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Hyatt Reports Second Quarter 2014 Results

Stocks in this article: H

Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported second quarter 2014 financial results as follows:

  • Adjusted EBITDA was $231 million in the second quarter of 2014 compared to $212 million in the second quarter of 2013, an increase of 9.0%.
  • Adjusted for special items, net income attributable to Hyatt was $72 million, or $0.47 per share, during the second quarter of 2014 compared to net income attributable to Hyatt of $70 million, or $0.43 per share, during the second quarter of 2013.
  • Net income attributable to Hyatt was $74 million, or $0.48 per share, during the second quarter of 2014 compared to net income attributable to Hyatt of $112 million, or $0.70 per share, in the second quarter of 2013.
  • Comparable owned and leased hotels RevPAR increased 4.8% (4.0% excluding the effect of currency) in the second quarter of 2014 compared to the second quarter of 2013.
  • Comparable owned and leased hotels operating margins decreased 20 basis points in the second quarter of 2014 compared to the second quarter of 2013. Owned and leased hotels operating margins decreased 40 basis points in the second quarter of 2014 compared to the second quarter of 2013.
  • Comparable systemwide RevPAR increased 5.5% (6.1% excluding the effect of currency) in the second quarter of 2014 compared to the second quarter of 2013.
  • Comparable U.S. full service hotel RevPAR increased 5.5% in the second quarter of 2014 compared to the second quarter of 2013. Comparable U.S. select service hotel RevPAR increased 8.4% in the second quarter of 2014 compared to the second quarter of 2013.
  • Ten hotels were opened. As of June 30, 2014, the Company's executed contract base consisted of approximately 240 hotels or approximately 54,000 rooms.
  • The Company repurchased 1,563,153 shares of common stock at a weighted average price of $57.33 per share, for an aggregate purchase price of approximately $90 million.

Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "In the second quarter, we reported constant currency systemwide RevPAR growth of 6.1% driven by continued robust transient demand and rate growth. Comparable owned and leased hotels RevPAR increased 4.0% and comparable owned and leased hotels operating margins decreased 20 basis points partially due to a difficult comparison to a strong second quarter in 2013 as well as adverse market conditions at two hotels outside the Americas. On a year-to-date basis, we saw strong performance at owned and leased hotels with comparable RevPAR up 5.1% and comparable operating margins up 60 basis points.

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