CHICAGO--(BUSINESS WIRE)--Feb. 16, 2012--
Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE: H) today
reported financial results as follows:
-
Adjusted EBITDA was $143 million in the fourth quarter of 2011
compared to $118 million in the fourth quarter of 2010, an increase of
21.2%.
-
Net income attributable to Hyatt was $52 million, or $0.31 per share,
during the fourth quarter of 2011 compared to net income attributable
to Hyatt of $6 million, or $0.03 per share, in the fourth quarter of
2010. Adjusted for special items, net income attributable to Hyatt was
$52 million, or $0.31 per share, during the fourth quarter of 2011
compared to net income attributable to Hyatt of $12 million, or $0.07
per share, during the fourth quarter of 2010. See the table on page 3
of the accompanying schedules for a summary of special items.
-
Comparable owned and leased hotels RevPAR increased 6.0% in the fourth
quarter of 2011 compared to the fourth quarter of 2010.
-
Owned and leased hotel operating margins increased 310 basis points in
the fourth quarter of 2011 compared to the fourth quarter of 2010.
Comparable owned and leased hotel operating margins increased 180
basis points in the fourth quarter of 2011 compared to the same period
in 2010. See the table on page 9 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 RevPAR increased 6.5% in the
fourth quarter of 2011 compared to the fourth quarter of 2010.
Comparable North American select-service RevPAR increased 5.5% in the
fourth quarter of 2011 compared to the fourth quarter of 2010.
-
Comparable International RevPAR increased 2.9% (3.0% excluding the
effect of currency) in the fourth quarter of 2011 compared to the
fourth quarter of 2010.
-
The Company added seven properties during the fourth quarter of 2011.
Mark S. Hoplamazian
, president and chief executive officer of Hyatt
Hotels Corporation, said, “We are pleased to see sustained transient
business travel around the world in the fourth quarter. Demand from this
segment was the primary driver of our results in 2011. Though group
demand in the U.S. was stronger in the fourth quarter of 2011 than in
2010, corporations remain cautious about making longer-term commitments
and this continues to limit visibility into forward bookings.”
“We remain focused on the three priorities which are key to creating
long-term value – our people, our brands and our financial capital and
asset base. Our people deliver our brands every day and enlisting them
to identify how we may better serve our guests is critical to our
success. We are committed to ensuring that they are highly engaged and
are expanding our leadership development activities to ensure that the
next generation of leadership at Hyatt comes from Hyatt.”
“We are committed to enriching our brand management expertise and have
dedicated significant resources and new systems capabilities to expand
our knowledge of our guests and of the meeting planners and corporate
travel managers who are current and prospective Hyatt customers. We are
now applying all of these data and insights to improve our delivery of
authentic hospitality in ways that will differentiate our brands. We are
doing this against a backdrop of extremely strong growth in our loyal
customer base – Hyatt Gold Passport membership expanded by 15% in 2011.”
“Our select-service brands continue to gain momentum. We have seen over
14% RevPAR growth in the select-service segment over the past two years
and intend to build on the back of the 75% expansion of our
extended-stay properties in the U.S. and the first openings of Hyatt
Place properties outside of the U.S. in 2012.”
“We will put our capital and asset base to more active use over the
coming years. We have nearly completed significant renovations at
several of our large owned hotels and we are very excited about our
‘refreshed’ presence. In New York City, we have four new or recently
renovated hotels that have opened within the last 24 months. The
momentum continues with several hotels in development that will double
our presence by 2014, giving us an extremely well-located, essentially
new property portfolio representing almost all of our brands in New York
City within two years.”
“As we move forward to 2012 and beyond, we continue to invest for the
long-term – in our people, in our brands and in our hotels – toward our
goal of becoming the most preferred brand in each segment that we serve,
our ‘path to preference’.”
SEGMENT RESULTS & OTHER ITEMS
Owned and Leased Hotels Segment
Adjusted EBITDA increased 20.7% in the fourth quarter of 2011 compared
to the same period in 2010.
RevPAR for comparable owned and leased hotels increased 6.0% in the
fourth quarter of 2011 compared to the same period in 2010. Occupancy
improved 230 basis points, and ADR increased 2.5%.
Revenues increased 4.9% in the fourth quarter of 2011 compared to the
same period in 2010. Comparable hotel revenues increased 4.7% in the
fourth quarter of 2011 compared to the same period in 2010.
Owned and leased expenses increased 0.8% in the fourth quarter of 2011
compared to the same period in 2010. Excluding expenses related to
benefit programs funded through Rabbi Trusts and non-comparable hotel
expenses, expenses increased 2.4% in the fourth quarter of 2011 compared
to the same period in 2010. See the table on page 9 of the accompanying
schedules for a reconciliation of comparable owned and leased hotels
expenses to owned and leased hotels expenses.
As part of the acquisition of assets from LodgeWorks, the 150-room
Hyatt
House Boston
/Burlington was added to the portfolio. The property was
previously managed by the Company.
One hotel, Hyatt Regency Crown Center, was removed from the portfolio,
as the lease agreement expired.
North American Management and Franchising Segment
Adjusted EBITDA increased by 19.4% in the fourth quarter of 2011
compared to the same period in 2010.
RevPAR for comparable North American full-service hotels increased 6.5%
in the fourth quarter of 2011 compared to the same period in 2010.
Occupancy increased 270 basis points and ADR increased 2.2%.
RevPAR for comparable North American select-service hotels increased
5.5% in the fourth quarter of 2011 compared to the same period in 2010.
Occupancy increased 130 basis points and ADR increased by 3.5%.
Revenue from management, franchise, and other fees increased 18.8% in
the fourth quarter of 2011 compared to the same period in 2010.
The following three hotels were added to the portfolio during the fourth
quarter:
-
Hyatt Regency New Orleans (managed, 1,193 rooms)
-
Hyatt House Philadelphia/King of Prussia (managed, 147 rooms)
-
Hyatt Place Waikiki Beach (franchised, 191 rooms)
Two hotels were removed from the portfolio in the fourth quarter of
2011, including the previously mentioned Hyatt Regency Crown Center.
