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Hyatt has revealed that it posted an adjusted EBITDA of $252m (£198m) for the three months ended 31 March, down from $268m (£210.5m) in the same period last year.
Alongside this, its comparable system-wide hotels RevPAR increased 5.5% compared to the same period in 2023.
Furthermore, its net rooms growth was approximately 5.5% and its pipeline of executed management or franchise contracts was approximately 129,000 rooms.
The company’s full year net income is projected to be between $1.15bn (£900m) and $1.2bn (£940m).
Moreover its full year adjusted EBITDA is projected between $1.15bn (£900m) and $1.19bn (£930m).
This is in line with the previously provided 2024 outlook when adjusting for $30m (£23.5m) of reduced adjusted EBITDA due to transactions.
Mark S. Hoplamazian, president and CEO of Hyatt, said: “The year is off to a great start with gross fee revenue reaching a record of $262 million in the quarter. Our pipeline also reached a new record, expanding 10% year-over-year to 129,000 rooms, and we realised net rooms growth of 5.5%.
“World of Hyatt membership has grown by 22%, reaching a new record of 46 million members. Significant progress on asset dispositions is further expanding our asset-light earnings mix, reflecting our execution to permanently reduce owned real estate.”
