CHICAGO--(BUSINESS WIRE)--May. 3, 2012--
Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE: H) today
reported financial results as follows:
-
Adjusted EBITDA was $125 million in the first quarter of 2012 compared
to $109 million in the first quarter of 2011, an increase of 14.7%.
-
Net income attributable to Hyatt was $10 million, or $0.06 per share,
during the first quarter of 2012 compared to net income attributable
to Hyatt of $10 million, or $0.06 per share, in the first quarter of
2011. Adjusted for special items, net income attributable to Hyatt was
$5 million, or $0.03 per share, during the first quarter of 2012
compared to net income attributable to Hyatt of $11 million, or $0.07
per share, during the first quarter of 2011. See the table on page 3
of the accompanying schedules for a summary of special items.
-
Comparable owned and leased hotel RevPAR increased 8.3% (8.7%
excluding the effect of currency) in the first quarter of 2012
compared to the first quarter of 2011.
-
Owned and leased hotel operating margins increased 220 basis points in
the first quarter of 2012 compared to the first quarter of 2011.
Comparable owned and leased hotel operating margins increased 120
basis points in the first quarter of 2012 compared to the same period
in 2011. See the table on page 8 of the accompanying schedules for a
reconciliation of comparable owned and leased hotel operating margin
to owned and leased hotel operating margin.
-
Comparable North American full service hotel RevPAR increased 8.1% in
the first quarter of 2012 compared to the first quarter of 2011.
Comparable North American select service hotel RevPAR increased 7.2%
in the first quarter of 2012 compared to the first quarter of 2011.
-
Comparable international hotel RevPAR increased 5.7% (6.5% excluding
the effect of currency) in the first quarter of 2012 compared to the
first quarter of 2011.
-
The Company added six properties during the first quarter of 2012.
Mark S. Hoplamazian
, president and chief executive officer of Hyatt
Hotels Corporation, said, “During the first quarter of 2012, we
continued to deliver on our mission of providing authentic hospitality
by making a difference in the lives of people that we touch every day,
evidenced by improvements in market share as well as guest and meeting
planner satisfaction. Our Adjusted EBITDA increased almost 15% as
recently added and renovated hotels contributed to stronger results.
“We continue to expand in key markets that are significant to our future
success. During the quarter, we opened six hotels, including
Park Hyatt
Hyderabad in India. We also converted two existing North American
properties to our Andaz brand and, following an extensive renovation,
re-opened the world-renowned
Park Hyatt Sydney
.
“Over the last year, we increased both development resources and
financial capital dedicated to expanding our presence. Results of these
investments are becoming more visible, as our base of executed
agreements for future hotels has increased by 15% during that time
period. Over the last few months, we announced management agreements for
hotels in Cambodia, Switzerland, India, Russia, South Korea, Thailand,
Saudi Arabia, and Puerto Rico. These expected future additions represent
both conversions and to-be-built hotels across many of our brands, and
demonstrate an executed contract base that is oriented toward high-value
international full service hotels.
“We recently announced the acquisition of a 756-room hotel in the
Polanco area of Mexico City for approximately $190 million. Upon
closing, this 38-story property will be re-branded as Hyatt Regency
Mexico City, establishing Hyatt’s presence in a prominent position in
this gateway city and marking an important step in our growth strategy
in Mexico and Latin America. We intend to invest approximately $40
million to renovate the property over the next three years and believe
that our all-in investment is far below replacement cost for this
high-quality well-located property in a top global market.
“We look forward to continued progress in 2012 given the dedication of
our people, the ongoing cyclical recovery in lodging evidenced by strong
occupancy levels, limited new supply growth in the U.S., and increasing
preference for our brands among developers, hotel owners, and guests. In
addition, we are excited about our recently announced organizational
re-alignment intended to enhance our effectiveness and support our
growth in this decade and beyond.”
SEGMENT RESULTS & OTHER ITEMS
Owned and Leased Hotels Segment
Adjusted EBITDA increased 24.0% in the first quarter of 2012 compared to
the same period in 2011.
RevPAR for comparable owned and leased hotels increased 8.3% (8.7%
excluding the effect of currency) in the first quarter of 2012 compared
to the same period in 2011. Occupancy improved 420 basis points and ADR
increased 1.9% (2.3% excluding the effect of currency) compared to the
same period in 2011.
Revenues increased 9.5% in the first quarter of 2012 compared to the
same period in 2011. Comparable hotel revenues increased 7.6% in the
first quarter of 2012 compared to the same period in 2011.
Owned and leased hotel expenses increased 6.5% in the first quarter of
2012 compared to the same period in 2011. Excluding expenses related to
benefit programs funded through Rabbi Trusts and non-comparable hotel
expenses, expenses increased 6.0% in the first quarter of 2012 compared
to the same period in 2011, primarily due to higher payroll and related
expenses as a result of higher occupancy levels. See the table on page 8
of the accompanying schedules for a reconciliation of comparable owned
and leased hotels expenses to owned and leased hotels expenses.
North American Management and Franchising Segment
Adjusted EBITDA increased 15.0% in the first quarter of 2012 compared to
the same period in 2011.
