Hyatt Reports Higher Second Quarter Net Income of $25 Million

Hyatt Hotels Corporation reported second quarter adjusted EBITDA was $135 million compared to $120 million in the second quarter of 2009, an increase of 12.5 percent (11.8 percent excluding the effect of currency).

Net income attributable to Hyatt was $25 million, or $0.14 per share, compared to a net loss attributable to Hyatt of $50 million, or $0.34 per share, in the second quarter of 2009.

Net income attributable to Hyatt included an unfavorable impact from special items of $8 million after tax, or $0.04 per share, during the second quarter of 2010 compared to an unfavorable impact from special items of $64 million after-tax, or $0.43 per share, during the second quarter of 2009. Comparable owned and leased hotels revPAR increased 9.6 percent (9.4 percent excluding the effect of currency) compared to the second quarter of 2009. Owned and leased hotel operating margins increased 230 basis points compared to the second quarter of 2009.

Comparable owned and leased hotel operating margins increased 130 basis points compared to the same period in 2009. Comparable North American full-service revPAR increased 6.8 percent (6.4 percent excluding the effect of currency) compared to the second quarter of 2009. Comparable North American select-service revPAR increased 7.8 percent compared to the second quarter of 2009. Comparable international revPAR increased 21.4 percent (17.5 percent excluding the effect of currency) compared to the second quarter of 2009.

During the second quarter, Hyatt opened 12 hotels, including six Hyatt Place properties, three Hyatt Summerfield Suites properties, as well as full-service hotels in each of Carlsbad, California, Miami, and Curacao. In early July, it opened the Andaz 5th Avenue in New York City and announced the redevelopment of the Hyatt Regency New Orleans, which is expected to re-open in late 2011.