by Donald Wood
Last updated: 11:16 AM ET, Tue May 10, 2022
As part of Hyatt Hotels Corporation's first quarter 2022 financial results, the hotel brand's net losses were $73 million, down considerably from the losses of $304 million accrued during the same period in 2021.
Hyatt's Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased to $169 million from a loss of $20 million the previous year, while Apple Leisure Group (ALG) contributed $56 million to the total.
System-wide revenue per available room (RevPAR) increased 107 percent to $93.98 and comparable United States hotel RevPAR increased 126 percent to $104.45 in the first quarter. Net Rooms Growth also climbed 18.6 percent to start the year.
In the first three months, 13 new hotels (2,690 rooms) joined Hyatt's portfolio, with officials revealing a pipeline of executed management or franchise contracts for approximately 540 hotels (113,000 rooms).
The total includes ALG's pipeline contribution of approximately 30 hotels (8,000 rooms).
"Record levels of leisure demand fueled nearly 60 percent of our rooms revenue in the quarter with continued outperformance at our resorts and all-inclusive properties," Hyatt CEO Mark S. Hoplamazian said.
"We expect the rate of recovery to broaden and strengthen in the months ahead as evidenced by the strong pace of actualized and future bookings for business and group travel," Hoplamazian continued. "Our outlook remains very optimistic for the remainder of the year with system-wide RevPAR in April accelerating further from March."
Forward booking trends also continue to strengthen, as officials reported comparable gross transient revenue booked for future periods was approximately one percent below 2019 in April or around six percent above 2019.
Gross group room revenue booked for stay dates in 2022 for comparable Americas Full Service Managed properties was 42 percent above 2019 in April.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
