Second quarter profits up at Hyatt

Second quarter profits up at Hyatt

Hyatt Hotels has returned to profit for the second quarter of financial 2010 as demand around the world increases.

In a statement to markets the operator confirmed it earned $25 million, or 14 cents per share, in the three months to June, compared to a loss of $50 million for the same period last year.

The reverse was partially attributable to a reduction in one of costs.

The unfavorable impact from special items totalled just $8 million after-tax, or $0.04 per share, during the second quarter of 2010, while in 2009 the figure special items of $64 million after-tax, or $0.43 per share.

Quarterly revenue at the Chicago-based chain rose five per cent to $889 million, up from $847 million in 2009.


Hyatt Hotels president, Mark Hoplamazian, said: “We are pleased with improved transient demand experienced by many of our properties in the second quarter.

“At several properties, particularly those in international markets, average rate increases resulted in strong RevPAR growth versus the second quarter last year.”

The group said RevPAR rose 9.6 per cent during the quarter.

The measure rose 6.8 per cent in North American and 21.4 per cent from the company’s international locations.

Hyatt opened 12 properties over the quarter, including six Hyatt Place properties, three Hyatt Summerfield Suites properties, as well as full-service hotels in each of Carlsbad, California, Miami, and Curacao.

Hyatt became publicly traded in November and has 445 properties.

Its shares closed at $39.87.