Skip to content

Search

Latest Stories

Hyatt reports net income of $220 million for 2023

It expects systemwide RevPAR to grow by 3 to 5 percent in 2024

Hyatt reports net income of $220 million for 2023

HYATT HOTELS CORP. reported $26 million in net income for the fourth quarter of 2023 and $220 million for the year. Comparable system-wide RevPAR grew by 9.1 percent during the same period and 17 percent for the full year of 2023, outperforming figures from 2022 and exceeding the previous full-year outlook.

Adjusted net income reached $68 million in Q4 and $276 million for full-year 2023, Hyatt said in a statement.


“The fourth quarter marks the completion of a transformative year and demonstrates the progress towards our strategic vision and earnings evolution,” said Mark Hoplamazian, Hyatt’s president and CEO. “RevPAR growth exceeded the high end of our guidance range and we had industry-leading net rooms growth for the seventh consecutive year. This led to a record level of fees and the highest free cash flow in Hyatt’s history. We returned $500 million to our shareholders and achieved an asset-light earnings mix of approximately 76 percent for the full year, a testament to the successful execution of our strategy.”

 Growth factors 

Hyatt said that the fourth quarter results were propelled by group demand recovery and increased rate growth across both group and transient customers, leading to robust RevPAR growth compared to the fourth quarter of 2022.

In the fourth quarter of 2023, a record $256 million in management, franchise, license and other fees were generated, propelled by robust global travel demand and net rooms growth, the statement said. The pipeline of executed management or franchise contracts encompassed approximately 127,000 rooms.

Comparable owned and leased hotels' operating margin expanded by 240 basis points compared to the fourth quarter of 2019 and by 310 basis points compared to the full year of 2019. In the quarter, total fees increased by 6 percent compared to the fourth quarter of 2022, with U.S. RevPAR up 3 percent over the same period driven by strong group rates.

29 new hotels opened 

Hyatt added approximately 29 new hotels (9,648 rooms) to its global portfolio in the fourth quarter, with a total of 101 new hotels (23,965 rooms) joining throughout the year, including 43 hotels (13,223 rooms) that converted to a Hyatt brand.

Net rooms growth for Hyatt reached 5.9 percent for the full year of 2023, aligning with the annual outlook, the statement said. As of Dec. 31, the company's pipeline encompassed around 650 hotels (approximately 127,000 rooms), featuring 17 Hyatt Studios hotels (around 2,000 rooms).

In the fourth quarter, developers broke ground on the first Hyatt Studios hotel in Mobile, Alabama.

2024 outlook

Hyatt anticipates a systemwide RevPAR growth between 3 and 5 percent in 2024, the statement said. Moreover, net rooms growth is forecasted to range between 5.5 percent and 6 percent for the year, with expected revenue of approximately $560 million and adjusted EBITDA projected to fall between $1.175 billion and $1.225 billion.

Hyatt also noted that the group booking pace for Americas full-service managed properties is up 8 percent for the full year of 2024 compared to 2023.

IHG Hotels & Resorts recently announced plans to return over $1 billion in 2024 through dividends and share buybacks, fueled by a 23 percent profit growth from reportable segments, surpassing $1 billion for the first time.

More for you

Deloitte value-seeking report 2025

Study: Consumers seek value over low prices

Summary:

  • Consumers are prioritizing value over low prices, pushing brands—including hotels—to adapt, Deloitte finds.
  • Economic uncertainty and inflation are driving caution and shifting views on pricing and spending.
  • Value-seeking by generations: 49 percent of Gen X, 43 percent of Boomers, 40 percent of Millennials and 44 percent of Gen Z.

AMID ECONOMIC UNCERTAINTY and inflation, U.S. consumers are prioritizing value over low prices, favoring brands with added benefits, according to a Deloitte study. This shift is reshaping the market as companies, including hotels, adapt to changing expectations.

Keep ReadingShow less
Trump’s One Big Beautiful Bill Act Pass Senate in 51–50 Vote

Trump’s “Big, Beautiful Bill” passes Senate

Summary:

  • U.S. Senate narrowly passes “One, Big, Beautiful Bill Act.”
  • AAHOA thanks lawmakers, cites tax certainty and flexibility for small business owners.
  • Bill faces tougher path in House amid divisions within Trump’s party.

THE U.S. SENATE on Tuesday narrowly passed President Donald Trump’s flagship legislation, the ‘One Big Beautiful Bill Act’ (H.R. 1), which includes tax breaks and spending cuts the administration says will benefit U.S. citizens. AAHOA backed its final passage in both chambers of Congress, although concerns remain about the inclusion of a remittance tax that could impact Indian Americans.

Keep ReadingShow less
Red Roof partners with FreedomPay to streamline payments in 700+ U.S. hotels
Photo credit: Red Roof

Red Roof taps FreedomPay for 700+ hotels

Summary:

  • Red Roof is contracting with FreedomPay to provide payments across its 700+ U.S. hotels.
  • The company will gain an integrated solution, improved service, cost savings and efficiency.
  • The company is investing in people and technology to advance the brand, president Zack Gharib told Asian Hospitality.

RED ROOF IS contracting with FreedomPay to provide payments across its portfolio of more than 700 hotels in the U.S. The company will receive an integrated payment solution, upgraded service, cost savings and operational efficiency, according to a statement.

Keep ReadingShow less
Gen Z Shifts Hotel Shopping: Tech, Experiences & Values

Survey: Gen Z redefines hotel shopping

Summary:

  • Younger consumers are redefining hotel discovery through platform-hopping and peer input, according to SOCi.
  • Fragmented search and discovery are reshaping how trust is built.
  • About one-third of consumers aged 18–34 report less brand loyalty than a year ago.

GEN Z IS RESHAPING hotel shopping through multiple platforms, peer input and real-time research, according to SOCi, a marketing platform for multi-location businesses. Unlike previous generations who relied on a single search engine or map app, the younger consumer moves through a series of smaller decisions - starting on TikTok, checking Reddit or Yelp and ending with a Google Maps search.

Keep ReadingShow less
Hotel Tech Advances; Outpaces Operational Readiness

Report: Tech outpaces readiness in hotels

  • A gap is growing between technological potential and operational readiness, with many hotel teams still early in AI use.
  • Distribution teams are evolving with limited resources and uneven investment in talent and automation.
  • The report outlines how commercial teams in hospitality are managing transformation.

THERE IS A widening gap between technological potential and operational readiness, with many hotel staff still early in using AI effectively, according to “The State of Distribution 2025” report. Despite the availability of technology, training, systems and workflows remain in development.

The second edition of the industry benchmark report—published by NYU SPS Jonathan M. Tisch Center of Hospitality and its Hospitality Innovation Hub, in collaboration with RateGain Travel Technologies and HEDNA—noted that as traveler expectations rise, aligning people, processes and platforms is becoming a driver of performance.

Keep ReadingShow less