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Hyatt has reported that net income and adjusted net income hit $471m (£363m) and $96m (£74m) respectively during the third quarter, while adjusted EBITDA reached $275m (£212m).
It comes as comparable group-wide RevPAR rose 3% against the previous year, as net rooms growth was approximately 4.3% during the quarter.
During Q3, Hyatt’s pipeline of executed management of franchise contracts sat at roughly 135,000 rooms.
As a result of its performance during this quarter, the hotel group expects its full year comparable group-wide hotels RevPAR to increase between 3% and 4% on a constant currency basis against FY23.
Meanwhile, full year net income is projected between $1.4bn (£1.14bn) and $1.45bn (£1.18bn), with full year adjusted EBITDA between $1.1bn (£902m) and $1.12bn (£918.4m).
Mark Hoplamazian, president and CEO of Hyatt, said: “We reported solid third quarter results, with gross fee revenues reaching $268m. Our pipeline reached a new record of approximately 135,000 rooms, increasing 10% year-over-year, and World of Hyatt membership expanded to a record of 51 million members, growing a remarkable 22% year-over-year.
“Our operating results and capital allocation strategy, including the completion of our 2021 asset-disposition commitment, acquisition of Standard International, and planned joint venture transaction to manage Bahia Principe branded hotels and resorts, demonstrate the strength of our asset-light earnings model leading to the return of over $1.2bn to shareholders through share repurchases and dividends so far this year.”
