Hyatt Reports First Quarter 2023 Results

Total Fee Revenue Increased 50%; Full Year RevPAR Outlook Raised

Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first quarter 2023 financial results. Highlights include:

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  • Net income was $58 million in the first quarter of 2023 compared to net loss of $73 million in the first quarter of 2022. Adjusted net income was $45 million in the first quarter of 2023 compared to Adjusted net loss of $36 million in the first quarter of 2022.
  • Diluted EPS was $0.53 in the first quarter of 2023 compared to $(0.67) in the first quarter of 2022. Adjusted Diluted EPS was $0.41 in the first quarter of 2023 compared to $(0.33) in the first quarter of 2022.
  • Adjusted EBITDA was $268 million in the first quarter of 2023 compared to $169 million in the first quarter of 2022.
    • Adjusted EBITDA does not include Net Deferrals of $31 million and Net Financed Contracts of $17 million in the first quarter of 2023, and Net Deferrals of $24 million and Net Financed Contracts of $7 million, in the first quarter of 2022.
  • Comparable system-wide RevPAR increased 42.9% in the first quarter of 2023 compared to 2022.
  • Comparable owned and leased hotels RevPAR increased 52.9% in the first quarter of 2023 compared to 2022. Comparable owned and leased hotels operating margin improved to 25.9% in the first quarter of 2023.
  • Comparable All-inclusive Net Package RevPAR increased 33.2% in the first quarter of 2023 compared to 2022.
  • Net Rooms Growth was approximately 7.0% in the first quarter of 2023.
  • Pipeline of executed management or franchise contracts was approximately 117,000 rooms.
  • Share repurchase activity was approximately 1.02 million shares repurchased for $106 million in the first quarter of 2023.

Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "For the fourth consecutive quarter we posted record results that exceeded our expectations, demonstrating our unique positioning and differentiated model. We raised our full year RevPAR outlook while maintaining our record level pipeline and industry leading net rooms growth. During the quarter, the recovery in Asia Pacific was particularly remarkable with broad improvements across the region. We continue to experience favorable booking trends and our outlook remains optimistic."

Operational Update

In the first quarter of 2023, comparable system-wide RevPAR was up 43% compared to the first quarter of 2022, or up 6% compared to the first quarter of 2019 for the same set of comparable properties. In the first quarter of 2023, the RevPAR recovery continued to be powered by average rate growth, up 12% on a constant currency basis, while occupancy improved 1,400 basis points, as compared to the same period in 2022. A record level of total management, franchise, license, and other fees of $231 million were generated in the first quarter of 2023, up 50% compared to the first quarter of 2022.

The ALG all-inclusive portfolio also experienced strong growth. Comparable Net package RevPAR for ALG properties increased 30% in the Americas and increased 36% in Europe in the first quarter of 2023, compared to the same period in 2022. World of Hyatt member contribution accounted for 21% of room nights at ALG properties in the Americas during the quarter.

Segment Results and Highlights

(in millions)

Three Months Ended

March 31,












Change (%)

Owned and leased hotels











Americas management and franchising











ASPAC management and franchising (a)











EAME management and franchising (a)











Apple Leisure Group











Corporate and other










) %












Adjusted EBITDA


















Three Months Ended March 31,












Change (%)

Net Deferrals











Net Financed Contracts











(a) Effective January 1, 2023, the Company has changed the strategic and operational oversight for our properties located in the Indian subcontinent. Revenues associated with these properties are now reported in the ASPAC management and franchising segment. The segment changes have been reflected retrospectively for the three months ended March 31, 2022.

  • Owned and leased hotels segment: Results were led by continued recovery from group and business travel. Additionally, strong operating performance led to improved margins for the comparable set of properties. Owned and leased hotels Adjusted EBITDA increased $44 million, or 151%, when adjusted for the net impact of transactions, in the first quarter compared to the same period in 2022.
  • Americas management and franchising segment: Results were led by sustained strength of leisure travel demand and continued improvement in business travel demand. Additionally, group showed notable momentum. New hotels added to the system since the start of 2019 contributed $18 million in fee revenue in the quarter.
  • ASPAC management and franchising segment: Results were led by broad recovery across the region. Greater China saw significant improvement following the easing of travel restrictions with Mainland China RevPAR exceeding 2019 levels by 10% during the quarter.
  • EAME management and franchising segment: Results were led by Western Europe which benefited from strong international inbound demand and favorable results in the Middle East.
  • Apple Leisure Group segment: Results were led by sustained strength of leisure travel demand, favorable pricing, and elevated airlift for key Americas destinations.

Openings and Development

During the first quarter, 28 new hotels (or 5,128 rooms) joined Hyatt's system, inclusive of 12 hotels (or 1,893 rooms) from the acquisition of Dream Hotel Group. Notable openings in the quarter included Andaz Mexico City Condesa, Andaz Pattaya Jomtien Beach, Hyatt Regency London Albert Embankment, and FirstName Bordeaux, a JdV by Hyatt hotel.

