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Hyatt Reports Q3 2011 Results

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Published on 04/11/11 - Updated on 17/03/22

Adjusted EBITDA was $135 million in the third quarter of 2011 compared to $111 million in the third quarter of 2010, an increase of 21.6%.

-* Net income attributable to Hyatt was $14 million, or $0.08 per share, during the third quarter of 2011 compared to net income attributable to Hyatt of $30 million, or $0.17 per share, in the third quarter of 2010. Adjusted for special items, net income attributable to Hyatt was $27 million, or $0.16 per share, during the third quarter of 2011 compared to net income attributable to Hyatt of $9 million, or $0.06 per share, during the third quarter of 2010. See the table on page 3 of the accompanying schedules for a summary of special items."We continue to generate strong interest in our brands and we are excited about opening managed hotels in India, China, and Tanzania during the quarter. We believe we remain well poised for future opportunities as we have maintained significant liquidity following a bond offering and the amendment of our revolving line of credit during the quarter."-* Comparable owned and leased hotels RevPAR increased 9.2% (6.9% excluding the effect of currency) in the third quarter of 2011 compared to the third quarter of 2010.-* Owned and leased hotel operating margins increased 600 basis points in the third quarter of 2011 compared to the third quarter of 2010. Comparable owned and leased hotel operating margins increased 350 basis points in the third quarter of 2011 compared to the same period in 2010. See the table on page 9 of the accompanying schedules for a reconciliation of comparable owned and leased hotel operating margin to owned and leased hotel operating margin.-* Comparable North American full-service RevPAR increased 7.1% (6.8% excluding the effect of currency) in the third quarter of 2011 compared to the third quarter of 2010. Comparable North American select-service RevPAR increased 8.8% in the third quarter of 2011 compared to the third quarter of 2010.-* Comparable International RevPAR increased 9.6% (3.4% excluding the effect of currency) in the third quarter of 2011 compared to the third quarter of 2010.-* The Company added 26 properties during the third quarter of 2011, including 19 properties acquired from LodgeWorks, L.P. and its private equity partners (“LodgeWorks”).Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, “I am very pleased that we completed the acquisition of 19 hotels from LodgeWorks during the quarter and welcomed a number of former LodgeWorks associates as new members of the Hyatt family. This acquisition immediately expands our extended-stay presence, expertise and development capabilities in North America, as well as adds several unique full-service hotels to Hyatt’s portfolio. While it is still early, we are pleased with the initial results. We are also looking forward to the re-branding of all our extended-stay properties to our newly announced Hyatt House brand, which is on track for early 2012."“We saw strong RevPAR growth in the third quarter, especially at our owned hotels and those located in North America. In addition, performance at our comparable owned and leased hotels was strong, with margins expanding by 350 basis points. The significant renovations at five of our owned properties neared completion during the quarter and initial guest and meeting planner response has been overwhelmingly positive. We are enthusiastic about the anticipated long-term benefits of these renovations.""We continue to generate strong interest in our brands and we are excited about opening managed hotels in India, China, and Tanzania during the quarter. We believe we remain well poised for future opportunities as we have maintained significant liquidity following a bond offering and the amendment of our revolving line of credit during the quarter."

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