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Hyatt Hotels has reported that its net rooms grew by 7.8% in FY24 in line with its full year outlook, with its pipeline having expanded by 9% year-over-year.
The fourth quarter saw 81 new hotels – or 20,721 rooms – join the Hyatt portfolio, inclusive of properties acquired through the Standard International and Bahia Principe transactions.
Notable openings included Grand Hyatt Deer Valley; Dreams Madeira Resort Spa and Marina; Park Hyatt London River Thames; Thompson Palm Springs; and nine UrCove properties.
By the end of December 2024, the group had a pipeline of executed management or franchise contracts for some 720 hotels – or approximately 138,000 rooms – representing a pipeline expansion of 9% year-over-year.
As a result, the hotel giant saw its group-wide RevPAR rise by 4.6% in the full year, and by 5% in the Golden Quarter.
However, Hyatt sustained a net income loss of $56m (£44.5m) in the fourth quarter, which it attributed to the impact of the shift of the Jewish holidays and the US election in November 2024.
The group’s net income still hit $1.2bn (£950m) for the whole year due to “strong” business and leisure transient travel.
Meanwhile, adjusted net income hit $40m (£31.7m) in the fourth quarter and $375 (£298m) for the full year of 2024.
Adjusted EBITDA increased 20.3% to $255m (£202.6m) in the fourth quarter of 2024, compared to the same period in 2023, when adjusted for the net impact of asset sales. Hyatt achieved a full year adjusted EBITDA of $1.096bn (£870m).
Mark S. Hoplamazian, president and CEO of Hyatt, said: “The purposeful evolution of our business model and strong brand focus has accelerated our network effect benefiting each of our stakeholders.
“Our fourth quarter results demonstrate the strength of our commercial offerings, as evidenced by the growth of the World of Hyatt loyalty program, which reached approximately 54 million members. Our operating results and industry leading net rooms growth allowed us to achieve record levels of gross fees while returning over $1.2bn (£950m) to shareholders in 2024.”
Hyatt expects its group-wide RevPAR to rise between 2% and 4% in 2025; its net rooms portfolio to grow between 6% and 7%; its net income to come in between $190m (£151m) and $240m (£190.7m); and its 2025 full year adjusted EBITDA is projected between $1.1bn (£870m) and $1.15bn (£910m).
