Hyatt Hotels Corporation and Wyndham Hotels & Resorts reported fourth quarter and full year 2022 financial results.For Hyatt, the hotel giant announced that net income reached $294 million in the fourth quarter and $455 million for the entire year. Adjusted net income was $278 million and $365 million, respectively.ADVERTISINGComparable system-wide RevPAR increased by 34.8 percent in the fourth quarter and 60.2 percent for 2022, compared to the previous year. Comparable owned and leased hotels RevPAR increased 41.7 percent and 87.6 percent for the year.
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In terms of future development, Net Rooms Growth was 6.7 percent for 2022, and the pipeline of executed management or franchise contracts was approximately 117,000 rooms, inclusive of ALG’s pipeline contribution of 8,000 rooms.“Our results in the fourth quarter mark the completion of a truly transformative year,” Hyatt CEO Mark Hoplamazian said. “We generated a record level of fees and free cash flow while leading the industry in organic growth for a sixth consecutive year.”“This outcome is a direct result of successfully executing on our asset-light growth strategy,” Hoplamazian continued. “We continue to experience positive momentum in the markets in which we operate and are optimistic about the year ahead.”As for Wyndham, the company reached an adjusted EBITDA of $126 million for the quarter and $650 million for the year, which exceeded the full-year outlook of $636 million to $644 million.Global RevPAR grew 15 percent in the fourth quarter, representing 116 percent of 2019 levels, while full-year global RevPAR grew 20 percent year-over-year.System-wide rooms grew four percent year-over-year, including one percent in the United States, and the Hotel Franchising segment revenues grew 12 percent compared to the fourth quarter of 2021 and 16 percent for 2022.Wyndham’s development pipeline grew 12 percent year-over-year, including 170 new construction projects added for the Company’s ECHO Suites Extended Stay by Wyndham brand since its launch in March.“Given the continued occupancy recovery across the globe and infrastructure business growth in 2023, we are enthusiastic about the opportunities that lie ahead and our ability to deliver outstanding value to our shareholders, guests, franchisees and team members,” Wyndham CEO Geoffrey Ballotti said.For the latest travel news, updates and deals, be sure to subscribe to the daily TravelPulse newsletter here.
Source: travelpulse.com
