Hyatt Hotels Corporation reported a third quarter 2023 net income of $68 million compared to $28 million in the third quarter of 2022.

Adjusted net income was $75 million in the third quarter of 2023 compared to $72 million in the third quarter of 2022.

Diluted EPS was $0.63 in the third quarter of 2023 compared to $0.25 in the third quarter of 2022. Adjusted Diluted EPS was $0.70 in the third quarter of 2023 compared to $0.64 in the third quarter of 2022.

Adjusted EBITDA was $247 million in the third quarter of 2023 compared to $252 million in the third quarter of 2022. Adjusted EBITDA does not include Net Deferrals and Net Financed Contracts of $35 million in the third quarter of 2023, and Net Deferrals and Net Financed Contracts of $43 million1 in the third quarter of 2022.

The group's comparable system-wide RevPAR increased 8.9% in the third quarter of 2023 compared to 2022. Comparable owned and leased hotels RevPAR increased 6.3% in the third quarter of 2023 compared to 2022. Comparable owned and leased hotels operating margins were 23.5% in the third quarter of 2023.

Comparable All-inclusive Net Package RevPAR increased 8.6% in the third quarter of 2023 compared to 2022. Net Rooms Growth was approximately 6.2% in the third quarter of 2023.

Hyatt's pipeline of executed management or franchise contracts was approximately 123,000 rooms.

Mark S Hoplamazian, President and Chief Executive Officer of Hyatt, said: "We had a tremendous quarter, largely driven by the strength in our core business. Our third quarter performance contributed to a 25% improvement in total fees for the first nine months of the year compared to 2022. We expect strong fee growth to continue, fueled by our record pipeline of 123,000 rooms and higher levels of conversion opportunities combined with robust demand for travel around the globe. We continue to successfully execute our asset-light transformation and growth strategy while returning meaningful capital to shareholders."

Operational Update

A record level of total management, franchise, license, and other fees of $250 million were generated in the third quarter of 2023 driven by continued strong global top-line performance and net rooms growth.

Comparable system-wide RevPAR increased 8.9% in the third quarter of 2023, compared to the third quarter of 2022, driven by occupancy up 420 basis points and Average Daily Rate up 2.6%. Overall demand remained resilient, particularly among leisure guests and group customers.

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