RevPAR for comparable North American full service hotels increased 8.1%
in the first quarter of 2012 compared to the same period in 2011.
Occupancy increased 340 basis points and ADR increased 2.7% (2.8%
excluding the effect of currency) compared to the same period in 2011.
Group rooms revenue at comparable North American full service hotels
increased approximately 9% in the first quarter of 2012 compared to the
same period in 2011, as a result of strong corporate demand offset by
slightly lower association demand.
Transient rooms revenue at comparable North American full service hotels
also increased approximately 9% in the first quarter of 2012 compared to
the same period in 2011, driven by strength from corporate customers.
RevPAR for comparable North American select service hotels increased
7.2% in the first quarter of 2012 compared to the same period in 2011.
Occupancy increased 240 basis points and ADR increased by 3.5% compared
to the same period in 2011.
Revenue from management and franchise fees increased 21.6% in the first
quarter of 2012 compared to the same period in 2011.
The following four hotels were added to the portfolio during the first
quarter:
-
Hyatt North Houston
(franchised, 335 rooms)
-
Hyatt Place Raleigh West (franchised, 132 rooms)
-
Hyatt Place San Jose / Downtown (franchised, 234 rooms)
-
Hyatt Place New Orleans / Convention Center (franchised, 170 rooms)
International Management and Franchising Segment
Adjusted EBITDA was flat in the first quarter of 2012 compared to the
same period in 2011.
RevPAR for comparable international hotels increased 5.7% (6.5%
excluding the effect of currency) in the first quarter of 2012 compared
to the same period in 2011. Occupancy increased 130 basis points and ADR
increased 3.6% (4.4% excluding the effect of currency) compared to the
same period in 2011.
Revenue from management and franchise fees increased 5.4% in the first
quarter of 2012 compared to the same period in 2011.
The following two hotels were added to the portfolio during the first
quarter:
-
Park Hyatt Ningbo Resort and Spa (managed, 214 rooms)
-
Park Hyatt Hyderabad (managed, 209 rooms)
One hotel was removed from the portfolio in the first quarter of 2012.
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses increased by 32.9% in the
first quarter of 2012 compared to the same period in 2011. Adjusted
selling, general, and administrative expenses increased by $17 million,
or 25.8%, in the first quarter of 2012 compared to the same period in
2011. Approximately one-third of the $17 million increase relates to
brand launch expenses, bad debts, and legal fees. See the table on page
7 of the accompanying schedules for a reconciliation of adjusted
selling, general, and administrative expenses to selling, general, and
administrative expenses.
OPENINGS AND FUTURE EXPANSION
Hyatt added six hotels in the first quarter of 2012, each of which is
listed above.
The Company expects to open a significant number of new properties in
the future. As of March 31, 2012 this effort was underscored by executed
management or franchise contracts for more than 170 hotels (or more than
38,000 rooms) across all brands. The executed contracts represent
potential entry into several new countries and expansion into many new
markets or markets in which the Company is under-represented.
Approximately 70% of the future expansion is expected to be located
outside North America.
CAPITAL EXPENDITURES
Capital expenditures during the first quarter of 2012 totaled $95
million, categorized as follows:
-
Maintenance: $23 million
-
Enhancements to existing properties: $52 million
-
Investment in new properties: $20 million
Expenditures related to investment in new properties primarily consist
of land acquisition costs.
CORPORATE FINANCE
On March 31, 2012, the Company had total debt of approximately $1.2
billion.
On March 31, 2012, the Company had cash and cash equivalents, including
investments in highly-rated money market funds and similar investments,
of approximately $540 million and short-term investments of
approximately $510 million.
On March 31, 2012, the Company had undrawn borrowing availability of
approximately $1.4 billion under its revolving credit facility.
2012 INFORMATION
The Company is providing the following information for the 2012 fiscal
year:
-
Capital expenditures are expected to be approximately $360 million.
The increase in capital expenditures as compared to previously
announced 2012 information relates to the recently announced
construction of Hyatt Place Omaha Downtown/Old Market.
-
Depreciation and amortization expense is expected to be approximately
$350 million.
-
Interest expense is expected to be between $70 and $75 million.
-
The Company expects to open over 20 hotels.
CONFERENCE CALL INFORMATION
The Company will hold an investor conference call today, May 3, 2012, at
10:30 a.m. CT. The Company requests that questions be submitted via
email to earnings@hyatt.com by
9:00 a.m. CT. Hyatt management will read and respond to as many
submitted questions as possible. All interested persons may listen to a
simultaneous webcast of the conference call, which may be accessed
through the Company's website at http://www.hyatt.com
and selecting the Investor Relations link located at the bottom of the
page, or by dialing 617.801.9713, passcode #38505034, approximately 10
minutes before the scheduled start time. For those unable to listen to
the live broadcast, a replay will be available from 1:00 p.m. CT on May
3, 2012 through midnight on May 10, 2012 by dialing 617.801.6888,
passcode #93256525. Additionally, an archive of the webcast will be
available on the Investor Relations website for approximately 90 days.
