Q2 2024 Hyatt Hotels Corp Earnings Call Transcript
Key Points
- Hyatt Hotels Corp (H) reported system-wide RevPAR growth of 4.7%, driven by strong group and business transient segments.
- Group revenue increased approximately 8% in the quarter, with strong results in major U.S. urban markets.
- World of Hyatt membership reached a new record of approximately 48 million members, a 21% increase over the past year.
- The company achieved net rooms growth of 4.6% in the quarter, with notable openings including Park Hyatt Zurich and Hyatt Grand Island in Cancun.
- Hyatt Hotels Corp (H) completed asset sales totaling $1.5 billion, nearing their $2 billion disposition commitment.
- Leisure transient revenue decreased approximately 2% in the quarter, impacted by Easter, renovations, and wildfires in Maui.
- RevPAR in Greater China decreased by approximately 3%, affected by unfavorable macro conditions and increased outbound Chinese travel.
- The company expects third-quarter adjusted EBITDA for ALG Vacations to decline by approximately $5 million due to cancellations and system disruptions.
- Hyatt Hotels Corp (H) revised its full-year system-wide RevPAR growth outlook to 3-4%, reflecting lower incentive fee contributions from Greater China and the U.S.
- The company faces headwinds from significant renovations at key U.S. resorts and weaker demand in secondary and tertiary markets in China.
Good morning and welcome to the Hyatt second-quarter 2024 earnings. (Operator Instructions) Thank you.
I would now like to turn the call over to Adam Rohman, Senior Vice President of Investor Relations and FP&A. Thank you, please go ahead.
Thank you, and welcome to Hyatt's second-quarter 2024 earnings conference call. Joining me on today's call are Mark Hoplamazian, Hyatt's President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer.
Before we start, I would like to remind everyone that our comments today will include forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K quarterly reports on Form 10-Q and other SEC filings. These risks could cause our actual results to be materially different from those expressed in or implied by our comments.
Forward-looking
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