CHICAGO--(BUSINESS WIRE)--Feb. 13, 2013--
Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE: H) today
reported fourth quarter 2012 financial results as follows:
-
Adjusted EBITDA was $147 million in the fourth quarter of 2012
compared to $143 million in the fourth quarter of 2011, an increase of
2.8%.
-
Net income attributable to Hyatt was $16 million, or $0.09 per share,
during the fourth quarter of 2012 compared to net income attributable
to Hyatt of $52 million, or $0.31 per share, in the fourth quarter of
2011. Adjusted for special items, net income attributable to Hyatt was
$33 million, or $0.20 per share, during the fourth quarter of 2012
compared to net income attributable to Hyatt of $52 million, or $0.31
per share, during the fourth 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 7.5% in the fourth
quarter of 2012 compared to the fourth quarter of 2011.
-
Owned and leased hotel operating margins decreased 10 basis points in
the fourth quarter of 2012 compared to the fourth quarter of 2011.
Comparable owned and leased hotel operating margins decreased 110
basis points in the fourth quarter of 2012 compared to the same period
in 2011. 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 U.S. full service hotel RevPAR increased 5.8% in the fourth
quarter of 2012 compared to the fourth quarter of 2011. Comparable
U.S. select service hotel RevPAR increased 8.7% in the fourth quarter
of 2012 compared to the fourth quarter of 2011.
-
Six properties were opened.
-
The Company repurchased 2,779,038 shares of Class A common stock at a
weighted average price of $36.34 per share, for an aggregate purchase
price of approximately $101 million.
Mark S. Hoplamazian
, president and chief executive officer of Hyatt
Hotels Corporation, said, “During the fourth quarter, our comparable
owned and leased RevPAR increased 7.5% as we benefited from solid demand
and to a limited extent from renovations completed in prior periods.
“We are expanding into meaningful and new markets around the world with
recent openings and we continue to enjoy great demand for our brands
around the world as we sign new contracts for additional hotels. During
the quarter, we opened the Andaz Amsterdam and our first two select
service hotels outside of the U.S. For the year, we opened 22 hotels and
our base of executed contracts for new hotels grew by over 15%. We
expect to open over 30 hotels in 2013, including the conversion of four
iconic hotels in Paris, Nice and Cannes to Hyatt brands. Adding an
aggregate of approximately 1,700 rooms, this will more than double our
presence in France and is a meaningful expansion of our coverage in
continental Europe.
“Looking ahead, we are focused on growing our market share, increasing
owned and leased margins, improving results at recently renovated and
newly acquired hotels, and continuing to support expansion of our brand
presence around the world. We expect that there will be headwinds in
some markets, but given our concentration of earnings in the U.S., and
the diversity of our business model, we look forward to a year of stable
growth.
“During the second half of 2012, we completed several unique
transactions to expand presence, recycle capital, earn strong returns,
and strengthen our relationships with partners that are important to our
future. In addition, we repurchased approximately 3.7 million shares of
Class A common stock in 2012 for approximately $136 million. We are
well-situated for the future with strong brands, well-positioned hotels,
ample resources and a business model that is oriented to take advantage
of market opportunities.”
SEGMENT RESULTS & OTHER ITEMS
Owned and Leased Hotels Segment
Total segment Adjusted EBITDA decreased 2.9% in the fourth quarter of
2012 compared to the same period in 2011. Owned and leased Adjusted
EBITDA increased 1.2% in the fourth quarter of 2012 compared to the same
period in 2011. Pro rata share of unconsolidated hospitality ventures
Adjusted EBITDA decreased 21.1% in the fourth quarter of 2012.
RevPAR for comparable owned and leased hotels increased 7.5% in the
fourth quarter of 2012 compared to the same period in 2011. Occupancy
improved 220 basis points and ADR increased 4.2% compared to the same
period in 2011.
Revenues increased 4.9% in the fourth quarter of 2012 compared to the
same period in 2011. Comparable hotel revenues increased 2.9% in the
fourth quarter of 2012 compared to the same period in 2011.
Revenue for comparable owned and leased hotels was negatively impacted
by weak performance in certain international markets and lower relative
growth in non-room revenue at U.S. hotels.
Owned and leased hotel expenses increased 5.0% in the fourth 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 4.3% in the fourth quarter of 2012 compared
to the same period in 2011. Comparable expenses were negatively impacted
by insurance costs. 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.
The following two hotels were added to the portfolio during the fourth
quarter:
-
Hyatt Regency Birmingham (owned, 319 rooms): This property was
acquired by the Company for approximately $43 million. The property
was previously and will continue to be managed by the Company.
-
Andaz Amsterdam (leased, 122 rooms)
During the quarter, the Company closed on the sale of eight select
service hotels, with an aggregate of 1,043 rooms, for approximately $87
million. The Company will continue to manage these hotels under
long-term agreements.
Americas Management and Franchising Segment
Adjusted EBITDA increased 16.3% in the fourth quarter of 2012 compared
to the same period in 2011.
RevPAR for comparable Americas full service hotels increased 5.3% in the
fourth quarter of 2012 (5.4% excluding the effect of currency) compared
to the same period in 2011. Occupancy increased 60 basis points and ADR
increased 4.4% (4.5% excluding the effect of currency) compared to the
same period in 2011.
Group rooms revenue at comparable U.S. full service hotels increased
3.3% in the fourth quarter of 2012 compared to the same period in 2011.
Group room nights increased 0.4% and group ADR increased 2.9% in the
fourth quarter of 2012 compared to the same period in 2011.
Transient rooms revenue at comparable U.S. full service hotels increased
6.9% in the fourth quarter of 2012 compared to the same period in 2011.
Transient room nights increased 2.1% and transient ADR increased 4.7% in
the fourth quarter of 2012 compared to the same period in 2011.
Revenue from management and franchise fees increased 8.5% in the fourth
quarter of 2012 compared to the same period in 2011.
The following three hotels were added to the portfolio during the fourth
quarter:
-
The LA Hotel Downtown (franchised, 469 rooms): This property is
expected to be rebranded Hyatt Regency Los Angeles Downtown upon
completion of a renovation.
-
Hyatt Place Los Angeles/LAX/El Segundo (franchised, 143 rooms)
-
Hyatt Place San Jose/Pinares (managed, 120 rooms)
Three properties were removed from the portfolio during the fourth
quarter.
Southeast Asia, China, Australia, South Korea and Japan (ASPAC)
Management and Franchising Segment
Adjusted EBITDA increased 7.1% in the fourth quarter of 2012 compared to
the same period in 2011.
RevPAR for comparable ASPAC hotels increased 3.1% (2.9% excluding the
effect of currency) in the fourth quarter of 2012 compared to the same
period in 2011. Occupancy decreased 30 basis points and ADR increased
3.5% (3.3% excluding the effect of currency) compared to the same period
in 2011.
Revenue from management and franchise fees was flat in the fourth
quarter of 2012 compared to the same period in 2011.
One property was removed from the portfolio during the fourth quarter.
