Hyatt reports fourth quarter 2009 results
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Hyatt reports fourth quarter 2009 results
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2010-02-26
Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE:
H) today reported financial results for the fourth quarter and full year of 2009 as follows:
FOURTH QUARTER 2009
Adjusted EBITDA was $104 million compared to $97 million in the fourth quarter of 2008, an
increase of 7.2% (4.3% excluding the effect of currency). The increase was largely driven by
lower selling, general and administrative expenses compared to the fourth quarter of 2008.
Net loss attributable to Hyatt was $12 million, or $0.07 per share, compared to a net loss
attributable to Hyatt of $142 million, or $1.11 per share, in the fourth quarter of 2008. Net
loss attributable to Hyatt included an unfavorable impact from special items of $13 million
after-tax, or $0.07 per share, during the fourth quarter of 2009 compared to an unfavorable
impact of $129 million after-tax, or $1.00 per share, during the fourth quarter of 2008. See
the table on page 3 of the accompanying schedules for a summary of special items.
Comparable owned and leased hotels RevPAR decreased 6.7% (8.3% excluding the effect
of currency) compared to the fourth quarter of 2008.
Owned and leased hotel operating margins declined 330 basis points compared to the
fourth quarter of 2008. Comparable owned and leased hotel operating margins declined 220
basis points compared to the same period in 2008. See the table on page 9 of the
accompanying schedules for a reconciliation of comparable owned and leased hotel
operating margins to owned and leased hotel operating margins.
Comparable North American full-service RevPAR decreased 11.1% compared to the fourth
quarter of 2008. Comparable North American select-service RevPAR decreased 11.9%
compared to the fourth quarter of 2008.
Comparable International RevPAR increased 0.4% (decreased 5.5% excluding the effect of
currency) compared to the fourth quarter of 2008.
The Company opened nine properties.
The Company completed an initial public offering of its Class A common stock in November
2009.
Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said,
“Last year the global travel and tourism industry faced one of the most difficult operating
environments in a number of decades due to a very significant decline in demand. During this
challenging time, the members of the Hyatt family continued to provide outstanding service to
our guests and value for our owners. Their steadfast efforts continue to fulfill our mission to
provide authentic hospitality by making a difference in the lives of those we touch every day in
each of the properties under our leading brands: Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt,
Andaz, Hyatt Summerfield Suites, Hyatt Place, and Hyatt Vacation Club.”
“During 2009, we enhanced our strong foundation for the future with the progress we made in
the engagement of our associates, in elevating our guest service performance and in increasing
the revenue share of many of our hotels in their respective markets. As to the economy and
market conditions, we have started to see year-over-year increases in occupancy in a number
of markets around the world. Having said this, the signs of economic recovery in the United
States are mixed and our full service hotels around the world continue to face rate pressure.
While these dynamics also apply in the select-service segment in the United States, Hyatt Place
and Hyatt Summerfield Suites properties continue to expand their share of revenue in most of
their respective markets.”
“In the past year, we have established a strong capital base for the future. We believe that this
is particularly appropriate given the cyclical nature of our business. We enhanced our liquidity,
maintained a strong credit rating and completed an initial public offering of our Class A common
stock. We are happy to welcome our new shareholders and we are committed to long-term
value creation for all of our shareholders. Taking into account the current cyclical downturn, we
believe that this is an opportune time to commit capital to renovations in our owned hotels and
we will continue to do so in 2010 as we invest for the long term.”
“We have made great progress in supporting our goal of being the most preferred brand in each
segment that we serve by growing our presence around the world over the last year, with 30
properties across all brands joining our system. We expect to open more than 20 properties this
year and are excited about strong interest in our brands among developers, existing owners and
prospective owners.”
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