hotels & Resorts. As of December 31, 2022, the company had a pipeline of executed management or franchise agreements for approximately 580 hotels (approximately 117,000 rooms), including ALG's contribution to the pipeline of approximately 20 hotels (representing approximately 8,000 rooms).

IHG reported reportable segment operating profit of USD 828 million, up 55% on 2021. This result was dampened by a negative currency impact of USD 17 million and includes USD 5 million of costs related to the Iberostar agreement. This resulted in a reported operating profit of USD 628 million.

Net cash flow from operating activities is USD 646 million compared to USD 636 million in 2021. In addition, the movement in net debt includes $482 million of share buybacks, $233 million of dividends and $230 million of net foreign exchange profit. The Group has an adjusted EBITDA of USD 896 million, an increase of 42% compared to 2021.

The recovery in RevPAR is relatively strong by region, +9% for the Americas in Q4 2022 compared to the same period in 2019, +8.8% for the EMEA region and +42% for Greater China. These performances were boosted by an average price that was also up, +18% compared to 2021 and +8% compared to 2019, but also by the occupancy rate, which recorded +9pts compared to 2021 and 7 pts compared to 2019.

The gross growth of the system stands at +5.6% year-on-year while the net growth adjusted for the size of the system shows +4.3% year-on-year. Growth notably driven by the signing of the Iberostar Beachfront Resorts agreement in November 2022, with the first 12,400 rooms added to the IHG system in December 2022.

IHG added 49.4 thousand rooms, or 269 hotels, to its portfolio, bringing its global pipeline to 912 thousand rooms, or 6,164 hotels. In addition, the group signed 80.3k rooms or 467 hotels, bringing the total pipeline to 281k rooms or 1,859 hotels, an increase of +3.9% year-on-year.

NH Hotel Group, part of Minor International, generated €1.76 billion in revenue in 2022, up from €834 million in 2021 and 2.4% higher than the €1.72 billion reported in 2019, the last full year before the pandemic. On a quarterly basis, turnover rose from €234 million in the first quarter to €509 million in the second, €516 million in the third and €501 million in the fourth.

The strong recovery in revenue and EBITDA (€519 million) has enabled NH to report a recurring net profit of €76 million in 2022, the first positive annual result since 2019. Excluding the Omicron effect in the first quarter, between April and December 2022, the recurring net profit amounts to €156 million, €35 million or 29% higher than the profit recorded in the same period of 2019.

The recovery in average price and RevPAR more than offset the decline in occupancy in 2022 compared to 2019. In 2022, NH Hotel Group's RevPAR averaged €74, in line with the 2019 metric, despite the negative impact of Omicron in the first quarter. The upward trend in PM was more pronounced, from €90 in Q1 to €128 in Q2, €130 in Q3 and €128 in Q4. 

Spain recorded an MP of €123 in 2022, 10% above 2019 levels; in Italy, it increased by 14% to €154; in Benelux, the MP was €139, an 11% growth; in Central Europe, the average price increased by 11% to €107 and finally in Latin America, the MP increased by 4% to €76.

Meliá Hotels International's 2022 results are marked by resilience, recovery and confidence. Despite a first quarter heavily impacted by the Omicron variant, the Group has recovered in the last three quarters, even managing to exceed 2019 figures in the second half. 

Melia earned 1,692 million in the 12 months, up +87.5% year-on-year, improving quarter-on-quarter and only -6.1% below full-year 2019. The group's EBITDA reached 430.8 million. On the other hand, the consolidated result also improved by +160.7% compared to the previous year, remaining only 1.3% below 2019, where the company earned 121.7 million euros.

From a performance perspective, the company achieved a 5.4% increase in RevPAR compared to 2019, driven by improvements in average price, (+21%), while average occupancy still remained -12.9% below 2019, with a large recovery margin. Compared to the previous year, the Group's RevPar improved by +88% with improvements of +26% in average price, and +20.31 points in occupancy.

In addition, Meliá signed 33 new hotels in 2022 and opened 33 more, estimating a minimum of 30 new openings by 2023, with a priority focus on key holiday destinations. In line with the group's strategy, all hotels have been incorporated into asset-light packages, a successful model that now represents 14% of the portfolio and 10% of the pipeline. It was also a year of innovation, with the group launching two new brands such as ZEL Hotels, in alliance with Rafael Nadal, which will open its first hotel in Mallorca this summer, and Falcons Resorts by Meliá, which recently opened a property in Punta Cana.