Europe, Africa, Middle East and Southwest Asia (EAME/SW Asia)
Management Segment
Adjusted EBITDA decreased 36.4% in the fourth quarter of 2012 compared
to the same period in 2011. Adjusted EBITDA was impacted on a
year-over-year basis by a bad debt recovery in the fourth quarter of
2011.
RevPAR for comparable EAME/SW Asia hotels decreased 0.8% (increased 1.1%
excluding the effect of currency) in the fourth quarter of 2012 compared
to the same period in 2011. Occupancy increased 220 basis points and ADR
decreased 4.0% (decreased 2.2% excluding the effect of currency)
compared to the same period in 2011. RevPAR was negatively impacted by
lower performance in markets in the Middle East and in Gulf Cooperation
Council countries.
Revenue from management and franchise fees decreased 5.3% in the fourth
quarter of 2012 compared to the same period in 2011. Management and
franchise fees were impacted by the aforementioned market factors.
The following three hotels were added to the portfolio during the fourth
quarter:
-
Park Hyatt Chennai (managed, 201 rooms)
-
Andaz Amsterdam (leased, 122 rooms)
-
Hyatt Place Hampi (managed, 115 rooms)
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses decreased by 7.1% in the
fourth quarter of 2012 compared to the same period in 2011. Adjusted
selling, general, and administrative expenses decreased by 2.6% in the
fourth quarter of 2012 compared to the same period in 2011. 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
Six hotels were added in the fourth quarter of 2012, each of which is
listed above. During the 2012 full fiscal year, the Company opened 22
hotels, representing 5,384 rooms. Seven hotels, representing 3,064
rooms, were removed from the portfolio during the 2012 full fiscal year.
The Company expects that a significant number of new properties will be
opened under various Company brands in the future. As of December 31,
2012 this effort was underscored by executed management or franchise
contracts for approximately 200 hotels (or approximately 45,000 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. See the table on page 14 of the
accompanying schedules for a breakdown of the executed contract base.
CAPITAL EXPENDITURES
Capital expenditures during the fourth quarter of 2012 totaled $91
million, categorized as follows:
-
Maintenance: $42 million
-
Enhancements to existing properties: $39 million
-
Investment in new properties: $10 million
Capital expenditures during the 2012 full fiscal year totaled $301
million, categorized as follows:
-
Maintenance: $106 million
-
Enhancements to existing properties: $153 million
-
Investment in new properties: $42 million
SHARE REPURCHASE
During the fourth quarter, the Company repurchased 2,779,038 shares of
Class A common stock at a weighted average price of $36.34 per share,
for an aggregate purchase price of approximately $101 million. From
January 1 through February 8, 2013, the Company repurchased 12,123
shares of Class A common stock at a weighted average price of $37.95 per
share, for an aggregate purchase price of approximately $0.5 million.
The Company has approximately $63 million remaining under its current
share repurchase authorization.
CORPORATE FINANCE
During the quarter, the Company completed the following transactions:
-
Acquired the Hyatt Regency Birmingham, previously managed by the
Company, for approximately $43 million.
-
Closed on the sale of eight select service hotels with an aggregate of
1,043 rooms for approximately $87 million. The Company will continue
to manage these hotels under long-term agreements.
-
Formed a joint venture with Host Hotels & Resorts to develop and
operate a Hyatt Residence Club in Maui, Hawaii. The Company expects to
invest approximately $40 million in the vacation ownership property.
Subsequent to the end of the quarter, the Company closed on the sale of
three select service hotels, with an aggregate of 426 rooms, for
approximately $36 million.
On December 31, 2012, the Company had total debt of approximately $1.2
billion.
On December 31, 2012, the Company had cash and cash equivalents,
including investments in highly-rated money market funds and similar
investments, of approximately $413 million and short-term investments of
approximately $514 million.
On December 31, 2012, the Company had undrawn borrowing availability of
approximately $1.4 billion under its revolving credit facility.
2013 INFORMATION
The Company is providing the following information for the 2013 fiscal
year:
-
Adjusted SG&A expense is expected to be approximately $305 million.
-
Capital expenditures are expected to be approximately $300 million,
including approximately $120 million for investment in new properties,
such as Grand Hyatt Rio de Janeiro, Hyatt Place Omaha and other
properties.
-
Depreciation and amortization expense is expected to be approximately
$340 million.
-
Interest expense is expected to be approximately $70 million.
-
The Company expects to open over 30 hotels in 2013.
CONFERENCE CALL INFORMATION
The Company will hold an investor conference call today, February 13,
2013, 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 617.597.5329, passcode #56571665, 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 13, 2013 through midnight on February 20, 2013 by dialing
617.801.6888, passcode #51844304. 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;
-
loss on sale of real estate;
-
asset impairments;
-
other income (loss), net;
-
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, 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 Americas full service or select service hotels for those
properties that we manage or franchise within the Americas management
and franchising segment, comparable systemwide ASPAC full service hotels
for those properties that we manage or franchise within the ASPAC
management and franchising segment, or comparable systemwide EAME/SW
Asia full service hotels for those properties that we manage within the
EAME/SW Asia management segment. 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 predominantly 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
.
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 adjusted SG&A expense, maintenance and enhancement
to existing properties capital expenditures, investments in new
properties 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; limited visibility with respect to short and medium-term group
bookings; the impact of hotel renovations; our ability to successfully
execute and implement our organizational realignment and the costs
associated with such organizational realignment; our ability to
successfully execute and implement our common stock repurchase program;
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 brand names and
have locations on six continents. Hyatt Residential Group, Inc.,
a Hyatt Hotels Corporation subsidiary, develops, operates,
markets or licenses Hyatt ResidencesTM
and Hyatt Residence ClubTM. As of
December 31, 2012, the Company's worldwide portfolio consisted of 500
properties in 46 countries. For more information, please visit www.hyatt.com.
Tables to follow
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Hyatt Hotels Corporation
Table of Contents
Financial Information (unaudited)
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1.
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Consolidated Statements of Income
|
2.
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Reconciliation of Non-GAAP to GAAP Measure: Adjusted EBITDA to
EBITDA and a Reconciliation of EBITDA to Net Income Attributable to
Hyatt Hotels Corporation
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3.
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Reconciliation of Non-GAAP to GAAP Measure: Summary of Special Items
- Three Months Ended December 31, 2012 and 2011
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4.
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Reconciliation of Non-GAAP to GAAP Measure: Summary of Special Items
- Years Ended December 31, 2012 and 2011
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5.
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Segment Financial Summary
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6.
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Hotel Chain Statistics - Comparable Locations
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7.
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Fee Summary
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8.
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Reconciliation of Non-GAAP to GAAP Measure: Adjusted Selling,
General, and Administrative Expenses to Selling, General, and
Administrative Expenses
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9.
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Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and
Leased Hotel Operating Margin to Owned and Leased Hotel Operating
Margin
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10.
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Net Gains and Interest Income from Marketable Securities Held to
Fund Operating Programs
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11.
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Properties and Rooms / Units by Geography
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12.
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Properties and Rooms / Units by Brand
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13.
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Owned and Leased Mix by Market and Brand
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14.
