The average daily rate at Hyatt Hotels Corp. properties
worldwide increased year over year by 3.4 percent in constant dollars during
the first quarter of 2011. Rates at full-service properties in North America
were up 3.9 percent, and rates at select-service properties in the region were
up 3.7 percent. Outside of North America, rates overall were up 3.9 percent.
Both transient
and group corporate business experienced higher rates during the quarter. Hyatt
CFO Harmit Singh during a conference call said transient revenues were up 6
percent, mostly due to higher rates.
Following
negotiations with top corporate accounts, transient rates were up in the
mid-single-digit percentage range. Group revenue in the quarter for the year
was up more than 10 percent, also largely because of higher rates, he said.
Group bookings
made in the quarter for the quarter rose 15 percent compared with last year,
Hyatt president and CEO Mark Hoplamazian said.
Worldwide occupancy increased by 2.8 percentage points to 66.5
percent. Select-service hotels in North America had the highest occupancy bump,
up 5 percentage points to 70 percent.
Hyatt Hotels reported a quarterly net income of $10 million,
double its 2010 first-quarter net income.