International Management and Franchising Segment
Adjusted EBITDA increased 3.7% in the fourth quarter of 2011 compared to
the same period in 2010.
RevPAR for comparable international hotels increased 2.9% (3.0%
excluding the effect of currency) in the fourth quarter of 2011 compared
to the same period in 2010. Occupancy decreased 60 basis points and ADR
increased 3.7% (3.9% excluding the effect of currency).
Revenue from management, franchise and other fees was flat in the fourth
quarter of 2011 compared to the same period in 2010.
The following four hotels were added to the portfolio during the fourth
quarter:
-
Park Hyatt Abu Dhabi Hotel and Villas (managed, 306 rooms)
-
Andaz Shanghai (managed, 307 rooms)
-
Hyatt Regency Danang Resort and Spa (managed, 295 rooms)
-
Hyatt Capital Gate, Abu Dhabi (managed, 189 rooms)
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses increased by 3.7% in the
fourth quarter of 2011 compared to the same period in 2010. Adjusted
selling, general, and administrative expenses increased by 4.0% in the
fourth quarter of 2011 compared to the same period in 2010. See the
table on page 8 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 seven hotels in the fourth quarter of 2011, each of which is
listed above. During the 2011 full fiscal year, the Company opened 40
hotels, representing 8,573 rooms. Nine hotels, representing 3,260 rooms,
were removed from the portfolio during the 2011 full fiscal year.
The Company expects to open a significant number of new properties in
the future. As of December 31, 2011, 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 in which the Company is under-represented.
Approximately 70% of the projected new hotels will be located outside
North America.
CAPITAL EXPENDITURES
Capital expenditures during the fourth quarter of 2011 totaled $115
million, categorized as follows:
-
Maintenance: $43 million
-
Enhancements to existing properties: $68 million
-
Investment in new facilities: $4 million
Capital expenditures during the 2011 full fiscal year totaled $331
million, categorized as follows:
-
Maintenance: $92 million
-
Enhancements to existing properties: $226 million
-
Investment in new facilities: $13 million
CORPORATE FINANCE
On December 31, 2011, the Company had total debt of approximately $1.2
billion, cash and cash equivalents, including investments in
highly-rated money market funds and similar investments, of
approximately $530 million, short-term investments of approximately $590
million and 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 $350 million.
-
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, February 16,
2012, at 11:00 a.m. CT. 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 617.597.5324, passcode #47358135, 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
February 16, 2012 through midnight on February 23, 2011 by dialing
617.801.6888, passcode #18207515. 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;
-
gains (losses) on sales of real estate;
-
asset impairments;
-
other income (loss), net;
-
discontinued operations, net of tax;
-
net loss attributable to noncontrolling interests;
-
depreciation and amortization;
-
interest expense; and
-
(provision) benefit 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, income (loss) from continuing operations, 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 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 and interest expense, 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; 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 December 31, 2011, the Company's worldwide portfolio consisted of
483 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.
|
|
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 December 31, 2011 and
2010
|
4.
|
|
Summary of Special Items - Years Ended December 31, 2011 and 2010
|
5.
|
|
Segment Financial Summary
|
6.
|
|
Hotel Chain Statistics - Comparable Locations
|
7.
|
|
Fee Summary
|
8.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Adjusted Selling,
General, and Administrative Expenses to Selling, General, and
Administrative Expenses
|
9.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and
Leased Hotel Operating Margin to Owned and Leased Hotel Operating
Margin
|
10.
|
|
Net Gains and Interest Income from Marketable Securities Held to
Fund Operating Programs
|
11.
|
|
Properties and Rooms / Units by Geography
|
12.
|
|
Properties and Rooms / Units by Brand
|
|
|
|
Page 1
|
Hyatt Hotels Corporation
|
Consolidated Statements of Income
|
For the Three Months and Years Ended December 31, 2011 and 2010
|
(in millions, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
REVENUES:
|
|
|
|
|
|
|
|
|
Owned and leased hotels
|
|
$
|
493
|
|
|
$
|
470
|
|
|
$
|
1,879
|
|
|
$
|
1,859
|
|
Management and franchise fees
|
|
|
77
|
|
|
|
73
|
|
|
|
288
|
|
|
|
255
|
|
Other revenues
|
|
|
17
|
|
|
|
11
|
|
|
|
66
|
|
|
|
45
|
|
Other revenues from managed properties (a)
|
|
|
403
|
|
|
|
364
|
|
|
|
1,465
|
|
|
|
1,368
|
|
Total revenues
|
|
|
990
|
|
|
|
918
|
|
|
|
3,698
|
|
|
|
3,527
|
|
|
|
|
|
|
|
|
|
|
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
|
|
|
|
|
|
|
|
|
