CHICAGO Hyatt Hotels Corp. posted a RevPAR increase of 7.3% in the third quarter compared to a year ago, and its results were even better beyond North America, where RevPAR jumped 15.1%.
In North America, RevPAR at Hyatt’s select-service properties gained slightly more than its full-service hotels, improving 9.1% and 7.5% year over year, respectively.
“During the third quarter, RevPAR, margins, and fees increased as a result of improved demand,” said President and CEO Mark Hoplamazian. “Higher levels of corporate and group business resulted in improved performance at convention and business hotels in particular. International hotels continued to perform well as occupancies and rates increased in several regions, contributing to fee growth of approximately 25% in the quarter.”
Hyatt’s adjusted EBITDA grew 20.7% year over year to US$111 million. Net income was up by 600%, to US$30 million, or $0.17 per share.
Hyatt opened three hotels in the third quarter, including Andaz 5th Avenue in New York City, an owned property. The company expects to open a total of approximately 30 properties in 2010.