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Revenue at Hyatt’s managed and franchised hotels in EMEA rose 256% in the first quarter, driven by strong performance in the Middle East and Western Europe, fueled by strong international inbound demand.
Mark S Hoplamazian, President and Chief Executive Officer of Hyatt, said: “Our fourth consecutive quarter of record-beating results showcased our unique positioning and differentiation model. We raised our full-year RevPAR outlook while maintaining our Record-level pipeline and industry-leading net room growth. We continue to experience favorable booking trends and our outlook remains positive.
Hyatt reported global net income of $58 million in the first quarter of 2023, compared with a net loss of $73 million in the first quarter of 2022.
Comparable system-wide RevPAR increased by 42.9% in 1Q2023 compared to 2022. Adjusted EBITDA was $268 million in the first quarter of 2023, compared to $169 million in the first quarter of 2022.
In the Middle East, Hyatt’s footprint continues to grow, with the company tripling its portfolio in the region over the past decade. In key growth markets such as the Kingdom of Saudi Arabia, Hyatt will triple its hotel portfolio across the country over the next five years and launch highly anticipated international brands such as Miraval The Red Sea, followed by a major entry into Medina. The brand’s three signings earlier this year totaled 1,729 keys, with plans to bring Grand Hyatt Madinah, Hyatt Regency Madinah and Hyatt Place Madinah to the city.
The impetus for business and leisure travel demand is showing good results across the Middle East. Hyatt expects to launch two lifestyle brands in Qatar within the next 12 months, the opening of Andaz Doha and Dream Doha, which will not only increase the company’s footprint in the capital by 50%, but will also offer World of Hyatt members and travelers The service has more lifestyle brand choices and unique experiences in the destination.
The next 12 months will also mark an exciting milestone for the company’s growth plans in Africa, with the anticipated debut of three of Hyatt’s core brands in Kenya, including the anticipated opening of Hyatt Nairobi and the first dual-brand Hyatt Hyatt Place Nairobi, Westlands and Hyatt House Nairobi, Westlands in the area. Additionally, the company recently announced the signing of an agreement to expand its footprint in Egypt and bring its lifestyle brand Hyatt Centric to the capital in the coming years along with Hyatt Centric Cairo West.
The EAME region accounts for 10% of Hyatt’s global channel as of Q1 2023 and remains a key area of ​​the company’s growth strategy. Reflecting its commitment to building strong execution at EAME, Hyatt recently made leadership appointments, including the appointment of Stuart Deeson as Regional Vice President, Middle East and Africa Operations in January 2023, and Heidi Kunkel as Senior Vice President, Commercial, in January 2023 Serving EAME and Monique Dekker as Senior Vice President Human Resources for EAME.
The company’s transformative growth continues with the recent announcement of the completion of the acquisition of London-based Mr & Mrs Smith, a global travel platform offering direct bookings to a curated selection of over 1,500 boutique and luxury hotels. World of Hyatt members will soon have more valuable stays and experiences to choose from as the portfolio expands, including over 20 new Hyatt countries including Fiji, Croatia, Iceland and Anguilla .
World of Hyatt is the award-winning guest loyalty program that unites all Hyatt brands. Travelers can join the program for free and enjoy the benefits of earning points on lodging, dining and spa experiences, or meetings and events. Travelers can also redeem points for free nights, room upgrades and more. – trade arab news agency
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