Owned and leased hotels
|
|
|
382
|
|
|
|
379
|
|
|
|
1,468
|
|
|
|
1,493
|
|
Depreciation and amortization
|
|
|
87
|
|
|
|
75
|
|
|
|
305
|
|
|
|
279
|
|
Other direct costs
|
|
|
6
|
|
|
|
3
|
|
|
|
24
|
|
|
|
3
|
|
Selling, general, and administrative
|
|
|
84
|
|
|
|
81
|
|
|
|
283
|
|
|
|
276
|
|
Other costs from managed properties (a)
|
|
|
403
|
|
|
|
364
|
|
|
|
1,465
|
|
|
|
1,368
|
|
Direct and selling, general, and administrative expenses
|
|
|
962
|
|
|
|
902
|
|
|
|
3,545
|
|
|
|
3,419
|
|
|
|
|
|
|
|
|
|
|
Net gains and interest income from marketable securities held to
fund operating programs
|
|
|
9
|
|
|
|
9
|
|
|
|
2
|
|
|
|
21
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
|
(2
|
)
|
|
|
(17
|
)
|
|
|
4
|
|
|
|
(40
|
)
|
Interest expense
|
|
|
(15
|
)
|
|
|
(14
|
)
|
|
|
(57
|
)
|
|
|
(54
|
)
|
Gains (losses) on sales of real estate
|
|
|
-
|
|
|
|
20
|
|
|
|
(2
|
)
|
|
|
26
|
|
Asset impairments (b)
|
|
|
(4
|
)
|
|
|
(30
|
)
|
|
|
(6
|
)
|
|
|
(44
|
)
|
Other income (loss), net
|
|
|
8
|
|
|
|
15
|
|
|
|
(11
|
)
|
|
|
71
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES
|
|
|
24
|
|
|
|
(1
|
)
|
|
|
83
|
|
|
|
88
|
|
|
|
|
|
|
|
|
|
|
(PROVISION) BENEFIT FOR INCOME TAXES
|
|
|
28
|
|
|
|
(3
|
)
|
|
|
28
|
|
|
|
(37
|
)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING OPERATIONS
|
|
|
52
|
|
|
|
(4
|
)
|
|
|
111
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
|
DISCONTINUED OPERATIONS:
|
|
|
|
|
|
|
|
|
Loss from discontinued operations, net of income tax benefit of $0
and $0 for the three months ended and $0 and $2 for the years
ended December 31, 2011 and 2010, respectively
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
Gains on sales of discontinued operations, net of income tax
expense of $0 and $0 for the three months ended and $0 and $4 for
the years ended December 31, 2011 and 2010, respectively
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
|
52
|
|
|
|
(4
|
)
|
|
|
111
|
|
|
|
55
|
|
|
|
|
|
|
|
|
|
|
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
-
|
|
|
|
10
|
|
|
|
2
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
|
|
$
|
52
|
|
|
$
|
6
|
|
|
$
|
113
|
|
|
$
|
66
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Basic
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.31
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.66
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
0.31
|
|
|
$
|
0.03
|
|
|
$
|
0.67
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Diluted
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.31
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.66
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
0.31
|
|
|
$
|
0.03
|
|
|
$
|
0.67
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
Basic share counts
|
|
|
165.5
|
|
|
|
174.2
|
|
|
|
168.8
|
|
|
|
174.1
|
|
|
|
|
|
|
|
|
|
|
Diluted share counts
|
|
|
165.7
|
|
|
|
174.2
|
|
|
|
169.2
|
|
|
|
174.4
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
(b) Asset impairments for the three months and years ended December
31, 2011 and 2010, include inventory impairments on vacation
ownership properties for which we have partners who hold
noncontrolling interests. As a result, $1 million and $9 million of
these impairments, respectively, were reflected in the net loss
attributable to noncontrolling interests.
|
|
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 December 31,
|
|
Year Ended December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
143
|
|
|
$
|
118
|
|
|
$
|
538
|
|
|
$
|
476
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
|
(2
|
)
|
|
|
(17
|
)
|
|
|
4
|
|
|
|
(40
|
)
|
Gains (losses) on sales of real estate
|
|
|
-
|
|
|
|
20
|
|
|
|
(2
|
)
|
|
|
26
|
|
Asset impairments (a)
|
|
|
(4
|
)
|
|
|
(30
|
)
|
|
|
(6
|
)
|
|
|
(44
|
)
|
Other income (loss), net
|
|
|
8
|
|
|
|
15
|
|
|
|
(11
|
)
|
|
|
71
|
|
Discontinued operations, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
Net loss attributable to noncontrolling interests (a)
|
|
|
-
|
|
|
|
10
|
|
|
|
2
|
|
|
|
11
|
|
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
|
|
(19
|
)
|
|
|
(18
|
)
|
|
|
(78
|
)
|
|
|
(68
|
)
|
EBITDA
|
|
$
|
126
|
|
|
$
|
98
|
|
|
$
|
447
|
|
|
$
|
436
|
|
Depreciation and amortization
|
|
|
(87
|
)
|
|
|
(75
|
)
|
|
|
(305
|
)
|
|
|
(279
|
)
|
Interest expense
|
|
|
(15
|
)
|
|
|
(14
|
)
|
|
|
(57
|
)
|
|
|
(54
|
)
|
(Provision) benefit for income taxes
|
|
|
28
|
|
|
|
(3
|
)
|
|
|
28
|
|
|
|
(37
|
)
|
Net Income Attributable to Hyatt Hotels Corporation
|
|
$
|
52
|
|
|
$
|
6
|
|
|
$
|
113
|
|
|
$
|
66
|
|
|
|
|
|
|
|
|
|
|
(a) Asset impairments for the three months and years ended December
31, 2011 and 2010, include inventory impairments on vacation
ownership properties for which we have partners who hold
noncontrolling interests. As a result, $1 million and $9 million of
these impairments, respectively, were reflected in the net loss
attributable to noncontrolling interests.
|
|
Page 3
|
Hyatt Hotels Corporation
|
Summary of Special Items - Three Months Ended December 31, 2011 and
2010
|
|
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 December 31, 2011 and December
31, 2010, respectively.
