Hyatt Posts 2Q 2011 Results

Discussion in 'Hyatt | Gold Passport' started by Kaanapali, Aug 2, 2011.  |  Print Topic

  1. Kaanapali
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    Kaanapali Gold Member

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    HYATT REPORTS SECOND QUARTER 2011 RESULTS

    CHICAGO (August 2, 2011) – Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE: H) today reported financial results for the second quarter of 2011 as follows:
    SECOND QUARTER 2011
    • Adjusted EBITDA was $151 million compared to $135 million in the second quarter of 2010, an increase of 11.9%.
    • Net income attributable to Hyatt was $37 million, or $0.22 per share, compared to net income attributable to Hyatt of $25 million, or $0.14 per share, in the second quarter of 2010. Adjusted for special items, net income attributable to Hyatt was $46 million, or $0.27 per share, during the second quarter of 2011 compared to net income attributable to Hyatt of $33 million, or $0.18 per share, during the second quarter of 2010. See the table on page 3 of the accompanying schedules for a summary of special items.
    • Comparable owned and leased hotels RevPAR increased 5.9% (3.3% excluding the effect of currency) compared to the second quarter of 2010.
    • Owned and leased hotel operating margins increased 50 basis points compared to the second quarter of 2010. Comparable owned and leased hotel operating margins increased 80 basis points compared to the same period in 2010. See the table on page 9 of the accompanying schedules for a reconciliation of comparable owned and leased hotel operating margin to owned and leased hotel operating margin.
    • Comparable North American full-service RevPAR increased 5.0% (4.7% excluding the effect of currency) compared to the second quarter of 2010. Comparable North American select-service RevPAR increased 9.6% compared to the second quarter of 2010.
    • Comparable International RevPAR increased 9.9% (2.5% excluding the effect of currency) compared to the second quarter of 2010.
    • The Company opened five properties during the second quarter of 2011 including three owned extended-stay hotels purchased during the second quarter of 2011 for approximately $77 million.
    • During the second quarter of 2011, the Company repurchased 8,987,695 shares of Class B common stock for approximately $396 million and retired such shares.
    Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "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. Management and franchise fee growth was over 15%. We continued to expand our presence in markets that are important to our customers and increased our executed contract base for future hotels to 150.

    The momentum continued in our select service portfolio with RevPAR increasing almost 10%. We are building on that momentum with three recently announced transactions — two acquisitions and the formation of a joint venture — that will expand our select service presence, heighten awareness of our successful brands among both guests and owners and strengthen our select service development capabilities, thereby enhancing our ability to attract third party capital to fuel our growth in this attractive segment in North America and internationally.

    Full Press Release at

    http://www.hyattpressroom.com/hyatt...yatt-Reports-Second-Quarter-2011-Results.html
     
  2. Sweet Willie
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    Sweet Willie Gold Member

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    I think they left out how Hoplamazian finished his quote:

    "and therefore we have no need to offer FFNs or other such promotions for our Gold Passport Members"

    ;)
     
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  3. uggboy
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    uggboy Gold Member

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    It really sounds like it!:eek:
     
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  4. Kaanapali
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    Kaanapali Gold Member

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    Especially in light of the rather lame one-year anniversary offer on the Hyatt Visa....one free night at a Cat 1-4....regardless of whether Plat or Diamond.....:(
     
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  5. uggboy
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    uggboy Gold Member

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    :eek:
     

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