Second quarter financial results showing year-on-year improvement for several large hotel companies were released over the past two days.
Hyatt Hotels Corp., Chicago, showed an increase in profit of 48% year-on-year, buoyed by higher occupancy rates. Net income was US$46 million, or 27 cents per share, during the second quarter of 2011 compared to US$33 million, or 18 cents per share, during the second quarter of 2010.
“Our business performed well in the second quarter, showing solid growth in earnings, stronger occupancy levels and increased average rates in multiple segments and regions,” said Mark Hoplamazian, president and CEO of Hyatt Hotels.
Choice Hotels International, Silver Spring, Maryland saw income increase 3% from US$43.6 million for the second quarter to US$45.1 million for the same period of the current year.
“During the second quarter, we continued to see strong gains in RevPAR domestically across every brand in the Choice family thanks to a combination of increases in both occupancy and rate,” said Stephen Joyce, president and CEO at Choice Hotels.
British hotel corporation Millennium & Copthorne Hotels saw its second quarter profit almost double, increasing 91% year-on-year from US$51 million (£31.6 million) to US$98 million (£60.6 million).
“We further strengthened our financial position in the first half of the year and continue to seek out and analyze investment opportunities that will add value for shareholders,” said Kwek Leng Beng, chairman at Millennium & Copthorne.
Gaylord Entertainment Co., Nashville, Tennessee reported a US$8.6 million profit in the second quarter, a marked improvement from the company’s US$26 million loss during the same period a year ago.
“We continued to pass through a point in the recovery cycle where rooms booked during the recession at lower rates continue to travel and rooms booked early in the recovery at higher rates are just beginning to travel,” said Colin Reed, chairman and CEO, Gaylord Entertainment.
Great Wolf Resorts, Inc., Madison, Wisconsin posted a loss for the second quarter at –US$6.8 million, nearly halving the red ink of their Q2 2010 result of –US$12.8.
“I am pleased with the ongoing progress on improving our balance sheet,” said Kim Schaefer, CEO at Great Wolf Resorts.