Group items tagged

HYATT HOTELS CORP. reported a third-quarter net income of $471 million, with adjusted EBITDA of $275 million-an 8.9 percent increase over the same period last year. Systemwide RevPAR rose 3 percent year-over-year, and net rooms grew approximately 4.3 percent for the quarter. "We reported solid third-quarter results, with gross fee revenues reaching $268 million," said Mark S. Hoplamazian, president and CEO of Hyatt. "Our pipeline reached a record 135,000 rooms, up 10 percent year-over-year, and World of Hyatt membership expanded to 51 million members, growing 22 percent. Our capital strategy, including asset-disposition completion, the acquisition of Standard International, and a joint venture with Bahia Principe, reflects the strength of our asset-light model, leading to over $1.2 billion returned to shareholders through repurchases and dividends this year."

HYATT HOTELS CORP. is set to launch a lifestyle group following the acquisition of Standard International, the parent company of The Standard and Bunkhouse Hotels. The new group would focus on developing future projects included in the acquisition. Amar Lalvani, former executive chairman of Standard International, will serve as president and creative director of the new group. It will be headquartered in New York City, with additional offices in Austin and Bangkok, Hyatt said in a statement. "The lifestyle segment isn't for the faint of heart; it takes creativity and commitment," said Lalvani. "But if you get it right, you reap the benefits of strong guest loyalty and developer returns. Hyatt respects the creativity needed to deliver our experiences, while we value Hyatt's history, global infrastructure, and commercial services."

HYATT HOTEL CORP. plans to acquire Dream Hotel Group's lifestyle hotel brands, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands, for approximately $300 million. The deal will add more than 1,700 rooms to Hyatt's lifestyle portfolio and increase Hyatt's room count in New York City by more than 30 percent. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future, Hyatt said in a statement on Nov. 29. The transaction, expected to close in the coming months, continues Hyatt's asset-light growth strategy following acquisitions of Two Roads Hospitality in 2018 and Apple Leisure Group in 2021. Post-acquisition, Hyatt will pay a base purchase price of $125 million, with up to an additional $175 million over the next six years. It would generate management fees of about $12 million a year on the first dozen hotels.

HYATT HOTELS CORP. reported $26 million in net income for the fourth quarter of 2023 and $220 million for the year. Comparable system-wide RevPAR grew by 9.1 percent during the same period and 17 percent for the full year of 2023, outperforming figures from 2022 and exceeding the previous full-year outlook. Adjusted net income reached $68 million in Q4 and $276 million for full-year 2023, Hyatt said in a statement. "The fourth quarter marks the completion of a transformative year and demonstrates the progress towards our strategic vision and earnings evolution," said Mark Hoplamazian, Hyatt's president and CEO. "RevPAR growth exceeded the high end of our guidance range and we had industry-leading net rooms growth for the seventh consecutive year. This led to a record level of fees and the highest free cash flow in Hyatt's history. We returned $500 million to our shareholders and achieved an asset-light earnings mix of approximately 76 percent for the full year, a testament to the successful execution of our strategy."