Hyatt Hotels fourth-quarter profit falls 69 percent
Hyatt Hotels Corp., the chain controlled by the Pritzker family, said fourth-quarter profit fell 69 percent as margins decreased at some of its properties. Net income declined to $16 million, or 9 cents a share, from $52 million, or 31 cents, a year earlier, the Chicago-based company said today in a statement. Hyatt’s expenses at owned and leased hotels climbed 5 percent in the quarter, party because of insurance costs.
The company also said it was hurt by weakness in some international markets and slower growth in non-room revenue at U.S. hotels. Hyatt’s revenue per available room, an industry measure of occupancies and rates, increased 5.8 percent for full-service hotels in North America compared with the same quarter a year earlier. Total revpar climbed 7.5 percent. Revenue rose to $1 billion from $990 million a year earlier.