Hyatt Reports First Quarter 2024 Results
/Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) reported first quarter 2024 results. Highlights include:
Comparable system-wide hotels RevPAR increased 5.5% compared to the same period in 2023
Comparable system-wide all-inclusive resorts Net Package RevPAR increased 11.0% compared to the same period in 2023
Net Rooms Growth was approximately 5.5%
Net Income was $522 million and Adjusted Net Income was $75 million
Diluted EPS was $4.93 and Adjusted Diluted EPS was $0.71
Adjusted EBITDA was $252 million
Pipeline of executed management or franchise contracts was approximately 129,000 rooms
Repurchased approximately 2.5 million shares of Class A and Class B common stock for an aggregate purchase price of $388 million
Full year comparable system-wide hotels RevPAR is projected to increase 3% to 5% on a constant currency basis compared to full year 2023
Full year Net Income is projected between $1,135 million and $1,195 million
Full year Adjusted EBITDA is projected between $1,150 million and $1,190 million and is in line with previously provided 2024 Outlook when adjusting for $30 million of reduced Adjusted EBITDA due to transactions
Full year Capital Returns to Shareholders is projected between $800 million and $850 million
Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "The year is off to a great start with gross fee revenue reaching a record of $262 million in the quarter. Our pipeline also reached a new record, expanding 10% year-over-year to 129,000 rooms, and we realized net rooms growth of 5.5%. World of Hyatt membership has grown by 22%, reaching a new record of 46 million members. Significant progress on asset dispositions is further expanding our asset-light earnings mix, reflecting our execution to permanently reduce owned real estate."
