Hyatt Reports $6 Million Net Income for Fourth Quarter 2010

Hyatt Reports $6 Million Net Income for Fourth Quarter 2010

Hyatt Hotels Corporation reported fourth quarter 2010 adjusted EBITDA was $118 million compared to $104 million in the fourth quarter of 2009, an increase of 13.5 percent. Net income attributable to Hyatt was $6 million, or $0.03 per share, compared to net loss attributable to Hyatt of $12 million, or $0.07 per share, in the fourth quarter of 2009.

Adjusted for special items, net income attributable to Hyatt was $12 million, or $0.07 per share, during the fourth quarter of 2010 compared to net income attributable to Hyatt of $1 million, which resulted in a negligible per-share impact, during the fourth quarter of 2009.

Comparable owned and leased hotels revPAR increased 4.1 percent (4.4 percent excluding the effect of currency) compared to the fourth quarter of 2009. Owned and leased hotel operating margins increased 170 basis points compared to the fourth quarter of 2009. Comparable owned and leased hotel operating margins increased 210 basis points compared to the same period in 2009.

Comparable North American full-service revPAR increased 3.9 percent (3.8 percent excluding the effect of currency) compared to the fourth quarter of 2009. Comparable North American select-service revPAR increased 9.5 percent compared to the fourth quarter of 2009. Comparable International revPAR increased 11.7 percent (9.2 percent excluding the effect of currency) compared to the fourth quarter of 2009. Hyatt opened six properties during the fourth quarter of 2010.

During the full-year 2010, the company opened 31 properties. The company expects to open a significant number of new properties in the future. As of Dec. 31, 2010, this effort was underscored by executed management or franchise contracts for approximately 140 hotels (or more than 32,000 rooms) across all brands.

The executed contracts represent potential entry into several new countries and expansion into many new markets in which the company is under-represented. Approximately 70 percent of the projected new hotels are located outside North America.