Hyatt Returns to Profits With Plans to Offload More Real Estate
Photo Credit: Hyatt's strong third quarter lines up with strong leisure travel demand and real estate sales. Hyatt
Skift Take
This is a much-needed optics win for Hyatt, which hadn’t seen profitability during the pandemic like most of its competitors.
Hyatt is finally back in the black.
The Chicago-based hotel company reported Thursday a $120 million third quarter profit, the company’s first profitable quarter of the pandemic and a significant gain from the $161 million loss seen during the same time last year.
Hyatt’s successful quarter hinged on leisure travel demand continuing to dominate as well as gains in business travel and the sale of two of the company’s hotels, part of the company’s greater initiative to sell off some of its real estate.
“I’m as confident as I’ve ever been we’re on a path to a full recovery,” Hyatt CEO Mark Hoplamazian said on an investor call Thursday.
One of the clearest signs Hyatt’s rebound accelerated in the