|
|
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Location on Consolidated Statements
|
|
|
|
|
of Income
|
|
Three Months Ended December 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
|
$
|
52
|
|
|
$
|
6
|
|
Earnings per share
|
|
|
|
$
|
0.31
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
Special items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments (a)
|
|
Asset impairments
|
|
|
3
|
|
|
|
21
|
|
Unconsolidated hospitality ventures impairments (b)
|
|
Equity earnings (losses) from
unconsolidated hospitality ventures
|
|
|
1
|
|
|
|
16
|
|
Provisions on hotel loans (c)
|
|
Other income (loss), net
|
|
|
-
|
|
|
|
(1
|
)
|
Gains on sales of real estate (d)
|
|
Gains (losses) on sales of real estate
|
|
|
-
|
|
|
|
(20
|
)
|
Loss on sublease agreement (e)
|
|
Other income (loss), net
|
|
|
2
|
|
|
|
-
|
|
Transaction costs (f)
|
|
Other income (loss), net
|
|
|
1
|
|
|
|
-
|
|
Marketable securities (g)
|
|
Other income (loss), net
|
|
|
(6
|
)
|
|
|
(7
|
)
|
Total special items - pre-tax
|
|
|
|
|
1
|
|
|
|
9
|
|
Provision for income taxes for special items
|
|
(Provision) benefit for income taxes
|
|
|
(1
|
)
|
|
|
(3
|
)
|
Total special items - after-tax
|
|
|
|
|
-
|
|
|
|
6
|
|
Special items impact per share
|
|
|
|
$
|
0.00
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation, adjusted for
special items
|
|
|
|
$
|
52
|
|
|
$
|
12
|
|
Earnings per share, adjusted for special items
|
|
|
|
$
|
0.31
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Asset impairments − During the fourth quarters of 2011 and 2010,
we identified and recorded $3 million and $21 million of asset
impairment charges, respectively. The charges in each period relate
to inventory in our vacation ownership business, and are net of $1
million and $9 million in noncontrolling interest, respectively.
|
(b) Unconsolidated hospitality ventures impairments - During the
fourth quarters of 2011 and 2010, we recorded $1 million and $16
million, respectively, in impairment charges related to hospitality
related ventures, of which $1 million and $6 million, respectively,
related to vacation ownership properties.
|
(c) Provisions on hotel loans - In the fourth quarter of 2010, we
recovered amounts that had previously been reserved, resulting in a
$1 million gain.
|
(d) Gains on sales of real estate - Represents a $20 million gain in
the fourth quarter of 2010 on the sales of Hyatt Deerfield, Hyatt
Lisle and Hyatt Rosemont.
|
(e) Loss on sublease agreement - During the fourth quarter of 2011,
we recorded a $2 million loss on a sublease agreement based on terms
of our existing master lease.
|
(f) Transaction costs - In the fourth quarter of 2011, we incurred
$1 million in transaction costs primarily to acquire hotels and
other assets from LodgeWorks, L.P. and its private equity partners.
|
(g) Marketable securities - Represents gains on investments in
trading securities not used to fund operating programs.
|
|
Page 4
|
Hyatt Hotels Corporation
|
Summary of Special Items - Years Ended December 31, 2011 and 2010
|
|
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 years ended December 31, 2011 and December 31,
2010, respectively.
|
|
|
|
|
|
|
|
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Location on Consolidated Statements of
|
|
|
|
|
Income
|
|
Year Ended December 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
|
$
|
113
|
|
|
$
|
66
|
|
Earnings per share
|
|
|
|
$
|
0.67
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
Special items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments (a)
|
|
Asset impairments
|
|
|
5
|
|
|
|
35
|
|
Unconsolidated hospitality ventures impairment (b)
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
|
1
|
|
|
|
31
|
|
(Gains) losses on sales of real estate (c)
|
|
Gains (losses) on sales of real estate
|
|
|
2
|
|
|
|
(26
|
)
|
Marketable securities (d)
|
|
Other income (loss), net
|
|
|
13
|
|
|
|
(19
|
)
|
Losses on sublease agreements (e)
|
|
Other income (loss), net
|
|
|
7
|
|
|
|
-
|
|
Gain on extinguishment of debt (f)
|
|
Other income (loss), net
|
|
|
-
|
|
|
|
(35
|
)
|
Provisions on hotel loans (g)
|
|
Other income (loss), net
|
|
|
4
|
|
|
|
1
|
|
Transaction costs (h)
|
|
Other income (loss), net
|
|
|
5
|
|
|
|
-
|
|
Total special items - pre-tax
|
|
|
|
|
37
|
|
|
|
(13
|
)
|
(Provision) benefit for income taxes for special items
|
|
(Provision) benefit for income taxes
|
|
|
(14
|
)
|
|
|
7
|
|
Discontinued operations, net of tax
|
|
Income from discontinued operations, net
|
|
|
-
|
|
|
|
(4
|
)
|
Total special items - after-tax
|
|
|
|
|
23
|
|
|
|
(10
|
)
|
Special items impact per share
|
|
|
|
$
|
0.13
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
|
|
Net income attributable to Hyatt Hotels Corporation, adjusted for
special items
|
|
|
|
$
|
136
|
|
|
$
|
56
|
|
Earnings per share, adjusted for special items
|
|
|
|
$
|
0.80
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Asset impairments − During the years ended December 31, 2011 and
2010, we identified and recorded $5 million and $35 million of asset
impairment charges. The 2011 charge includes a $4 million impairment
taken on inventory related to our vacation ownership business, which
is net of $1 million in noncontrolling interest. The 2010 charge
includes $21 million of impairment charges related to two vacation
ownership properties, which is net of $9 million in noncontrolling
interest, a $10 million impairment of a company owned airplane and a
$3 million impairment of property and equipment at one of our owned
hotels.
|
(b) Unconsolidated hospitality ventures impairment − During 2011
and 2010, we recorded impairment charges of $1 million and $31
million, respectively, related to our hospitality related
ventures, of which $1 million and $15 million, respectively,
related to vacation ownership properties.
|
(c) (Gains) losses on sale of real estate - During the year ended
December 31, 2011, we sold eight hotels from our owned hotel
portfolio for a loss of $2 million. 2010 represents $26 million in
gains on the sales of Hyatt Deerfield, Hyatt Lisle, Hyatt Rosemont
and Hyatt Regency Greenville.
|
(d) Marketable securities - Represents (gains) losses on investments
in trading securities not used to fund operating programs.
|
(e) Losses on sublease agreements - During the year ended December
31, 2011, we recorded a $7 million loss on two sublease agreements
based on terms of our existing master leases. One of these sublease
agreements is with a related party.
|
(f) Gain on extinguishment of debt - During 2010, we extinguished
$45 million of mortgage debt and transferred the deed for the
related property to the lender, which resulted in a gain of $35
million.
