CHICAGO--(BUSINESS WIRE)--
Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today
reported fourth quarter 2014 financial results as follows:
-
Adjusted EBITDA was $146 million in the fourth quarter of 2014
compared to $178 million in the fourth quarter of 2013, a decrease of
18.0%.
-
Adjusted EBITDA in the fourth quarter of 2014 was negatively impacted
by a $22 million nonrecurring stock based compensation expense related
to prior periods.
-
Adjusted for special items, net income attributable to Hyatt was $47
million, or $0.31 per share, during the fourth quarter of 2014
compared to net income attributable to Hyatt of $51 million, or $0.32
per share, during the fourth quarter of 2013.
-
Net income attributable to Hyatt was $182 million, or $1.20 per share,
during the fourth quarter of 2014 compared to net income attributable
to Hyatt of $32 million, or $0.20 per share, in the fourth quarter of
2013.
-
Comparable owned and leased hotels RevPAR increased 1.9% (3.4%
excluding the effect of currency) in the fourth quarter of 2014
compared to the fourth quarter of 2013.
-
Comparable owned and leased hotels operating margins decreased 50
basis points in the fourth quarter of 2014 compared to the same period
in 2013. Owned and leased hotels operating margins decreased 50 basis
points in the fourth quarter of 2014 compared to the fourth quarter of
2013.
-
Comparable systemwide RevPAR increased 3.1% (5.1% excluding the effect
of currency) in the fourth quarter of 2014 compared to the fourth
quarter of 2013.
-
Comparable U.S. full service hotel RevPAR increased 5.8% in the fourth
quarter of 2014 compared to the fourth quarter of 2013. Comparable
U.S. select service hotel RevPAR increased 7.2% in the fourth quarter
of 2014 compared to the fourth quarter of 2013.
-
Fourteen hotels were opened. As of December 31, 2014, the Company's
executed contract base consisted of approximately 250 hotels or
approximately 55,000 rooms.
-
The Company repurchased 3,645,096 shares of common stock at a weighted
average price of $59.06 per share, for an aggregate purchase price of
approximately $215 million.
The Company also provided an update on selected topics discussed during
the Company's first quarter 2014 Investor Meeting as follows:
High quality expansion of system leads to higher fees
-
Opened 14 hotels in the fourth quarter, 43 hotels in 2014
-
7% net hotel growth in 2014; 5% net rooms growth in 2014
-
Total fees up more than 7% in fourth quarter, up more than 13% in
2014
-
Executed contract base for new hotels represents over 35% system
growth
-
Strong fee growth potential from increased system size over the
next five years
Strong execution of asset recycling strategy
-
$1.2 billion of dispositions in the fourth quarter
-
$1.6 billion of total dispositions in 2014 at attractive prices:
blended 13x ttm EBITDA multiple
-
Realized gains of more than $340 million as a result of 2014
dispositions
-
Maintained brand presence on all dispositions and executed
transactions in a tax efficient manner
-
$800 million invested in recent high quality acquisitions including
newly opened hotels
-
Significant liquidity available to be reinvested over time
Accelerated return of capital to shareholders
-
Repurchased 3.6 million shares for $215 million in the fourth
quarter
-
5% reduction in shares outstanding in 2014
-
Strong pace of share repurchases in 2015 to date
Mark S. Hoplamazian
, president and chief executive officer of Hyatt
Hotels Corporation, said, "In the fourth quarter, systemwide RevPAR grew
5.1% in constant dollars and benefited from strong average daily rate
growth. Comparable owned and leased margins in the Americas increased 50
basis points while margins at hotels outside the Americas were
negatively impacted by market-specific factors.
"Our pace of new openings and our executed contract base position us
well to continue expanding our presence in markets where our guests are
traveling. We opened 94 hotels since the beginning of 2013 through the
end of 2014, representing an 18% net increase in system size. We have
opened four hotels year-to-date and expect to open approximately 50
hotels in 2015. We are excited to launch our newest brand, Hyatt
Centric, a full service lifestyle brand that puts our guests in the
center of some of the world's greatest destinations. We believe this new
brand will further strengthen the overall Hyatt brand portfolio and we
expect Hyatt Centric to be well received by guests and owners.
"Last year was a very successful one on the transaction and asset
recycling front. In 2014, we realized proceeds of approximately $1.6
billion from the sale of 52 select service hotels, four full service
hotels, our vacation ownership business and four joint venture hotels.
We also realized approximately $55 million of repayments of loans we had
made as part of structured transactions. Last month, we also sold Hyatt
Regency Indianapolis for approximately $71 million. We maintained our
brand presence with long-term agreements on all hotels sold since the
beginning of 2014.
"Our strong balance sheet continues to support our balanced approach to
capital allocation - we continue to reinvest in the business while
returning capital to shareholders. Our investment priorities remain the
same - hotels located in key gateway cities, resorts, urban select
service hotels and group-oriented hotels - and we see opportunities to
deploy our capital in the year ahead. In addition, we accelerated our
pace of share repurchases in 2014 and into the first quarter of 2015.
"Looking ahead, we expect continued strength in most U.S. markets while
international markets will continue to be challenged due to
market-specific factors. Transient demand continues to be strong in most
markets while our U.S. group pace for 2015 remains robust - up
approximately 7%. These factors, along with limited new supply in most
U.S. markets, gives us the confidence that we are well positioned for
strong and sustainable growth."
Owned and Leased Hotels Segment
Total segment Adjusted EBITDA decreased 2.5% in the fourth quarter of
2014 compared to the same period in 2013.
Owned and leased hotels Adjusted EBITDA increased 1.0% in the fourth
quarter of 2014 compared to the same period in 2013. See the table on
page 19 of the accompanying schedules for a detailed list of portfolio
changes and the year-over-year net impact to fourth quarter owned and
leased hotels Adjusted EBITDA.
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
decreased 20.0% in the fourth quarter of 2014 compared to the same
period in 2013, primarily due to portfolio changes.
Revenue decreased 1.1% in the fourth quarter of 2014 compared to the
same period in 2013. Owned and leased hotels expenses decreased 0.5% in
the fourth quarter of 2014 compared to the same period in 2013.
RevPAR for comparable owned and leased hotels increased 1.9% (3.4%
excluding the effect of currency) in the fourth quarter of 2014 compared
to the same period in 2013. Occupancy increased 90 basis points and ADR
increased 0.7% (2.2% excluding the effect of currency) in the fourth
quarter of 2014 compared to the same period in 2013.
Comparable owned and leased hotels revenue was flat in the fourth
quarter of 2014 compared to the same period in 2013. Excluding expenses
related to benefit programs funded through rabbi trusts and
non-comparable hotel expenses, expenses increased 0.6% in the fourth
quarter of 2014 compared to the same period in 2013. See the table on
page 11 of the accompanying schedules for a reconciliation of comparable
owned and leased hotels expenses to owned and leased hotels expenses.
Comparable owned and leased hotels operating margins decreased 50 basis
points in the fourth quarter of 2014 compared to the fourth quarter of
2013. Comparable owned and leased hotels operating margins for hotels in
the Americas increased 50 basis points in the fourth quarter of 2014
compared to the fourth quarter of 2013. Comparable owned and leased
hotels operating margins in ASPAC and EAME/SW Asia decreased 240 basis
points in the fourth quarter of 2014 compared to the fourth quarter of
2013. Comparable owned and leased hotels operating margins in ASPAC and
EAME/SW Asia were negatively impacted by one hotel in ASPAC.
The following hotel was added to the portfolio during the fourth quarter:
-
Hyatt Regency Lost Pines Resort and Spa (owned, 491 rooms). The
Company acquired the hotel from an unconsolidated hospitality venture.
The following 46 hotels were removed from the owned and leased hotels
portfolio as they were sold during the fourth quarter:
-
Park Hyatt Washington
(216 rooms)
-
Park Hyatt Toronto, Canada (346 rooms)
-
Hyatt Regency Vancouver, Canada (644 rooms)
-
43 select service hotels (5,581 rooms)
The Company entered into a management or franchise agreement for each
hotel listed above and therefore the hotels remain included in the Hyatt
system.
Management and Franchise Fees
Total fee revenue increased 7.4% to $101 million in the fourth quarter
of 2014 compared to the same period in 2013. Base management fees
increased 9.5% to $46 million in the fourth quarter of 2014 compared to
the same period in 2013. Incentive management fees increased 55.0% to
$31 million in the fourth quarter of 2014 compared to the same period in
2013, primarily due to the reversal of approximately $11 million of
previously recognized incentive management fees in the fourth quarter of
2013 related to four managed hotels in France. Franchise fees increased
23.1% to $16 million in the fourth quarter of 2014 compared to the same
period in 2013, primarily due to new hotels and hotels recently
converted from managed to franchised. Other fee revenues decreased 57.9%
to $8 million in the fourth quarter of 2014 compared to the same period
in 2013, primarily due to a $12 million termination fee recognized in
the fourth quarter of 2013 related to one hotel in the Americas.
Americas Management and Franchising Segment
Adjusted EBITDA decreased 26.8% in the fourth quarter of 2014 compared
to the same period in 2013, primarily due to a $12 million termination
fee recognized in the fourth quarter of 2013 related to one hotel and $4
million related to nonrecurring stock based compensation expense in the
fourth quarter of 2014.
RevPAR for comparable Americas full service hotels increased 5.0% (5.8%
excluding the effect of currency) in the fourth quarter of 2014 compared
to the same period in 2013. Occupancy increased 30 basis points and ADR
increased 4.5% (5.3% excluding the effect of currency) in the fourth
quarter of 2014 compared to the same period in 2013.
Group rooms revenue at comparable U.S. full service hotels increased
1.2% in the fourth quarter of 2014 compared to the same period in 2013.
Group room nights decreased 0.2% and group ADR increased 1.4% in the
fourth quarter of 2014 compared to the same period in 2013.
Transient rooms revenue at comparable U.S. full service hotels increased
7.3% in the fourth quarter of 2014 compared to the same period in 2013.
