Hyatt has reported that adjusted earnings were slightly below the levels recorded last year at $247m (£201.9m) in Q3, despite RevPAR increasing by 8.9% over the period.
The group also revealed a net income of $68m (£55.6m) for the third quarter, compared with $28m (£22.9m) in the same period last year.
The hotel chain attributed the increase in net income to the overall demand among leisure guests and group customers remaining “resilient” overall.
In particular, the group’s Europe and Middle East hotels reported a 40% increase in earnings that were led by “strong” international inbound demand and increased travel into Western Europe over the summer.
During the quarter, Hyatt opened 20 new hotels, adding 3,262 rooms.
Hyatt also has a pipeline of management or franchise contracts for approximately 600 properties representing 123,000 additional rooms.
Mark S. Hoplamazian, president and CEO 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.”
He added: “We continue to successfully execute our asset-light transformation and growth strategy while returning meaningful capital to shareholders.”
