Hyatt Hotels Corp. on Wednesday reported that a rebound in
corporate travel boosted its rate, occupancy and revenues globally during the
third quarter.
As corporate travelers, group business and leisure travelers
booking directly through Hyatt's channels displaced leisure travelers booking
lower third-party Internet rates, average daily rate increased 3.9 percent year
over year at comparable systemwide hotels. Occupancy increased 4.5 percentage
points to 71.6 percent, combining for a 10.9 percent increase in revenue per
available room.
"Occupancy increased in over 75 percent of hotels
around the world, and average daily rates at full-service hotels increased on a
global basis," Hyatt president and CEO Mark Hoplamazian said in the
company's third-quarter earnings call. "In North America, we saw a shift
in business mix from lower-rated transient to higher-rated transient business
and an increase in group demand."
Net income for the quarter was $30 million, or 17 cents per
share, compared with net income of $5 million, or 3 cents per share, in the
third quarter of 2009.