Hyatt Reports Third-Quarter 2020 Results
Recovery Led by Greater China and U.S. Select Service Net Rooms Growth of 6.0%
CHICAGO - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third-quarter 2020 financial results. Net loss attributable to Hyatt was $161 million, or $1.59 per diluted share, in the third quarter of 2020, compared to net income attributable to Hyatt of $296 million, or $2.80 per diluted share, in the third quarter of 2019. Adjusted net loss attributable to Hyatt was $150 million, or $1.48 per diluted share, in the third quarter of 2020, compared to Adjusted net income attributable to Hyatt of $39 million, or $0.37 per diluted share, in the third quarter of 2019. Refer to the table on page 13 of the schedules for a summary of special items impacting Adjusted net income (loss) and Adjusted earnings (losses) per diluted share in the three months ended September 30, 2020 and September 30, 2019.
Third quarter of 2020 highlights as compared to the third quarter of 2019 are as follows:
- Net income (loss) decreased 154.2% to a net loss of $161 million.
- Adjusted EBITDA decreased 129.9% to $(48) million.
- Cash and cash equivalents of $1,778 million.
- Comparable system-wide RevPAR decreased 72.0%.
- Net rooms growth of 6.0%.
- Pipeline of executed management or franchise contracts for approximately 101,000 rooms, an increase of 9.8% compared to the third quarter 2019.
Mr. Hoplamazian continued, "We expect demand to remain uneven over the coming months and believe the ingenuity and resilience of our teams will enable us to continue to win share and deepen our strong relationships with our loyal guests and customers. Furthermore, we believe our strong liquidity position will help to sustain our operations over time and support our long-term growth strategy. During this time, our unwavering commitment to living our purpose to care for our colleagues, guests, owners, and communities around the globe is of paramount importance."
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About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 20 premier brands. As of March 31, 2020, the Company's portfolio included more than 900 hotel, all-inclusive, and wellness resort properties in 65 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top employees, build relationships with guests and create value for shareholders. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination®, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, Joie de Vivre®, Hyatt House®, Hyatt Place®, tommie™, Hyatt Residence Club® and Exhale® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members. For more information, please visit www.hyatt.com.