Travel

Hyatt: Q4 Revenue Up on Corp. Travel ‘Momentum’

Published

3 months ago

February 23, 2024

Hyatt Hotels Corp.’s business transient demand
“continues to gain momentum,” company officials said Friday, with
systemwide fourth-quarter revenue for the segment up 11 percent year over year.
Meanwhile, negotiated corporate rates for 2024 in the United States are up in
“the high single digits,” Hyatt CEO Mark Hoplamazian said Friday on
an earnings call.

Overall Hyatt systemwide fourth-quarter revenue per
available room increased 19.1 percent year over year, a figure that outpaced
Hyatt’s projection of 15 percent to 16 percent. Increased demand in all sectors
lifted that boat, officials said, including business transient travel, revenue
from which in Q4 reached 93 percent of 2019 levels globally.

“Business transient has fully recovered to 2019 levels
in many parts of the world, while the United States continues to improve,”
Hoplamazian said. “Looking ahead, we remain confident that business
transient will continue to recover, with 2024 corporate negotiated rates in the
U.S. up in the high single digits compared to 2023.”

Business transient has fully recovered to 2019 levels in many parts of the world, while the United States continues to improve.”

Hyatt CEO Mark Hoplamazian

Fourth-quarter room revenue from group bookings was up 11
percent from 2022, Hoplamazian said, and the group booking pace for full-service
managed properties in the Americas region is up 8 percent from 2023 levels.

Hyatt Q4 and Full-Year Performance

Hyatt’s fourth-quarter systemwide RevPAR increased 9.1
percent year over year to $138.63, while average daily rate increased 2.5
percent to $205.31 and occupancy increased 4 percentage points to 67.5 percent.

For the full year of 2023, Hyatt’s RevPAR increased 17
percent year over year to $141.18, while ADR grew 4.7 percent to $204.60 and
occupancy increased 7.2 percentage points to 69 percent.

Hyatt’s performance was driven by its Asia-Pacific region,
where fourth-quarter RevPAR increased 37.6 percent year over year and full-year
RevPAR increased 60.3 percent.

Hyatt projects a full-year 2024 systemwide RevPAR increase
of 3 percent to 5 percent year over year, in line with most
industry forecasts. The 2024 increase in the U.S. is projected to be at
“the lower end of that range,” Hyatt CFO Joan Bottarini said on the
call.

Hyatt fourth-quarter revenue increased to $1.66 billion from
$1.59 billion year over year. Full-year revenue increased to $6.67 billion from
$5.9 billion one year prior. Fourth-quarter net income was $26 million compared
with $294 million the year prior, while full-year net income declined to $220
million in 2023 from $455 million in 2022.

The company said 101 properties—including 43
conversions—joined its portfolio in 2023, representing nearly 24,000 rooms.
Hyatt’s pipeline at the end of the year included 650 properties representing
about 127,000 rooms, according to the company.

RELATED: Hyatt
Q3 performance

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1 day ago

May 18, 2024

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Travel

BestPrice travel to promote the image of Vietnam at New York’s times square

Published

2 days ago

May 17, 2024

Apollonas Kritikos

This is a self-run activity of BP Group – the holding company of BestPrice Travel, intending to support underprivileged individuals in Vietnam.

On April 9th 2024, BestPrice Travel promoted its “Taste Vietnam” campaign in New York Times Square, proudly presenting the image of Vietnam to the whole world.

Though it was not the first time Vietnam appeared on a billboard at New York’s Times Square, this one came differently. In just 15 seconds, the country was presented with a combination of all landscapes, cultures, and cuisines in one message “Taste with BestPrice Travel”.

Burning desire to bring Vietnam tourism worldwide
Promoting the image of Vietnam at New York Times Square is the initial move in BestPrice Travel’s internalization strategy – the travel company’s genuine desire to make Vietnam’s beauty known to the world.

As an online travel agency, BestPrice Travel provides cruises, tours, and other services for foreign tourists visiting Vietnam and Southeast Asia.

With advanced technology and professional staff, the company has managed to provide services for thousands of inbound tourists every year, receiving numerous certificates and awards, namely 8 years of Travelers’ Choice on TripAdvisor ‘til 2023, nomination for the World Travel Awards 2024 as Vietnam’s Leading Tour Operator & Vietnam’s Leading Travel Agency, and the Prospect Travel Agent Award at the Vietnam International Travel Market 2024.

After 14 years of continuous growth, BestPrice Travel decided to renew the image of the company as well as Vietnam tourism, getting closer to its customers, who live thousands of miles away. Whereby, in February 2024, the “Taste Vietnam” campaign kicked off, targeting European, US, and Canadian markets.

“Taste Vietnam” – The combination of Vietnamese values
Beyond a promotion campaign, “Taste Vietnam” is a chance for BestPrice Travel to provide its customers with genuine values of Vietnam, bridging the distance gap and forging the bond between foreign tourists and the country.

Through “Taste Vietnam” tour packages, visitors are entitled to multisensory experiences, from admiring the magnificent landscapes to tasting the excellent cuisine and joining the off-the-beaten-track traditional activities.

In addition, it is not only experiential but also sentimental values that “Taste Vietnam” could bring to its customers. With every booking successfully purchased, US $1 will be used for charitable purposes. This is a self-run activity of BP Group – the holding company of BestPrice Travel, intending to support underprivileged individuals in Vietnam.

At the moment, BPG Foundation, the fund community under BP Group, is associating with Blue Dragon Children’s Foundation, which rescues, protects, and supports homeless children as well as victims of trafficking in Vietnam. Accordingly, with US $1 from your pay, you would indirectly give a hand to better the life of thousands of Vietnamese kids and people in need.

Save the children’s lives through “Taste Vietnam” campaign
The potential of Vietnamese tourism has never been greater. As a leading company in the industry, BestPrice Travel is relentlessly taking the chance to spread the beauty of Vietnam to the whole world while contributing to the country’s social development. More than ever, your booking matters right now. Let’s book the trip and join the hashtag #TastewithVietnam!

For detailed information about the program, please visit bestpricetravel.com or WhatsApp (+84) 904 699 428.

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