CHICAGO-Hyatt Hotels Corporation’s third quarter earnings revealed revPAR to be up and “significant” progress made post-company IPO, according to comments from Mark S. Hoplamazian, president and chief executive officer in a statement.
In contrast to the same time last year, comparable owned and leased hotel RevPAR increased 4.6%. Additionally, comparable North American full service hotel RevPAR increased 4.2% in the third quarter of 2012, against Q3 2011. Further positive news included that fact that the company opened five hotel properties in this quarter, although the release did not state where.
Hoplamazian weighed in on the earnings, explaining “We have made significant progress since our IPO nearly three years ago. We have materially increased earnings,
expanded our presence in many key markets, improved guest satisfaction levels, gained market share at many of our properties, and strengthened engagement among our associates across our hotels.”
“We are well positioned for continued growth,” he added.
Additionally, it was revealed that adjusted EBITDA for the company was $154 million in the third quarter of 2012 compared to $135 million in the third quarter of 2011. This marked an increase of 14.1%.
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