Hyatt Reports Third Quarter 2024 Results
Hyatt Hotels reported solid Q3 2024 results with Net Income of $471 million and Adjusted EBITDA of $275 million. System-wide hotels RevPAR increased 3.0% compared to 2023. The company's pipeline reached a record of approximately 135,000 rooms, growing 10% year-over-year. World of Hyatt membership expanded to 51 million members, up 22%. The company completed its 2021 asset-disposition commitment, acquired Standard International, and announced plans for a joint venture to manage Bahia Principe hotels. Full-year 2024 guidance projects Net Income between $1,400-$1,450 million and Adjusted EBITDA of $1,100-$1,120 million.
Hyatt Hotels ha riportato risultati solidi per il Q3 2024 con un utile netto di 471 milioni di dollari e un EBITDA rettificato di 275 milioni di dollari. Il RevPAR degli hotel nel sistema è aumentato del 3,0% rispetto al 2023. Il portafoglio dell'azienda ha raggiunto un record di circa 135.000 camere, crescendo del 10% anno su anno. L'iscrizione a World of Hyatt è aumentata a 51 milioni di membri, in aumento del 22%. L'azienda ha completato il suo impegno di dismissione di asset del 2021, acquisito Standard International e annunciato piani per una joint venture per gestire gli hotel Bahia Principe. La previsione per l'intero anno 2024 stima un utile netto compreso tra 1.400 e 1.450 milioni di dollari e un EBITDA rettificato di 1.100-1.120 milioni di dollari.
Hyatt Hotels informó resultados sólidos para el Q3 2024 con un ingreso neto de 471 millones de dólares y un EBITDA ajustado de 275 millones de dólares. El RevPAR de los hoteles a nivel sistemático aumentó un 3,0% en comparación con 2023. La cartera de la empresa alcanzó un récord de aproximadamente 135,000 habitaciones, creciendo un 10% interanual. La membresía de World of Hyatt se expandió a 51 millones de miembros, un aumento del 22%. La empresa completó su compromiso de disposición de activos de 2021, adquirió Standard International y anunció planes para una empresa conjunta para gestionar los hoteles Bahia Principe. La guía para el año completo 2024 proyecta un ingreso neto entre 1,400 y 1,450 millones de dólares y un EBITDA ajustado de 1,100 a 1,120 millones de dólares.
하얏트 호텔은 2024년 3분기 실적을 발표하며 순이익 4억 7,100만 달러와 조정 EBITDA 2억 7,500만 달러를 기록했습니다. 시스템 전반에 걸쳐 호텔의 RevPAR는 2023년 대비 3.0% 증가했습니다. 회사의 파이프라인은 약 135,000개 객실로 기록적인 성과를 이루었으며, 지난해 대비 10% 성장했습니다. 월드 오브 하얏트 회원 수는 5,100만 명으로 22% 증가했습니다. 회사는 2021년 자산 처분 의무를 완료하고, 스탠다드 인터내셔널을 인수하였으며, 바히아 프린시페 호텔을 관리하기 위한 합작 투자 계획을 발표했습니다. 2024년 전체 연간 가이드는 순이익을 14억에서 14억 5천만 달러, 조정 EBITDA를 11억에서 11억 2천만 달러로 예상하고 있습니다.
Hyatt Hotels a annoncé des résultats solides pour le Q3 2024 avec un revenu net de 471 millions de dollars et un EBITDA ajusté de 275 millions de dollars. Le RevPAR des hôtels dans le système a augmenté de 3,0 % par rapport à 2023. Le pipeline de l'entreprise a atteint un record d'environ 135 000 chambres, en croissance de 10 % d'une année sur l'autre. L'adhésion à World of Hyatt a été élargie à 51 millions de membres, en hausse de 22 %. L'entreprise a complété son engagement de cession d'actifs de 2021, a acquis Standard International et a annoncé des plans pour une coentreprise afin de gérer les hôtels Bahia Principe. Les prévisions pour l'année 2024 prévoient un revenu net compris entre 1 400 et 1 450 millions de dollars et un EBITDA ajusté de 1 100 à 1 120 millions de dollars.
Hyatt Hotels hat im Q3 2024 solide Ergebnisse mit einem Nettoergebnis von 471 Millionen Dollar und einem bereinigten EBITDA von 275 Millionen Dollar berichtet. Der RevPAR der hotelsystemweit ist im Vergleich zu 2023 um 3,0% gestiegen. Die Pipeline des Unternehmens erreichte mit etwa 135.000 Zimmern einen Rekord und wuchs um 10% im Jahresvergleich. Die Mitgliedschaft bei World of Hyatt erweiterte sich auf 51 Millionen Mitglieder, ein Anstieg um 22%. Das Unternehmen erfüllte sein Engagement zur Veräußerung von Vermögenswerten aus 2021, erwarb Standard International und kündigte Pläne für ein Joint Venture zur Verwaltung von Bahia Principe Hotels an. Die Prognose für das Gesamtjahr 2024 sieht ein Nettoergebnis zwischen 1.400 und 1.450 Millionen Dollar und ein bereinigtes EBITDA von 1.100 bis 1.120 Millionen Dollar vor.
