Tourism Industry News
Hyatt Hotels Reports Narrowing of Quarterly Losses
Hyatt Hotels Corporation reported financial results for the fourth quarter and full year of 2009, reporting a loss of $12 million, or $0.07 per share, for the fourth quarter of 2009, compared to a loss of $142 million, or $1.11 per share, for the fourth quarter of 2008.
Total revenue for the fourth quarter was $889 million, up slightly from $886 million in total revenue for the fourth quarter of 2008. For the full year, Hyatt reported a net loss of $43 million, compared to earnings of $168 million in 2008. Total revenue for the year was $3.33 billion, compared to $3.84 billion in 2008.
For the full-year 2009, adjusted EBITDA was $406 million compared to $687 million in 2008. Net loss attributable to Hyatt was $43 million, or $0.28 per share, compared to income of $168 million, or $1.31 per share, in 2008. Net loss attributable to Hyatt included an unfavorable impact from special items of $61 million after tax, or $0.41 per share, during 2009 compared to an unfavorable impact of $0 after tax during 2008.
Comparable owned and leased RevPAR decreased 18.4 percent (17.3 percent excluding the effect of currency) compared to 2008. Owned and leased hotel operating margins declined 800 basis points compared to the same period in 2008. Comparable owned and leased hotel operating margins declined 700 basis points compared to 2008.
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