Transient room nights increased 0.1% and transient ADR increased 7.2% in
the fourth quarter of 2014 compared to the same period in 2013.
RevPAR for comparable Americas select service hotels increased 7.3% in
the fourth quarter of 2014 compared to the same period in 2013.
Occupancy decreased 70 basis points and ADR increased 8.3% in the fourth
quarter of 2014 compared to the same period in 2013.
Revenue from management and franchise fees decreased 9.1% in the fourth
quarter of 2014 compared to the same period in 2013.
The following 11 hotels were added to the portfolio during the fourth
quarter:
-
Hyatt Zilara Rose Hall, Jamaica (franchised, 234 rooms)
-
Hyatt Ziva Puerto Vallarta, Mexico (franchised, 335 rooms)
-
Hyatt Ziva Rose Hall
, Jamaica (franchised, 386 rooms)
-
Hyatt Herald Square New York (franchised, 122 rooms)
-
Hyatt House San Juan
, Puerto Rico (managed, 126 rooms)
-
Hyatt Place Baltimore / Inner Harbor (franchised, 208 rooms)
-
Hyatt Place Ciudad del Carmen, Mexico (managed, 140 rooms)
-
Hyatt Place Columbus (franchised, 99 rooms)
-
Hyatt Place Marathon / Florida Keys (franchised, 125 rooms)
-
Hyatt Place Panama City / Downtown, Panama (managed, 165 rooms)
-
Hyatt Place Savannah Airport (franchised, 82 rooms)
Southeast Asia, China, Australia, South Korea and Japan (ASPAC)
Management and Franchising Segment
Adjusted EBITDA decreased 27.8% in the fourth quarter of 2014 compared
to the same period in 2013, primarily due to a $2 million year-over-year
negative impact of bad debt and $1 million of nonrecurring stock
compensation expense in the fourth quarter of 2014.
RevPAR for comparable ASPAC hotels decreased 0.9% (increased 3.1%
excluding the effect of currency) in the fourth quarter of 2014 compared
to the same period in 2013. Occupancy increased 130 basis points and ADR
decreased 2.7% (increased 1.3% excluding the effect of currency) in the
fourth quarter of 2014 compared to the same period in 2013.
Revenue from management and franchise fees was flat in the fourth
quarter of 2014 compared to the same period in 2013.
The following two hotels were added to the portfolio during the fourth
quarter:
-
Hyatt City of Dreams Manila, Philippines (managed, 365 rooms)
-
Grand Hyatt Lijiang, China (managed, 312 rooms)
Europe, Africa, Middle East and Southwest Asia (EAME/SW Asia)
Management Segment
Adjusted EBITDA increased 900.0% in the fourth quarter of 2014 compared
to the same period in 2013, primarily due to the reversal of
approximately $11 million of previously recognized incentive management
fees in the fourth quarter of 2013 related to four managed hotels in
France.
RevPAR for comparable EAME/SW Asia hotels decreased 3.2% (increased 2.6%
excluding the effect of currency) in the fourth quarter of 2014 compared
to the same period in 2013. Occupancy increased 250 basis points and ADR
decreased 6.8% (1.2% excluding the effect of currency) in the fourth
quarter of 2014 compared to the same period in 2013.
Revenue from management and franchise fees increased 120.0% in the
fourth quarter of 2014 compared to the same period in 2013.
The following hotel was added to the portfolio during the fourth quarter:
-
Hyatt Place Gurgaon / Udyog Vihar, India (managed, 176 rooms)
One hotel was removed from the portfolio during the fourth quarter.
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses increased 20.7% in the
fourth quarter of 2014 compared to the same period in 2013. Adjusted
selling, general, and administrative expenses increased 29.1% in the
fourth quarter of 2014 compared to the same period in 2013. Adjusted
selling, general, and administrative expenses in the fourth quarter of
2014 were negatively impacted by approximately $22 million of
nonrecurring stock based compensation expense related to prior periods.
See the table on page 10 of the accompanying schedules for a
reconciliation of adjusted selling, general, and administrative expenses
to selling, general, and administrative expenses.
OPENINGS AND FUTURE EXPANSION
Fourteen hotels were added in the fourth quarter of 2014, each of which
is listed above. During the 2014 fiscal year, the Company opened 43
hotels, representing 8,612 rooms. Six hotels, representing 1,483 rooms,
were removed from the portfolio during the 2014 fiscal year.
The Company expects that a significant number of new hotels will be
opened under all of the Company's brands in the future. As of
December 31, 2014 the Company had executed management or franchise
contracts for approximately 250 hotels (or approximately 55,000 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 18 of the
accompanying schedules for a breakdown of the executed contract base.
SHARE REPURCHASE
During the fourth quarter of 2014, the Company repurchased 3,645,096
shares of common stock at a weighted average price of $59.06 per share,
for an aggregate purchase price of approximately $215 million. During
the 2014 fiscal year, the Company repurchased 7,693,326 shares of common
stock at a weighted average price of $57.79 per share, for an aggregate
purchase price of approximately $445 million.
On December 11, 2014 the Company's Board of Directors authorized the
repurchase of up to an additional $400 million of the Company's common
stock. From January 1 through February 13, 2015, the Company repurchased
1,204,879 shares of common stock at a weighted average price of $57.65
per share, for an aggregate purchase price of approximately $69 million.
As of February 13, 2015, the Company had approximately $375 million
remaining under its share repurchase authorization.
CORPORATE FINANCE / ASSET RECYCLING
During the fourth quarter, the Company completed the following
transactions:
-
Acquired Hyatt Regency Lost Pines Resort and Spa (491 rooms) from an
unconsolidated hospitality venture for approximately $143 million. As
a result of the acquisition, the Company assumed approximately $65
million of property-level debt.
-
Sold Hyatt Residential Group for approximately $220 million. The sale
price included Hyatt’s interest in a joint venture that owns and is
developing a shared ownership property in Maui, Hawaii. The properties
will continue to be Hyatt-branded.
-
Sold a portfolio of 38 select service hotels (4,950 rooms) for
approximately $590 million. The Company entered into a franchise
agreement for each hotel.
-
Sold Hyatt Regency Vancouver (644 rooms) for approximately $123
million. The Company continues to manage the hotel.
-
Sold
Park Hyatt Washington
(216 rooms) for approximately $100 million.
The Company continues to manage the hotel.
-
Sold Park Hyatt Toronto (346 rooms) for approximately $90 million. The
Company continues to manage the hotel.
-
Sold five select service hotels (631 rooms) for approximately $53
million. The Company entered into a franchise agreement for each hotel.
Subsequent to the end of the fourth quarter, the Company completed the
following transaction:
-
Sold Hyatt Regency Indianapolis (499 rooms) for approximately $71
million. The Company entered into a franchise agreement for the hotel.
BALANCE SHEET / OTHER ITEMS
As of December 31, 2014, the Company reported the following:
-
Total debt of approximately $1.4 billion.
-
Pro rata share of non-recourse unconsolidated hospitality venture debt
of approximately $638 million compared with approximately $668 million
as of September 30, 2014.
-
Cash and cash equivalents, including investments in highly-rated money
market funds and similar investments, of approximately $685 million,
short-term investments of approximately $130 million and restricted
cash of approximately $359 million.
-
Undrawn borrowing availability of approximately $1.5 billion under its
revolving credit facility.
2015 INFORMATION
The Company is providing the following information for the 2015 fiscal
year:
-
Adjusted SG&A expense is expected to be approximately $320 million.
-
Capital expenditures are expected to be approximately $350 million,
including approximately $175 million for investment in new properties.
-
In addition to the capital expenditures described above, the Company
intends to continue a strong level of investment spending. Investment
spending includes acquisitions, equity investments in joint ventures,
debt investments, contract acquisition costs or other investments.
-
Depreciation and amortization expense is expected to be approximately
$300 million.
-
Interest expense is expected to be approximately $70 million.
-
The Company expects to open approximately 50 hotels in 2015.
CONFERENCE CALL INFORMATION
The Company will hold an investor conference call today, February 18,
2015, at 10:30 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 www.hyatt.com
and selecting the Investor Relations link located at the bottom of the
page, or by dialing 647.788.4901, passcode #62845475, 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 18, 2015 through February 19, 2015 at midnight by dialing
404.537.3406, passcode #62845475. Additionally, an archive of the
webcast will be available on the Company’s 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 on sales of real estate and other;
-
asset impairments;
-
other income (loss), net;
-
net (income) loss attributable to noncontrolling interests;
-
depreciation and amortization;
-
interest expense; and
-
provision for income taxes.
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA
of each of our reportable segments to corporate and other Adjusted
EBITDA.
Our Board of Directors and executive management team focus on Adjusted
EBITDA as a key performance and compensation measure both on a segment
and on a consolidated basis. Adjusted EBITDA assists us in comparing our
performance over various reporting periods on a consistent basis because
it removes from our operating results the impact of items that do not
reflect our core operating performance both on a segment and on a
consolidated basis. Our president and chief executive officer, who is
our chief operating decision maker, also evaluates the performance of
each of our reportable segments and determines how to allocate resources
to those segments, in significant part, by assessing the Adjusted EBITDA
of each segment. In addition, the compensation committee of our Board of
Directors determines the annual variable compensation for certain
members of our management based in part on consolidated Adjusted EBITDA,
segment Adjusted EBITDA or some combination of both.
We believe Adjusted EBITDA is useful to investors because it provides
investors the same information that we use internally for purposes of
assessing our operating performance and making selected compensation
decisions.
Adjusted EBITDA is not a substitute for net income attributable to Hyatt
Hotels Corporation, net income, cash flows from operating activities or
any other measure prescribed by GAAP. There are limitations to using
non-GAAP measures such as Adjusted EBITDA. Although we believe that
Adjusted EBITDA can make an evaluation of our operating performance more
consistent because it removes items that do not reflect our core
operations, other companies in our industry may define Adjusted EBITDA
differently than we do. As a result, it may be difficult to use Adjusted
EBITDA or similarly named non-GAAP measures that other companies may use
to compare the performance of those companies to our performance.
