Hyatt reveals strong Q1 financial...

Hotel group records net income of $58 million for the first quarter of 2023

Hyatt Hotels has shared its first-quarter 2023 financial results which point to a 256% growth in revenue across managed and franchised hotels in the EMEA region.

Hyatt president and CEO Mark S. Hoplamazian said: “For the fourth consecutive quarter we posted record results that exceeded our expectations, demonstrating our unique positioning and differentiated model. We raised our full-year RevPAR outlook while maintaining our record-level pipeline and industry-leading net rooms growth. We continue to experience favourable booking trends and our outlook remains optimistic.”

In the Middle East, Hyatt’s footprint continues to go from strength to strength, with the company trebling its portfolio in the past 10 years across the region. In key growth markets like the Kingdom of Saudi Arabia, Hyatt is set to treble its number of hotels across the country in the next five years, with highly awaited international brand debuts such as Miraval The Red Sea, and its significant brand entry into Madinah following the three signings of a combined 1,729 keys earlier this year, with plans to bring Grand Hyatt Madinah, Hyatt Regency Madinah and Hyatt Place Madinah to the city.

In Qatar, Hyatt is set to launch two lifestyle properties in the next 12 months with the openings of Andaz Doha and Dream Doha, which will not only grow the company’s footprint in the capital by 50% but also provide World of Hyatt members and travellers with more brand choice in the destination.

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The company’s transformative growth continues as it recently announced the completed acquisition of London-based Mr & Mrs Smith, a global travel platform that provides direct booking access to a collection of more than 1,500 boutique and luxury properties in destinations including Fiji, Croatia, Iceland and Anguilla.

For information, visit www.hyatt.com