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Hyatt reports Q2 profit
Hyatt Hotels Corp reported second quarter 2024 results earning net income of $359 million.
The company is targeting a $1 billion profit for the full year.
System-wide hotels RevPAR increased 4.7% compared to a year ago and all-inclusive resorts net package RevPAR grew 3%.
Its current pipeline stands at approximately 130,000 rooms.
CEO Mark S. Hoplamazian said: “We posted solid second quarter results demonstrating our differentiated positioning and continued momentum.”
“Our pipeline reached a new record, up 9% year-over-year, reflecting strong developer interest in our brands.”
The World of Hyatt loyalty program saw membership swell by 21% year-over-year and now stands at a record 48 million members.
In the second quarter, 18 new hotels (3,251 rooms) joined Hyatt’s portfolio.
These include Park Hyatt Changsha, Maison Métier, The Legend Paracas Resort, the first Destination by Hyatt property in Peru, and the first open Hyatt Vivid Hotels & Resorts property.
Also, the first Caption by Hyatt property outside the US opened in the quarter:
As of the end of Q2, the company reported total debt of $3,885 million.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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