Because of these limitations, Adjusted EBITDA should not be considered
as a measure of the income generated by our business or discretionary
cash available to us to invest in the growth of our business. Our
management compensates for these limitations by reference to our GAAP
results and using Adjusted EBITDA supplementally.
Adjusted Selling, General, and Administrative
Expense
Adjusted selling, general, and administrative expenses exclude the
impact of expenses related to benefit programs funded through rabbi
trusts.
Comparable Owned and Leased Hotels Operating Margin
We define Comparable Owned and Leased Hotels 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 hotels
expenses is calculated by removing both non-comparable hotels expenses
and the impact of expenses funded through rabbi trusts from owned and
leased hotels 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.
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 future group bookings; the
impact of hotel renovations; our ability to successfully execute our
common stock repurchase program; loss of key personnel; hostilities, or
fear of hostilities, including future terrorist attacks, 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 laws; 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 capital necessary to fund current operations or
implement our plans for growth; risks associated with potential
acquisitions and dispositions and the introduction of new brand
concepts; the timing of acquisitions and dispositions; changes in the
competitive environment in our industry and the markets where we
operate; cyber risks and information technology failures; 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 and our ability to access such
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 only as of the date of this press release. We do not undertake or
assume any 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
law. 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 develop,
own, operate, manage, franchise, license or provide services to hotels,
resorts, branded residences and vacation ownership properties, including
under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt
Regency®, Hyatt Place®, Hyatt House®, Hyatt
Zilara™,
Hyatt Ziva
™,
Hyatt Residences® and Hyatt Residence
Club® brand names and have locations on six continents. As of
December 31, 2014, the Company's worldwide portfolio consisted of 587
properties in 50 countries. For more information, please visit www.hyatt.com.
Tables to follow
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Hyatt Hotels Corporation
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Table of Contents
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Financial Information (unaudited)
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1.
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Consolidated Statements of Income
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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
|
|
|
|
3.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Summary of Special
Items - Three Months Ended December 31, 2014 and 2013
|
|
|
|
4. - 5.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Summary of Special
Items - Year Ended December 31, 2014 and 2013
|
|
|
|
6.
|
|
Segment Financial Summary
|
|
|
|
7.
|
|
Hotel Chain Statistics - Comparable Locations
|
|
|
|
8.
|
|
Hotel Brand Statistics - Comparable Locations
|
|
|
|
9.
|
|
Fee Summary
|
|
|
|
10.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Adjusted Selling,
General, and Administrative Expenses to Selling, General, and
Administrative Expenses
|
|
|
|
11.
|
|
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and
Leased Hotels Operating Margin to Owned and Leased Hotels Operating
Margin
|
|
|
|
12.
|
|
Net Gains and Interest Income from Marketable Securities Held to
Fund Operating Programs
|
|
|
|
13.
|
|
Capital Expenditures and Investment Spending Summary
|
|
|
|
14. - 15.
|
|
Properties and Rooms / Units by Geography
|
|
|
|
16.
|
|
Properties and Rooms / Units by Brand
|
|
|
|
17.
|
|
Owned and Leased Hotels Mix by Market and Brand
|
|
|
|
18.
|
|
Executed Contract Base Approximate Mix
|
|
|
|
19.
|
|
Year-over-Year Net Impact of Portfolio Changes to Owned and Leased
Hotels Adjusted EBITDA - Three Months Ended December 31, 2014
|
|
|
|
Hyatt Hotels Corporation
|
Consolidated Statements of Income
|
For the Three Months and the Year Ended December 31, 2014 and 2013
|
(in millions, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
REVENUES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels
|
|
|
$
|
551
|
|
|
$
|
557
|
|
|
$
|
2,246
|
|
|
$
|
2,142
|
|
Management and franchise fees
|
|
|
101
|
|
|
94
|
|
|
387
|
|
|
342
|
|
Other revenues
|
|
|
7
|
|
|
15
|
|
|
75
|
|
|
78
|
|
Other revenues from managed properties (a)
|
|
|
420
|
|
|
425
|
|
|
1,707
|
|
|
1,622
|
|
Total revenues
|
|
|
1,079
|
|
|
1,091
|
|
|
4,415
|
|
|
4,184
|
|
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels
|
|
|
424
|
|
|
426
|
|
|
1,691
|
|
|
1,629
|
|
Depreciation and amortization
|
|
|
85
|
|
|
91
|
|
|
354
|
|
|
345
|
|
Other direct costs
|
|
|
6
|
|
|
7
|
|
|
35
|
|
|
32
|
|
Selling, general, and administrative
|
|
|
105
|
|
|
87
|
|
|
349
|
|
|
323
|
|
Other costs from managed properties (a)
|
|
|
420
|
|
|
425
|
|
|
1,707
|
|
|
1,622
|
|
Direct and selling, general, and administrative expenses
|
|
|
1,040
|
|
|
1,036
|
|
|
4,136
|
|
|
3,951
|
|
Net gains and interest income from marketable securities held to
fund operating programs
|
|
|
6
|
|
|
12
|
|
|
15
|
|
|
34
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
|
3
|
|
|
(11
|
)
|
|
25
|
|
|
(1
|
)
|
Interest expense
|
|
|
(17
|
)
|
|
(17
|
)
|
|
(71
|
)
|
|
(65
|
)
|
Gains on sales of real estate and other
|
|
|
246
|
|
|
—
|
|
|
311
|
|
|
125
|
|
Asset impairments
|
|
|
(10
|
)
|
|
(11
|
)
|
|
(17
|
)
|
|
(22
|
)
|
Other income (loss), net
|
|
|
(6
|
)
|
|
29
|
|
|
(17
|
)
|
|
17
|
|
INCOME BEFORE INCOME TAXES
|
|
|
261
|
|
|
57
|
|
|
525
|
|
|
321
|
|
PROVISION FOR INCOME TAXES
|
|
|
(79
|
)
|
|
(27
|
)
|
|
(179
|
)
|
|
(116
|
)
|
NET INCOME
|
|
|
182
|
|
|
30
|
|
|
346
|
|
|
205
|
|
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
2
|
|
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION
|
|
|
$
|
182
|
|
|
$
|
32
|
|
|
$
|
344
|
|
|
$
|
207
|
|
EARNINGS PER SHARE - Basic
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
1.21
|
|
|
$
|
0.20
|
|
|
$
|
2.26
|
|
|
$
|
1.29
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
$
|
1.21
|
|
|
$
|
0.21
|
|
|
$
|
2.25
|
|
|
$
|
1.30
|
|
EARNINGS PER SHARE - Diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
1.20
|
|
|
$
|
0.19
|
|
|
$
|
2.24
|
|
|
$
|
1.29
|
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
$
|
1.20
|
|
|
$
|
0.20
|
|
|
$
|
2.23
|
|
|
$
|
1.30
|
|
Basic share counts
|
|
|
150.1
|
|
|
156.1
|
|
|
153.1
|
|
|
158.5
|
|
Diluted share counts
|
|
|
151.4
|
|
|
157.0
|
|
|
154.4
|
|
|
159.2
|
|
(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 1
|
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
|
|
Year Ended
|
|
|
December 31,
|
|
December 31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Adjusted EBITDA
|
|
$
|
146
|
|
|
$
|
178
|
|
|
$
|
728
|
|
|
$
|
680
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
3
|
|
|
(11
|
)
|
|
25
|
|
|
(1
|
)
|
Gains on sales of real estate and other
|
|
246
|
|
|
—
|
|
|
311
|
|
|
125
|
|
Asset impairments
|
|
(10
|
)
|
|
(11
|
)
|
|
(17
|
)
|
|
(22
|
)
|
Other income (loss), net
|
|
(6
|
)
|
|
29
|
|
|
(17
|
)
|
|
17
|
|
Net (income) loss attributable to noncontrolling interests
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
2
|
|
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA
|
|
(16
|
)
|
|
(20
|
)
|
|
(80
|
)
|
|
(68
|
)
|
EBITDA
|
|
$
|
363
|
|
|
$
|
167
|
|
|
$
|
948
|
|
|
$
|
733
|
|
Depreciation and amortization
|
|
(85
|
)
|
|
(91
|
)
|
|
(354
|
)
|
|
(345
|
)
|
Interest expense
|
|
(17
|
)
|
|
(17
|
)
|
|
(71
|
)
|
|
(65
|
)
|
Provision for income taxes
|
|
(79
|
)
|
|
(27
|
)
|
|
(179
|
)
|
|
(116
|
)
|
Net income attributable to Hyatt Hotels Corporation
|
|
$
|
182
|
|
|
$
|
32
|
|
|
$
|
344
|
|
|
$
|
207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 2
|
Hyatt Hotels Corporation
|
Reconciliation of Non-GAAP to GAAP Measure: Summary of Special Items
- Three Months Ended December 31, 2014 and 2013
|
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, 2014 and December
31, 2013, respectively.