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Executed Contracts Base Approximate Mix
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Page 1
Hyatt Hotels Corporation
Consolidated Statements of Income
For the Three Months and Year Ended December 31, 2012 and 2011
(in millions, except per share amounts)
(unaudited)
|
|
|
|
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|
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Three Months Ended
December 31,
|
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Year Ended
December 31,
|
|
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2012
|
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2011
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2012
|
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2011
|
REVENUES:
|
|
|
|
|
|
|
|
|
Owned and leased hotels
|
|
$
|
517
|
|
|
$
|
493
|
|
|
$
|
2,021
|
|
|
$
|
1,879
|
|
Management and franchise fees
|
|
80
|
|
|
77
|
|
|
307
|
|
|
288
|
|
Other revenues
|
|
19
|
|
|
17
|
|
|
78
|
|
|
66
|
|
Other revenues from managed properties (a)
|
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384
|
|
|
403
|
|
|
1,543
|
|
|
1,465
|
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Total revenues
|
|
1,000
|
|
|
990
|
|
|
3,949
|
|
|
3,698
|
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DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
|
|
|
|
|
|
|
|
|
Owned and leased hotels
|
|
401
|
|
|
382
|
|
|
1,549
|
|
|
1,468
|
|
Depreciation and amortization
|
|
90
|
|
|
87
|
|
|
353
|
|
|
305
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|
Other direct costs
|
|
8
|
|
|
6
|
|
|
29
|
|
|
24
|
|
Selling, general, and administrative
|
|
78
|
|
|
84
|
|
|
316
|
|
|
283
|
|
Other costs from managed properties (a)
|
|
384
|
|
|
403
|
|
|
1,543
|
|
|
1,465
|
|
Direct and selling, general, and administrative expenses
|
|
961
|
|
|
962
|
|
|
3,790
|
|
|
3,545
|
|
Net gains and interest income from marketable securities held to
fund operating programs
|
|
3
|
|
|
9
|
|
|
21
|
|
|
2
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
(16
|
)
|
|
(2
|
)
|
|
(22
|
)
|
|
4
|
|
Interest expense
|
|
(17
|
)
|
|
(15
|
)
|
|
(70
|
)
|
|
(57
|
)
|
Losses on sales of real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
Asset impairments
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(6
|
)
|
Other income (loss), net
|
|
(5
|
)
|
|
8
|
|
|
7
|
|
|
(11
|
)
|
INCOME BEFORE INCOME TAXES
|
|
4
|
|
|
24
|
|
|
95
|
|
|
83
|
|
(PROVISION) BENEFIT FOR INCOME TAXES
|
|
11
|
|
|
28
|
|
|
(8
|
)
|
|
28
|
|
NET INCOME
|
|
15
|
|
|
52
|
|
|
87
|
|
|
111
|
|
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
1
|
|
|
—
|
|
|
1
|
|
|
2
|
|
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
|
|
$
|
16
|
|
|
$
|
52
|
|
|
$
|
88
|
|
|
$
|
113
|
|
EARNINGS PER SHARE - Basic
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.09
|
|
|
$
|
0.31
|
|
|
$
|
0.53
|
|
|
$
|
0.66
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
0.09
|
|
|
$
|
0.31
|
|
|
$
|
0.53
|
|
|
$
|
0.67
|
|
EARNINGS PER SHARE - Diluted
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
0.09
|
|
|
$
|
0.31
|
|
|
$
|
0.53
|
|
|
$
|
0.66
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
0.09
|
|
|
$
|
0.31
|
|
|
$
|
0.53
|
|
|
$
|
0.67
|
|
Basic share counts
|
|
163.4
|
|
|
165.5
|
|
|
165.0
|
|
|
168.8
|
|
Diluted share counts
|
|
163.8
|
|
|
165.7
|
|
|
165.4
|
|
|
169.2
|
|
(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
December 31,
|
|
Year Ended
December 31,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Adjusted EBITDA
|
|
$
|
147
|
|
|
$
|
143
|
|
|
$
|
606
|
|
|
$
|
538
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
(16
|
)
|
|
(2
|
)
|
|
(22
|
)
|
|
4
|
|
Loss on sale of real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
Asset impairments
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(6
|
)
|
Other income (loss), net
|
|
(5
|
)
|
|
8
|
|
|
7
|
|
|
(11
|
)
|
Net loss attributable to noncontrolling interests
|
|
1
|
|
|
—
|
|
|
1
|
|
|
2
|
|
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
|
(15
|
)
|
|
(19
|
)
|
|
(73
|
)
|
|
(78
|
)
|
EBITDA
|
|
$
|
112
|
|
|
$
|
126
|
|
|
$
|
519
|
|
|
$
|
447
|
|
Depreciation and amortization
|
|
(90
|
)
|
|
(87
|
)
|
|
(353
|
)
|
|
(305
|
)
|
Interest expense
|
|
(17
|
)
|
|
(15
|
)
|
|
(70
|
)
|
|
(57
|
)
|
(Provision) benefit for income taxes
|
|
11
|
|
|
28
|
|
|
(8
|
)
|
|
28
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
16
|
|
|
$
|
52
|
|
|
$
|
88
|
|
|
$
|
113
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 3
Hyatt Hotels Corporation
Summary of Special Items - Three Months Ended December 31, 2012
and 2011
Reconciliation of Non-GAAP to GAAP Measure: 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, 2012 and December 31, 2011, respectively.
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
Location on Consolidated Statements of Income
|
|
Three Months Ended
December 31,
|
|
|
|
|
2012
|
|
2011
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
|
$
|
16
|
|
|
$
|
52
|
|
Earnings per share
|
|
|
|
$
|
0.09
|
|
|
$
|
0.31
|
|
Special items
|
|
|
|
|
|
|
Asset impairments (a)
|
|
Asset impairments
|
|
—
|
|
|
3
|
|
Unconsolidated hospitality ventures impairment (b)
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
18
|
|
|
1
|
|
(Gains) losses on other marketable securities (c)
|
|
Other income (loss), net
|
|
—
|
|
|
(6
|
)
|
Impairment of held-to-maturity investment (d)
|
|
Other income (loss), net
|
|
4
|
|
|
—
|
|
Loss on sublease agreement (e)
|
|
Other income (loss), net
|
|
—
|
|
|
2
|
|
Realignment costs (f)
|
|
Other income (loss), net
|
|
2
|
|
|
—
|
|
Provisions on hotel loans (g)
|
|
Other income (loss), net
|
|
4
|
|
|
—
|
|
Transaction costs (h)
|
|
Other income (loss), net
|
|
1
|
|
|
1
|
|
Income from cost method investments (i)
|
|
Other income (loss), net
|
|
(1
|
)
|
|
—
|
|
Total special items - pre-tax
|
|
|
|
28
|
|
|
1
|
|
Provision for income taxes for special items
|
|
(Provision) benefit for income taxes
|
|
(11
|
)
|
|
(1
|
)
|
Total special items - after-tax
|
|
|
|
17
|
|
|
—
|
|
Special items impact per share
|
|
|
|
$
|
0.11
|
|
|
$
|
—
|
|
Net income attributable to Hyatt Hotels Corporation, adjusted for
special items
|
|
|
|
$
|
33
|
|
|
$
|
52
|
|
Earnings per share, adjusted for special items
|
|
|
|
$
|
0.20
|
|
|
$
|
0.31
|
|
(a) Asset impairments - During the fourth quarter of 2011, we identified
and recorded $3 million of asset impairment charges. The charges relate
to inventory in our vacation ownership business and are net of $1
million of noncontrolling interest.