- Net Income reached $471 million with Adjusted EBITDA of $275 million
- Pipeline grew 10% YoY to record 135,000 rooms
- World of Hyatt membership increased 22% YoY to 51 million members
- Gross fee revenues reached $268 million in Q3
- Realized $2.6 billion in asset disposition proceeds at 13.3x multiple
- Strong RevPAR growth in Europe (15%) and Asia Pacific (10%)
- All-inclusive resorts Net Package RevPAR decreased 0.9% YoY
- Owned and leased segment revenue declined 12.5% YoY
- Distribution segment affected by hurricanes Beryl and Helene
Insights
The Q3 results demonstrate solid performance with several key metrics: Net Income of
Notable developments include the Standard International acquisition (
The operational metrics reveal strong momentum in key markets. Europe showed impressive RevPAR growth of
World of Hyatt membership grew significantly to 51 million members, a remarkable
Hyatt's Third Quarter 2024 Earnings Infographic
-
Comparable system-wide hotels RevPAR increased
3.0% compared to the same period in 2023
-
Comparable system-wide all-inclusive resorts Net Package RevPAR decreased
0.9% compared to the same period in 2023
-
Net Rooms Growth was approximately
4.3%
-
Net Income was
and Adjusted Net Income was$471 million $96 million
-
Diluted EPS was
and Adjusted Diluted EPS was$4.63 $0.94
-
Adjusted EBITDA was
$275 million
- Pipeline of executed management or franchise contracts was approximately 135,000 rooms
-
Repurchased approximately 4.5 million shares of Class A and Class B common stock for an aggregate purchase price of
$657 million
-
Full year comparable system-wide hotels RevPAR is projected to increase
3.0% to4.0% on a constant currency basis compared to full year 2023
-
Full year Net Income is projected between
and$1,400 million $1,450 million
-
Full year Adjusted EBITDA is projected between
and$1,100 million $1,120 million
-
Full year Capital Returns to Shareholders is projected to be approximately
$1,250 million
Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "We reported solid third quarter results, with gross fee revenues reaching
Segment Results and Highlights
(in millions) |
|
Three Months Ended
|
|
|
|||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
Change (%) |
|
Management and franchising |
|
$ |
210 |
|
|
$ |
192 |
|
|
8.9 |
% |
Owned and leased |
|
|
63 |
|
|
|
72 |
|
|
(12.5 |
)% |
Distribution |
|
|
38 |
|
|
|
31 |
|
|
26.1 |
% |
Overhead |
|
|
(36 |
) |
|
|
(42 |
) |
|
15.1 |
% |
Eliminations |
|
|
— |
|
|
|
— |
|
|
(240.7 |
)% |
Adjusted EBITDA |
|
$ |
275 |
|
|
$ |
253 |
|
|
8.9 |
% |
-
Management and franchising: Results reflected strong business transient and group travel demand during the third quarter. In
the United States , performance was driven by business transient and group travel while leisure was impacted by renovations, weather, and increased international outbound toEurope andAsia Pacific (excludingGreater China ). InEurope , RevPAR increased15% during the period, bolstered by the Summer Olympics inParis .Greater China continued to experience meaningful international outbound travel to other markets withinAsia , with RevPAR inAsia Pacific (excludingGreater China ) up10% during the quarter. -
Owned and leased: Adjusted EBITDA in the third quarter increased
13% compared to the third quarter of 2023, when adjusted for the net impact of transactions. Comparable margins increased 210 bps compared to the third quarter of 2023, led by strong ADR from the Democratic National Convention inChicago and the Summer Olympics inParis . -
Distribution: Results for the third quarter reflect more seasonal booking patterns compared to last year and the impact of Hurricanes Beryl and Helene, partially offset by Mr & Mrs Smith commissions and certain ALG Vacations travel credits. Excluding the impact of the UVC Transaction, Adjusted EBITDA decreased
.$5 million
Openings and Development
In the third quarter, 16 new hotels (or 2,589 rooms) joined Hyatt's portfolio. Notable openings included Alila Shanghai, Brunfels Hotel, part of The Unbound Collection by Hyatt, Grand Hyatt Kunming, and Park Hyatt Marrakech. During the quarter, the Company announced its exclusive alliance with Under Canvas with 13 outdoor resorts, including ULUM Moab.
