Hyatt’s 3rd-quarter net income more than doubles
THE ASSOCIATED PRESS October 30, 2013 9:16AM
Updated: October 30, 2013 9:16AM
Hyatt Hotels Corp. said Wednesday its third-quarter net income more than doubled as daily rates rose and it booked more rooms.
The company, which is based in Chicago, said revenue per available room, or revpar, rose 4.3 percent. Hyatt said that demand in the U.S. was strong, but that there were “challenges” in some international markets, including China and India. Revpar is a measure of room rates and hotel occupancy that is a common measure in the hotel industry.
The company manages and franchises hotels under several names including Hyatt, Grand Hyatt and Andaz.
Net income rose to $55 million, or 35 cents per share, in the quarter that ended on Sept. 30. That’s up from $23 million, or 14 cents per share, in the same quarter a year ago. Adjusted to exclude special items, the company earned 23 cents per share, a penny above analysts’ average estimate, according to FactSet.
Revenue rose 5 percent to $1.03 billion from $977 million, matching Wall Street expectations.
Hyatt expects to open 45 hotels this year. It already opened 35, including 11 hotels during the third quarter.