|
(g) Provisions on hotel loans - During 2011 and 2010, we recorded $4
million and $1 million, respectively, in provisions related to
certain hotel developer loans based on our assessment of their
collectability.
|
(h) Transaction costs - In the year ended December 31, 2011, we
incurred $5 million in transaction costs primarily to acquire hotels
and other assets from LodgeWorks, L.P. and its private equity
partners.
|
|
Page 5
|
Hyatt Hotels Corporation
|
Segment Financial Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
493
|
|
|
$
|
470
|
|
|
$
|
23
|
|
|
4.9
|
%
|
|
$
|
1,879
|
|
|
$
|
1,859
|
|
|
$
|
20
|
|
|
1.1
|
%
|
North America
|
|
|
57
|
|
|
|
48
|
|
|
|
9
|
|
|
18.8
|
%
|
|
|
216
|
|
|
|
193
|
|
|
|
23
|
|
|
11.9
|
%
|
International
|
|
|
45
|
|
|
|
45
|
|
|
|
-
|
|
|
0.0
|
%
|
|
|
155
|
|
|
|
142
|
|
|
|
13
|
|
|
9.2
|
%
|
Total management and franchising
|
|
|
102
|
|
|
|
93
|
|
|
|
9
|
|
|
9.7
|
%
|
|
|
371
|
|
|
|
335
|
|
|
|
36
|
|
|
10.7
|
%
|
Corporate and other
|
|
|
17
|
|
|
|
11
|
|
|
|
6
|
|
|
54.5
|
%
|
|
|
66
|
|
|
|
45
|
|
|
|
21
|
|
|
46.7
|
%
|
Other revenues from managed properties
|
|
|
403
|
|
|
|
364
|
|
|
|
39
|
|
|
10.7
|
%
|
|
|
1,465
|
|
|
|
1,368
|
|
|
|
97
|
|
|
7.1
|
%
|
Eliminations
|
|
|
(25
|
)
|
|
|
(20
|
)
|
|
|
(5
|
)
|
|
(25.0
|
)%
|
|
|
(83
|
)
|
|
|
(80
|
)
|
|
|
(3
|
)
|
|
(3.8
|
)%
|
Total revenues
|
|
$
|
990
|
|
|
$
|
918
|
|
|
$
|
72
|
|
|
7.8
|
%
|
|
$
|
3,698
|
|
|
$
|
3,527
|
|
|
$
|
171
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
86
|
|
|
$
|
69
|
|
|
$
|
17
|
|
|
24.6
|
%
|
|
$
|
322
|
|
|
$
|
288
|
|
|
$
|
34
|
|
|
11.8
|
%
|
Pro rata share of unconsolidated hospitality ventures
|
|
|
19
|
|
|
|
18
|
|
|
|
1
|
|
|
5.6
|
%
|
|
|
78
|
|
|
|
68
|
|
|
|
10
|
|
|
14.7
|
%
|
Total owned and leased
|
|
|
105
|
|
|
|
87
|
|
|
|
18
|
|
|
20.7
|
%
|
|
|
400
|
|
|
|
356
|
|
|
|
44
|
|
|
12.4
|
%
|
North American management and franchising
|
|
|
43
|
|
|
|
36
|
|
|
|
7
|
|
|
19.4
|
%
|
|
|
167
|
|
|
|
145
|
|
|
|
22
|
|
|
15.2
|
%
|
International management and franchising
|
|
|
28
|
|
|
|
27
|
|
|
|
1
|
|
|
3.7
|
%
|
|
|
87
|
|
|
|
76
|
|
|
|
11
|
|
|
14.5
|
%
|
Corporate and other
|
|
|
(33
|
)
|
|
|
(32
|
)
|
|
|
(1
|
)
|
|
(3.1
|
)%
|
|
|
(116
|
)
|
|
|
(101
|
)
|
|
|
(15
|
)
|
|
(14.9
|
)%
|
Adjusted EBITDA
|
|
$
|
143
|
|
|
$
|
118
|
|
|
$
|
25
|
|
|
21.2
|
%
|
|
$
|
538
|
|
|
$
|
476
|
|
|
$
|
62
|
|
|
13.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
Hyatt Hotels Corporation
|
Hotel Chain Statistics
|
Comparable Locations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
Change
|
|
Year Ended December 31,
|
|
|
|
|
Change
|
Owned and leased hotels (# hotels) (a)
|
|
2011
|
|
2010
|
|
Change
|
|
|
(in constant $)
|
|
2011
|
|
2010
|
|
Change
|
|
|
(in constant $)
|
Full-service (38)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
200.57
|
|
|
$
|
197.59
|
|
|
1.5
|
%
|
|
|
1.4
|
%
|
|
$
|
197.18
|
|
|
$
|
190.83
|
|
|
3.3
|
%
|
|
|
1.6
|
%
|
Occupancy
|
|
|
68.6
|
%
|
|
|
65.3
|
%
|
|
3.3
|
%
|
pts
|
|
|
|
|
70.9
|
%
|
|
|
69.5
|
%
|
|
1.4
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
137.55
|
|
|
$
|
129.04
|
|
|
6.6
|
%
|
|
|
6.5
|
%
|
|
$
|
139.87
|
|
|
$
|
132.64
|
|
|
5.5
|
%
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select-service (46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
90.22
|
|
|
$
|
87.04
|
|
|
3.7
|
%
|
|
|
3.7
|
%
|
|
$
|
91.96
|
|
|
$
|
87.26
|
|
|
5.4
|
%
|
|
|
5.4
|
%
|
Occupancy
|
|
|
72.6
|
%
|
|
|
73.1
|
%
|
|
(0.5
|
)%
|
pts
|
|
|
|
|
77.0
|
%
|
|
|
74.8
|
%
|
|
2.2
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
65.46
|
|
|
$
|
63.67
|
|
|
2.8
|
%
|
|
|
2.8
|
%
|
|
$
|
70.77
|
|
|
$
|
65.28
|
|
|
8.4
|
%
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels (84)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
171.43
|
|
|
$
|
167.20
|
|
|
2.5
|
%
|
|
|
2.5
|
%
|
|
$
|
168.90
|
|
|
$
|
163.15
|
|
|
3.5
|
%
|
|
|
2.1
|
%
|
Occupancy
|
|
|
69.6
|
%
|
|
|
67.3
|
%
|
|
2.3
|
%
|
pts
|
|
|
|
|
72.5
|
%
|
|
|
70.8
|
%
|
|
1.7
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
119.29
|
|
|
$
|
112.51
|
|
|
6.0
|
%
|
|
|
6.0
|
%
|
|
$
|
122.39
|
|
|
$
|
115.59
|
|
|
5.9
|
%
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchise hotels (# hotels; includes owned and leased
hotels)
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-service (120)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