DEFINITIONS
Adjusted EBITDA
We use the term Adjusted EBITDA throughout this earnings release.
Adjusted EBITDA, as we define it, is a non-GAAP measure. We define
consolidated Adjusted EBITDA as net income attributable to Hyatt Hotels
Corporation plus our pro-rata share of unconsolidated hospitality
ventures Adjusted EBITDA based on our ownership percentage of each
venture, adjusted to exclude the following items:
-
equity earnings (losses) from unconsolidated hospitality ventures;
-
other income, net;
-
depreciation and amortization;
-
interest expense; and
-
provision for income taxes.
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA
of each of our reportable segments to corporate and other Adjusted
EBITDA.
Our board of directors and executive management team focus on Adjusted
EBITDA as a key performance and compensation measure both on a segment
and on a consolidated basis. Adjusted EBITDA assists us in comparing our
performance over various reporting periods on a consistent basis because
it removes from our operating results the impact of items that do not
reflect our core operating performance both on a segment and on a
consolidated basis. Our president and chief executive officer, who is
our chief operating decision maker, also evaluates the performance of
each of our reportable segments and determines how to allocate resources
to those segments, in significant part, by assessing the Adjusted EBITDA
of each segment. In addition, the compensation committee of our board of
directors determines the annual variable compensation for certain
members of our management based in part on consolidated Adjusted EBITDA,
segment Adjusted EBITDA or some combination of both.
We believe Adjusted EBITDA is useful to investors because it provides
investors the same information that we use internally for purposes of
assessing our operating performance and making selected compensation
decisions.
Adjusted EBITDA is not a substitute for net income attributable to Hyatt
Hotels Corporation, net income, cash flows from operating activities or
any other measure prescribed by GAAP. There are limitations to using
non-GAAP measures such as Adjusted EBITDA. Although we believe that
Adjusted EBITDA can make an evaluation of our operating performance more
consistent because it removes items that do not reflect our core
operations, other companies in our industry may define Adjusted EBITDA
differently than we do. As a result, it may be difficult to use Adjusted
EBITDA or similarly named non-GAAP measures that other companies may use
to compare the performance of those companies to our performance.
Because of these limitations, Adjusted EBITDA should not be considered
as a measure of the income generated by our business or discretionary
cash available to us to invest in the growth of our business. Our
management compensates for these limitations by reference to our GAAP
results and using Adjusted EBITDA supplementally.
Adjusted Selling, General, and Administrative
Expense
Adjusted selling, general, and administrative expenses exclude the
impact of expenses related to benefit programs funded through Rabbi
Trusts.
Comparable Owned and Leased Hotel Operating Margin
We define Comparable Owned and Leased Hotel Operating Margin as the
difference between comparable owned and leased hotels revenue and
comparable owned and leased hotels expenses. Comparable owned and leased
hotels revenue is calculated by removing non-comparable hotels revenue
from owned and leased hotels revenue as reported in our condensed
consolidated statements of income. Comparable owned and leased hotel
expenses is calculated by removing both non-comparable hotels expenses
and the impact of expenses funded through Rabbi Trusts from owned and
leased hotel expenses as reported in our condensed consolidated
statements of income.
Comparable Hotels
“Comparable systemwide hotels” represents all properties we manage or
franchise (including owned and leased properties) and that are operated
for the entirety of the periods being compared and that have not
sustained substantial damage, business interruption or undergone large
scale renovations during the periods being compared or for which
comparable results are not available. We may use variations of
comparable systemwide hotels to specifically refer to comparable
systemwide North American full service or select service hotels or
comparable systemwide international full service hotels for those
properties that we manage or franchise within the North American and
international management and franchising segments, respectively.
“Comparable operated hotels” is defined the same as “Comparable
systemwide hotels” with the exception that it is limited to only those
hotels we manage or operate and excludes hotels we franchise.
“Comparable owned and leased hotels” represents all properties we own or
lease and that are operated and consolidated for the entirety of the
periods being compared and have not sustained substantial damage,
business interruption or undergone large scale renovations during the
periods being compared or for which comparable results are not
available. Comparable systemwide hotels and comparable owned and leased
hotels are commonly used as a basis of measurement in the industry.
“Non-comparable systemwide hotels” or “Non-comparable owned and leased
hotels” represent all hotels that do not meet the respective definition
of “comparable” as defined above.
Revenue per Available Room (RevPAR)
RevPAR is the product of the average daily rate and the average daily
occupancy percentage. RevPAR does not include non-room revenues, which
consist of ancillary revenues generated by a hotel property, such as
food and beverage, parking, telephone and other guest service revenues.
Our management uses RevPAR to identify trend information with respect to
room revenues from comparable properties and to evaluate hotel
performance on a regional and segment basis. RevPAR is a commonly used
performance measure in the industry.
RevPAR changes that are driven predominantly by changes in occupancy
have different implications for overall revenue levels and incremental
profitability than do changes that are driven predominately by changes
in average room rates. For example, increases in occupancy at a hotel
would lead to increases in room revenues and additional variable
operating costs (including housekeeping services, utilities and room
amenity costs), and could also result in increased ancillary revenues
(including food and beverage). In contrast, changes in average room
rates typically have a greater impact on margins and profitability as
there is no substantial effect on variable costs.
