Hyatt announced its financial results for the third quarter of 2023 on Thursday, revealing some encouraging trends in terms of growth.
The hotel giant saw net income reach $68 million for the period compared to $28 million in the third quarter of 2022.
Meanwhile, adjusted net income was $75 million in the third quarter of 2023 compared to $72 million in the third quarter of last year.
Diluted EPS (earnings per share) was $0.63 compared to $0.25 in the third quarter of 2022, while adjusted diluted EPS was $0.70 in the third quarter of 2023 compared to $0.64 in the third quarter a year ago.
Hyatt achieved a new record total management, franchise, license, and other fee revenue of $250 million and said its pipeline has expanded to a new high of 123,000 rooms.
Comparable system-wide RevPAR (revenue per available room) increased 8.9 percent in the third quarter of 2023 compared to 2022, the company said.
"We had a tremendous quarter, largely driven by the strength in our core business. Our third-quarter performance contributed to a 25 percent improvement in total fees for the first nine months of the year compared to 2022," Hyatt President and CEO Mark S. Hoplamazian said in a statement accompanying Thursday's news.
"We expect strong fee growth to continue, fueled by our record pipeline of 123,000 rooms and higher levels of conversion opportunities combined with robust demand for travel around the globe," he added. "We continue to successfully execute our asset-light transformation and growth strategy while returning meaningful capital to shareholders."
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