|
(in millions, except per share amounts)
|
|
|
|
Location on Consolidated Statements of Income
|
|
Three Months Ended
December 31,
|
|
|
|
|
2014
|
|
2013
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
|
$
|
182
|
|
|
$
|
32
|
|
Earnings per share
|
|
|
|
$
|
1.20
|
|
|
$
|
0.20
|
|
Special items
|
|
|
|
|
|
|
|
|
Gains on sales of real estate and other (a)
|
|
Gains on sales of real estate and other
|
|
(246
|
)
|
|
—
|
|
Gain on sale of real estate held by unconsolidated hospitality
venture (b)
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
(12
|
)
|
|
—
|
|
Transaction costs (c)
|
|
Other income (loss), net
|
|
1
|
|
|
7
|
|
Asset impairments (d)
|
|
Asset impairments
|
|
10
|
|
|
11
|
|
Stock based compensation expense (e)
|
|
Selling, general, and administrative expenses
|
|
22
|
|
|
—
|
|
Provisions on hotel loans (f)
|
|
Other income (loss), net
|
|
—
|
|
|
6
|
|
Loss on sublease agreement (g)
|
|
Other income (loss), net
|
|
—
|
|
|
6
|
|
Unconsolidated hospitality ventures impairment (h)
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
—
|
|
|
3
|
|
Marketable securities (i)
|
|
Other income (loss), net
|
|
—
|
|
|
(1
|
)
|
Total special items - pre-tax
|
|
|
|
(225
|
)
|
|
32
|
|
Income tax (provision) benefit for special items
|
|
Provision for income taxes
|
|
90
|
|
|
(13
|
)
|
Total special items - after-tax
|
|
|
|
(135
|
)
|
|
19
|
|
Special items impact per share
|
|
|
|
$
|
(0.89
|
)
|
|
$
|
0.12
|
|
Net income attributable to Hyatt Hotels Corporation, adjusted for
special items
|
|
|
|
$
|
47
|
|
|
$
|
51
|
|
Earnings per share, adjusted for special items
|
|
|
|
$
|
0.31
|
|
|
$
|
0.32
|
|
(a) Gains on sales of real estate and other - Includes gains of $166
million on the sales of forty-three select service properties, which
will remain Hyatt-branded hotels under long-term franchise
agreements, and $80 million on the sale of our vacation ownership
business.
|
(b) Gain on sale of real estate held by unconsolidated hospitality
venture - During the fourth quarter of 2014, a joint venture in
which we hold an ownership interest sold the Hyatt Regency Lost
Pines Resort and Spa and adjacent land, which was accounted for as a
step acquisition, and we recognized a gain of $12 million.
|
(c) Transaction costs - In the fourth quarter of 2014, we incurred
$1 million in transaction costs in connection with the acquisition
of the Hyatt Regency Lost Pines Resort and Spa and adjacent land. In
the fourth quarter of 2013, we incurred $7 million in transactions
costs primarily in connection with the acquisitions of the Hyatt
Regency Orlando and Grand Hyatt San Antonio.
|
(d) Asset impairments - In the fourth quarter of 2014, we recorded
$10 million of impairment charges, which included $6 million of
property and equipment, $2 million of franchise intangibles, and $2
million of goodwill. During the fourth quarter of 2013, in
connection with the acquisition of the Grand Hyatt San Antonio, we
wrote off $11 million related to contract acquisition costs.
|
(e) Stock based compensation expense - During the fourth quarter
of 2014, we recorded a nonrecurring stock based compensation
expense related to prior periods for grants made to certain
individuals.
|
(f) Provisions on hotel loans - In the fourth quarter of 2013, we
recorded a $6 million provision related to pre-opening loans based
on our assessment of collectability.
|
(g) Loss on sublease agreement - During the fourth quarter of 2013,
we recorded a $6 million loss related to a sublease agreement.
|
(h) Unconsolidated hospitality ventures impairment - During the
fourth quarter of 2013, we recorded $3 million in impairment charges
related to hospitality ventures.
|
(i) Marketable securities - Represents (gains) losses on investments
not used to fund operating programs.
|
|
Page 3
|
Hyatt Hotels Corporation
|
Reconciliation of Non-GAAP to GAAP Measure: Summary of Special Items
- Year Ended December 31, 2014 and 2013
|
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, 2014 and 2013,
respectively.
|
(in millions, except per share amounts)
|
|
|
|
Location on Consolidated Statements of Income
|
|
Year Ended
December 31,
|
|
|
|
|
2014
|
|
2013
|
Net income attributable to Hyatt Hotels Corporation
|
|
|
|
$
|
344
|
|
|
$
|
207
|
|
Earnings per share
|
|
|
|
$
|
2.23
|
|
|
$
|
1.30
|
|
Special items
|
|
|
|
|
|
|
|
|
Gains on sales of real estate and other (a)
|
|
Gains on sales of real estate and other
|
|
(311
|
)
|
|
(125
|
)
|
Gains on sales of real estate held by unconsolidated hospitality
ventures (b)
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
(34
|
)
|
|
—
|
|
Gain on sale of artwork
|
|
Other income (loss), net
|
|
—
|
|
|
(29
|
)
|
Gain on sale of residential properties (c)
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
(2
|
)
|
|
(8
|
)
|
Gain on sale of cost method investment (d)
|
|
Other income (loss), net
|
|
(1
|
)
|
|
—
|
|
Marketable securities (e)
|
|
Other income (loss), net
|
|
—
|
|
|
(2
|
)
|
Foreign currency translation loss on sale of joint venture (f)
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
—
|
|
|
2
|
|
Unconsolidated hospitality ventures impairment (g)
|
|
Equity earnings (losses) from unconsolidated hospitality ventures
|
|
3
|
|
|
3
|
|
Loss on sublease agreement (h)
|
|
Other income (loss), net
|
|
—
|
|
|
6
|
|
Provisions on hotel loans (i)
|
|
Other income (loss), net
|
|
—
|
|
|
6
|
|
Transaction costs (j)
|
|
Other income (loss), net
|
|
6
|
|
|
10
|
|
Charitable contribution to Hyatt Hotels Foundation (k)
|
|
Other income (loss), net
|
|
—
|
|
|
20
|
|
Debt settlement costs (l)
|
|
Other income (loss), net
|
|
—
|
|
|
35
|
|
Realignment costs (m)
|
|
Other income (loss), net
|
|
7
|
|
|
—
|
|
Asset impairments (n)
|
|
Asset impairments
|
|
17
|
|
|
22
|
|
Stock based compensation expense (o)
|
|
Selling, general, and administrative expenses
|
|
22
|
|
|
—
|
|
Total special items - pre-tax
|
|
|
|
(293
|
)
|
|
(60
|
)
|
Income tax (provision) benefit for special items
|
|
Provision for income taxes
|
|
118
|
|
|
24
|
|
Total special items - after-tax
|
|
|
|
(175
|
)
|
|
(36
|
)
|
Special items impact per share
|
|
|
|
$
|
(1.14
|
)
|
|
$
|
(0.23
|
)
|
Net income attributable to Hyatt Hotels Corporation, adjusted for
special items
|
|
|
|
$
|
169
|
|
|
$
|
171
|
|
Earnings per share, adjusted for special items
|
|
|
|
$
|
1.09
|
|
|
$
|
1.07
|
|
(a) Gains on sales of real estate and other - The year ended
December 31, 2014 includes gains of $231 million on the sales of
fifty-two select service properties and one full service property,
which will remain Hyatt-branded hotels under long term agreements,
and $80 million on the sale of our vacation ownership business. The
year ended December 31, 2013 includes gains on the sales of three
full service properties, which were sold subject to long-term
franchise agreements.
|
(b) Gains on sales of real estate held by unconsolidated hospitality
ventures - During the year ended December 31, 2014, two joint
ventures in which we hold an ownership interest sold the Hyatt Place
Austin Downtown and Hyatt Place Coconut Point to third parties, for
which we recognized a gain of $20 million and $2 million,
respectively. Additionally, a joint venture in which we hold an
ownership interest sold the Hyatt Regency Lost Pines Resort and Spa
and adjacent land, which was accounted for as a step acquisition,
and we recognized a gain of $12 million.
|
(c) Gain on sale of residential properties - During 2014 and 2013,
we recognized gains of $2 million and $8 million, respectively, in
connection with the sales of residential properties at one of our
joint ventures.
|
(d) Gain on sale of cost method investment - During the year ended
December 31, 2014, we sold our interest in a joint venture
classified as a cost method investment and recorded a $1 million
gain on sale.
|
(e) Marketable securities - Represents (gains) losses on investments
not used to fund operating programs.
|
(f) Foreign currency translation loss on sale of joint venture -
During 2013, we had a foreign currency translation loss of $2
million as a result of the sale of our interest in a foreign joint
venture.
|
(g) Unconsolidated hospitality ventures impairment - During 2014 and
2013, we recorded impairment charges of $3 million and $3 million
related to hospitality ventures, respectively.
|
(h) Loss on sublease agreement - During 2013, we recorded a $6
million loss related to a sublease agreement.
|
(i) Provisions on hotel loans - During 2013, we recorded a $6
million provision related to pre-opening loans based on our
assessment of collectability.
|
|
Page 4
|
(j) Transaction costs - In the year ended December 31, 2014, we
incurred $6 million in transaction costs related to the sale of our
vacation ownership business and the acquisitions of the Park Hyatt
New York and the Hyatt Regency Lost Pines Resort and Spa and
adjacent land. In the year ended December 31, 2013, we incurred $10
million in transaction costs which primarily represent costs
incurred in connection with our investment in Playa, and the
acquisitions of the Hyatt Regency Orlando and Grand Hyatt San
Antonio.
|
(k) Charitable contribution to Hyatt Hotels Foundation - In the year
ended December 31, 2013, we funded $20 million to Hyatt Hotels
Foundation, which we established in 2013 to further the Company's
philanthropic initiatives.
|
(l) Debt settlement costs - In the year ended December 31, 2013, we
incurred $35 million in debt settlement costs for the redemption of
our 2015 Notes and the tender of a portion of our 2019 Notes.
|
(m) Realignment costs - Represents separation, recruiting and
relocation costs incurred associated with the realignment of key
management positions.
|
(n) Asset impairments - During 2014 we recorded $17 million in
impairment charges, which included $13 million of property and
equipment, $2 million of franchise intangibles, and $2 million of
goodwill. During 2013,we recorded $22 million of impairment charges,
which included the write-off of $11 million of contract acquisition
costs in conjunction with the acquisition of the Grand Hyatt San
Antonio and an $11 million impairment of property and equipment.
|
(o) Stock based compensation expense - During the fourth quarter
of 2014, we recorded a nonrecurring stock based compensation
expense related to prior periods for grants made to certain
individuals.
