Hyatt Hotels emerges from loss to achieve quarterly profit
In another sign that demand for high-end hotel accommodation is recovering, Hyatt Hotels Corp. has posted a profit for the fourth quarter compared with a sizeable loss a year earlier. The Chicago-based company saw net income of $6 million (€4.4 million) during the quarter, compared with a loss of $12 million for the same quarter the year before. Revenues increased over the year to $918 million from $889 million and revpar at full- service hotels rose by 3.9% in North America and 11.7% internationally.
In the accommodation sector, the recovery since the economic crisis has been most obvious in high-end hotels such as the brands operated by Hyatt – partly because they were under the greatest stress as guests migrated to cheaper competitors. A study by Smith Travel Research found that occupancy at US luxury hotels rose from 61% in 2009 to 66% in 2010. Overall occupancy in the US market last year stood at around 64%.
[pictured: Hyatt Regency Kuantan Resort]