Hyatt has reported that total RevPAR increased by 5.5% during the first quarter, as net rooms across the group’s estate also rose by approximately 5.5%.
As a result, net income reached $522m (£416m) and adjusted net incomes hit $75m (£59m) during the period.
Meanwhile, Hyatt reported an adjusted EBITDA of $252m (£201m) for Q1, with the full-year adjusted EBITDA projected to be between $1.15bn (£920m) and $1.19bn (£950m). This is in line with the group’s 2024 outlook.
During Q1, the group had a pipeline of executed management or franchise contracts of approximately 129,000 rooms.
For the full year, Hyatt expects its RevPAR to increase between 3% to 5% on a constant currency basis compared to 2023.
Full year net income is also projected to be between $1.13bn (£900m) and $1.19bn (£950m).
Mark S. Hoplamazian, president and CEO of Hyatt, said: “The year is off to a great start with gross fee revenues reaching a record of $262m in the quarter. Our pipeline also reached a new record, expanding 10% year-over-year to 129,000 rooms, and we realised net rooms growth of 5.5%.
“World of Hyatt membership has grown by 22%, reaching a new record of 46 million members. Significant progress on asset dispositions is further expanding our asset-light earnings mix, reflecting our execution to permanently reduce owned real estate.”