by Mia Taylor
Last updated: 3:35 PM ET, Fri August 4, 2023
Business is booming for Hyatt Hotels and Resorts.
The hotel company released its second quarter financial results yesterday, which showed that it has experienced five consecutive quarters of record results.
The company’s CEO, Mark Hoplamazian said the results demonstrate Hyatt’s “unique positioning and continued momentum.”
Hyatt’s systemwide RevPAR rate (revenue per available room) has expanded 15 percent year-over-year, generating a record level of total free revenue for the quarter. The second quarter RevPAR is also up 8 percent over the same time in 2019.
The report showed Hyatt $68 million in net income and a record $248 million in total management, franchise, and license fees. It also experienced 6.9 percent net rooms growth. The company’s pipeline of rooms meanwhile is at 119,000, which represents about 40 percent of Hyatt’s existing portfolio.
Más de 1,000 propiedades de Hyatt desplegarán la plataforma de mensajería de Medallia Zingle. /Photo via: GoodLifeStudio/iStock/Getty Images Plus).
Also notable, during the second quarter, 24 new hotels (which amounted to about 5,927 rooms) joined Hyatt's system.
The openings included Andaz Nanjing Hexi, Grand Hyatt La Manga Club Golf & Spa, Hyatt Regency Mexico City Insurgentes, Impression Isla Mujeres by Secrets, and The Pell, part of JdV by Hyatt.
As of June 30, Hyatt had a pipeline of executed management or franchise contracts for approximately 585 more hotels, which total approximately 119,000 rooms.
Hyatt's Apple Leisure Group division of all-inclusive resorts also continued its strong performance. ALG's net package RevPAR grew 8 percent year over year during the second quarter. Hoplamazian said growth is settling into "more normalized demand patterns."
"Typically, there's a break point after Labor Day where you see a significant falloff in business -- we saw none of that last year," said Hoplamazian. "We do expect a normalization of that seasonality and a drop-off after Labor Day for ALG."
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter here.
Topics From This Article to Explore
