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.
