Hyatt Reports Second Quarter 2023 Results

Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported second quarter 2023 financial results. Highlights include:

Net income was $68 million in the second quarter of 2023 compared to $206 million in the second quarter of 2022. Adjusted net income was $88 million in the second quarter of 2023 compared to $51 million in the second quarter of 2022. Net income in the second quarter of 2022 included $251 million of gains recognized on the sales of real estate.

Diluted EPS was $0.63 in the second quarter of 2023 compared to $1.85 in the second quarter of 2022. Adjusted Diluted EPS was $0.82 in the second quarter of 2023 compared to $0.46 in the second quarter of 2022.

Adjusted EBITDA was $273 million in the second quarter of 2023 compared to $255 million in the second quarter of 2022.

Adjusted EBITDA does not include Net Deferrals of $28 million and Net Financed Contracts of $14 million in the second quarter of 2023, and Net Deferrals of $25 million and Net Financed Contracts of $15 million, in the second quarter of 2022.

Comparable system-wide RevPAR increased 15.0% in the second quarter of 2023 compared to 2022

Comparable owned and leased hotels RevPAR increased 10.1% in the second quarter of 2023 compared to 2022. Comparable owned and leased hotels operating margins were 26.2% in the second quarter of 2023

Comparable All-inclusive Net Package RevPAR increased 9.5% in the second quarter of 2023 compared to 2022.

Net Rooms Growth was approximately 6.9% in the second quarter of 2023.

Pipeline of executed management or franchise contracts was approximately 119,000 rooms.

Shares repurchased was approximately 969 thousand shares for $108 million in the second quarter of 2023.

Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said,

"For the fifth consecutive quarter we posted record results demonstrating our unique positioning and continued momentum. System-wide RevPAR expanded 15% year-over-year, generating a record level of total fee revenue in the quarter. We updated our full year RevPAR outlook, and we expanded our pipeline to 119,000 rooms, representing approximately 40% of our existing portfolio. Our outlook remains optimistic, fueled by strong group booking activity during the quarter, resulting in 2024 group pace up 10%. We believe our increasing asset-light 

Chalet Hotels Limited announces its results for the first quarter of the fiscal year 2024 ending June 30, 2023.

Chalet Hotels Limited announces its results for the first quarter of the fiscal year 2024 ending June 30, 2023.

Key Highlights for Q1FY24:

 Total Income at INR 3.1 bn, up 21% as compared to Q1FY23

 Adjusted EBITDA at INR 1.3 bn, up 24% as compared to Q1FY23

 Hospitality Segment Performance:

o Revenue at INR 2.8 bn, up by 23% from Q1FY23

o ARR at INR 10,317, up by 38% over Q1FY23

o Occupancy was at 70%

o RevPAR improved by 24% YoY to INR 7,182

o Adjusted EBITDA was at INR 1.2 billion, up by 26% from Q1FY23

Other Highlights:

 ~68% of the total electricity for hotel portfolio sourced from renewable resources in Q1FY24.

 Newly launched The Westin Hyderabad HITEC City is completely sold out from day 1, operated by an all-women team and is run on 100% Green Power.

Development Pipeline Updates:

 CIGNUS POWAI ® Tower I at Westin Complex, Powai is in its final stages of completion.

 At the CIGNUS Whitefield Bangalore ® Tower I, tenants are moving in by August 2023.

 CIGNUS Whitefield Bangalore ® Tower II is in its final stages of completion.

 88 new rooms at Novotel Pune are ready and awaiting OC to commence commercial usage.

 We are adding ~130 guest rooms at Bengaluru Marriott Hotel Whitefield, designs are in final stages.

 The residential project, Raheja Vivarea, at Koramangala, Bengaluru is progressing well and sales for the project is expected to commence within the calendar year 2023.

Speaking on the financial results, Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said,

“ARRs have been holding strong with 38% growth year-on-year, a key business performance indicator for the Company. This quarter also witnessed the launch of our first all-women-run hotel, ‘The Westin Hyderabad HITEC City’, a small contribution towards gender equality and empowerment in the hospitality industry. India's strong economic indicators combined with a robust demand-supply environment and our ongoing capex initiatives, bode well for the future of Chalet Hotels.”

Accor, First-quarter 2023 revenue of €1,139 million up 54% like-for-like

Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said:

“In first-quarter 2023, Accor once again stepped-up business growth across all regions and in its two divisions: Premium, Midscale and Economy; and Luxury & Lifestyle. These excellent performances were driven in particular by the strong rebound in Asia, good price levels, and increased occupancy rates. They reflect the attractiveness of our brands, the commitment of our teams, and an ever-greater desire for travel and adventure on the part of our guests.
Given this highly positive start of the year, we have revised our 2023 guidance upwards, with double-digit RevPAR growth versus 2022."

The first quarter of 2023 demonstrated once again the robustness of the business recovery, quarter after quarter. This further acceleration in RevPAR (up 19% compared with first-quarter 2019) notably reflects the rebound of hotels in Asia following the lifting of the strict zero-COVID policy in China in late 2022. All the other regions also contributed to maintaining business activity at a substantially higher level than before the crisis.