Average Daily Rate (ADR)
ADR represents hotel room revenues, divided by total number of rooms
sold in a given period. ADR measures average room price attained by a
hotel and ADR trends provide useful information concerning the pricing
environment and the nature of the customer base of a hotel or group of
hotels. ADR is a commonly used performance measure in the industry, and
we use ADR to assess the pricing levels that we are able to generate by
customer group, as changes in rates have a different effect on overall
revenues and incremental profitability than changes in occupancy, as
described above.
Occupancy
Occupancy represents the total number of rooms sold divided by the total
number of rooms available at a hotel or group of hotels. Occupancy
measures the utilization of our hotels’ available capacity. Management
uses occupancy to gauge demand at a specific hotel or group of hotels in
a given period. Occupancy levels also help us determine achievable ADR
levels as demand for hotel rooms increases or decreases.
Select service
The term “select service” includes the brands Hyatt Place and
Hyatt
House
(which is in the process of changing its brand identity from Hyatt
Summerfield Suites). These properties have limited food and beverage
outlets and do not offer comprehensive business or banquet facilities
but rather are suited to serve smaller business meetings.
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, occupancy and ADR
trends, market share, the number of properties we expect to open in the
future, our expected capital expenditures, depreciation and amortization
expense, interest expense and effective tax rate, estimates, 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, among others, general economic
uncertainty in key global markets, the rate and pace of economic
recovery following economic downturns; levels of spending in business
and leisure segments as well as consumer confidence; declines in
occupancy and average daily rate; our ability to successfully execute
and implement our organizational realignment and the costs associated
with such organizational realignment; loss of key personnel, including
as a result of our organizational realignment; hostilities, including
future terrorist attacks, or fear of hostilities that affect travel;
travel-related accidents; changes in the tastes and preferences of our
customers; relationships with associates and labor unions and changes in
labor law; the financial condition of, and our relationships with,
third-party property owners, franchisees and hospitality venture
partners; if our third-party owners, franchisees or development partners
are unable to access the capital necessary to fund current operations or
implement our plans for growth; risk associated with potential
acquisitions and dispositions and the introduction of new brand
concepts; changes in the competitive environment in our industry and the
markets where we operate; outcomes of legal proceedings; changes in
federal, state, local or foreign tax law; foreign exchange rate
fluctuations or currency restructurings; general volatility of the
capital markets; our ability to access the capital markets; and other
risks discussed in the Company’s filings with the U.S. Securities and
Exchange Commission, including our Annual Report on Form 10-K, which
filings are available from the SEC. We caution you not to place undue
reliance on any forward-looking statements, which are made as of the
date of this press release. We undertake no 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 laws. 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.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading
global hospitality company with a proud heritage of making guests feel
more than welcome. Thousands of members of the Hyatt family strive to
make a difference in the lives of the guests they encounter every day by
providing authentic hospitality. The Company's subsidiaries manage,
franchise, own and develop hotels and resorts under the Hyatt®,
Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and
Hyatt House
TM.
Hyatt House
is changing its brand identity from Hyatt Summerfield Suites®.
Hyatt Residential Group, Inc., a Hyatt Hotels Corporation
subsidiary, develops, operates, markets or licenses Hyatt
ResidencesTM and Hyatt Vacation
Club®, which is changing its name to Hyatt Residence ClubTM.
As of March 31, 2012, the Company's worldwide portfolio consisted of 488
properties in 45 countries. For more information, please visit www.hyatt.com.
Tables to follow
Hyatt Hotels Corporation
|
Table of Contents
|
Financial Information (unaudited)
|
|
|
|
1.
|
|
Condensed Consolidated Statements of Income
|
2.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Adjusted EBITDA to
EBITDA and a Reconciliation of EBITDA to Net Income Attributable to
Hyatt Hotels Corporation
|
3.
|
|
Summary of Special Items - Three Months Ended March 31, 2012 and 2011
|
4.
|
|
Segment Financial Summary
|
5.
|
|
Hotel Chain Statistics - Comparable Locations
|
6.
|
|
Fee Summary
|
7.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Adjusted Selling,
General, and Administrative Expenses to Selling, General, and
Administrative Expenses
|
8.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and
Leased Hotel Operating Margin to Owned and Leased Hotel Operating
Margin
|
9.
|
|
Net Gains and Interest Income from Marketable Securities Held to
Fund Operating Programs
|
10.
|
|
Properties and Rooms / Units by Geography
|
11.
