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Hyatt Hotels has revealed that its owned and leased hotels system-wide RevPAR increased 15% in the second quarter, as its net rooms grew 6.9% in the second quarter.
In addition, the group’s comparable owned and leased hotels operating margins were 26.2% higher in Q2 of this year than the prior year.
As a result, the group revealed that its adjusted net income reached a total of $88m (£69.2m) in the second quarter, compared with $51m (£40.1m) in the same period last year.
A record level of total management, franchise, licence, and other fees of $248m (£195.1m) were generated in the second quarter of 2023, up 21% compared to the second quarter of 2022, due to the addition of more rooms.
Meanwhile, adjusted EBITDA was $273m (£214.8m) in the second quarter of 2023 compared with $255m (£200.7m) in the second quarter of 2022.
According to the group, its average rate growth remained strong in the second quarter, as it increased 5% on a constant currency basis.
Occupancy also improved 660 basis points, as compared to the same period in 2022, while comparable net package RevPAR for ALG properties also increased 8% in Q2.
Mark Hoplamazian, president and CEO of Hyatt, said: “For the fifth consecutive quarter we posted record results demonstrating our unique positioning and continued momentum.
“Our outlook remains optimistic, fueled by strong group booking activity during the quarter, resulting in 2024 group pace up 10%. We believe our increasing asset-light earnings mix and free cash flow define a clear path for continued success and enhanced shareholder value into the future.”
