Hyatt reports second quarter 2016 results
U.S. and Systemwide Comparable RevPAR Increased 4.2% and 2.3%, Respectively. |
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Hyatt reports second quarter 2016 results
U.S. and Systemwide Comparable RevPAR Increased 4.2% and 2.3%, Respectively. |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2016-08-03
Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported second quarter 2016 financial results. Net income attributable to Hyatt was $67 million, or $0.49 per diluted share, in the second quarter of 2016, compared to $40 million, or $0.27 per diluted share, in the second quarter of 2015. Adjusted net income attributable to Hyatt was $87 million, or $0.64 per diluted share, in the second quarter of 2016 compared to $41 million, or $0.28 per diluted share, in the second quarter of 2015. Refer to the table on page 3 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, 2016.
Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "We reported solid second quarter results while continuing to execute our long-term growth strategy. Adjusted EBITDA grew 9.7% in the quarter, excluding the impact of foreign currency translation and transactions. Our outlook for the overall business remains positive despite some near-term challenges. In line with current trends, we are revising expectations for comparable system wide RevPAR growth to a range of approximately 2% to 3% for the year."
Second quarter 2016 financial highlights as compared to the second quarter of 2015 are as follows:
• Net income increased 67.5% to $67 million.
• Adjusted EBITDA increased 5.6% to $227 million, up 7.1% in constant currency.
• Comparable systemwide RevPAR increased 2.3%, including an increase of 4.5% at comparable owned and leased hotels.
• Comparable U.S. hotel RevPAR increased 4.2%; full service and select service hotel RevPAR increased 3.2% and 6.9%, respectively.
• Net hotel and net rooms growth was 8% and 6%, respectively.
• Comparable owned and leased hotels segment operating margins were stable at 27.6%.
Mr. Hoplamazian continued, "We continue to deliver against our goal to become the most preferred hospitality brand. In the second quarter, we gained market share systemwide, with particular strength in the Americas. Developer demand for our brands remains strong. Our executed contract base increased to approximately 61,000 rooms, and we remain on track to open more than 60 hotels this year. We also continued to make good progress with respect to our capital recycling efforts. In late June, we sold Andaz 5th Avenue and announced the acquisition of Royal Palms Resort and Spa, which will become part of The Unbound Collection by Hyatt. With the underlying momentum in our business, we expect a solid finish to the year."
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