Hyatt Hotels Corp reported a 10 percent rise in quarterly revenue as growth in business travel in North America boosted both occupancy and room rates.

Net income attributable to Hyatt rose to $56 million, or 36 cents per share, in the first quarter, from $8 million, or 5 cents per share, a year earlier.

Hyatt, which owns and operates hotels under brands such as Park Hyatt, Grand Hyatt and Hyatt Regency, reported earnings of 13 cents per share, excluding items.

Revenue rose to $1.07 billion from $975 million.

(Reporting by Mridhula Raghavan in Bangalore; Editing by Maju Samuel)

More Highlights from Press Release:

  • Adjusted EBITDA was $172 million in the first quarter of 2014 compared to $131 million in the first quarter of 2013, an increase of 31.3%.
  • Adjusted for special items, net income attributable to Hyatt was $20 million, or $0.13 per share, during the first quarter of 2014 compared to net income attributable to Hyatt of $14 million, or $0.09 per share, during the first quarter of 2013.
  • Net income attributable to Hyatt was $56 million, or $0.36 per share, during the first quarter of 2014 compared to net income attributable to Hyatt of $8 million, or $0.05 per share, in the first quarter of 2013.
  • Comparable owned and leased hotel RevPAR increased 6.5% (6.3% excluding the effect of currency) in the first quarter of 2014 compared to the first quarter of 2013.
  • Comparable owned and leased hotel operating margins increased 120 basis points in the first quarter of 2014 compared to the first quarter of 2013. Owned and leased hotel operating margins increased 380 basis points in the first quarter of 2014 compared to the first quarter of 2013.
  • Comparable systemwide RevPAR increased 6.0% (7.7% excluding the effect of currency) in the first quarter of 2014 compared to the first quarter of 2013.
  • Comparable U.S. full service hotel RevPAR increased 8.4% in the first quarter of 2014 compared to the first quarter of 2013. Comparable U.S. select service hotel RevPAR increased 6.9% in the first quarter of 2014 compared to the first quarter of 2013.
  • Eight hotels were opened. As of March 31, 2014, the Company’s executed contract base consisted of approximately 240 hotels or approximately 54,000 rooms.
  • The Company repurchased 1,172,645 shares of common stock at a weighted average price of $51.71 per share, for an aggregate purchase price of approximately $61 million.

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Photo Credit: The Hyatt Ziva Los Cabos. Hyatt Hotels & Resorts