163.08
|
|
|
$
|
159.62
|
|
|
2.2
|
%
|
|
|
2.2
|
%
|
|
$
|
162.38
|
|
|
$
|
157.60
|
|
|
3.0
|
%
|
|
|
2.8
|
%
|
Occupancy
|
|
|
67.5
|
%
|
|
|
64.8
|
%
|
|
2.7
|
%
|
pts
|
|
|
|
|
71.5
|
%
|
|
|
69.1
|
%
|
|
2.4
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
110.11
|
|
|
$
|
103.38
|
|
|
6.5
|
%
|
|
|
6.5
|
%
|
|
$
|
116.09
|
|
|
$
|
108.84
|
|
|
6.7
|
%
|
|
|
6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select-service (177)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
94.56
|
|
|
$
|
91.32
|
|
|
3.5
|
%
|
|
|
3.5
|
%
|
|
$
|
95.94
|
|
|
$
|
92.79
|
|
|
3.4
|
%
|
|
|
3.4
|
%
|
Occupancy
|
|
|
70.1
|
%
|
|
|
68.8
|
%
|
|
1.3
|
%
|
pts
|
|
|
|
|
74.1
|
%
|
|
|
70.4
|
%
|
|
3.7
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
66.27
|
|
|
$
|
62.83
|
|
|
5.5
|
%
|
|
|
5.5
|
%
|
|
$
|
71.13
|
|
|
$
|
65.35
|
|
|
8.8
|
%
|
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International comparable hotels (96)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
240.58
|
|
|
$
|
231.98
|
|
|
3.7
|
%
|
|
|
3.9
|
%
|
|
$
|
232.87
|
|
|
$
|
216.89
|
|
|
7.4
|
%
|
|
|
3.2
|
%
|
Occupancy
|
|
|
68.7
|
%
|
|
|
69.3
|
%
|
|
(0.6
|
)%
|
pts
|
|
|
|
|
65.6
|
%
|
|
|
65.2
|
%
|
|
0.4
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
165.32
|
|
|
$
|
160.73
|
|
|
2.9
|
%
|
|
|
3.0
|
%
|
|
$
|
152.88
|
|
|
$
|
141.44
|
|
|
8.1
|
%
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable systemwide hotels (393)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
171.38
|
|
|
$
|
167.03
|
|
|
2.6
|
%
|
|
|
2.7
|
%
|
|
$
|
167.26
|
|
|
$
|
160.51
|
|
|
4.2
|
%
|
|
|
2.6
|
%
|
Occupancy
|
|
|
68.3
|
%
|
|
|
66.8
|
%
|
|
1.5
|
%
|
pts
|
|
|
|
|
70.4
|
%
|
|
|
68.3
|
%
|
|
2.1
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
117.13
|
|
|
$
|
111.59
|
|
|
5.0
|
%
|
|
|
5.0
|
%
|
|
$
|
117.70
|
|
|
$
|
109.55
|
|
|
7.4
|
%
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Owned and leased hotel statistics do not include
unconsolidated hospitality ventures.
|
|
Page 7
|
Hyatt Hotels Corporation
|
Fee Summary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
Three Months Ended December 31,
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fees
|
|
$
|
38
|
|
$
|
35
|
|
$
|
3
|
|
|
8.6
|
%
|
|
$
|
147
|
|
$
|
132
|
|
$
|
15
|
|
|
11.4
|
%
|
Incentive management fees
|
|
|
28
|
|
|
31
|
|
|
(3
|
)
|
|
(9.7
|
)%
|
|
|
98
|
|
|
93
|
|
|
5
|
|
|
5.4
|
%
|
Franchise and other fees
|
|
|
11
|
|
|
7
|
|
|
4
|
|
|
57.1
|
%
|
|
|
43
|
|
|
30
|
|
|
13
|
|
|
43.3
|
%
|
Total fees
|
|
$
|
77
|
|
$
|
73
|
|
$
|
4
|
|
|
5.5
|
%
|
|
$
|
288
|
|
$
|
255
|
|
$
|
33
|
|
|
12.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 8
|
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 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 December 31,
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted selling, general, and administrative expenses (a)
|
|
$
|
78
|
|
$
|
75
|
|
$
|
3
|
|
|
4.0
|
%
|
|
$
|
284
|
|
|
$
|
265
|
|
$
|
19
|
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust impact
|
|
|
6
|
|
|
6
|
|
|
-
|
|
|
0.0
|
%
|
|
|
(1
|
)
|
|
|
11
|
|
|
(12
|
)
|
|
(109.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses
|
|
$
|
84
|
|
$
|
81
|
|
$
|
3
|
|
|
3.7
|
%
|
|
$
|
283
|
|
|
$
|
276
|
|
$
|
7
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Segment breakdown for adjusted selling, general, and
administrative expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America management and franchising
|
|
$
|
14
|
|
$
|
13
|
|
$
|
1
|
|
|
7.7
|
%
|
|
$
|
49
|
|
|
$
|
48
|
|
$
|
1
|
|
|
2.1
|
%
|
International management and franchising
|
|
|
17
|
|
|
18
|
|
|
(1
|
)
|
|
(5.6
|
)%
|
|
|
68
|
|
|
|
66
|
|
|
2
|
|
|
3.0
|
%
|
Owned and leased
|
|
|
3
|
|
|
3
|
|
|
-
|
|
|
0.0
|
%
|
|
|
10
|
|
|
|
8
|
|
|
2
|
|
|
25.0
|
%
|
Corporate and other (1)
|
|
|
44
|
|
|
41
|
|
|
3
|
|
|
7.3
|
%
|
|
|
157
|
|
|
|
143
|
|
|
14
|
|
|
9.8
|
%
|
Adjusted selling, general, and administrative expenses
|
|
$
|
78
|
|
$
|
75
|
|
$
|
3
|
|
|
4.0
|
%
|
|
$
|
284
|
|
|
$
|
265
|
|
$
|
19
|
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Corporate and other includes vacation ownership expenses of $7
million and $6 million for the three months ended December 31, 2011
and 2010, respectively, and $27 million and $25 million for the
years ended December 31, 2011 and 2010, respectively.