As of September 30, 2024, the Company had a pipeline of executed management or franchise contracts for approximately 690 hotels (approximately 135,000 rooms).
Transactions and Capital Strategy
As a result of the previously announced sale of Hyatt Regency Orlando and an adjacent undeveloped land parcel on August 16, 2024, the Company exceeded its
Additionally, as previously announced, the Company closed on the acquisition of Standard International on October 1, 2024 for approximately
On October 28, 2024, the Company announced plans to enter into a long-term, asset-light joint venture with Grupo Piñero, investing
Balance Sheet and Liquidity
As of September 30, 2024, the Company reported the following:
-
Total debt of
.$3,142 million -
Pro rata share of unconsolidated hospitality venture debt of
, substantially all of which is non-recourse to Hyatt and a portion of which Hyatt guarantees pursuant to separate agreements.$454 million -
Total liquidity of approximately
with$2.6 billion of cash and cash equivalents and short-term investments, and borrowing availability of$1,134 million under Hyatt's revolving credit facility, net of letters of credit outstanding.$1,497 million -
During the quarter, the Company repaid the outstanding balance on the
of$750 million 1.800% senior notes due 2024 at maturity for approximately , inclusive of$753 million of accrued interest.$7 million
During the third quarter, the Company repurchased a total of 2,858,280 shares of Class A common stock for approximately
The Company's board of directors has declared a cash dividend of
2024 Outlook
The Company is providing the following updated outlook for the 2024 fiscal year:
|
|
Full Year 2024 vs. 2023 |
System-Wide Hotels RevPAR1 |
|
|
Net Rooms Growth |
|
|
Net Rooms Growth excluding Bahia Principe Transaction |
|
|
(in millions) |
|
Full Year 2024 |
Net Income |
|
|
Gross Fees |
|
|
Adjusted G&A Expenses2 |
|
|
Adjusted EBITDA2, 3 |
|
|
Capital Expenditures |
|
Approx. |
Free Cash Flow2 |
|
|
Capital Returns to Shareholders4 |
|
Approx. |
1 RevPAR is based on constant currency whereby previous periods are translated based on the current period exchange rate. RevPAR percentage for 2024 vs. 2023 is based on comparable hotels. |
||
2 Refer to the tables on schedule A-9 for a reconciliation of estimated Net Income attributable to Hyatt Hotels Corporation to Adjusted EBITDA, G&A expenses to Adjusted G&A Expenses, and net cash provided by operating activities to Free Cash Flow. |
||
3 During the nine months ended September 30, 2024, the Company revised its definition of Adjusted EBITDA to exclude transaction and integration costs and recast prior-period results to provide comparability. Adjusted EBITDA outlook reflects the removal of approximately |
||
4 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases. |
||
No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2024 Outlook other than as noted with respect to Net Rooms Growth expectations related to the timing of the Bahia Principe Transaction closing. The Company's 2024 Outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results. |
Refer to the table on page A-7 of the schedules for a summary of special items impacting Adjusted Net Income and Adjusted Diluted EPS for the three months and nine months ended September 30, 2024.
Note: All RevPAR and ADR percentage changes are in constant dollars. All Net Package RevPAR and Net Package ADR percentage changes are in reported dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page A-5.
Conference Call Information
The Company will hold an investor conference call this morning, October 31, 2024, at 9:00 a.m. CT.
Participants are encouraged to listen to a simultaneous webcast of the conference call, which may be accessed through the Company's website at investors.hyatt.com. Alternatively, participants may access the live call by dialing: 800.715.9871 (
A replay of the call will be available for one week beginning on Thursday, October 31, 2024, at 12:00 p.m. CT by dialing: 800.770.2030 (
Forward-Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, the number of properties we expect to open in the future, pace and booking trends, the expected timing and payment of dividends, RevPAR trends, our expected Adjusted G&A Expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected one-time integration-related expenses, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including as a result of the
Non-GAAP Financial Measures
The Company refers to certain financial measures that are not recognized under
Availability of Information on Hyatt's Website and Social Media Channels
Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in
HHC-FIN
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031727232/en/
Investor Contacts
Adam Rohman, 312.780.5834, adam.rohman@hyatt.com
Ryan Nuckols, 312.780.5784, ryan.nuckols@hyatt.com
Media Contact
Franziska Weber, 312.780.6106, franziska.weber@hyatt.com
Source: Hyatt Hotels Corporation
FAQ
What was Hyatt's (H) RevPAR growth in Q3 2024?
How many rooms are in Hyatt's (H) development pipeline as of Q3 2024?
What is Hyatt's (H) full-year 2024 Net Income guidance?