Hyatt CEO Is ‘Cautiously Optimistic’ After Strong First Quarter Earnings
Photo Credit: The Park Hyatt Tokyo. Hyatt Hotels Corp. reported a fairly strong first quarter in 2017. Hyatt Corporation / Jun Seita
Skift Take
Something not mentioned much during Hyatt's first quarter earnings call that we wish were discussed more? Reaction to the new World of Hyatt loyalty program.
Chicago-based Hyatt Hotels Corporation reported strong first quarter earnings on May 4, beating Wall Street estimates.
Net income rose 10.48 percent to $70 million compared to the same period last year, and system-wide revenue per available room (RevPAR) was up 4.7 percent.
That revenue, CEO Mark Hoplamazian noted, was driven in large part by the company's asset recycling program whereby, as he described, Hyatt "liquidates existing assets to make new growth investments to generate new incremental earning streams and position us to return capital to shareholders over time."
Hoplamazian said, "Looking ahead to the rest of the year, we feel cautiously optimistic. We expect our hotels will continue outperforming, relative to their peers and we are monitoring macro and industry dynamics that may put pressure on results over the remainder of the year."
In addition to remaining focused on its asset recycling strategy, Hyatt also revealed updates on its investment in Miraval, new o
