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Hyatt has revealed that adjusted EBITDA reached $268m (£212.5m) in Q1 2023, compared with $169m (£134m) in the first quarter of 2022, as the group’s franchise contracts reached approximately 117,000 rooms.
This comes as the group’s net income reached $58m (£46m) in the first quarter of the year, compared with a net loss of $73m (£57.9m) in the same period last year.
As a result, the group’s total fee revenue increased by 50% due to a raised RevPAR outlook for the full year.
The first quarter of 2023 also saw a comparable system-wide RevPAR increase by 43% compared with the first quarter of 2022, which continued room occupancy recovery through average rate growth.
In addition, a record level of total management, franchise, licence, and other fees of $231m (£183.2m) were generated in the first quarter of 2023, up 50% compared to the prior first quarter.
Mark Hoplamazian, president and CEO of Hyatt, said: “For the fourth consecutive quarter we posted record results that exceeded our expectations, demonstrating our unique positioning and differentiated model. We raised our full year RevPAR outlook while maintaining our record level pipeline and industry leading net rooms growth.
“During the quarter, the recovery in Asia Pacific was particularly remarkable with broad improvements across the region. We continue to experience favourable booking trends and our outlook remains optimistic.”