|
|
Page 5
|
Hyatt Hotels Corporation
|
Segment Financial Summary
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels
|
|
$
|
551
|
|
|
$
|
557
|
|
|
$
|
(6
|
)
|
|
(1.1
|
)%
|
|
$
|
2,246
|
|
|
$
|
2,142
|
|
|
$
|
104
|
|
|
4.9
|
%
|
Management and franchising
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
80
|
|
|
88
|
|
|
(8
|
)
|
|
(9.1
|
)%
|
|
327
|
|
|
292
|
|
|
35
|
|
|
12.0
|
%
|
ASPAC
|
|
25
|
|
|
25
|
|
|
—
|
|
|
—
|
%
|
|
88
|
|
|
83
|
|
|
5
|
|
|
6.0
|
%
|
EAME/SW Asia
|
|
22
|
|
|
10
|
|
|
12
|
|
|
120.0
|
%
|
|
77
|
|
|
72
|
|
|
5
|
|
|
6.9
|
%
|
Total management and franchising
|
|
127
|
|
|
123
|
|
|
4
|
|
|
3.3
|
%
|
|
492
|
|
|
447
|
|
|
45
|
|
|
10.1
|
%
|
Corporate and other
|
|
7
|
|
|
15
|
|
|
(8
|
)
|
|
(53.3
|
)%
|
|
75
|
|
|
78
|
|
|
(3
|
)
|
|
(3.8
|
)%
|
Other revenues from managed properties
|
|
420
|
|
|
425
|
|
|
(5
|
)
|
|
(1.2
|
)%
|
|
1,707
|
|
|
1,622
|
|
|
85
|
|
|
5.2
|
%
|
Eliminations
|
|
(26
|
)
|
|
(29
|
)
|
|
3
|
|
|
10.3
|
%
|
|
(105
|
)
|
|
(105
|
)
|
|
—
|
|
|
—
|
%
|
Total revenues
|
|
$
|
1,079
|
|
|
$
|
1,091
|
|
|
$
|
(12
|
)
|
|
(1.1
|
)%
|
|
$
|
4,415
|
|
|
$
|
4,184
|
|
|
$
|
231
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels
|
|
$
|
101
|
|
|
$
|
100
|
|
|
$
|
1
|
|
|
1.0
|
%
|
|
$
|
442
|
|
|
$
|
403
|
|
|
$
|
39
|
|
|
9.7
|
%
|
Pro rata share of unconsolidated hospitality ventures
|
|
16
|
|
|
20
|
|
|
(4
|
)
|
|
(20.0
|
)%
|
|
80
|
|
|
68
|
|
|
12
|
|
|
17.6
|
%
|
Total owned and leased hotels
|
|
117
|
|
|
120
|
|
|
(3
|
)
|
|
(2.5
|
)%
|
|
522
|
|
|
471
|
|
|
51
|
|
|
10.8
|
%
|
Americas management and franchising
|
|
52
|
|
|
71
|
|
|
(19
|
)
|
|
(26.8
|
)%
|
|
253
|
|
|
233
|
|
|
20
|
|
|
8.6
|
%
|
ASPAC management and franchising
|
|
13
|
|
|
18
|
|
|
(5
|
)
|
|
(27.8
|
)%
|
|
44
|
|
|
50
|
|
|
(6
|
)
|
|
(12.0
|
)%
|
EAME/SW Asia management
|
|
10
|
|
|
1
|
|
|
9
|
|
|
900.0
|
%
|
|
40
|
|
|
40
|
|
|
—
|
|
|
—
|
%
|
Corporate and other
|
|
(46
|
)
|
|
(32
|
)
|
|
(14
|
)
|
|
(43.8
|
)%
|
|
(131
|
)
|
|
(114
|
)
|
|
(17
|
)
|
|
(14.9
|
)%
|
Adjusted EBITDA
|
|
$
|
146
|
|
|
$
|
178
|
|
|
$
|
(32
|
)
|
|
(18.0
|
)%
|
|
$
|
728
|
|
|
$
|
680
|
|
|
$
|
48
|
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
Hyatt Hotels Corporation
|
Hotel Chain Statistics
|
Comparable Locations
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Change
|
|
Change (in
constant $)
|
|
2014
|
|
2013
|
|
Change
|
|
Change (in
constant $)
|
Owned and leased hotels (# hotels) (a)
|
|
|
|
Comparable owned and leased hotels (36)
|
|
|
|
|
ADR
|
|
$
|
222.90
|
|
|
$
|
221.35
|
|
|
0.7
|
%
|
|
2.2%
|
|
$
|
219.85
|
|
|
$
|
212.54
|
|
|
3.4
|
%
|
|
3.2%
|
|
|
Occupancy
|
|
73.5
|
%
|
|
72.6
|
%
|
|
0.9
|
%
|
pts
|
|
|
76.2
|
%
|
|
74.8
|
%
|
|
1.4
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
163.80
|
|
|
$
|
160.78
|
|
|
1.9
|
%
|
|
3.4%
|
|
$
|
167.62
|
|
|
$
|
159.05
|
|
|
5.4
|
%
|
|
5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels (# hotels; includes owned and
leased hotels)
|
|
Americas
|
|
|
|
|
Full service (137)
|
|
|
|
|
ADR
|
|
$
|
188.04
|
|
|
$
|
179.86
|
|
|
4.5
|
%
|
|
5.3%
|
|
$
|
187.77
|
|
|
$
|
178.81
|
|
|
5.0
|
%
|
|
5.7%
|
|
|
Occupancy
|
|
70.6
|
%
|
|
70.3
|
%
|
|
0.3
|
%
|
pts
|
|
|
75.0
|
%
|
|
73.9
|
%
|
|
1.1
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
132.81
|
|
|
$
|
126.51
|
|
|
5.0
|
%
|
|
5.8%
|
|
$
|
140.89
|
|
|
$
|
132.14
|
|
|
6.6
|
%
|
|
7.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (224)
|
|
|
|
|
ADR
|
|
$
|
117.06
|
|
|
$
|
108.13
|
|
|
8.3
|
%
|
|
8.3%
|
|
$
|
117.70
|
|
|
$
|
109.82
|
|
|
7.2
|
%
|
|
7.2%
|
|
|
Occupancy
|
|
72.5
|
%
|
|
73.2
|
%
|
|
(0.7
|
)%
|
pts
|
|
|
76.8
|
%
|
|
76.1
|
%
|
|
0.7
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
84.91
|
|
|
$
|
79.16
|
|
|
7.3
|
%
|
|
7.3%
|
|
$
|
90.41
|
|
|
$
|
83.61
|
|
|
8.1
|
%
|
|
8.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASPAC
|
|
|
|
|
Full service hotels (50)
|
|
|
|
|
ADR
|
|
$
|
231.01
|
|
|
$
|
237.50
|
|
|
(2.7
|
)%
|
|
1.3%
|
|
$
|
228.73
|
|
|
$
|
231.26
|
|
|
(1.1
|
)%
|
|
1.7%
|
|
|
Occupancy
|
|
71.8
|
%
|
|
70.5
|
%
|
|
1.3
|
%
|
pts
|
|
|
69.1
|
%
|
|
67.0
|
%
|
|
2.1
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
165.84
|
|
|
$
|
167.40
|
|
|
(0.9
|
)%
|
|
3.1%
|
|
$
|
158.14
|
|
|
$
|
154.97
|
|
|
2.0
|
%
|
|
4.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAME/SW Asia
|
|
|
|
|
Full service hotels (46)
|
|
|
|
|
ADR
|
|
$
|
231.26
|
|
|
$
|
248.10
|
|
|
(6.8
|
)%
|
|
(1.2)%
|
|
$
|
232.72
|
|
|
$
|
235.82
|
|
|
(1.3
|
)%
|
|
1.4%
|
|
|
Occupancy
|
|
69.0
|
%
|
|
66.5
|
%
|
|
2.5
|
%
|
pts
|
|
|
66.4
|
%
|
|
64.2
|
%
|
|
2.2
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
159.66
|
|
|
$
|
164.99
|
|
|
(3.2
|
)%
|
|
2.6%
|
|
$
|
154.60
|
|
|
$
|
151.38
|
|
|
2.1
|
%
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable systemwide hotels (457)
|
|
|
|
|
ADR
|
|
$
|
181.70
|
|
|
$
|
177.40
|
|
|
2.4
|
%
|
|
4.4%
|
|
$
|
180.40
|
|
|
$
|
174.08
|
|
|
3.6
|
%
|
|
4.9%
|
|
|
Occupancy
|
|
71.1
|
%
|
|
70.7
|
%
|
|
0.4
|
%
|
pts
|
|
|
73.7
|
%
|
|
72.4
|
%
|
|
1.3
|
%
|
pts
|
|
|
|
RevPAR
|
|
$
|
129.18
|
|
|
$
|
125.35
|
|
|
3.1
|
%
|
|
5.1%
|
|
$
|
133.00
|
|
|
$
|
126.09
|
|
|
5.5
|
%
|
|
6.7%
|
(a) Owned and leased hotels figures do not include unconsolidated
hospitality ventures.
