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Published on : Thursday, August 3, 2017
Hyatt Hotels Corporation today reported second quarter 2017 financial results. Net income attributable to Hyatt was $87 million, or $0.68 per diluted share, in the second quarter of 2017, compared to $67 million, or $0.49 per diluted share, in the second quarter of 2016. Adjusted net income attributable to Hyatt was $66 million, or $0.52 per diluted share, in the second quarter of 2017, compared to $87 million, or $0.64 per diluted share, in the second quarter of 2016. Refer to the table on page 4 of the schedules for a summary of special items impacting Adjusted net income and Adjusted earnings per share in the three months ended June 30, 2017.
Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, “Our second quarter results reflect the strength of the Hyatt brands, demonstrating continued, upward momentum in our business. In the first six months of the year, net income increased 56% and Adjusted EBITDA grew 9%, driven by comparable RevPAR growth of nearly 4% and the ongoing expansion of our portfolio. We continue to expand at a rapid pace, with hotel rooms up 7% versus prior year and a pipeline of signed deals representing 37% of our current rooms inventory.”
Second quarter of 2017 financial highlights as compared to the second quarter of 2016 are as follows:
• Net income increased 30.5% to $87 million.
• Adjusted EBITDA increased 0.6% to $229 million, up 1.3% in constant currency.
• Comparable systemwide RevPAR increased 2.9%, including a decrease of 1.2% at comparable owned and leased hotels.
• Comparable U.S. hotel RevPAR increased 1.4%; full service and select service hotel RevPAR increased 1.3% and 1.5%, respectively.
• Comparable owned and leased hotels operating margins decreased 120 basis points to 26.2%.
• Adjusted EBITDA margin decreased 140 basis points to 31.7%, in constant currency. The redemption of the Company’s preferred investment in Playa Hotels & Resorts in the first quarter negatively impacted margin by 100 basis points.
• Net hotel and net rooms growth was 10% and 7%, respectively.
Mr. Hoplamazian continued, “With the second quarter sales of Hyatt Regency Grand Cypress and Hyatt Regency Louisville subject to long-term management and franchise agreements, respectively, we have made good progress toward our goal of being a net seller of assets in 2017 while sustaining solid earnings growth and returning meaningful capital to our shareholders. Given the strength of our first half operating results, we have increased our full-year outlook for RevPAR and Adjusted EBITDA. We remain focused on super-serving the needs of high-end travelers and are confident that we are taking the right steps to create long-term value for our customers and shareholders.”