(b) Unconsolidated hospitality ventures impairment - During the fourth
quarters of 2012 and 2011, we recorded $18 million and $1 million,
respectively, in impairment charges, of which $0 and $1 million,
respectively, related to vacation ownership ventures.
(c) (Gains) losses on other marketable securities - Fourth quarter 2011
activity represents (gains) losses on investments in trading securities
not used to fund operating programs.
(d) Impairment of held-to-maturity investment - During the fourth
quarter of 2012, we recorded a $4 million impairment charge on a
held-to-maturity investment.
(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) Realignment costs - Represents costs incurred as part of our
Company's realignment.
(g) Provisions on hotel loans - In the fourth quarter of 2012, we
recorded a $4 million provision related to a pre-opening loan based on
our assessment of collectability.
(h) Transaction costs - In the fourth quarter of 2012, we incurred $1
million in transaction costs to acquire the Hyatt Regency Birmingham. In
the fourth quarter of 2011, we incurred $1 million in transaction costs
to acquire hotels and other assets from LodgeWorks, L.P. and its private
equity partners.
(i) Income from cost method investments - During the fourth quarter of
2012, we recorded $1 million of income primarily consisting of amounts
received from certain non-hospitality related real estate investment
companies.
Page 4
Hyatt Hotels Corporation
Summary of Special Items - Year Ended December 31, 2012 and 2011
Reconciliation of Non-GAAP to GAAP Measure: 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 year
ended December 31, 2012 and 2011, respectively.
(in millions, except per share amounts)
|
|
|
|
|
|
|
|
Location on Consolidated Statements of Income
|
|
Year Ended
December 31,
|
|
|
|
|
2012
|
|
2011
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
|
$
|
88
|
|
|
$
|
113
|
|
Earnings per share
|
|
|
|
$
|
0.53
|
|
|
$
|
0.67
|
|
Special items
|
|
|
|
|
|
|
Asset impairments (a)
|
|
Asset impairments
|
|
—
|
|
|
5
|
|
Unconsolidated hospitality ventures impairment (b)
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
19
|
|
|
1
|
|
Loss on sale of real estate (c)
|
|
Other income (loss), net
|
|
—
|
|
|
2
|
|
(Gains) losses on other marketable securities (d)
|
|
Other income (loss), net
|
|
(17
|
)
|
|
13
|
|
Impairment of held-to-maturity investment (e)
|
|
Other income (loss), net
|
|
4
|
|
|
—
|
|
(Gain) loss on sublease agreement (f)
|
|
Other income (loss), net
|
|
(2
|
)
|
|
7
|
|
Realignment costs (g)
|
|
Other income (loss), net
|
|
21
|
|
|
—
|
|
Provisions on hotel loans (h)
|
|
Other income (loss), net
|
|
4
|
|
|
4
|
|
Transaction costs (i)
|
|
Other income (loss), net
|
|
2
|
|
|
5
|
|
Income from cost method investments (j)
|
|
Other income (loss), net
|
|
(1
|
)
|
|
—
|
|
Total special items - pre-tax
|
|
|
|
30
|
|
|
37
|
|
Provision for income taxes for special items
|
|
(Provision) benefit for income taxes
|
|
(10
|
)
|
|
(14
|
)
|
Total special items - after-tax
|
|
|
|
20
|
|
|
23
|
|
Special items impact per share
|
|
|
|
$
|
0.12
|
|
|
$
|
0.13
|
|
Net income attributable to Hyatt Hotels Corporation, adjusted for
special items
|
|
|
|
$
|
108
|
|
|
$
|
136
|
|
Earnings per share, adjusted for special items
|
|
|
|
$
|
0.65
|
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Asset impairments - During the year ended December 31, 2011, we
identified and recorded $5 million of asset impairment charges. The 2011
charge includes a $4 million impairment taken on inventory at one of our
vacation ownership properties, which is net of $1 million in
noncontrolling interest.
(b) Unconsolidated hospitality ventures impairment - During 2012 and
2011, we recorded impairment charges of $19 million and $1 million,
respectively, of which $1 million in each year relates to vacation
ownership ventures.
(c) Loss 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.
(d) (Gains) losses on other marketable securities - Activity represents
(gains) losses on investments in trading securities not used to fund
operating programs.
(e) Impairment of held-to-maturity investment - During the year ended
December 31, 2012, we recorded a $4 million impairment charge on a
held-to-maturity investment.
(f) (Gain) loss on sublease agreement - During the year ended
December 31, 2012, we recorded a $2 million gain due to the termination
of a sublease. During the year ended December 31, 2011, we recorded a $7
million loss on two sublease agreements based on terms of our existing
master lease. One of these sublease agreements is with a related party.
(g) Realignment costs - Represents costs incurred as part of our
Company's realignment.
(h) Provisions on hotel loans - During 2012, we recorded a $4 million
provision related to a pre-opening loan based on our assessment of
collectability. During 2011, we recorded $4 million in provisions
related to certain hotel developer loans based on our assessment of
their collectability.
(i) Transaction costs - In the year ended December 31, 2012, we incurred
$2 million in transaction costs to acquire the Hyatt Regency Mexico City
and the Hyatt Regency Birmingham. In the year ended December 31, 2011,
we incurred $5 million in transaction costs to acquire hotels and other
assets from LodgeWorks, L.P. and its private equity partners.
(j) Income from cost method investments - During 2012, we recorded $1
million of income primarily consisting of amounts received from certain
non-hospitality related real estate investment companies.
