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Sep 30, 2021
Hyatt Q3 2021 Earnings Report
Recovery momentum broadened and strengthened with net rooms growth of 6.9% and the Apple Leisure Group acquisition completed.
Key Takeaways
Hyatt Hotels Corporation reported a net income of $120 million for Q3 2021, a significant improvement compared to the net loss of $161 million in Q3 2020. Adjusted EBITDA for the third quarter approached 70% of 2019 levels, more than doubling from the prior quarter, driven by strong leisure demand and growing momentum in business and group travel.
Net income increased to $120 million compared to the third quarter of 2020.
Adjusted EBITDA increased to $110 million compared to the third quarter of 2020.
Comparable system-wide RevPAR increased to $93.70 in the third quarter of 2021, and decreased 31.8% compared to the third quarter 2019.
Net rooms growth of 6.9% compared to the third quarter of 2020.
Forward Guidance
The Company is providing the following guidance for the 2021 fiscal year:
Positive Outlook
- Adjusted selling, general, and administrative expenses are expected to be approximately $245 million to $250 million, inclusive of approximately $5 million to $10 million of expenses related to non-recurring integration costs for ALG.
- Capital expenditures are expected to be approximately $110 million.
- The Company expects net rooms growth to be greater than 6.0%.
- The Company's 2021 Outlook does not include disposition or acquisition activity beyond what has been completed as of the date of this release; however, other than integration costs noted above, expectations related to ALG are not included in the 2021 Outlook.
- The Company's 2021 Outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company.
Challenges Ahead
- If actual results vary from these assumptions, the Company's expectations may change.
- There can be no assurance that Hyatt will achieve these results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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