|
|
Properties and Rooms / Units by Brand
|
Page 1
|
Hyatt Hotels Corporation
|
Condensed Consolidated Statements of Income
|
For the Three Months Ended March 31, 2012 and 2011
|
(in millions, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2012
|
|
2011
|
REVENUES:
|
|
|
|
|
|
Owned and leased hotels
|
$
|
473
|
|
|
$
|
432
|
|
Management and franchise fees
|
|
79
|
|
|
|
70
|
|
Other revenues
|
|
17
|
|
|
|
14
|
|
Other revenues from managed properties (a)
|
|
389
|
|
|
|
359
|
|
Total revenues
|
|
958
|
|
|
|
875
|
|
|
|
|
|
|
|
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
|
|
|
|
|
|
Owned and leased hotels
|
|
377
|
|
|
|
354
|
|
Depreciation and amortization
|
|
86
|
|
|
|
71
|
|
Other direct costs
|
|
6
|
|
|
|
4
|
|
Selling, general, and administrative
|
|
93
|
|
|
|
70
|
|
Other costs from managed properties (a)
|
|
389
|
|
|
|
359
|
|
Direct and selling, general, and administrative expenses
|
|
951
|
|
|
|
858
|
|
|
|
|
|
|
|
Net gains and interest income from marketable securities held to fund
|
|
|
|
|
operating programs
|
|
14
|
|
|
|
6
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
(1
|
)
|
|
|
3
|
|
Interest expense
|
|
(18
|
)
|
|
|
(13
|
)
|
Other income, net
|
|
12
|
|
|
|
3
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
14
|
|
|
|
16
|
|
|
|
|
|
|
|
PROVISION FOR INCOME TAXES
|
|
(4
|
)
|
|
|
(6
|
)
|
|
|
|
|
|
|
NET INCOME
|
|
10
|
|
|
|
10
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
|
$
|
10
|
|
|
$
|
10
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Basic
|
|
|
|
|
|
Net income
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Diluted
|
|
|
|
|
|
Net income
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
Basic share counts
|
|
|
|
165.5
|
|
|
|
174.2
|
|
|
|
|
|
|
|
Diluted share counts
|
|
|
|
166.0
|
|
|
|
174.5
|
|
|
|
|
|
|
|
(a) The Company includes in total revenues the reimbursement of costs
incurred on behalf of managed hotel property owners with no added margin
and includes in direct and selling, general, and administrative expenses
these reimbursed costs. These costs relate primarily to payroll costs
where the Company is the employer.
Page 2
Hyatt Hotels Corporation
Reconciliation of Non-GAAP to GAAP Measure: Adjusted EBITDA to EBITDA
and a Reconciliation of EBITDA to Net Income Attributable to Hyatt
Hotels Corporation
The table below provides a reconciliation of consolidated Adjusted
EBITDA to EBITDA and a reconciliation of EBITDA to net income
attributable to Hyatt Hotels Corporation. Adjusted EBITDA, as the
Company defines it, is a non-GAAP financial measure. See Definitions for
our definition of Adjusted EBITDA and why we present it.
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
2012
|
|
2011
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
125
|
|
|
$
|
109
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
|
(1
|
)
|
|
|
3
|
|
Other income, net
|
|
|
12
|
|
|
|
3
|
|
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
|
|
(18
|
)
|
|
|
(15
|
)
|
EBITDA
|
|
$
|
118
|
|
|
$
|
100
|
|
Depreciation and amortization
|
|
|
(86
|
)
|
|
|
(71
|
)
|
Interest expense
|
|
|
(18
|
)
|
|
|
(13
|
)
|
Provision for income taxes
|
|
|
(4
|
)
|
|
|
(6
|
)
|
Net Income Attributable to Hyatt Hotels Corporation
|
|
$
|
10
|
|
|
$
|
10
|
|
|
|
|
|
|
|
|
|
|
Page 3
Hyatt Hotels Corporation
Summary of Special Items - Three Months Ended March 31, 2012 and 2011
The following table represents a reconciliation of net income
attributable to Hyatt Hotels Corporation, adjusted for special items, to
net income attributable to Hyatt Hotels Corporation presented for the
three months ended March 31, 2012 and March 31, 2011, respectively.
|
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Location on Condensed Consolidated
Statements of
Income
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
|
$
|
10
|
|
|
$
|
10
|
|
Earnings per share
|
|
|
|
$
|
0.06
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
Special items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities (a)
|
|
Other income, net
|
|
|
(8
|
)
|
|
|
1
|
|
Total special items - pre-tax
|
|
|
|
|
(8
|
)
|
|
|
1
|
|
Provision for income taxes for special items
|
|
Provision for income taxes
|
|
|
3
|
|
|
|
-
|
|
Total special items - after-tax
|
|
|
|
|
(5
|
)
|
|
|
1
|
|
Special items impact per share
|
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation, adjusted for
special items
|
|
|
$
|
5
|
|
|
$
|
11
|
|
Earnings per share, adjusted for special items
|
|
|
|
$
|
0.03
|
|
|
$
|
0.07
|
|
|
|
|
|
(a) Marketable securities - Represents (gains) losses on investments in
trading securities not used to fund operating programs.
