Hyatt Hotels Corp.’s third-quarter systemwide business travel revenue increased 16 percent year over year, representing the highest such growth of any segment for the company, officials said Thursday during an earnings call.
U.S. business travel revenue increased at a similar rate, Hyatt CEO Mark Hoplamazian said, adding that “major urban markets continue to benefit from the recovery of business travel.”
Large corporate accounts drove the increase, Hyatt CFO Joan Bottarini said. Group travel demand “remained strong,” she said, “reflecting continued momentum for corporate meetings and social events.”
Hyatt Q3 Metrics
Hyatt’s systemwide second-quarter revenue per available room increased 3 percent year over year to $146.18, while average daily rate increased 1.2 percent to $201.75 and occupancy increased 1.3 percentage points to 72.5 percent.
In the United States, third-quarter RevPAR increased 1.2 percent to $153.76, while ADR rose 0.6 percent to $210.59. Occupancy increased 0.4 percentage points to 73 percent.
Hyatt’s third-quarter revenue was $1.629 billion, up from $1.622 billion one year prior. Net income increased to $471 million from $68 million in the third quarter of 2023.
Hyatt projected full-year 2024 RevPAR of 3 percent to 4 percent above 2023 levels, maintaining the forecast it issued in Q2.
Net rooms increased 4.3 percent year over year to nearly 327,000, while Hyatt’s development pipeline increased 9 percent to about 135,000 rooms.
