Hyatt's revenue fall in first quarter of year

03 May 2013 by
Hyatt's revenue fall in first quarter of year

Hyatt Hotels Corporation reported a $2m (£1.3m) drop in income during the first quarter of 2013, down from $10m (£6.4m) to $8m (£5.1m), year-on-year.

Meanwhile, revenue per available room (revpar) for the global hotel company with 508 properties worldwide, including three in the UK, increased 2.4% in the first three months of the year compared to the corresponding period of 2012, with adjusted EBITDA rising 4.8% from $125m ( £80m)to $131m (£(£84m).

Mark Hoplamazian, president and chief executive of Hyatt said, "Our first quarter of 2013 reflected continued improvement in average daily rates with comparable owned and leased average daily rate increasing 4% excluding the impact of currency. We continued to see strength in transient demand, however group demand declined, in part due to the timing of Easter as compared to the prior year."

Average daily rate, however, decreased 2.5% in the first quarter of 2013, year-on-year, across Europe, Africa, Middle East and Southwest Asia, while revpar increased 4.6%. Revenue from management and franchise fees was flat in the first quarter of 2013 compared to the same period in 2012.

Hyatt Regency Birmingham reverts to Hyatt ownership >>

Hyatt Hotels plans to increase portfolio >>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking