The Andaz Singapore at the crossroads of the Kampong Glam , Little India and Bras Basah Bugis districts .
TRENDING : Q1 REPORT
Transaction-heavy Hyatt
PUSHES BACK TO PROFIT
By DAVID EISEN
Hyatt Hotels Corp . is back in black . Performance has turned around for the Chicago-based hotel company , which reported net income of $ 58 million in the first quarter of 2023 compared to a net loss of $ 73 million in the first quarter of 2022 .
Global RevPAR increased 42.9 % in the first quarter compared to the same period a year ago . Broken further down , owned and leased hotels RevPAR increased 52.9 % in the first quarter compared to 2022 , while the operating margins of those hotels improved to 25.9 % in the first quarter of 2023 .
Net rooms growth was up to 7 % in the quarter , with , as Hyatt CEO Mark Hoplamazian pointed out , “ more opportunities in conversions ,” a sentiment voiced by other executives that also reported their earnings . Hyatt expects net rooms growth of 6 % for the full year .
During the quarter , 28 new hotels totaling 5,128 rooms joined the Hyatt system . This included 12 hotels from its acquisition of Dream Hotel Group , which was completed on February 2 , 2023 . ( Hoplamazian also said there were 24 Dream agreements at hand but they were not yet being counted in the formal pipeline .)
Other notable openings included Andaz Mexico City Condesa , Andaz Pattaya Jomtien Beach , Hyatt Regency London Albert Embankment and FirstName Bordeaux , a JdV by Hyatt hotel .
As of the end of Q1 , Hyatt had a pipeline of executed management or franchise contracts for approximately 580 hotels , totaling approximately 117,000 rooms .
The propitious data showed in Hyatt ’ s full-year 2023 guidance ,
20 hotelsmag . com June 2023