Page 5
Hyatt Hotels Corporation
Segment Financial Summary
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
517
|
|
|
$
|
493
|
|
|
$
|
24
|
|
|
4.9
|
%
|
|
$
|
2,021
|
|
|
$
|
1,879
|
|
|
$
|
142
|
|
|
7.6
|
%
|
Americas
|
|
64
|
|
|
59
|
|
|
5
|
|
|
8.5
|
%
|
|
256
|
|
|
223
|
|
|
33
|
|
|
14.8
|
%
|
ASPAC
|
|
24
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|
81
|
|
|
5
|
|
|
6.2
|
%
|
EAME/SW Asia
|
|
18
|
|
|
19
|
|
|
(1
|
)
|
|
(5.3
|
)%
|
|
63
|
|
|
67
|
|
|
(4
|
)
|
|
(6.0
|
)%
|
Total management and franchising
|
|
106
|
|
|
102
|
|
|
4
|
|
|
3.9
|
%
|
|
405
|
|
|
371
|
|
|
34
|
|
|
9.2
|
%
|
Corporate and other
|
|
19
|
|
|
17
|
|
|
2
|
|
|
11.8
|
%
|
|
78
|
|
|
66
|
|
|
12
|
|
|
18.2
|
%
|
Other revenues from managed properties
|
|
384
|
|
|
403
|
|
|
(19
|
)
|
|
(4.7
|
)%
|
|
1,543
|
|
|
1,465
|
|
|
78
|
|
|
5.3
|
%
|
Eliminations
|
|
(26
|
)
|
|
(25
|
)
|
|
(1
|
)
|
|
(4.0
|
)%
|
|
(98
|
)
|
|
(83
|
)
|
|
(15
|
)
|
|
(18.1
|
)%
|
Total revenues
|
|
$
|
1,000
|
|
|
$
|
990
|
|
|
$
|
10
|
|
|
1.0
|
%
|
|
$
|
3,949
|
|
|
$
|
3,698
|
|
|
$
|
251
|
|
|
6.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased
|
|
$
|
87
|
|
|
$
|
86
|
|
|
$
|
1
|
|
|
1.2
|
%
|
|
$
|
369
|
|
|
$
|
322
|
|
|
$
|
47
|
|
|
14.6
|
%
|
Pro rata share of unconsolidated hospitality ventures
|
|
15
|
|
|
19
|
|
|
(4
|
)
|
|
(21.1
|
)%
|
|
73
|
|
|
78
|
|
|
(5
|
)
|
|
(6.4
|
)%
|
Total owned and leased
|
|
102
|
|
|
105
|
|
|
(3
|
)
|
|
(2.9
|
)%
|
|
442
|
|
|
400
|
|
|
42
|
|
|
10.5
|
%
|
Americas management and franchising
|
|
50
|
|
|
43
|
|
|
7
|
|
|
16.3
|
%
|
|
199
|
|
|
167
|
|
|
32
|
|
|
19.2
|
%
|
ASPAC management and franchising
|
|
15
|
|
|
14
|
|
|
1
|
|
|
7.1
|
%
|
|
46
|
|
|
40
|
|
|
6
|
|
|
15.0
|
%
|
EAME/SW Asia management
|
|
7
|
|
|
11
|
|
|
(4
|
)
|
|
(36.4
|
)%
|
|
26
|
|
|
34
|
|
|
(8
|
)
|
|
(23.5
|
)%
|
Corporate and other
|
|
(27
|
)
|
|
(30
|
)
|
|
3
|
|
|
10.0
|
%
|
|
(107
|
)
|
|
(103
|
)
|
|
(4
|
)
|
|
(3.9
|
)%
|
Adjusted EBITDA
|
|
$
|
147
|
|
|
$
|
143
|
|
|
$
|
4
|
|
|
2.8
|
%
|
|
$
|
606
|
|
|
$
|
538
|
|
|
$
|
68
|
|
|
12.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
Hyatt Hotels Corporation
Hotel Chain Statistics
Comparable Locations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change
|
|
Change (in
constant $)
|
|
2012
|
|
2011
|
|
Change
|
|
Change (in
constant $)
|
Owned and leased hotels (# hotels) (a)
|
|
|
|
|
|
|
|
|
|
Full service (39)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
211.42
|
|
|
$
|
204.01
|
|
|
3.6
|
%
|
|
3.7
|
%
|
|
$
|
203.70
|
|
|
$
|
199.44
|
|
|
2.1
|
%
|
|
3.3
|
%
|
|
|
Occupancy
|
|
|
71.2
|
%
|
|
|
68.8
|
%
|
|
2.4
|
%
|
pts
|
|
|
|
74.5
|
%
|
|
|
71.1
|
%
|
|
3.4
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
150.52
|
|
|
$
|
140.36
|
|
|
7.2
|
%
|
|
7.3
|
%
|
|
$
|
151.80
|
|
|
$
|
141.74
|
|
|
7.1
|
%
|
|
8.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (38)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
96.65
|
|
|
$
|
90.11
|
|
|
7.2
|
%
|
|
7.2
|
%
|
|
$
|
97.16
|
|
|
$
|
91.21
|
|
|
6.5
|
%
|
|
6.5
|
%
|
|
|
Occupancy
|
|
|
74.4
|
%
|
|
|
72.8
|
%
|
|
1.6
|
%
|
pts
|
|
|
|
77.6
|
%
|
|
|
77.5
|
%
|
|
0.1
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
71.89
|
|
|
$
|
65.64
|
|
|
9.5
|
%
|
|
9.5
|
%
|
|
$
|
75.37
|
|
|
$
|
70.70
|
|
|
6.6
|
%
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels (77)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
185.68
|
|
|
$
|
178.19
|
|
|
4.2
|
%
|
|
4.2
|
%
|
|
$
|
179.86
|
|
|
$
|
174.36
|
|
|
3.2
|
%
|
|
4.2
|
%
|
|
|
Occupancy
|
|
|
71.9
|
%
|
|
|
69.7
|
%
|
|
2.2
|
%
|
pts
|
|
|
|
75.2
|
%
|
|
|
72.5
|
%
|
|
2.7
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
133.47
|
|
|
$
|
124.16
|
|
|
7.5
|
%
|
|
7.5
|
%
|
|
$
|
135.23
|
|
|
$
|
126.35
|
|
|
7.0
|
%
|
|
8.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels (# hotels; includes owned
and leased hotels)
|
|
|
|
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
Full service (133)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
173.46
|
|
|
$
|
166.21
|
|
|
4.4
|
%
|
|
4.5
|
%
|
|
$
|
171.80
|
|
|
$
|
164.87
|
|
|
4.2
|
%
|
|
4.6
|
%
|
|
|
Occupancy
|
|
|
68.2
|
%
|
|
|
67.6
|
%
|
|
0.6
|
%
|
pts
|
|
|
|
72.9
|
%
|
|
|
71.3
|
%
|
|
1.6
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
118.27
|
|
|
$
|
112.28
|
|
|
5.3
|
%
|
|
5.4
|
%
|
|
$
|
125.23
|
|
|
$
|
117.61
|
|
|
6.5
|
%
|
|
6.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (195)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
101.08
|
|
|
$
|
95.74
|
|
|
5.6
|
%
|
|
5.6
|
%
|
|
$
|
101.89
|
|
|
$
|
97.02
|
|
|
5.0
|
%
|
|
5.0
|
%
|
|
|
Occupancy
|
|
|
71.7
|
%
|
|
|
69.7
|
%
|
|
2.0
|
%
|
pts
|
|
|
|
74.8
|
%
|
|
|
73.4
|
%
|
|
1.4
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
72.51
|
|
|
$
|
66.70
|
|
|
8.7
|
%
|
|
8.7
|
%
|
|
$
|
76.22
|
|
|
$
|
71.24
|
|
|
7.0
|
%
|
|
7.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASPAC
|
|
|
|
|
|
|
|
|
|
|
|
Full service hotels (45)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
245.75
|
|
|
$
|
237.47
|
|
|
3.5
|
%
|
|
3.3
|
%
|
|
$
|
236.79
|
|
|
$
|
226.43
|
|
|
4.6
|
%
|
|
4.8
|
%
|
|
|
Occupancy
|
|
|
71.6
|
%
|
|
|
71.9
|
%
|
|
(0.3
|
)%
|
pts
|
|
|
|
69.6
|
%
|
|
|
68.2
|
%
|
|
1.4
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
176.00
|
|
|
$
|
170.72
|
|
|
3.1
|
%
|
|
2.9
|
%
|
|
$
|
164.77
|
|
|
$
|
154.37
|
|
|
6.7
|
%
|
|
6.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAME/SW Asia
|
|
|
|
|
|
|
|
|
|
|
|
Full service hotels (44)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
243.70
|
|
|
$
|
253.89
|
|
|
(4.0
|
)%
|
|
(2.2
|
)%
|
|
$
|
241.43
|
|
|
$
|
252.90
|
|
|
(4.5
|
)%
|
|
0.8
|
%
|
|
|
Occupancy
|
|
|
65.3
|
%
|
|
|
63.1
|
%
|
|
2.2
|
%
|
pts
|
|
|
|
61.9
|
%
|
|
|
60.8
|
%
|
|
1.1
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
159.07
|
|
|
$
|
160.30
|
|
|
(0.8
|
)%
|
|
1.1
|
%
|
|
$
|
149.34
|
|
|
$
|
153.86
|
|
|
(2.9
|
)%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable systemwide hotels (417)
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
175.90
|
|
|
$
|
171.12
|
|
|
2.8
|
%
|
|
3.1
|
%
|
|
$
|
172.41
|
|
|
$
|
167.13
|
|
|
3.2
|
%
|
|
4.1
|
%
|
|
|
Occupancy
|
|
|
69.1
|
%
|
|
|
68.2
|
%
|
|
0.9
|
%
|
pts
|
|
|
|
71.7
|
%
|
|
|
70.2
|
%
|
|
1.5
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
121.63
|
|
|
$
|
116.73
|
|
|
4.2
|
%
|
|
4.5
|
%
|
|
$
|
123.56
|
|
|
$
|
117.35
|
|
|
5.3
|
%
|
|
6.3
|
%
|
(a) Owned and leased hotel figures do not include unconsolidated
hospitality ventures.
