Hyatt Hotels Topped Q1 Estimates, Top Line Up 4% YoY

Financial News Network
May 03, 2011 AT 4:47 PM
Hyatt Hotels (NYSE:H) reported Q1 EPS of $0.07, ex-items, ahead of consensus estimates of $0.05 per share. Revenues for the quarter rose 4.0% year-over-year to $875.0 million, topping consensus estimates of $860.5 million. According to Mark S. Hoplamazian, who is the president and chief executive officer of Hyatt Hotels Corporation the transient demand was very strong in the first quarter with both occupancy and rate improvements across many markets. Hoplamazian also said, "We are very pleased with the performance of our hotels, particularly the strong continuing increases in our revenue per available room in our Hyatt Place and Hyatt Summerfield Suites properties. Customer response to these brands has been excellent and we are seeing renewed developer and owner interest in expansion." Hoplamazian also mentioned that Hyatt's international hotels continued to perform well and saw particularly strong performance in China and Brazil. However there was some increased volatility in the results in the first quarter due to the devastating earthquake and tsunami and aftermath in Japan, as well as specific events in the Middle East and North Africa, but demand throughout Asia Pacific and Latin America was strong.