|
|
Page 9
|
Hyatt Hotels Corporation
|
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and
Leased Hotel Operating Margin to Owned and Leased Hotel Operating
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Below is a breakdown of consolidated owned and leased hotels
revenues and expenses, as used in calculating comparable owned and
leased hotel operating margin percentages. Results of operations as
presented on consolidated statements of income include the impact of
expenses recognized with respect to employee benefit programs funded
through rabbi trusts. Certain of these expenses are recognized in
owned and leased hotels expenses and are completely offset by the
corresponding net gains and interest income from marketable
securities held to fund operating programs, thus having no net
impact to our earnings. Below is a reconciliation of this account
excluding the impact of our rabbi trusts and excluding the impact of
non-comparable hotels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
447
|
|
|
$
|
427
|
|
|
$
|
20
|
|
|
4.7
|
%
|
|
$
|
1,743
|
|
|
$
|
1,657
|
|
|
$
|
86
|
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable hotels
|
|
|
46
|
|
|
|
43
|
|
|
|
3
|
|
|
7.0
|
%
|
|
|
136
|
|
|
|
202
|
|
|
|
(66
|
)
|
|
(32.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels revenue
|
|
$
|
493
|
|
|
$
|
470
|
|
|
$
|
23
|
|
|
4.9
|
%
|
|
$
|
1,879
|
|
|
$
|
1,859
|
|
|
$
|
20
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
347
|
|
|
$
|
339
|
|
|
$
|
8
|
|
|
2.4
|
%
|
|
$
|
1,361
|
|
|
$
|
1,313
|
|
|
$
|
48
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable hotels
|
|
|
33
|
|
|
|
37
|
|
|
|
(4
|
)
|
|
(10.8
|
)%
|
|
|
108
|
|
|
|
175
|
|
|
|
(67
|
)
|
|
(38.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust
|
|
|
2
|
|
|
|
3
|
|
|
|
(1
|
)
|
|
(33.3
|
)%
|
|
|
(1
|
)
|
|
|
5
|
|
|
|
(6
|
)
|
|
(120.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels expense
|
|
$
|
382
|
|
|
$
|
379
|
|
|
$
|
3
|
|
|
0.8
|
%
|
|
$
|
1,468
|
|
|
$
|
1,493
|
|
|
$
|
(25
|
)
|
|
(1.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotel operating margin percentage
|
|
|
22.5
|
%
|
|
|
19.4
|
%
|
|
|
|
3.1
|
%
|
|
|
21.9
|
%
|
|
|
19.7
|
%
|
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotel operating margin percentage
|
|
|
22.4
|
%
|
|
|
20.6
|
%
|
|
|
|
1.8
|
%
|
|
|
21.9
|
%
|
|
|
20.8
|
%
|
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
|
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
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 December 31,
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
2011
|
|
2010
|
|
Change ($)
|
|
Change (%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust impact allocated to selling, general, and administrative
expenses
|
|
$
|
6
|
|
$
|
6
|
|
$
|
-
|
|
|
0.0
|
%
|
|
$
|
(1
|
)
|
|
$
|
11
|
|
$
|
(12
|
)
|
|
(109.1
|
)%
|
Rabbi trust impact allocated to owned and leased hotels expense
|
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
(33.3
|
)%
|
|
|
(1
|
)
|
|
|
5
|
|
|
(6
|
)
|
|
(120.0
|
)%
|
Net gains and interest income from marketable securities held to
fund our Gold Passport program allocated to owned and leased hotels
revenue
|
|
|
1
|
|
|
-
|
|
|
1
|
|
|
100.0
|
%
|
|
|
4
|
|
|
|
5
|
|
|
(1
|
)
|
|
(20.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains and interest income from marketable securities held to
fund operating programs
|
|
$
|
9
|
|
$
|
9
|
|
$
|
-
|
|
|
0.0
|
%
|
|
$
|
2
|
|
|
$
|
21
|
|
$
|
(19
|
)
|
|
(90.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 11
|
Hyatt Hotels Corporation
|
Properties and Rooms / Units by Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
September 30, 2011
|
|
December 31, 2010
|
|
QTD Change
|
|
YTD Change
|
Owned and leased hotels
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
34
|
|
15,875
|
|
35
|
|
16,621
|
|
32
|
|
16,840
|
|
(1
|
)
|
|
(746
|
)
|
|
2
|
|
|
(965
|
)
|
International
|
|
10
|
|
2,603
|
|
10
|
|
2,603
|
|
10
|
|
2,607
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(4
|
)
|
Select-service
|
|
64
|
|
8,712
|
|
63
|
|
8,562
|
|
54
|
|
7,041
|
|
1
|
|
|
150
|
|
|
10
|
|
|
1,671
|
|
Total owned and leased hotels
|
|
108
|
|
27,190
|
|
108
|
|
27,786
|
|
96
|
|
26,488
|
|
-
|
|
|
(596
|
)
|
|
12
|