Page 7
Hyatt Hotels Corporation
Fee Summary
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
Fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fees
|
|
$
|
39
|
|
|
$
|
37
|
|
|
$
|
2
|
|
|
5.4
|
%
|
|
$
|
154
|
|
|
$
|
144
|
|
|
$
|
10
|
|
|
6.9
|
%
|
Incentive management fees
|
|
27
|
|
|
28
|
|
|
(1
|
)
|
|
(3.6
|
)%
|
|
97
|
|
|
97
|
|
|
—
|
|
|
—
|
|
Franchise fees and other revenue
|
|
14
|
|
|
12
|
|
|
2
|
|
|
16.7
|
%
|
|
56
|
|
|
47
|
|
|
9
|
|
|
19.1
|
%
|
Total fees
|
|
$
|
80
|
|
|
$
|
77
|
|
|
$
|
3
|
|
|
3.9
|
%
|
|
$
|
307
|
|
|
$
|
288
|
|
|
$
|
19
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
Adjusted selling, general, and administrative expenses (a)
|
|
$
|
76
|
|
|
$
|
78
|
|
|
$
|
(2
|
)
|
|
(2.6
|
)%
|
|
$
|
303
|
|
|
$
|
284
|
|
|
$
|
19
|
|
|
6.7
|
%
|
Rabbi trust impact
|
|
2
|
|
|
6
|
|
|
(4
|
)
|
|
(66.7
|
)%
|
|
13
|
|
|
(1
|
)
|
|
14
|
|
|
1,400.0
|
%
|
Selling, general and administrative expenses
|
|
$
|
78
|
|
|
$
|
84
|
|
|
$
|
(6
|
)
|
|
(7.1
|
)%
|
|
$
|
316
|
|
|
$
|
283
|
|
|
$
|
33
|
|
|
11.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Segment breakdown for adjusted selling, general, and administrative
expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
Americas management and franchising
|
|
$
|
14
|
|
|
$
|
16
|
|
|
$
|
(2
|
)
|
|
(12.5
|
)%
|
|
$
|
57
|
|
|
$
|
55
|
|
|
$
|
2
|
|
|
3.6
|
%
|
ASPAC management and franchising
|
|
9
|
|
|
10
|
|
|
(1
|
)
|
|
(10.0
|
)%
|
|
40
|
|
|
41
|
|
|
(1
|
)
|
|
(2.4
|
)%
|
EAME/SW Asia management
|
|
10
|
|
|
8
|
|
|
2
|
|
|
25.0
|
%
|
|
37
|
|
|
33
|
|
|
4
|
|
|
12.1
|
%
|
Owned and leased
|
|
4
|
|
|
3
|
|
|
1
|
|
|
33.3
|
%
|
|
12
|
|
|
10
|
|
|
2
|
|
|
20.0
|
%
|
Corporate and other (1)
|
|
39
|
|
|
41
|
|
|
(2
|
)
|
|
(4.9
|
)%
|
|
157
|
|
|
145
|
|
|
12
|
|
|
8.3
|
%
|
Adjusted selling, general, and administrative expenses
|
|
$
|
76
|
|
|
$
|
78
|
|
|
$
|
(2
|
)
|
|
(2.6
|
)%
|
|
$
|
303
|
|
|
$
|
284
|
|
|
$
|
19
|
|
|
6.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Corporate and other includes vacation ownership expenses of $8
million and $7 million for the three months ended December 31, 2012 and
2011, respectively, and $31 million and $27 million for the year ended
December 31, 2012 and 2011, respectively.
|
|
Page 9
|
Hyatt Hotels Corporation
|
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and
Leased Hotel Operating Margin to Owned and Leased Hotel Operating
Margin
|
Below is a breakdown of consolidated owned and leased hotels
revenues and expenses, as used in calculating comparable owned and
leased hotel operating margin percentages. Results of operations as
presented on consolidated statements of income include the impact of
expenses recognized with respect to employee benefit programs funded
through rabbi trusts. Certain of these expenses are recognized in
owned and leased hotels expenses and are completely offset by the
corresponding net gains and interest income from marketable
securities held to fund operating programs, thus having no net
impact to our earnings. Below is a reconciliation of this account
excluding the impact of our rabbi trusts and excluding the impact of
non-comparable hotels.