The underlying dynamics observed in previous quarters remained in place, with average prices still high and sequentially improving occupancy rate but slightly lower than in 2019.

In first-quarter 2023, Accor opened 36 hotels, for around 4,400 rooms, and has thus achieved net network growth of 2.9% in the last 12 months. At end-March 2023, the Group had a hotel portfolio of 800,321 rooms (5,444 hotels) and a pipeline of around 214,000 rooms (1,241 hotels).

Consolidated revenue
 
The Group reported first-quarter 2023 revenue of €1,139 million, up 54% like-for-like (LFL) versus Q1 2022. By activity, this growth breaks down into a 71% increase for Management & Franchise (M&F), a 60% increase for Services to Owners, and a 37% increase for Hotel Assets and Other.

By division (excluding Holding & Intercos), €681 million of revenue was generated by the Premium, Midscale and Economy division, up 62% LFL compared with first-quarter 2022, and €477 million by Luxury & Lifestyle, up 52% LFL.

Thomas Cook (India) Limited delivers Record Operating Profits for FY23 Driven by Robust Recovery across business segments

Highlights for FY23

·     The Group’s Operating EBITDA grew significantly to Rs. 2.7 Bn for FY23 against a loss of Rs. 1.2 Bn in FY22. Growth driven by Foreign Exchange & Travel Businesses (Thomas Cook); Hospitality (Sterling Holidays)

·     Highest Operating EBITDA & Operating PBT for Thomas Cook in a decade. Operating EBITDA at Rs. 1.2 Bn for FY23; Operating PBT at Rs. 560 Mn Vs a loss of Rs. 1.14 Bn in FY22

·     Sterling Holidays registered Highest EBITDA & PBT since inception: EBITDA at Rs 1.1 Bn for FY23; PBT at Rs. 659 Mn Vs Rs. 436 Mn in FY22

·     Consolidated Total Income from Operations grew YoY by 163% in FY23 to Rs. 51 Bn

·     Robust growth across all business segments in FY23; Income from operations growth (YoY): Forex: 123%, Travel: 248%, Hospitality (Sterling Holidays): 36%, Digital Imaging Solutions (DEI): 72%

·     Focus on Cost Optimization saw annualized savings of Rs.3.71 Bn for FY23, representing a 20% reduction in costs Vs FY20 (Pre Pandemic). The Group maintains a strong financial position, with Cash & Bank balances of Rs. 10.1 Bn as of March 31, 2023 Highlights for Q4 FY23

·     The Group’s Operating EBITDA at Rs. 518 Mn Vs Rs. 239 Mn in FY22

·     Standalone Operating EBITDA for TCIL at Rs. 205 Mn Vs Rs. 28 Mn for Q4 FY22

·     For Q4 FY23 Consolidated Total Income from Operations grew by 150% YoY to Rs. 13.2 Bn

Hyatt Reports Fourth Quarter and Full Year 2022 Results

Hyatt Hotels Corporation reported fourth quarter and full year 2022 financial results. Highlights include:

• Net income was $294 million in the fourth quarter and $455 million for the full year of 2022. Adjusted net income was $278 million in the fourth quarter and $365 million for the full year of 2022. Net income in the fourth quarter and for the full year of 2022 includes a non-cash benefit of $250 million due to the release of a valuation allowance on U.S. federal and state deferred taxes.

• Diluted EPS was $2.69 in the fourth quarter and $4.09 for the full year of 2022. Adjusted Diluted EPS was $2.55 in the fourth quarter and $3.28 for the full year of 2022.

• Adjusted EBITDA was $232 million in the fourth quarter and $908 million for the full year of 2022. Apple Leisure Group ("ALG") contributed $43 million of Adjusted EBITDA in the fourth quarter and $231 million for the full year of 2022.

  • Adjusted EBITDA does not include ALG's Net Deferrals of $28 million and $94 million, and Net Financed Contracts of $15 million and $63 million, in the fourth quarter and for the full year of 2022, respectively.

• Comparable system-wide RevPAR increased 34.8% in the fourth quarter and 60.2% for the full year of 2022, compared to 2021.

• Comparable owned and leased hotels RevPAR increased 41.7% in the fourth quarter and 87.6% for the full year of 2022, compared to 2021. Comparable owned and leased hotels operating margin improved to 27.9% in the fourth quarter and to 27.1% for the full year of 2022.

• All-inclusive Net Package RevPAR was $190.64 in the fourth quarter and $187.28 for the full year of 2022.

• Net Rooms Growth was 6.7% for the full year of 2022.

• Pipeline of executed management or franchise contracts was approximately 117,000 rooms, inclusive of ALG's pipeline contribution of 8,000 rooms.

• Share repurchase activity was approximately 1.15 million shares repurchased for $106 million in the fourth quarter and approximately 4.23 million shares repurchased for $369 million for the full year of 2022.

Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "Our results in the fourth quarter mark the completion of a truly transformative year. We generated a record level of fees and free cash flow while leading the industry in organic growth for a sixth consecutive year. This outcome is a direct result of successfully executing on our asset-light growth strategy. We continue to experience positive momentum in the markets in which we operate and are optimistic about the year ahead."