For the quarter , Hyatt ' s total revenue was $ 1.7 billion , exceeding analyst forecasts and 15 % higher than at the same time a year ago , but net income came in at $ 68 million compared to $ 206 million in the second quarter of 2022 ; however , net income in Q2 2022 included $ 251 million of gains recognized on the sales of real estate .

For comparison , net income was $ 58 million in the first quarter of 2023 compared to a net loss of $ 73 million in the first quarter of 2022 .

For the past five years , Hyatt , like many of its peers , has pursued an asset-light strategy that includes paring down its owned real estate . In April 2022 , Hyatt closed on three property sales : Hyatt Regency Indian Wells Resort & Spa , the Grand Hyatt San Antonio River Walk and The Driskill , in Austin , which is part of Hyatt ' s Unbound Collection .

In prepared remarks , Hyatt said that it is making progress on two previously announced assets marketed for sale and remains committed to successfully executing plans to realize $ 2 billion of gross proceeds from the sale of real estate by the end of 2024 , but in the question-and-answer portion , Hoplamazian said , outside of the two assets , they were in no real hurry to execute deals on others . “ We ' ve not

been aggressively pursuing marketing efforts for other assets at this point ,” he said . He listed two reasons why : 1 ) debt availability making the process more difficult and 2 ) “ We ' re getting paid a lot to wait ,” he said , noting how cash and fees from operations are not degrading . ” Results continue to be very strong and we have every confidence that we will end the year able to sustain 100- to 300-basis-point increases in margins .”

As of June 30 , 2023 , Hyatt has realized $ 721 million of proceeds from the net disposition of real estate as part of this commitment .

INTEGRATIONS Also in the second quarter , Hyatt completed the acquisition of Mr & Mrs Smith , a Londonbased hotels booking platform ,

for approximately $ 72 million . The acquisition adds more than 1,500 boutique and luxury properties in more than 20 new countries to World of Hyatt members , a program that numbers around 36 million globally .

Hyatt has also now integrated Lindner Hotels hotels in Europe and Dream Hotel Group . “ The speed of integration of these two platforms enables us to deliver value quickly for our owners and guests ,” Hoplamazian said . “ These initiatives demonstrate our commitment to deliver unique experiences , expand our global presence and strengthen our loyalty program .”

And with the acquisition of Apple Leisure Group in late 2021 , Hyatt increased its resort footprint , namely in Latin America . ALG comparable net package RevPAR increased

22 hotelsmag . com September 2023