Page 7
|
Hyatt Hotels Corporation
|
Hotel Brand Statistics
|
Comparable Locations
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Change
|
|
Change (in
constant $)
|
|
2014
|
|
2013
|
|
Change
|
|
Change (in
constant $)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels (# hotels; includes owned and
leased hotels)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Park Hyatt (28)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
353.01
|
|
|
$
|
369.55
|
|
|
(4.5
|
)%
|
|
1.9%
|
|
$
|
349.85
|
|
|
$
|
352.46
|
|
|
(0.7
|
)%
|
|
3.0%
|
|
Occupancy
|
|
70.0
|
%
|
|
68.0
|
%
|
|
2.0
|
%
|
pts
|
|
|
68.4
|
%
|
|
65.6
|
%
|
|
2.8
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
247.23
|
|
|
$
|
251.16
|
|
|
(1.6
|
)%
|
|
5.1%
|
|
$
|
239.20
|
|
|
$
|
231.16
|
|
|
3.5
|
%
|
|
7.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Andaz (8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
309.81
|
|
|
$
|
306.75
|
|
|
1.0
|
%
|
|
2.0%
|
|
$
|
297.60
|
|
|
$
|
288.06
|
|
|
3.3
|
%
|
|
2.2%
|
|
Occupancy
|
|
81.0
|
%
|
|
75.7
|
%
|
|
5.3
|
%
|
pts
|
|
|
81.4
|
%
|
|
75.4
|
%
|
|
6.0
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
250.82
|
|
|
$
|
232.28
|
|
|
8.0
|
%
|
|
9.1%
|
|
$
|
242.29
|
|
|
$
|
217.20
|
|
|
11.6
|
%
|
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Hyatt (37)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
244.65
|
|
|
$
|
249.13
|
|
|
(1.8
|
)%
|
|
0.4%
|
|
$
|
241.72
|
|
|
$
|
239.93
|
|
|
0.7
|
%
|
|
2.6%
|
|
Occupancy
|
|
75.0
|
%
|
|
74.1
|
%
|
|
0.9
|
%
|
pts
|
|
|
75.1
|
%
|
|
73.4
|
%
|
|
1.7
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
183.59
|
|
|
$
|
184.72
|
|
|
(0.6
|
)%
|
|
1.7%
|
|
$
|
181.46
|
|
|
$
|
176.08
|
|
|
3.1
|
%
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt (27)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
177.51
|
|
|
$
|
167.74
|
|
|
5.8
|
%
|
|
6.2%
|
|
$
|
176.38
|
|
|
$
|
166.01
|
|
|
6.2
|
%
|
|
6.2%
|
|
Occupancy
|
|
74.0
|
%
|
|
72.0
|
%
|
|
2.0
|
%
|
pts
|
|
|
75.9
|
%
|
|
73.5
|
%
|
|
2.4
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
131.40
|
|
|
$
|
120.73
|
|
|
8.8
|
%
|
|
9.2%
|
|
$
|
133.91
|
|
|
$
|
121.93
|
|
|
9.8
|
%
|
|
9.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Regency (133)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
172.15
|
|
|
$
|
166.96
|
|
|
3.1
|
%
|
|
4.9%
|
|
$
|
173.48
|
|
|
$
|
167.12
|
|
|
3.8
|
%
|
|
4.9%
|
|
Occupancy
|
|
68.7
|
%
|
|
68.3
|
%
|
|
0.4
|
%
|
pts
|
|
|
71.9
|
%
|
|
70.8
|
%
|
|
1.1
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
118.20
|
|
|
$
|
114.02
|
|
|
3.7
|
%
|
|
5.5%
|
|
$
|
124.70
|
|
|
$
|
118.34
|
|
|
5.4
|
%
|
|
6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Place (170)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
111.11
|
|
|
$
|
102.68
|
|
|
8.2
|
%
|
|
8.2%
|
|
$
|
112.24
|
|
|
$
|
104.66
|
|
|
7.2
|
%
|
|
7.3%
|
|
Occupancy
|
|
72.0
|
%
|
|
72.4
|
%
|
|
(0.4
|
)%
|
pts
|
|
|
76.0
|
%
|
|
75.0
|
%
|
|
1.0
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
80.04
|
|
|
$
|
74.32
|
|
|
7.7
|
%
|
|
7.7%
|
|
$
|
85.26
|
|
|
$
|
78.53
|
|
|
8.6
|
%
|
|
8.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt House (54)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR
|
|
$
|
133.94
|
|
|
$
|
123.33
|
|
|
8.6
|
%
|
|
8.6%
|
|
$
|
132.92
|
|
|
$
|
124.03
|
|
|
7.2
|
%
|
|
7.2%
|
|
Occupancy
|
|
74.0
|
%
|
|
75.6
|
%
|
|
(1.6
|
)%
|
pts
|
|
|
79.3
|
%
|
|
79.3
|
%
|
|
0.0
|
%
|
pts
|
|
|
RevPAR
|
|
$
|
99.08
|
|
|
$
|
93.24
|
|
|
6.3
|
%
|
|
6.3%
|
|
$
|
105.41
|
|
|
$
|
98.40
|
|
|
7.1
|
%
|
|
7.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 8
|
Hyatt Hotels Corporation
|
Fee Summary
|
(in millions)
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
Fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fees
|
|
$
|
46
|
|
|
$
|
42
|
|
|
$
|
4
|
|
|
9.5
|
%
|
|
$
|
180
|
|
|
$
|
163
|
|
|
$
|
17
|
|
|
10.4
|
%
|
Incentive management fees
|
|
31
|
|
|
20
|
|
|
11
|
|
|
55.0
|
%
|
|
111
|
|
|
100
|
|
|
11
|
|
|
11.0
|
%
|
Franchise fees
|
|
16
|
|
|
13
|
|
|
3
|
|
|
23.1
|
%
|
|
65
|
|
|
48
|
|
|
17
|
|
|
35.4
|
%
|
Other fee revenues (a)
|
|
8
|
|
|
19
|
|
|
(11
|
)
|
|
(57.9
|
)%
|
|
31
|
|
|
31
|
|
|
—
|
|
|
—
|
%
|
Total fees
|
|
$
|
101
|
|
|
$
|
94
|
|
|
$
|
7
|
|
|
7.4
|
%
|
|
$
|
387
|
|
|
$
|
342
|
|
|
$
|
45
|
|
|
13.2
|
%
|
(a) Total other fee revenues includes deferred gains, resulting from the
sales of hotels subject to management agreements, of $4 million and $2
million for the three months ended December 31, 2014 and 2013,
respectively, and $12 million and $6 million for the years ended
December 31, 2014 and 2013, respectively.
Page 9
|
Hyatt Hotels Corporation
|
Reconciliation of Non-GAAP to GAAP Measure: Adjusted Selling,
General, and Administrative Expenses to Selling, General, and
Administrative Expenses
|
Results of operations as presented on consolidated statements of
income include the impact of expenses recognized with respect to
employee benefit programs funded through rabbi trusts. Certain of
these expenses are recognized in selling, general, and
administrative expenses and are completely offset by the
corresponding net gains and interest income from marketable
securities held to fund operating programs, thus having no net
impact to our earnings. Below is a reconciliation of this account
excluding the impact of our rabbi trust investments.
|
(in millions)
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
Adjusted selling, general, and administrative expenses (a)
|
|
$
|
102
|
|
|
$
|
79
|
|
|
$
|
23
|
|
|
29.1
|
%
|
|
$
|
340
|
|
|
$
|
299
|
|
|
$
|
41
|
|
|
13.7
|
%
|
Rabbi trust impact
|
|
3
|
|
|
8
|
|
|
(5
|
)
|
|
(62.5
|
)%
|
|
9
|
|
|
24
|
|
|
(15
|
)
|
|
(62.5
|
)%
|
Selling, general and administrative expenses
|
|
$
|
105
|
|
|
$
|
87
|
|
|
$
|
18
|
|
|
20.7
|
%
|
|
$
|
349
|
|
|
$
|
323
|
|
|
$
|
26
|
|
|
8.0
|
%
|
(a) Segment breakdown for adjusted selling, general, and administrative
expenses.
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
2014 (c)
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
Americas management and franchising
|
|
$
|
28
|
|
|
$
|
17
|
|
|
$
|
11
|
|
|
64.7
|
%
|
|
$
|
74
|
|
|
$
|
59
|
|
|
$
|
15
|
|
|
25.4
|
%
|
ASPAC management and franchising
|
|
12
|
|
|
7
|
|
|
5
|
|
|
71.4
|
%
|
|
44
|
|
|
33
|
|
|
11
|
|
|
33.3
|
%
|
EAME/SW Asia management
|
|
12
|
|
|
9
|
|
|
3
|
|
|
33.3
|
%
|
|
37
|
|
|
32
|
|
|
5
|
|
|
15.6
|
%
|
Owned and leased hotels
|
|
3
|
|
|
5
|
|
|
(2
|
)
|
|
(40.0
|
)%
|
|
14
|
|
|
14
|
|
|
—
|
|
|
—
|
%
|
Corporate and other (b)
|
|
47
|
|
|
41
|
|
|
6
|
|
|
14.6
|
%
|
|
171
|
|
|
161
|
|
|
10
|
|
|
6.2
|
%
|
Adjusted selling, general, and administrative expenses
|
|
$
|
102
|
|
|
$
|
79
|
|
|
$
|
23
|
|
|
29.1
|
%
|
|
$
|
340
|
|
|
$
|
299
|
|
|
$
|
41
|
|
|
13.7
|
%
|
(b) Corporate and other includes vacation ownership expenses of $0
and $7 million for the three months ended December 31, 2014 and
2013, respectively, and $24 million and $30 million for the year
ended December 31, 2014 and 2013, respectively.
|
(c) Adjusted selling, general, and administrative expenses include
$22 million of nonrecurring stock based compensation expense, of
which $4 million relates to Americas management and franchising, $1
million relates to ASPAC management and franchising, $1 million
relates to EAME/SW Asia management and $16 million relates to
Corporate and other.
|
|
Page 10
|
Hyatt Hotels Corporation
|
Reconciliation of Non-GAAP to GAAP Measure: Comparable Owned and
Leased Hotels Operating Margin to Owned and Leased Hotels Operating
Margin
|
Below is a breakdown of consolidated owned and leased hotels
revenues and expenses, as used in calculating comparable owned and
leased hotels operating margin percentages. Results of operations as
presented on consolidated statements of income include the impact of
expenses recognized with respect to employee benefit programs funded
through rabbi trusts. Certain of these expenses are recognized in
owned and leased hotels expenses and are completely offset by the
corresponding net gains and interest income from marketable
securities held to fund operating programs, thus having no net
impact to our earnings. Below is a reconciliation of this account
excluding the impact of our rabbi trusts and excluding the impact of
non-comparable hotels.