|
Page 4
|
Hyatt Hotels Corporation
|
Segment Financial Summary
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
473
|
|
|
$
|
432
|
|
|
$
|
41
|
|
|
9.5
|
%
|
North America
|
|
|
62
|
|
|
|
51
|
|
|
|
11
|
|
|
21.6
|
%
|
International
|
|
|
39
|
|
|
|
37
|
|
|
|
2
|
|
|
5.4
|
%
|
Total management and franchising
|
|
|
101
|
|
|
|
88
|
|
|
|
13
|
|
|
14.8
|
%
|
Corporate and other
|
|
|
17
|
|
|
|
14
|
|
|
|
3
|
|
|
21.4
|
%
|
Other revenues from managed properties
|
|
|
389
|
|
|
|
359
|
|
|
|
30
|
|
|
8.4
|
%
|
Eliminations
|
|
|
(22
|
)
|
|
|
(18
|
)
|
|
|
(4
|
)
|
|
(22.2
|
)%
|
Total revenues
|
|
$
|
958
|
|
|
$
|
875
|
|
|
$
|
83
|
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
75
|
|
|
$
|
60
|
|
|
$
|
15
|
|
|
25.0
|
%
|
Pro rata share of unconsolidated hospitality ventures
|
|
|
18
|
|
|
|
15
|
|
|
|
3
|
|
|
20.0
|
%
|
Total owned and leased
|
|
|
93
|
|
|
|
75
|
|
|
|
18
|
|
|
24.0
|
%
|
North American management and franchising
|
|
|
46
|
|
|
|
40
|
|
|
|
6
|
|
|
15.0
|
%
|
International management and franchising
|
|
|
20
|
|
|
|
20
|
|
|
|
-
|
|
|
-
|
%
|
Corporate and other
|
|
|
(34
|
)
|
|
|
(26
|
)
|
|
|
(8
|
)
|
|
(30.8
|
)%
|
Adjusted EBITDA
|
|
$
|
125
|
|
|
$
|
109
|
|
|
$
|
16
|
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 5
|
Hyatt Hotels Corporation
|
Hotel Chain Statistics
|
Comparable Locations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
Change
|
Owned and leased hotels (# hotels) (a)
|
|
|
2012
|
|
|
2011
|
|
Change
|
|
|
(in constant $)
|
|
Full service (39)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
202.01
|
|
$
|
200.35
|
|
0.8%
|
|
|
1.3%
|
|
|
Occupancy
|
|
|
70.4%
|
|
|
65.2%
|
|
5.2%
|
|
pts
|
|
|
|
RevPAR
|
|
$
|
142.31
|
|
$
|
130.54
|
|
9.0%
|
|
|
9.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (46)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
96.21
|
|
$
|
93.36
|
|
3.1%
|
|
|
3.1%
|
|
|
Occupancy
|
|
|
72.1%
|
|
|
71.2%
|
|
0.9%
|
|
pts
|
|
|
|
RevPAR
|
|
$
|
69.35
|
|
$
|
66.50
|
|
4.3%
|
|
|
4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels (85)
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
174.97
|
|
$
|
171.68
|
|
1.9%
|
|
|
2.3%
|
|
|
Occupancy
|
|
|
70.9%
|
|
|
66.7%
|
|
4.2%
|
|
pts
|
|
|
|
RevPAR
|
|
$
|
123.97
|
|
$
|
114.47
|
|
8.3%
|
|
|
8.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels (# hotels; includes owned and
leased hotels)
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
Full service (128)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
169.83
|
|
$
|
165.32
|
|
2.7%
|
|
|
2.8%
|
|
|
Occupancy
|
|
|
69.7%
|
|
|
66.3%
|
|
3.4%
|
|
pts
|
|
|
|
RevPAR
|
|
$
|
118.39
|
|
$
|
109.57
|
|
8.1%
|
|
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (195)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
101.87
|
|
$
|
98.38
|
|
3.5%
|
|
|
3.5%
|
|
|
Occupancy
|
|
|
71.0%
|
|
|
68.6%
|
|
2.4%
|
|
pts
|
|
|
|
RevPAR
|
|
$
|
72.34
|
|
$
|
67.45
|
|
7.2%
|
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
International comparable hotels (97)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
235.25
|
|
$
|
227.19
|
|
3.6%
|
|
|
4.4%
|
|
|
Occupancy
|
|
|
65.2%
|
|
|
63.9%
|
|
1.3%
|
|
pts
|
|
|
|
RevPAR
|
|
$
|
153.36
|
|
$
|
145.06
|
|
5.7%
|
|
|
6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable systemwide hotels (420)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
172.23
|
|
$
|
167.28
|
|
3.0%
|
|
|
3.3%
|
|
|
Occupancy
|
|
|
68.8%
|
|
|
66.1%
|
|
2.7%
|
|
pts
|
|
|
|
RevPAR
|
|
$
|
118.42
|
|
$
|
110.55
|
|
7.1%
|
|
|
7.4%
|
(a) Owned and leased hotel statistics do not include unconsolidated
hospitality ventures.