|
(in millions)
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
463
|
|
|
$
|
450
|
|
|
$
|
13
|
|
|
2.9
|
%
|
|
$
|
1,819
|
|
|
$
|
1,746
|
|
|
$
|
73
|
|
|
4.2
|
%
|
Non-comparable hotels
|
|
54
|
|
|
43
|
|
|
11
|
|
|
25.6
|
%
|
|
202
|
|
|
133
|
|
|
69
|
|
|
51.9
|
%
|
Owned and leased hotels revenue
|
|
$
|
517
|
|
|
$
|
493
|
|
|
$
|
24
|
|
|
4.9
|
%
|
|
$
|
2,021
|
|
|
$
|
1,879
|
|
|
$
|
142
|
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
363
|
|
|
$
|
348
|
|
|
$
|
15
|
|
|
4.3
|
%
|
|
$
|
1,414
|
|
|
$
|
1,363
|
|
|
$
|
51
|
|
|
3.7
|
%
|
Non-comparable hotels
|
|
38
|
|
|
32
|
|
|
6
|
|
|
18.8
|
%
|
|
130
|
|
|
106
|
|
|
24
|
|
|
22.6
|
%
|
Rabbi trust
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
(100.0
|
)%
|
|
5
|
|
|
(1
|
)
|
|
6
|
|
|
600.0
|
%
|
Owned and leased hotels expense
|
|
$
|
401
|
|
|
$
|
382
|
|
|
$
|
19
|
|
|
5.0
|
%
|
|
$
|
1,549
|
|
|
$
|
1,468
|
|
|
$
|
81
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotel operating margin percentage
|
|
22.4
|
%
|
|
22.5
|
%
|
|
|
|
(0.1
|
)%
|
|
23.4
|
%
|
|
21.9
|
%
|
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotel operating margin percentage
|
|
21.6
|
%
|
|
22.7
|
%
|
|
|
|
(1.1
|
)%
|
|
22.3
|
%
|
|
21.9
|
%
|
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 or 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,
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
|
2012
|
|
2011
|
|
Change ($)
|
|
Change (%)
|
Rabbi trust impact allocated to selling, general, and administrative
expenses
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
(4
|
)
|
|
(66.7
|
)%
|
|
$
|
13
|
|
|
$
|
(1
|
)
|
|
$
|
14
|
|
|
1,400.0
|
%
|
Rabbi trust impact allocated to owned and leased hotels expense
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
(100.0
|
)%
|
|
5
|
|
|
(1
|
)
|
|
6
|
|
|
600.0
|
%
|
Net gains and interest income from marketable securities held to
fund our Gold Passport program allocated to owned and leased hotels
revenue
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
4
|
|
|
(1
|
)
|
|
(25.0
|
)%
|
Net gains and interest income from marketable securities held to
fund operating programs
|
|
$
|
3
|
|
|
$
|
9
|
|
|
$
|
(6
|
)
|
|
(66.7
|
)%
|
|
$
|
21
|
|
|
$
|
2
|
|
|
$
|
19
|
|
|
950.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 11
Hyatt Hotels Corporation
Properties and Rooms / Units by Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
September 30, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
YTD Change
|
|
|
|
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
Owned and leased hotels (a)
|
|
|
|
Full service hotels
|
|
|
|
United States
|
|
31
|
|
|
14,536
|
|
|
31
|
|
|
14,536
|
|
|
31
|
|
|
14,528
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
8
|
|
|
|
Other Americas
|
|
4
|
|
|
2,102
|
|
|
4
|
|
|
2,103
|
|
|
3
|
|
|
1,347
|
|
|
0
|
|
|
(1
|
)
|
|
1
|
|
|
755
|
|
|
|
ASPAC
|
|
1
|
|
|
601
|
|
|
1
|
|
|
601
|
|
|
1
|
|
|
601
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
|
EAME/SW Asia
|
|
11
|
|
|
2,441
|
|
|
9
|
|
|
2,002
|
|
|
9
|
|
|
2,002
|
|
|
2
|
|
|
439
|
|
|
2
|
|
|
439
|
|
|
|
Select service
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
56
|
|
|
7,669
|
|
|
64
|
|
|
8,712
|
|
|
64
|
|
|
8,712
|
|
|
(8
|
)
|
|
(1,043
|
)
|
|
(8
|
)
|
|
(1,043
|
)
|
Total owned and leased hotels
|
|
103
|
|
|
27,349
|
|
|
109
|
|
|
27,954
|
|
|
108
|
|
|
27,190
|
|
|
(6
|
)
|
|
(605
|
)
|
|
(5
|
)
|
|
159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels (includes owned and leased hotels)
|
|
|
|
|
December 31, 2012
|
|
September 30, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
YTD Change
|
|
|
|
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Managed
|
|
104
|
|
54,722
|
|
106
|
|
56,015
|
|
107
|
|
56,507
|
|
(2
|
)
|
|
(1,293
|
)
|
|
(3
|
)
|
|
(1,785
|
)
|
|
|
Other Americas Managed
|
|
15
|
|
5,802
|
|
16
|
|
6,153
|
|
15
|
|
5,397
|
|
(1
|
)
|
|
(351
|
)
|
|
0
|
|
|
405
|
|
|
|
Franchised
|
|
24
|
|
7,515
|
|
23
|
|
7,047
|
|
20
|
|
6,046
|
|
1
|
|
|
468
|
|
|
4
|
|
|
1,469
|
|
|
|
Subtotal
|
|
143
|
|
68,039
|
|
145
|
|
69,215
|
|
142
|
|
67,950
|
|
(2
|
)
|
|
(1,176
|
)
|
|
1
|
|
|
89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Managed
|
|
96
|
|
12,929
|
|
95
|
|
12,781
|
|
95
|
|
12,781
|
|
1
|
|
|
148
|
|
|
|
1
|
|
|
148
|
|
|
|
Other Americas Managed
|
|
1
|
|
120
|
|
0
|
|
0
|
|
0
|
|
0
|
|
1
|
|
|
120
|
|
|
|
1
|
|
|
120
|
|
|
|
Franchised
|
|
128
|
|
16,774
|
|
128
|
|
16,779
|
|
120
|
|
15,247
|
|
0
|
|
|
(5
|
)
|
|
|
8
|
|
|
1,527
|
|
|
|
Subtotal
|
|
225
|
|
29,823
|
|
223
|
|
29,560
|
|
215
|
|
28,028
|
|
2
|
|
|
263
|
|
|
|
10
|
|
|
1,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASPAC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASPAC Managed
|
|
51
|
|
20,016
|
|
52
|
|
20,250
|
|
51
|
|
19,993
|
|
(1
|
)
|
|
(234
|
)
|
|
0
|
|
|
23
|
|
|
|
ASPAC Franchised
|
|
2
|
|
988
|
|
2
|
|
988
|
|
2
|
|
988
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
|
Subtotal
|
|
53
|
|
21,004
|
|
54
|
|
21,238
|
|
53
|
|
20,981
|
|
(1
|
)
|
|
(234
|
)
|
|
0
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAME/SW Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAME Managed
|
|
33
|
|
8,084
|
|
32
|
|
7,964
|
|
32
|
|
7,961
|
|
1
|
|
|
120
|
|
|
1
|
|
|
123
|
|
|
|
SW Asia Managed
|
|
20
|
|
6,014
|
|
19
|
|
5,822
|
|
18
|
|
5,614
|
|
1
|
|
|
192
|
|
|
2
|
|
|
400
|
|
|
|
Subtotal
|
|
53
|
|
14,098
|
|
51
|
|
13,786
|
|
50
|
|
13,575
|
|
2
|
|
|
312
|
|
|
3
|
|
|
523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SW Asia Managed
|
|
1
|
|
115
|
|
0
|
|
0
|
|
0
|
|
0
|
|
1
|
|
|
115
|
|
|
1
|
|
|
115
|
|
|
|
Subtotal
|
|
1
|
|
115
|
|
0
|
|
0
|
|
0
|
|
0
|
|
1
|
|
|
115
|
|
|
1
|
|
|
115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total managed and franchised hotels
|
|
475
|
|
133,079
|
|
473
|
|
133,799
|
|
460
|
|
130,534
|
|
2
|
|
|
(720
|
)
|
|
15
|
|
|
2,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation ownership
|
|
15
|
|
963
|
|
15
|
|
963
|
|
15
|
|
963
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
|
Residential
|
|
10
|
|
1,102
|
|
8
|
|
1,230
|
|
8
|
|
1,230
|
|
2
|
|
|
(128
|
)
|
|
2
|
|
|
(128
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total properties and rooms/units
|
|
500
|
|
135,144
|
|
496
|
|
135,992
|
|
483
|
|
132,727
|
|
4
|
|
|
(848
|
)
|
|
17
|
|
|
2,417
|
|
(a) Owned and leased hotel figures do not include unconsolidated
hospitality ventures.
