Hyatt Achieves Record-Breaking Financial Performance in Q3 2023 with $250 Million in Total Fee Revenue

Hyatt Hotels Corporation has announced its financial results for the third quarter of 2023, revealing a record-breaking performance and notable growth trends. The hotel giant reported a significant increase in net income, reaching $68 million for the quarter, a substantial rise from $28 million in the same period in 2022.

The company’s adjusted net income also showed positive movement, amounting to $75 million in Q3 of 2023, slightly higher than the $72 million recorded in the third quarter of the previous year. This financial growth is further reflected in the earnings per share (EPS) metrics. The diluted EPS stood at $0.63, compared to $0.25 in Q3 of 2022, while the adjusted diluted EPS rose to $0.70 in the third quarter of 2023, up from $0.64 in the same quarter a year ago.

A remarkable achievement for Hyatt this quarter was setting a new record in total management, franchise, license, and other fee revenues, which reached $250 million. Additionally, the company’s pipeline expanded to an all-time high of 123,000 rooms.

Hyatt’s comparable system-wide revenue per available room (RevPAR) also saw an upward trend, with an 8.9 percent increase in Q3 2023 compared to the same period in 2022. This growth is indicative of the strong demand and performance across Hyatt’s global portfolio.

Mark S. Hoplamazian, President and CEO of Hyatt, expressed his satisfaction with the quarter’s results, attributing the success to the strength of Hyatt’s core business. He highlighted a 25 percent improvement in total fees for the first nine months of the year compared to 2022. Hoplamazian is optimistic about the continued strong fee growth, supported by Hyatt’s record room pipeline and increasing conversion opportunities, along with the sustained global demand for travel.

Hyatt’s impressive third-quarter results demonstrate the effectiveness of its asset-light transformation and growth strategy. The company’s focus on expanding its global footprint while returning meaningful capital to shareholders has positioned it for continued success in the competitive hospitality industry.