|
Page 6
|
Hyatt Hotels Corporation
|
Fee Summary
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
Fees
|
|
|
|
|
|
|
|
|
Base management fees
|
|
$
|
38
|
|
$
|
34
|
|
$
|
4
|
|
|
11.8
|
%
|
Incentive management fees
|
|
|
26
|
|
|
25
|
|
|
1
|
|
|
4.0
|
%
|
Franchise fees and other revenue
|
|
|
15
|
|
|
11
|
|
|
4
|
|
|
36.4
|
%
|
Total fees
|
|
$
|
79
|
|
$
|
70
|
|
$
|
9
|
|
|
12.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 7
Hyatt Hotels Corporation
Reconciliation of Non-GAAP to GAAP Measure: Adjusted Selling, General,
and Administrative Expenses to Selling, General, and Administrative
Expenses
Results of operations as presented on condensed consolidated statements
of income include the impact of expenses recognized with respect to
employee benefit programs funded through rabbi trusts. Certain of these
expenses are recognized in selling, general, and administrative expenses
and are completely offset by the corresponding net gains and interest
income from marketable securities held to fund operating programs, thus
having no net impact to our earnings. Below is a reconciliation of this
account excluding the impact of our rabbi trust investments.
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
Adjusted selling, general, and administrative expenses (a)
|
|
$
|
83
|
|
$
|
66
|
|
$
|
17
|
|
|
25.8
|
%
|
|
|
|
|
|
|
|
|
|
Rabbi trust impact
|
|
|
10
|
|
|
4
|
|
|
6
|
|
|
150.0
|
%
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
93
|
|
$
|
70
|
|
$
|
23
|
|
|
32.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Segment breakdown for adjusted selling, general, and
administrative expenses.
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
North America management and franchising
|
|
$
|
16
|
|
$
|
11
|
|
$
|
5
|
|
|
45.5
|
%
|
International management and franchising
|
|
|
19
|
|
|
17
|
|
|
2
|
|
|
11.8
|
%
|
Owned and leased
|
|
|
3
|
|
|
2
|
|
|
1
|
|
|
50.0
|
%
|
Corporate and other (1)
|
|
|
45
|
|
|
36
|
|
|
9
|
|
|
25.0
|
%
|
Adjusted selling, general, and administrative expenses
|
|
$
|
83
|
|
$
|
66
|
|
$
|
17
|
|
|
25.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Corporate and other includes vacation ownership expenses of $8
million and $7 million for the three months ended March 31, 2012 and
2011, respectively.
Page 8
Hyatt Hotels Corporation
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and Leased
Hotel Operating Margin to Owned and Leased Hotel Operating Margin
Below is a breakdown of consolidated owned and leased hotels revenues
and expenses, as used in calculating comparable owned and leased hotel
operating margin percentages. Results of operations as presented on
condensed consolidated statements of income include the impact of
expenses recognized with respect to employee benefit programs funded
through rabbi trusts. Certain of these expenses are recognized in owned
and leased hotels expenses and are completely offset by the
corresponding net gains and interest income from marketable securities
held to fund operating programs, thus having no net impact to our
earnings. Below is a reconciliation of this account excluding the impact
of our rabbi trusts and excluding the impact of non-comparable hotels.
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
440
|
|
|
$
|
409
|
|
|
$
|
31
|
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-comparable hotels
|
|
|
|
33
|
|
|
|
23
|
|
|
|
10
|
|
|
43.5
|
%
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels revenue
|
|
|
$
|
473
|
|
|
$
|
432
|
|
|
$
|
41
|
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
352
|
|
|
$
|
332
|
|
|
$
|
20
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-comparable hotels
|
|
|
|
21
|
|
|
|
20
|
|
|
|
1
|
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust
|
|
|
|
4
|
|
|
|
2
|
|
|
|
2
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels expense
|
|
|
$
|
377
|
|
|
$
|
354
|
|
|
$
|
23
|
|
|
6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotel operating margin percentage
|
|
|
20.3
|
%
|
|
|
18.1
|
%
|
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotel operating margin percentage
|
|
|
20.0
|
%
|
|
|
18.8
|
%
|
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 9
Hyatt Hotels Corporation
Net gains and interest income from marketable securities held to fund
operating programs
The table below provides a reconciliation of net gains and interest
income from marketable securities held to fund operating programs, all
of which are completely offset within other line items of our condensed
consolidated statements of income, thus having no net impact to our
earnings. The gains or losses on securities held in rabbi trusts are
offset to our owned and leased hotels expense for our hotel staff and
selling, general, and administrative expenses for our corporate staff
and personnel supporting our business segments. The gains and losses on
securities held to fund our Hyatt Gold Passport program for our owned
and leased hotels are offset by corresponding changes to our owned and
leased hotel revenues. The table below shows the amounts recorded to the
respective offsetting account.
