Hyatt 2Q Swings To 2Q Profit As Occupancies Rise
Hyatt Hotels Corp. (H) swung to second-quarter profit absent prior-year charges as the hotelier's occupancies increased and it had a strong performance in North America. The result beat analysts' expectations. Travel and tourism companies continued to experience improving demand in the latest quarter, with a number of airlines and hotel companies recently posting stronger profits for the latest quarter. Revenue per available room, an important measure of performance in the sector, rose 9.4% for Hyatt excluding currency fluctuations. For the first half of 2009, Hyatt's revenue per available room tumbled 24%. It increased 6.4% in North America and 18% internationally. Occupancy rose to 74.5% from 67.2%, which was partly offset by a 1.2% drop in average daily rates.