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Hotels


HYATT OPTIMISTIC ON HOTEL PIPELINE BET IN CHINA

Sean O'Neill, Skift

November 2nd, 2023 at 10:49 AM EDT




SKIFT TAKE

Travel demand in China has continued to recover despite financial turmoil in the
country. Hyatt is optimistic that the rise of China's middle class will, long
run, also benefit Hyatt's high-end brands.

Sean O'Neill

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Hyatt has bet more of its future on China than any other Western hotel group. It
has 40% of its hotel pipeline there — a greater percentage than the hotel
development pipeline of any public company in its peer group.

Yet China’s economic growth post-pandemic has been sluggish as it struggles with
a commercial property crisis and a municipal debt crisis. But Hyatt executives
remained confident in their China strategy, as China’s leaders intervened this
week.

“We’re seeing a very strong continuous pipeline growth,” said president and CEO
Mark Hoplamazian. “I feel really good about the short term.”

“It’s going to take the Chinese government a while to work through the bad bank
issue that they’ve got with [commercial property developers] Country Garden and
Evergrande. But in the foreseeable future, I’m actually optimistic that we’re
going to be able to maintain both net rooms growth, but also pipeline growth.”


ROBUST QUARTER FOR HYATT

Hyatt produced notable results in the three months ending September 30.

 * The company achieved a new record total fee revenue of $250 million.

 * It generated an adjusted net income of $75 million on $800 million in revenue
   (after subtracting what’s owed to hotel owners).

 * Its adjusted net income was up 92% versus 2019.

 * It generated $247 million in adjusted earnings before interest, taxes,
   depreciation, and amortization — which was 51% above the comparable 2019
   figure pre-pandemic. 

 * The advance booking pace for Hyatt’s all-inclusive (Apple Leisure Group)
   upscale resorts in Cancun is up 8% for the December festive period and up 12%
   for the first quarter of 2024.
   
   More: Hyatt Pulls Off a Business Travel Comeback


HYATT: CHINA TRAVEL IS RESILIENT

Demand for premium and luxury hotel rooms in China is improving as international
travel is steadily recovering, Hyatt executives said. Hyatt hotel demand in the
third quarter was down from 2019 levels by only the mid-to-high teens,
representing a recovery from being down 60% at the start of the year.

“So we are seeing a steady increase in international inbound, which is really
encouraging and a little surprising to me, actually, because air, air schedules
are still well below where they were before,” Hoplamazian said. “The relevance
of that is that the inbound international travelers are spending more.”





ACCOMMODATIONS SECTOR STOCK INDEX PERFORMANCE YEAR-TO-DATE

What am I looking at? The performance of hotels and short-term rental sector
stocks within the ST200. The index includes companies publicly traded across
global markets, including international and regional hotel brands, hotel REITs,
hotel management companies, alternative accommodations, and timeshares.



The Skift Travel 200 (ST200) combines the financial performance of nearly 200
travel companies worth more than a trillion dollars into a single number. See
more hotels and short-term rental sector performance.

Read the full methodology behind the Skift Travel 200.


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Sean O'Neill, Skift

November 2nd, 2023 at 10:49 AM EDT

Tags: china, earnings, future of lodging, hotel development, hotel earnings,
hyatt, Hyatt Hotels

Photo credit: Hyatt Regency Shanghai Global Harbor: Source: Hyatt.

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