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust impact allocated to selling, general, and administrative
expenses
|
|
$
|
10
|
|
$
|
4
|
|
$
|
6
|
|
|
150.0
|
%
|
Rabbi trust impact allocated to owned and leased hotels expense
|
|
|
4
|
|
|
2
|
|
|
2
|
|
|
100.0
|
%
|
Net gains and interest income from marketable securities held to
fund our Gold Passport program allocated to owned and leased hotels
revenue
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
%
|
Net gains and interest income from marketable securities held to
fund operating programs
|
|
$
|
14
|
|
$
|
6
|
|
$
|
8
|
|
|
133.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
|
Hyatt Hotels Corporation
|
Properties and Rooms / Units by Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2012
|
|
December 31, 2011
|
|
QTD Change
|
Owned and leased hotels
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
34
|
|
15,882
|
|
34
|
|
15,875
|
|
-
|
|
7
|
|
|
|
International
|
|
10
|
|
2,603
|
|
10
|
|
2,603
|
|
-
|
|
-
|
|
|
|
Select service
|
|
64
|
|
8,712
|
|
64
|
|
8,712
|
|
-
|
|
-
|
|
Total owned and leased hotels
|
|
108
|
|
27,197
|
|
108
|
|
27,190
|
|
-
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
(includes owned and leased hotels)
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
March 31, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
|
Full service hotels
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
Managed (a)
|
|
115
|
|
59,994
|
|
115
|
|
59,986
|
|
-
|
|
8
|
|
|
|
Franchised
|
|
21
|
|
6,376
|
|
20
|
|
6,046
|
|
1
|
|
330
|
|
|
|
Subtotal
|
|
|
136
|
|
66,370
|
|
135
|
|
66,032
|
|
1
|
|
338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
|
|
95
|
|
12,781
|
|
95
|
|
12,781
|
|
-
|
|
-
|
|
|
|
Franchised
|
|
123
|
|
15,783
|
|
120
|
|
15,247
|
|
3
|
|
536
|
|
|
|
Subtotal
|
|
|
218
|
|
28,564
|
|
215
|
|
28,028
|
|
3
|
|
536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed (a)
|
|
109
|
|
35,574
|
|
108
|
|
35,486
|
|
1
|
|
88
|
|
|
|
Franchised
|
|
2
|
|
988
|
|
2
|
|
988
|
|
-
|
|
-
|
|
|
|
Subtotal
|
|
111
|
|
36,562
|
|
110
|
|
36,474
|
|
1
|
|
88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total managed and franchised hotels
|
|
465
|
|
131,496
|
|
460
|
|
130,534
|
|
5
|
|
962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation ownership
|
|
15
|
|
963
|
|
15
|
|
963
|
|
-
|
|
-
|
|
|
|
Residential
|
|
8
|
|
1,230
|
|
8
|
|
1,230
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total properties and rooms/units
|
|
488
|
|
133,689
|
|
483
|
|
132,727
|
|
5
|
|
962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Owned and leased hotel figures do not include unconsolidated
hospitality ventures.
|
(b) Additional details included for a regional breakout of
international managed and franchised hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International managed and franchised hotels
|
|
March 31, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
(includes owned and leased hotels)
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
Asia Pacific
|
|
53
|
|
20,858
|
|
53
|
|
20,981
|
|
-
|
|
(123
|
)
|
|
|
Southwest Asia
|
|
19
|
|
5,822
|
|
18
|
|
5,614
|
|
1
|
|
208
|
|
|
|
Europe, Africa, Middle East
|
|
32
|
|
7,964
|
|
32
|
|
7,961
|
|
-
|
|
3
|
|
|
|
Other Americas
|
|
7
|
|
1,918
|
|
7
|
|
1,918
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International
|
|
111
|
|
36,562
|
|
110
|
|
36,474
|
|
1
|
|
88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 11
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
Properties and Rooms / Units by Brand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
|
Brand
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
Park Hyatt
|
|
29
|
|
5,815
|
|
27
|
|
5,399
|
|
2
|
|
|
416
|
|
|
|
Andaz
|
|
8
|
|
1,701
|
|
6
|
|
1,408
|
|
2
|
|
|
293
|
|
|
|
Hyatt
|
|
25
|
|
6,048
|
|
26
|
|
6,010
|
|
(1
|
)
|
|
38
|
|
|
|
Grand Hyatt
|
|
37
|
|
21,092
|
|
37
|
|
21,101
|
|
-
|
|
|
(9
|
)
|
|
|
Hyatt Regency
|
|
148
|
|
68,276
|
|
149
|
|
68,588
|
|
(1
|
)
|
|
(312
|
)
|
|
|
Hyatt Place
|
|
165
|
|
21,109
|
|
162
|
|
20,573
|
|
3
|
|
|
536
|
|
|
|
Hyatt House (a)
|
|
53
|
|
7,455
|
|
53
|
|
7,455
|
|
-
|
|
|
-
|
|
|
|
Vacation Ownership and Residential
|
|
23
|
|
2,193
|
|
23
|
|
2,193
|
|
-
|
|
|
-
|
|
|
|
Total
|
|
488
|
|
133,689
|
|
483
|
|
132,727
|
|
5
|
|
|
962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Hyatt House is in the process of changing its brand identity
from Hyatt Summerfield Suites.
|

Source: Hyatt Hotels Corporation
Investors:
Atish Shah
Hyatt Hotels Corporation
312.780.5427
atish.shah@hyatt.com
or
Media:
Farley
Kern
Hyatt Hotels Corporation
312.780.5506
farley.kern@hyatt.com