|
|
702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(includes owned and leased hotels)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
December 31, 2011
|
|
September 30, 2011
|
|
December 31, 2010
|
|
QTD Change
|
|
YTD Change
|
Full-service hotels
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
Managed (a)
|
|
115
|
|
59,986
|
|
116
|
|
59,900
|
|
114
|
|
60,016
|
|
(1
|
)
|
|
86
|
|
|
1
|
|
|
(30
|
)
|
Franchised
|
|
20
|
|
6,046
|
|
19
|
|
5,682
|
|
16
|
|
4,767
|
|
1
|
|
|
364
|
|
|
4
|
|
|
1,279
|
|
Subtotal
|
|
135
|
|
66,032
|
|
135
|
|
65,582
|
|
130
|
|
64,783
|
|
-
|
|
|
450
|
|
|
5
|
|
|
1,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select-service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
|
|
95
|
|
12,781
|
|
93
|
|
12,497
|
|
81
|
|
10,522
|
|
2
|
|
|
284
|
|
|
14
|
|
|
2,259
|
|
Franchised
|
|
120
|
|
15,247
|
|
121
|
|
15,343
|
|
114
|
|
14,494
|
|
(1
|
)
|
|
(96
|
)
|
|
6
|
|
|
753
|
|
Subtotal
|
|
215
|
|
28,028
|
|
214
|
|
27,840
|
|
195
|
|
25,016
|
|
1
|
|
|
188
|
|
|
20
|
|
|
3,012
|
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed (a)
|
|
108
|
|
35,486
|
|
104
|
|
34,254
|
|
102
|
|
34,519
|
|
4
|
|
|
1,232
|
|
|
6
|
|
|
967
|
|
Franchised
|
|
2
|
|
988
|
|
2
|
|
988
|
|
2
|
|
988
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Subtotal
|
|
110
|
|
36,474
|
|
106
|
|
35,242
|
|
104
|
|
35,507
|
|
4
|
|
|
1,232
|
|
|
6
|
|
|
967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total managed and franchised hotels
|
|
460
|
|
130,534
|
|
455
|
|
128,664
|
|
429
|
|
125,306
|
|
5
|
|
|
1,870
|
|
|
31
|
|
|
5,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation ownership
|
|
15
|
|
963
|
|
15
|
|
963
|
|
15
|
|
962
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
Residential
|
|
8
|
|
1,230
|
|
8
|
|
1,230
|
|
9
|
|
1,239
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total properties and rooms/units
|
|
483
|
|
132,727
|
|
478
|
|
130,857
|
|
453
|
|
127,507
|
|
5
|
|
|
1,870
|
|
|
30
|
|
|
5,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
December 31, 2011
|
|
September 30, 2011
|
|
December 31, 2010
|
|
QTD Change
|
|
YTD Change
|
(includes owned and leased hotels)
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
Asia Pacific
|
|
53
|
|
20,981
|
|
51
|
|
20,244
|
|
51
|
|
20,364
|
|
2
|
|
|
737
|
|
|
2
|
|
|
617
|
|
Southwest Asia
|
|
18
|
|
5,614
|
|
16
|
|
5,119
|
|
13
|
|
4,430
|
|
2
|
|
|
495
|
|
|
5
|
|
|
1,184
|
|
Europe, Africa, Middle East
|
|
32
|
|
7,961
|
|
32
|
|
7,961
|
|
33
|
|
8,795
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
(834
|
)
|
Other Americas
|
|
7
|
|
1,918
|
|
7
|
|
1,918
|
|
7
|
|
1,918
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International
|
|
110
|
|
36,474
|
|
106
|
|
35,242
|
|
104
|
|
35,507
|
|
4
|
|
|
1,232
|
|
|
6
|
|
|
967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 12
|
Hyatt Hotels Corporation
|
Properties and Rooms / Units by Brand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
September 30, 2011
|
|
December 31, 2010
|
|
QTD Change
|
|
YTD Change
|
Brand
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
Park Hyatt
|
|
27
|
|
5,399
|
|
26
|
|
5,093
|
|
25
|
|
5,049
|
|
1
|
|
306
|
|
|
2
|
|
|
350
|
|
Andaz
|
|
6
|
|
1,408
|
|
5
|
|
1,101
|
|
5
|
|
1,096
|
|
1
|
|
307
|
|
|
1
|
|
|
312
|
|
Hyatt
|
|
26
|
|
6,010
|
|
25
|
|
5,827
|
|
21
|
|
5,462
|
|
1
|
|
183
|
|
|
5
|
|
|
548
|
|
Grand Hyatt
|
|
37
|
|
21,101
|
|
37
|
|
21,109
|
|
37
|
|
21,568
|
|
-
|
|
(8
|
)
|
|
-
|
|
|
(467
|
)
|
Hyatt Regency
|
|
149
|
|
68,588
|
|
148
|
|
67,694
|
|
146
|
|
67,115
|
|
1
|
|
894
|
|
|
3
|
|
|
1,473
|
|
Hyatt Place
|
|
162
|
|
20,573
|
|
162
|
|
20,532
|
|
161
|
|
20,434
|
|
-
|
|
41
|
|
|
1
|
|
|
139
|
|
Hyatt House (a)
|
|
53
|
|
7,455
|
|
52
|
|
7,308
|
|
34
|
|
4,582
|
|
1
|
|
147
|
|
|
19
|
|
|
2,873
|
|
Vacation Ownership and Residential
|
|
23
|
|
2,193
|
|
23
|
|
2,193
|
|
24
|
|
2,201
|
|
-
|
|
-
|
|
|
(1
|
)
|
|
(8
|
)
|
Total
|
|
483
|
|
132,727
|
|
478
|
|
130,857
|
|
453
|
|
127,507
|
|
5
|
|
1,870
|
|
|
30
|
|
|
5,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Hyatt House is in the process of changing its brand identity
from Hyatt Summerfield Suites.
|
|

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