|
|
Page 12
Hyatt Hotels Corporation
Properties and Rooms / Units by Brand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
|
September 30, 2012
|
|
December 31, 2011
|
|
QTD Change
|
|
YTD Change
|
Brand
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
Park Hyatt
|
|
30
|
|
6,014
|
|
29
|
|
5,815
|
|
27
|
|
5,399
|
|
1
|
|
|
199
|
|
|
3
|
|
|
615
|
|
Andaz
|
|
9
|
|
1,823
|
|
8
|
|
1,701
|
|
6
|
|
1,408
|
|
1
|
|
|
122
|
|
|
3
|
|
|
415
|
|
Hyatt
|
|
28
|
|
6,948
|
|
29
|
|
7,478
|
|
26
|
|
6,010
|
|
(1
|
)
|
|
(530
|
)
|
|
2
|
|
|
938
|
|
Grand Hyatt
|
|
38
|
|
21,515
|
|
38
|
|
21,505
|
|
37
|
|
21,101
|
|
0
|
|
|
10
|
|
|
1
|
|
|
414
|
|
Hyatt Regency
|
|
144
|
|
66,841
|
|
146
|
|
67,740
|
|
149
|
|
68,588
|
|
(2
|
)
|
|
(899
|
)
|
|
(5
|
)
|
|
(1,747
|
)
|
Hyatt Place
|
|
172
|
|
22,335
|
|
169
|
|
21,957
|
|
162
|
|
20,573
|
|
3
|
|
|
378
|
|
|
10
|
|
|
1,762
|
|
Hyatt House
|
|
54
|
|
7,603
|
|
54
|
|
7,603
|
|
53
|
|
7,455
|
|
0
|
|
|
0
|
|
|
1
|
|
|
148
|
|
Vacation Ownership and Residential
|
|
25
|
|
2,065
|
|
23
|
|
2,193
|
|
23
|
|
2,193
|
|
2
|
|
|
(128
|
)
|
|
2
|
|
|
(128
|
)
|
Total
|
|
500
|
|
135,144
|
|
496
|
|
135,992
|
|
483
|
|
132,727
|
|
4
|
|
|
(848
|
)
|
|
17
|
|
|
2,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 13
Hyatt Hotels Corporation
Owned and Leased Mix by Market and Brand (a)
|
|
|
|
|
|
|
|
Owned and Leased Adjusted EBITDA Mix by Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
|
|
% of 2012
Earnings (b)
|
|
Top 10 US Markets (c)
|
|
% of 2012
Earnings (b)
|
|
Top 5 International
Markets
|
|
% of 2012
Earnings (b)
|
Americas
|
|
79%
|
|
New York, NY
|
|
11%
|
|
Korea
|
|
5%
|
EAME/SW Asia
|
|
16%
|
|
Atlanta, GA
|
|
5%
|
|
Switzerland
|
|
5%
|
ASPAC
|
|
5%
|
|
San Francisco/San Mateo, CA
|
|
4%
|
|
Canada
|
|
5%
|
|
|
|
|
San Jose-Santa Cruz, CA
|
|
4%
|
|
United Kingdom
|
|
4%
|
|
|
|
|
Phoenix, AZ
|
|
3%
|
|
Azerbaijan
|
|
3%
|
|
|
|
|
San Antonio, TX
|
|
2%
|
|
|
|
|
|
|
|
|
Orlando, FL
|
|
2%
|
|
|
|
|
|
|
|
|
Baltimore, MD
|
|
2%
|
|
|
|
|
|
|
|
|
Los Angeles-Long Beach, CA
|
|
2%
|
|
|
|
|
|
|
|
|
Washington, DC-MD-VA
|
|
2%
|
|
|
|
|
|
|
|
|
Total Top 10
|
|
37%
|
|
Total Top 5
|
|
22%
|
|
|
|
|
Other U.S.
|
|
32%
|
|
Other International
|
|
9%
|
Total
|
|
100%
|
|
Total U.S.
|
|
69%
|
|
Total International
|
|
31%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and Leased Adjusted EBITDA Mix by Brand
|
|
|
|
Brand
|
|
% of 2012
Earnings (b)
|
Park Hyatt, Andaz, Grand Hyatt
|
|
39%
|
Hyatt Regency, Hyatt
|
|
41%
|
Hyatt Place, Hyatt House
|
|
20%
|
Total
|
|
100%
|
|
|
|
(a) This exhibit is expected to be provided in conjunction with Q4
earnings in subsequent years.
(b) Earnings represent 2012 owned and leased Adjusted EBITDA of $369
million.
(c) Markets are defined according to Smith Travel Research market
definitions.
|
|
|
Page 14
Hyatt Hotels Corporation
Executed Contracts Base Approximate Mix (a)
(Total executed contracts base: approximately 200 hotels,
45,000 rooms)
|
|
|
|
|
|
As of December 31, 2012
|
|
|
Approx. Hotels
|
|
Approx. Rooms
|
Region
|
|
|
|
|
Americas
|
|
75
|
|
14,000
|
ASPAC
|
|
55
|
|
15,000
|
EAME/SW Asia
|
|
70
|
|
16,000
|
Total
|
|
200
|
|
45,000
|
|
|
|
|
|
Market
|
|
|
|
|
U.S.
|
|
60
|
|
10,000
|
China
|
|
40
|
|
13,000
|
India
|
|
50
|
|
10,000
|
Other
|
|
50
|
|
12,000
|
Total
|
|
200
|
|
45,000
|
|
|
|
|
|
Brand
|
|
|
|
|
Park Hyatt, Andaz, Grand Hyatt
|
|
40
|
|
11,000
|
Hyatt Regency, Hyatt
|
|
65
|
|
19,000
|
Hyatt Place, Hyatt House
|
|
95
|
|
15,000
|
Total
|
|
200
|
|
45,000
|
|
|
|
|
|
Ownership / Contract Type
|
|
|
|
|
Owned, Leased and Unconsolidated Hospitality Ventures
|
|
15
|
|
3,000
|
Managed
|
|
140
|
|
34,000
|
Franchised
|
|
45
|
|
8,000
|
Total
|
|
200
|
|
45,000
|
|
|
|
|
|
(a) This exhibit is expected to be provided in conjunction with Q4
earnings in subsequent years.
|

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