Why Profits Eluded Hyatt Last Year
Photo Credit: The Hyatt Grand Central New York reopened last fall (pictured after rebranding from a Grand Hyatt) and is one of the company's hotels geared to business and events travel. Hyatt
Skift Take
Hyatt might have improved performance from a year ago, but having to still report losses while others are touting a return to profits has to sting. Waning Omicron cases in 2022 are pointing to better days. Investors are hoping that's the case.
Hyatt sank back into the red for the final three months of last year after posting its only profit of the pandemic the prior quarter. That sealed the deal for a money-losing 2021, making it among the only major hotel brand not to return to the black.
The company’s executive team spent a bulk of a Thursday investor call on the defensive after a flurry of analyst reports overnight expressed confusion over how the company measured financial performance. No matter what number the Hyatt C-Suite wants investors to focus on as their symbolic win, the Chicago-based hotel company reported a $29 million fourth quarter loss and $203 million loss for the entirety of 2021. It may been, in part, that many of its brands cater to events and business travelers, both of which have not come back significantly.
Hyatt leaders zeroed in on how various performance metrics improved over the year, but it is hard to envision any reason to take a victory lap given how U.S.-based competito
