Q3 2024 Hyatt Hotels Corp Earnings Call Transcript
Key Points
- Hyatt Hotels Corp (H) reported a 3% system-wide RevPAR growth, with strong performance in luxury brands.
- The company achieved a record number of rooms in its pipeline, representing a 10% increase compared to the third quarter of 2023.
- World of Hyatt membership reached approximately 51 million, a 22% increase over the prior year, enhancing customer loyalty and reducing acquisition costs.
- Hyatt completed the acquisition of Standard International, adding 22 hotels and enhancing its position in the Lifestyle segment.
- The company successfully completed its third asset disposition commitment, realizing $2.6 billion in gross proceeds net of acquisitions.
- Leisure transient revenue decreased by approximately 4% in the quarter, particularly in the United States and Greater China.
- RevPAR in Greater China decreased by approximately 7% due to high levels of domestic travel last year and weaker demand.
- The company experienced higher-than-expected room attrition, approaching 1.5%, which is above the typical run rate.
- Hyatt's third-quarter results were negatively impacted by hurricane activity, particularly affecting all-inclusive properties in the Americas.
- The company tightened its 2024 outlook ranges due to lower-than-expected results in the third quarter.
Good morning, and welcome to the Hyatt third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Adam Rohman, Senior Vice President of Investor Relations and Global FP&A. Thank you. Please go ahead.
Thank you, and welcome to Hyatt's Third 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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
