Hyatt Expects Luxury Travel Rebound to Stay Strong Despite Market Turmoil
Photo Credit: A representation of a deluxe suite at the Thompson Vienna planned to open in late 2024. The 148-room hotel on Mariahilferstrasse will be run by a Hyatt affiliate. Source: Hyatt. Hyatt
Skift Take
Pity Hyatt. Just as the pandemic's dark clouds are lifting, market turmoil overshadows its optimism. Yet that isn't dimming Hyatt executives' outlook.
Hyatt Hotels Corp said on Tuesday that its average daily rates in April hit a best-ever record for the company. Travelers showed a willingness to pay for travel as they returned to the road with the pandemic easing in many countries.
Yet Hyatt's optimism during an earnings call was overshadowed by broader financial market turmoil. Many investors appeared confused by rising U.S. interest rates, slowing Chinese growth, the uncertain impact of the Ukraine war on European economies, and talk of possibly more virulent forms of Covid-19.
"We don't see any evidence of a slowdown in booking pace," said president and CEO Mark Hoplamazian. "In fact, booking pace itself is increasing really across all of our segments in business tra
