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Hyatt has reported a strong period of trading in its third quarter, with total fee revenues exceeding 50% of 2019 levels.
Adjusted EBITDA was $252m (£224m) in the period compared to $110m (£98m) in the third quarter of 2021. However, net income fell to $28m (£24.8m), down from $120m (£107m) the prior year.
Nonetheless, comparable system-wide RevPAR increased 45.9% to $133.31(£118.6) and comparable owned and leased hotels RevPAR increased 47.4% to $177.24 (£157.7). Comparable owned and leased hotels operating margin improved to 24.1% in the third quarter of 2022.
The group also reported net rooms growth of 18.7%, and expanded its pipeline to approximately 114,000 rooms in the period.
Mark S. Hoplamazian, president and CEO of Hyatt, said: “We had a tremendous quarter that demonstrates our unique positioning and differentiated model. We reported total fee revenue that exceeded 2019 by 50%, raised our full year 2022 Net Rooms Growth outlook to approximately 6.5%, and expanded our pipeline to 114,000 rooms.
“Our greater mix of fee based earnings is driving record results and significant free cash flow. We continue to see demand accelerating and our outlook remains optimistic based on our latest booking trends.”
