Hyatt Hotels record increase in net income in Q3 2019
Net income rose by 25.4%
Hospitality group Hyatt Hotels has recorded an increase in its net income, the group revealed when it released its Q3 2019 performance.
Net income attributable to Hyatt was $296 million in the third quarter of 2019, when compared to $237 million in the same period last year. Adjusted net income attributable to Hyatt was $39 million in Q3 2019, compared to $37 million in Q3 2018.
Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said: "The strength of our brands and the consistent approach we have to operating with excellence and efficiency are serving us very well in this period of volatile economic conditions. In particular, our management and franchise fee growth of nearly 11% this quarter is driven by roughly 13% year-over-year net rooms growth. Further, we have successfully increased productivity and operating efficiency for 23 straight quarters which has allowed us to maintain strong hotel operating margins even in the face of flat RevPAR growth this quarter."
Comparable system-wide RevPAR was flat, including a decrease of 0.1% at comparable owned and leased hotels.