Hyatt Posts Profit for 4Q 2010
Hyatt Posts Profit for 4Q 2010
Hyatt Hotels Corp released fourth-quarter results Thursday, posting a healthy profit as demand returned for the higher-end lodgings industry. The company, which is controlled by the Pritzker family, reported net income for the quarter of $6 million, or 3 cents per share, compared to a loss of $12 million, 7 cents per share, in 2009's fourth quarter.
Excluding certain items, earnings were 7 cents per share, the Chicago-based company reported. Analysts in a recent Bloomberg News survey had projected earnings of 6 cents per share.
High-end hotels like Hyatt's brands have recovered at a quicker pace than cheaper hotels, which were hurt less during the recent economic downturn. Occupancy at US luxury hotels went from 61 percent in 2009 to 66 percent last year, according to data from Smith Travel Research Inc. The luxury occupancy rate in 2010 was even higher than the 64 percent overall occupancy rate for hotels within the nation's top 25 markets.
Hyatt's fourth-quarter revenue, according to the report, increased to $918 million, compared to $889 million the year prior. Revpar, or revenue per available room, among hotels open at last one year, rose 3.9 percent in US locations and 11.7 percent internationally.
Hyatt Hotels Corp released fourth-quarter results Thursday, posting a healthy profit as demand returned for the higher-end lodgings industry. The company, which is controlled by the Pritzker family, reported net income for the quarter of $6 million, or 3 cents per share, compared to a loss of $12 million, 7 cents per share, in 2009's fourth quarter.
Excluding certain items, earnings were 7 cents per share, the Chicago-based company reported. Analysts in a recent Bloomberg News survey had projected earnings of 6 cents per share.
High-end hotels like Hyatt's brands have recovered at a quicker pace than cheaper hotels, which were hurt less during the recent economic downturn. Occupancy at US luxury hotels went from 61 percent in 2009 to 66 percent last year, according to data from Smith Travel Research Inc. The luxury occupancy rate in 2010 was even higher than the 64 percent overall occupancy rate for hotels within the nation's top 25 markets.
Hyatt's fourth-quarter revenue, according to the report, increased to $918 million, compared to $889 million the year prior. Revpar, or revenue per available room, among hotels open at last one year, rose 3.9 percent in US locations and 11.7 percent internationally.
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