|
(in millions)
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
415
|
|
|
$
|
415
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
1,645
|
|
|
$
|
1,591
|
|
|
$
|
54
|
|
|
3.4
|
%
|
Non-comparable owned and leased hotels
|
|
136
|
|
|
142
|
|
|
(6
|
)
|
|
(4.2
|
)%
|
|
601
|
|
|
551
|
|
|
50
|
|
|
9.1
|
%
|
Owned and leased hotels revenue
|
|
$
|
551
|
|
|
$
|
557
|
|
|
$
|
(6
|
)
|
|
(1.1
|
)%
|
|
$
|
2,246
|
|
|
$
|
2,142
|
|
|
$
|
104
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
|
|
$
|
326
|
|
|
$
|
324
|
|
|
$
|
2
|
|
|
0.6
|
%
|
|
$
|
1,268
|
|
|
$
|
1,237
|
|
|
$
|
31
|
|
|
2.5
|
%
|
Non-comparable owned and leased hotels
|
|
97
|
|
|
98
|
|
|
(1
|
)
|
|
(1.0
|
)%
|
|
420
|
|
|
381
|
|
|
39
|
|
|
10.2
|
%
|
Rabbi trust
|
|
1
|
|
|
4
|
|
|
(3
|
)
|
|
(75.0
|
)%
|
|
3
|
|
|
11
|
|
|
(8
|
)
|
|
(72.7
|
)%
|
Owned and leased hotels expense
|
|
$
|
424
|
|
|
$
|
426
|
|
|
$
|
(2
|
)
|
|
(0.5
|
)%
|
|
$
|
1,691
|
|
|
$
|
1,629
|
|
|
$
|
62
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels operating margin percentage
|
|
23.0
|
%
|
|
23.5
|
%
|
|
|
|
|
(0.5
|
)%
|
|
24.7
|
%
|
|
23.9
|
%
|
|
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels operating margin percentage
|
|
21.4
|
%
|
|
21.9
|
%
|
|
|
|
|
(0.5
|
)%
|
|
22.9
|
%
|
|
22.3
|
%
|
|
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 11
|
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 hotels revenues. The table below shows the
amounts recorded to the respective offsetting account.
|
(in millions)
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
|
2014
|
|
2013
|
|
Change ($)
|
|
Change (%)
|
Rabbi trust impact allocated to selling, general, and administrative
expenses
|
|
$
|
3
|
|
|
$
|
8
|
|
|
$
|
(5
|
)
|
|
(62.5
|
)%
|
|
$
|
9
|
|
|
$
|
24
|
|
|
$
|
(15
|
)
|
|
(62.5
|
)%
|
Rabbi trust impact allocated to owned and leased hotels expense
|
|
1
|
|
|
4
|
|
|
(3
|
)
|
|
(75.0
|
)%
|
|
3
|
|
|
11
|
|
|
(8
|
)
|
|
(72.7
|
)%
|
Net gains (losses) and interest income from marketable securities
held to fund our Gold Passport program allocated to owned and leased
hotels revenue
|
|
2
|
|
|
—
|
|
|
2
|
|
|
100.0
|
%
|
|
3
|
|
|
(1
|
)
|
|
4
|
|
|
400.0
|
%
|
Net gains and interest income from marketable securities held to
fund operating programs
|
|
$
|
6
|
|
|
$
|
12
|
|
|
$
|
(6
|
)
|
|
(50.0
|
)%
|
|
$
|
15
|
|
|
$
|
34
|
|
|
$
|
(19
|
)
|
|
(55.9
|
)%
|
|
Page 12
|
Hyatt Hotels Corporation
|
Capital Expenditures and Investment Spending Summary
|
(in millions)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Capital Expenditures
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
|
|
$
|
38
|
|
|
$
|
27
|
|
|
$
|
102
|
|
|
$
|
90
|
Enhancements to existing properties
|
|
24
|
|
|
41
|
|
|
72
|
|
|
81
|
Investment in new properties
|
|
23
|
|
|
14
|
|
|
79
|
|
|
61
|
Total
|
|
$
|
85
|
|
|
$
|
82
|
|
|
$
|
253
|
|
|
$
|
232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
|
Investment Spending
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Acquisitions, net of cash acquired
|
|
$
|
157
|
|
|
$
|
729
|
|
|
$
|
739
|
|
|
$
|
814
|
Investments (equity, debt and other)
|
|
18
|
|
|
25
|
|
|
146
|
|
|
462
|
Total
|
|
$
|
175
|
|
|
$
|
754
|
|
|
$
|
885
|
|
|
$
|
1,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
Properties and Rooms / Units by Geography
|
|
Owned and leased hotels (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
|
December 31, 2013
|
|
QTD Change
|
|
YTD Change
|
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
Full service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
27
|
|
15,914
|
|
27
|
|
15,639
|
|
27
|
|
15,498
|
|
—
|
|
275
|
|
—
|
|
416
|
Other Americas
|
|
2
|
|
1,112
|
|
4
|
|
2,102
|
|
4
|
|
2,102
|
|
(2)
|
|
(990)
|
|
(2)
|
|
(990)
|
ASPAC
|
|
1
|
|
601
|
|
1
|
|
601
|
|
1
|
|
601
|
|
—
|
|
—
|
|
—
|
|
—
|
EAME/SW Asia
|
|
10
|
|
2,256
|
|
10
|
|
2,256
|
|
11
|
|
2,438
|
|
—
|
|
—
|
|
(1)
|
|
(182)
|
Select service hotels
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
2
|
|
329
|
|
45
|
|
5,910
|
|
54
|
|
7,400
|
|
(43)
|
|
(5,581)
|
|
(52)
|
|
(7,071)
|
EAME/SW Asia
|
|
1
|
|
330
|
|
1
|
|
330
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
330
|
Total owned and leased hotels
|
|
43
|
|
20,542
|
|
88
|
|
26,838
|
|
97
|
|
28,039
|
|
(45)
|
|
(6,296)
|
|
(54)
|
|
(7,497)
|
(a) Owned and leased hotels figures do not include unconsolidated
hospitality ventures.
Page 14
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation
|
Properties and Rooms / Units by Geography
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels (includes owned and leased
hotels)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
|
December 31, 2013
|
|
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
|
|
102
|
|
55,617
|
|
102
|
|
55,612
|
|
101
|
|
55,368
|
|
—
|
|
5
|
|
1
|
|
249
|
Other Americas managed
|
|
15
|
|
5,660
|
|
15
|
|
5,660
|
|
16
|
|
5,953
|
|
—
|
|
—
|
|
(1)
|
|
(293)
|
Franchised
|
|
34
|
|
10,416
|
|
33
|
|
10,294
|
|
33
|
|
10,190
|
|
1
|
|
122
|
|
1
|
|
226
|
Subtotal
|
|
151
|
|
71,693
|
|
150
|
|
71,566
|
|
150
|
|
71,511
|
|
1
|
|
127
|
|
1
|
|
182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service hotels
|
|
|
|
|
|
|
|
|
|
|
United States managed
|
|
51
|
|
7,102
|
|
96
|
|
12,975
|
|
96
|
|
12,979
|
|
(45)
|
|
(5,873)
|
|
(45)
|
|
(5,877)
|
Other Americas managed
|
|
6
|
|
893
|
|
4
|
|
588
|
|
2
|
|
277
|
|
2
|
|
305
|
|
4
|
|
616
|
Franchised
|
|
212
|
|
28,573
|
|
162
|
|
22,060
|
|
150
|
|
20,263
|
|
50
|
|
6,513
|
|
62
|
|
8,310
|
Subtotal
|
|
269
|
|
36,568
|
|
262
|
|
35,623
|
|
248
|
|
33,519
|
|
7
|
|
945
|
|
21
|
|
3,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASPAC
|
|
|
|
|
|
|
|
|
|
|
Full service hotels
|
|
|
|
|
|
|
|
|
|
|
ASPAC managed
|
|
64
|
|
23,954
|
|
62
|
|
23,278
|
|
57
|
|
21,429
|
|
2
|
|
676
|
|
7
|
|
2,525
|
ASPAC franchised
|
|
2
|
|
988
|
|
2
|
|
988
|
|
2
|
|
988
|
|
—
|
|
—
|
|
—
|
|
0
|
Subtotal
|
|
66
|
|
24,942
|
|
64
|
|
24,266
|
|
59
|
|
22,417
|
|
2
|
|
676
|
|
7
|
|
2,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service hotels
|
|
|
|
|
|
|
|
|
|
|
ASPAC managed
|
|
1
|
|
144
|
|
1
|
|
144
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
144
|
Subtotal
|
|
1
|
|
144
|
|
1
|
|
144
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAME/SW Asia
|
|
|
|
|
|
|
|
|
|
|
Full service hotels
|
|
|
|
|
|
|
|
|
|
|
EAME managed
|
|
35
|
|
9,147
|
|
36
|
|
9,250
|
|
36
|
|
9,337
|
|
(1)
|
|
(103)
|
|
(1)
|
|
(190)
|
SW Asia managed
|
|
28
|
|
7,685
|
|
28
|
|
7,678
|
|
26
|
|
7,405
|
|
—
|
|
7
|
|
2
|
|
280
|
Subtotal
|
|
63
|
|
16,832
|
|
64
|
|
16,928
|
|
62
|
|
16,742
|
|
(1)
|
|
(96)
|
|
1
|
|
90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service hotels
|
|
|
|
|
|
|
|
|
|
|
