Hyatt Hotels is optimistic about future growth following a strong third quarter for the business.
“We had a tremendous quarter that demonstrates our unique positioning and differentiated model,” said Hyatt Hotels President and CEO, Mark S. Hoplamazian.
“We reported total fee revenue that exceeded 2019 by 50%, raised our full year 2022 Net Rooms Growth outlook to approximately 6.5%, and expanded our pipeline to 114,000 rooms.
“Our greater mix of fee-based earnings is driving record results and significant free cash flow.”
Comparable RevPAR increased 45.9% to US$133.31, while comparable US hotel RevPAR increased 35.6% to US$147.70, compared to the third quarter of 2021.
Adjusted EBITDA was US$252 million, compared to US$110 million for the same period last year, with all-inclusive arm Apple Leisure Group (ALG) contributing $78 million of adjusted EBITDA during the quarter.
Hyatt says ALG continues to enjoy favourable results thanks to the continued demand for leisure travel. Total net package revenue increasing 91% compared to Q3 2019 revealing the impact of net rooms growth fuelled by organic growth in the Americas and significant expansion into Europe.
Looking ahead, Hoplamazian said the outlook for Hyatt continues to be positive.
“We continue to see demand accelerating and our outlook remains optimistic based on our latest booking trends,” he said.