Hyatt Q1 profits fall 20 percent as demand for group bookings slip in U.S.
Photo Credit: The exterior of the Hyatt Regency in La Jolla, California. Hyatt / Enrique Sanabria
Skift Take
First quarter growth has been inconsistent among U.S. hotel brands with several beating analysts’ expectations, and others like Hyatt citing weak demand as the continued cause of their depressed profits.
Hyatt Hotels Corp., the chain controlled by the Pritzker family, said first-quarter profit fell 20 percent as renovations cut into revenues and demand declined for rooms booked in groups. The stock fell the most since October.
Net income fell to $8 million, or 5 cents a share, from $10 million, or 6 cents, a year earlier, the Chicago-based company said today in a statement. The average estimate of 14 analysts was 8 cents a share, according to data