EAME managed
|
|
2
|
|
425
|
|
2
|
|
425
|
|
1
|
|
95
|
|
—
|
|
—
|
|
1
|
|
330
|
SW Asia managed
|
|
3
|
|
501
|
|
2
|
|
325
|
|
1
|
|
115
|
|
1
|
|
176
|
|
2
|
|
386
|
Subtotal
|
|
5
|
|
926
|
|
4
|
|
750
|
|
2
|
|
210
|
|
1
|
|
176
|
|
3
|
|
716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total managed and franchised hotels
|
|
555
|
|
151,105
|
|
545
|
|
149,277
|
|
521
|
|
144,399
|
|
10
|
|
1,828
|
|
34
|
|
6,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Inclusive
|
|
5
|
|
1,881
|
|
2
|
|
926
|
|
2
|
|
925
|
|
3
|
|
955
|
|
3
|
|
956
|
Vacation ownership
|
|
16
|
|
1,094
|
|
15
|
|
963
|
|
15
|
|
963
|
|
1
|
|
131
|
|
1
|
|
131
|
Residential
|
|
11
|
|
1,185
|
|
11
|
|
1,185
|
|
10
|
|
1,101
|
|
—
|
|
—
|
|
1
|
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total properties and rooms/units
|
|
587
|
|
155,265
|
|
573
|
|
152,351
|
|
548
|
|
147,388
|
|
14
|
|
2,914
|
|
39
|
|
7,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 15
|
|
|
Hyatt Hotels Corporation
|
Properties and Rooms / Units by Brand
|
|
|
|
|
|
December 31, 2014
|
|
September 30, 2014
|
|
December 31, 2013
|
|
QTD Change
|
|
YTD Change
|
Brand
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
|
Rooms/Units
|
|
|
Properties
|
|
Rooms/Units
|
Park Hyatt
|
|
34
|
|
6,725
|
|
34
|
|
6,728
|
|
33
|
|
6,535
|
|
—
|
|
|
(3
|
)
|
|
1
|
|
190
|
Andaz
|
|
12
|
|
2,433
|
|
12
|
|
2,433
|
|
11
|
|
2,269
|
|
—
|
|
|
—
|
|
|
1
|
|
164
|
Hyatt
|
|
41
|
|
9,205
|
|
39
|
|
8,713
|
|
38
|
|
8,609
|
|
2
|
|
|
492
|
|
|
3
|
|
596
|
Grand Hyatt
|
|
43
|
|
23,974
|
|
42
|
|
23,662
|
|
40
|
|
22,262
|
|
1
|
|
|
312
|
|
|
3
|
|
1,712
|
Hyatt Regency
|
|
150
|
|
71,130
|
|
151
|
|
71,224
|
|
149
|
|
70,995
|
|
(1
|
)
|
|
(94
|
)
|
|
1
|
|
135
|
Hyatt Place
|
|
216
|
|
29,357
|
|
209
|
|
28,362
|
|
192
|
|
25,575
|
|
7
|
|
|
995
|
|
|
24
|
|
3,782
|
Hyatt House
|
|
59
|
|
8,281
|
|
58
|
|
8,155
|
|
58
|
|
8,154
|
|
1
|
|
|
126
|
|
|
1
|
|
127
|
Hyatt Ziva
|
|
3
|
|
1,340
|
|
1
|
|
619
|
|
1
|
|
619
|
|
2
|
|
|
721
|
|
|
2
|
|
721
|
Hyatt Zilara
|
|
2
|
|
541
|
|
1
|
|
307
|
|
1
|
|
306
|
|
1
|
|
|
234
|
|
|
1
|
|
235
|
Vacation Ownership and Residential
|
|
27
|
|
2,279
|
|
26
|
|
2,148
|
|
25
|
|
2,064
|
|
1
|
|
|
131
|
|
|
2
|
|
215
|
Total
|
|
587
|
|
155,265
|
|
573
|
|
152,351
|
|
548
|
|
147,388
|
|
14
|
|
|
2,914
|
|
|
39
|
|
7,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 16
|
Hyatt Hotels Corporation
|
Owned and Leased Hotels Mix by Market and Brand
|
|
|
|
|
|
|
|
Owned and Leased Hotels Adjusted EBITDA Mix by Market
|
|
|
|
|
|
|
|
|
|
|
|
Segment
|
|
% of 2014
Earnings (a)
|
|
Top 10 U.S. Markets (b)
|
|
% of 2014
Earnings (a)
|
|
Top 5 International
Markets
|
|
% of 2014
Earnings (a)
|
Americas
|
|
85%
|
|
Orlando, FL
|
|
14%
|
|
Switzerland
|
|
5%
|
EAME/SW Asia
|
|
12%
|
|
New York, NY
|
|
9%
|
|
Canada
|
|
4%
|
ASPAC
|
|
3%
|
|
San Antonio, TX
|
|
8%
|
|
Mexico
|
|
4%
|
|
|
|
|
Atlanta, GA
|
|
5%
|
|
United Kingdom
|
|
3%
|
|
|
|
|
San Francisco/San Mateo, CA
|
|
5%
|
|
Aruba
|
|
3%
|
|
|
|
|
Phoenix, AZ
|
|
3%
|
|
|
|
|
|
|
|
|
Los Angeles/Long Beach, CA
|
|
3%
|
|
|
|
|
|
|
|
|
Austin, TX
|
|
2%
|
|
|
|
|
|
|
|
|
Lake Tahoe, NV
|
|
2%
|
|
|
|
|
|
|
|
|
Fort Myers, FL
|
|
2%
|
|
|
|
|
|
|
|
|
Total Top 10
|
|
53%
|
|
Total Top 5
|
|
19%
|
|
|
|
|
Other U.S.
|
|
22%
|
|
Other International
|
|
6%
|
Total
|
|
100%
|
|
Total U.S.
|
|
75%
|
|
Total International
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and Leased Hotels Adjusted EBITDA Mix by Brand
|
|
|
|
Brand
|
|
% of 2014
Earnings (a)
|
Park Hyatt, Andaz, Grand Hyatt
|
|
35%
|
Hyatt Regency, Hyatt
|
|
54%
|
Hyatt Place, Hyatt House
|
|
11%
|
Total
|
|
100%
|
|
(a) Earnings represent 2014 owned and leased hotels Adjusted EBITDA
of $442 million.
|
(b) Markets are defined according to Smith Travel Research market
definitions.
|
|
Page 17
|
Hyatt Hotels Corporation
|
Executed Contract Base Approximate Mix
|
|
(Total executed contract base: approximately 250 hotels or
approximately 55,000 rooms)
|
|
|
|
As of December 31, 2014
|
|
|
Approx. Hotels
|
|
Approx. Rooms
|
Region
|
|
|
|
|
Americas
|
|
100
|
|
18,000
|
ASPAC
|
|
80
|
|
21,000
|
EAME/SW Asia
|
|
70
|
|
16,000
|
Total
|
|
250
|
|
55,000
|
|
|
|
|
|
Market
|
|
|
|
|
U.S.
|
|
75
|
|
12,000
|
China
|
|
65
|
|
17,000
|
India
|
|
30
|
|
6,000
|
Other
|
|
80
|
|
20,000
|
Total
|
|
250
|
|
55,000
|
|
|
|
|
|
Brand
|
|
|
|
|
Park Hyatt, Andaz, Grand Hyatt
|
|
40
|
|
13,000
|
Hyatt Regency, Hyatt, Hyatt Ziva, Hyatt Zilara
|
|
65
|
|
19,000
|
Hyatt Place, Hyatt House
|
|
145
|
|
23,000
|
Total
|
|
250
|
|
55,000
|
|
|
|
|
|
Ownership / Contract Type
|
|
|
|
|
Owned, Leased and Unconsolidated Hospitality Ventures
|
|
20
|
|
5,000
|
Managed
|
|
160
|
|
39,000
|
Franchised
|
|
70
|
|
11,000
|
Total
|
|
250
|
|
55,000
|
Page 18
|
|
|
|
Hyatt Hotels Corporation
|
Year-over-Year Net Impact of Portfolio Changes to Owned and Leased
Hotels Adjusted EBITDA (a)
|
For the Three Months Ended December 31, 2014
|
(in millions)
|
|
|
|
|
|
|
|
|
|
Rooms
|
|
Transaction
/ Opening
Date
|
|
4Q14 Adjusted
EBITDA
Impact
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Key West Resort and Spa
|
|
118
|
|
4Q13
|
|
|
|
|
|
|
10 Hyatt House, Hyatt Place and Hyatt Hotels
|
|
1,560
|
|
1Q14
|
|
|
|
|
|
|
Park Hyatt Washington
|
|
216
|
|
4Q14
|
|
|
|
|
|
|
Hyatt Regency Vancouver
|
|
644
|
|
4Q14
|
|
|
|
|
|
|
Park Hyatt Toronto
|
|
346
|
|
4Q14
|
|
|
|
|
|
|
38 Select Service Hotels
|
|
4,950
|
|
4Q14
|
|
|
|
|
|
|
5 Select Service Hotels
|
|
631
|
|
4Q14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-over-Year Net Impact of Dispositions to Owned and Leased
Hotels Adjusted EBITDA
|
|
|
|
|
|
$
|
(14
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions or Openings (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Regency Orlando
|
|
1,641
|
|
4Q13
|
|
|
|
|
|
|
Grand Hyatt San Antonio
|
|
1,003
|
|
4Q13
|
|
|
|
|
|
|
Hyatt Place Omaha Downtown Old Market
|
|
159
|
|
4Q13
|
|
|
|
|
|
|
Hyatt Place Amsterdam Airport
|
|
330
|
|
1Q14
|
|
|
|
|
|
|
Park Hyatt New York
|
|
210
|
|
3Q14
|
|
|
|
|
|
|
Hyatt Regency Lost Pines Resort and Spa
|
|
491
|
|
4Q14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-over-Year Net Impact of Acquisitions and Openings to Owned
and Leased Hotels Adjusted EBITDA
|
|
$
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-over-Year Net Impact of Dispositions, Acquisitions and
Openings to Owned and Leased Hotels Adjusted EBITDA
|
|
$
|
(1
|
)
|
|
(a) Excludes pro rata share of unconsolidated hospitality ventures.
|
(b) Reflects 2013 Adjusted EBITDA for recently completed
dispositions.
|
(c) Reflects 2014 Adjusted EBITDA for recently completed
acquisitions or openings.
|
|
Page 19

Source: Hyatt Hotels Corporation