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maggio 10, 2022 - Hyatt Hotels

Hyatt Reports First Quarter 2022 Results

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System-wide RevPAR Surges in March, Strengthens Further in April; Over 40% of $2.0B Asset Disposition Commitment Closed or Under Contract

CHICAGO (May 10, 2022) - #hyatthotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first quarter 2022 #financialresults. Net loss attributable to Hyatt was $73 million, or $0.67 per diluted share, in the first quarter of 2022, compared to a net loss attributable to Hyatt of $304 million, or $2.99 per diluted share, in the first quarter of 2021. Adjusted net loss attributable to Hyatt was $36 million, or $0.33 per diluted share, in the first quarter of 2022, compared to Adjusted net loss attributable to Hyatt of $363 million, or $3.57 per diluted share, in the first quarter of 2021. 

“We are optimally positioned at this stage in the recovery as demonstrated by the momentum in our results this quarter,” said #markshoplamazian, President and Chief Executive Officer of #hyatthotels Corporation. “Record levels of leisure demand fueled nearly 60% of our rooms revenue in the quarter with continued outperformance at our resorts and all-inclusive properties. We expect the rate of recovery to broaden and strengthen in the months ahead as evidenced by the strong pace of actualized and future bookings for business and group travel. Our outlook remains very optimistic for the remainder of the year with system-wide RevPAR in April accelerating further from March.”

First quarter 2022 #financialresults as compared to the first quarter 2021 are as follows:

  • Net loss decreased to $73 million from a loss of $304 million.
  • Adjusted EBITDA increased to $169 million from a loss of $20 million.
    • Apple Leisure Group ("ALG") contributed $56 million of Adjusted EBITDA.
    • Adjusted EBITDA does not include ALG's Net Deferrals of $24 million and Net Financed Contracts of $7 million.
  • Comparable system-wide RevPAR increased 107% to $93.98 and comparable U.S. #hotel RevPAR increased 126% to $104.45 in the first quarter of 2022.
  • Comparable owned and leased hotels RevPAR increased 217% to $143.50 and comparable owned and leased hotels operating margin improved to 26.9% in the first quarter of 2022.
  • All-inclusive Net Package RevPAR was $204.66 with an Average Daily Rate of $309.90.
  • System-wide Net Rooms Growth was 18.6% in the first quarter of 2022. Excluding the acquisition of ALG, Net Rooms Growth was 5.2%.
  • Pipeline of executed management or franchise contracts increased 13% to approximately 113,000 rooms. Excluding the acquisition of ALG, the pipeline increased 5% to approximately 105,000 rooms.

Mr. Hoplamazian continued, "We have made significant progress towards our new $2.0 billion asset disposition commitment we announced last year. In April of this year, we closed on the sale of three owned hotels and expect to close on the sale of a fourth #hotel in the second quarter. Combined, the disposition of these four hotels results in $812 million in expected gross disposition proceeds, or over 40% of our $2.0 billion disposition target, at an implied multiple of 15.7x 2019 EBITDA, marking significant progress towards our fee-based earnings transformation.”

OPERATIONAL UPDATE

Comparable system-wide RevPAR progressed meaningfully during the first four months of the year, January was 37% below 2019 and improved to 9% below 2019 in April. The Americas and EAME/SW Asia regions exceeded 2019 RevPAR in April by 3% and 1%, respectively. System-wide average daily rate exceeded 2019 by approximately 10% in April driven by luxury brands in the Americas, which exceeded 2019 by approximately 30%.

Forward booking trends also continue to strengthen. System-wide comparable gross transient revenue booked for future periods was approximately 1% below 2019 in April or approximately 6% above 2019 when excluding Greater China. Gross group room revenue booked for stay dates in 2022 for comparable Americas Full Service Managed properties was 42% above 2019 in April.

Net Package RevPAR for ALG resorts in the Americas, in comparison with the same properties managed by ALG in the first quarter of 2019, was 12% above 2019 in April. Gross package revenue booked for ALG resorts in the Americas for future periods was more than 33% above 2019 in April for the same set of properties.

FIRST QUARTER RESULTS

First quarter of 2022 #financialresults as compared to the first quarter of 2021 are as follows:

Management, Franchise, and Other Fees

Total management and franchise fee revenues increased to $135 million in the first quarter of 2022 compared to $49 million reported in the first quarter of 2021 and reflected a sequential improvement from $124 million reported in the fourth quarter of 2021. Base management fees increased to $60 million, incentive management fees increased to $40 million, and franchise fees increased to $35 million during the quarter compared to the first quarter of 2021. Other fee revenues increased to $19 million during the quarter compared to the first quarter of 2021.

Americas Management and Franchising Segment

Americas management and franchising segment Adjusted EBITDA increased to $85 million in the first quarter of 2022 compared to $28 million reported in the first quarter of 2021. Results were led by increases in base management and franchise fees, with franchise fees exceeding 2019 levels by 9% on a reported basis.

Americas net rooms increased 4.0% compared to the first quarter of 2021.

Southeast Asia, Greater China, Australia, New Zealand, South Korea, Japan and Micronesia (ASPAC) Management and Franchising Segment

ASPAC management and franchising segment Adjusted EBITDA of $5 million in the first quarter of 2022 was flat compared to $5 million reported in the first quarter of 2021. Results reflect lower demand from Greater China while the remainder of the region experienced improving demand and an increase in management fees.

ASPAC net rooms increased 6.1% compared to the first quarter of 2021.

Europe, Africa, Middle East and Southwest Asia (EAME/SW Asia) Management and Franchising Segment

EAME/SW Asia management and franchising segment Adjusted EBITDA increased to $6 million in the first quarter of 2022 compared to $0 million reported in the first quarter of 2021. Results across the region were led by increases in base and incentive management fees in the Middle East and Western Europe.

EAME/SW Asia net rooms increased 9.7% compared to the first quarter of 2021.

Further information in the press release to download