As of March 31, 2023, the Company had a pipeline of executed management or franchise contracts for approximately 580 hotels (approximately 117,000 rooms).

Transactions and Capital Strategy

As previously disclosed, on February 2, 2023, the Company completed the acquisition of Dream Hotel Group and paid cash of $125 million. The terms of the agreement provide for up to an additional $175 million of contingent consideration through 2028 based on certain milestones associated with signed management contracts for future hotel openings.

The Company is currently marketing two assets for sale and intends to successfully execute plans to realize $2.0 billion of gross proceeds from the sale of real estate, net of acquisitions, by the end of 2024 as part of its expanded asset-disposition commitment announced in August 2021. As of March 31, 2023, the Company has realized $721 million of proceeds from the net disposition of real estate as part of this commitment.

Balance Sheet and Liquidity

As of March 31, 2023, the Company reported the following:

  • Total debt of $3,102 million.
  • Pro rata share of unconsolidated hospitality venture debt of $534 million, substantially all of which is non-recourse to Hyatt and a portion of which Hyatt guarantees pursuant to separate agreements.
  • Total liquidity of approximately $2.5 billion with $1,051 million of cash and cash equivalents and short-term investments, and borrowing availability of $1,496 million under Hyatt's revolving credit facility, net of letters of credit outstanding.

During the first quarter, the Company repurchased a total of 1,018,931 Class A common shares for approximately $106 million. The Company ended the first quarter with 46,844,698 Class A and 58,917,749 Class B shares issued and outstanding. From April 1 through April 30, 2023, the Company repurchased 73,368 shares of Class A common stock for an aggregate purchase price of approximately $8 million. Through the first four months of the year, the Company has repurchased a total of 1,092,299 Class A common shares for approximately $114 million. As of April 30, 2023, the Company had approximately $445 million remaining under its share repurchase authorization.

2023 Outlook

The Company is providing the following guidance for full year 2023:


Full Year 2023 vs. 2022


System-Wide RevPAR1

12% to 16%



Full Year 2023 vs. 2022


Net Rooms Growth

Approx. 6.0%





(in millions)

Full Year 2023


Capital Expenditures

Approx. $200


Total Adjusted SG&A2

$480 - $490


One-Time Integration Costs3

Approx. $15


1 RevPAR is based on constant currency whereby previous periods are translated based on the current period exchange rate. RevPAR percentage for 2023 vs. 2022 is based on comparable hotels.

2 Refer to the table on page A-13 of the schedules for a reconciliation of estimated selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses.

3 One-time integration costs are related to acquisition activity and are included within Adjusted selling, general, and administrative expenses.

No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2023 Outlook. The Company's 2023 Outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.

Conference Call Information

The Company will hold an investor conference call this morning, May 4, 2023, at 8:00 a.m. CT.

Participants are encouraged to listen to a simultaneous webcast of the conference call, which may be accessed through the Company’s website at Alternatively, participants may access the live call by dialing: 888-412-4131 (U.S. Toll-Free) or 646-960-0134 (International Toll Number) using conference ID# 9019679 approximately 15 minutes prior to the scheduled start time.

A replay of the call will be available for one week beginning on Thursday, May 4, 2023 at 11:00 a.m. CT by dialing: 800-770-2030 (U.S. Toll-Free) or 647-362-9199 (International Toll Number) using conference ID# 9019679. An archive of the webcast will be available on the Company’s website for 90 days.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, the amount by which the Company intends to reduce its real estate asset base, the expected amount of gross proceeds from the sale of such assets, and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, booking trends, RevPAR trends, our expected Adjusted SG&A expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected one-time integration costs, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Non-GAAP Financial Measures

The Company refers to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including: Adjusted Net Income (Loss); Adjusted Diluted EPS; Adjusted EBITDA; Adjusted EBITDA Margin; and Adjusted SG&A Expenses. See the schedules to this earnings release, including the "Definitions" section, for additional information and reconciliations of such non-GAAP financial measures.

Availability of Information on Hyatt's Website and Social Media Channels

Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Hyatt Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Hyatt Facebook account (; the Hyatt Instagram account (; the Hyatt Twitter account (; the Hyatt LinkedIn account (; and the Hyatt YouTube account ( as a means of disclosing information about the Company's business to our guests, customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Hyatt Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Email Alerts" in the "Investor Resources" section of Hyatt's website at The contents of these websites are not incorporated by reference into this press release or any report or document Hyatt files with the SEC, and any references to the websites are intended to be inactive textual references only.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of March 31, 2023, the Company’s portfolio included more than 1,250 hotels and all-inclusive properties in 75 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Residence Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit

Refer to the table on page A-11 of the schedules for a summary of special items impacting Adjusted net income (loss) and Adjusted Diluted earnings (losses) per share for the three months ended March 31, 2023 and March 31, 2022.

Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page A-9.


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