Hyatt Hotels Expects Room Rate Rebound to Roll On Through 2023
Photo Credit: The lobby of the Grand Hyatt Abu Dhabi. Source: Hyatt. Hyatt
Skift Take
Hyatt's forecast for 2023 in one phrase? World boom ahead.
Hyatt Hotels Corp., which enjoyed a blockbuster financial performance in 2022, forecasted Thursday continued success this year, especially in the first half. The company expects to benefit from growing consumer interest in its lifestyle, luxury, and resort properties, returning group reservations for its banquet halls, and an expanding room count.
"We concluded the year with another record-breaking quarter," said president and CEO Mark Hoplamazian. "Rates remained strong, up 14 percent above 2019 levels during the quarter, while occupancy continued to recover."
Looking ahead, Hyatt forecasted that it would generate 2023 system-wide revenue per room growth in the range of 10 percent to 15 percent compared to 2022. Executives implied that gains in room rates and occupancy for leisure travelers worldwide would primarily drive the outsized performance.
Group bookings will also help, they said. Hyatt's system-wide revenue from group reservations fully recovered to 2019 levels in the quarter — a trend that executives anticipated would c
