LODGING Staff

💰 In Q3 2024, Hyatt Hotels Corporation saw a 3.0% increase in system-wide hotels RevPAR and 4.3% net rooms growth, but a 0.9% decrease in all-inclusive resorts Net Package RevPAR compared to Q3 2023. The company reported a net income of $471 million, an adjusted net income of $96 million, and an adjusted EBITDA of $275 million. Hyatt repurchased 4.5 million shares for $657 million and projects full-year net income between $1,400 million and $1,450 million with an adjusted EBITDA of $1,100 million to $1,120 million. Total liquidity stood at approximately $2.6 billion as of September 30, 2024, with a pipeline of 135,000 rooms. The company also declared a $0.15 per share dividend, payable on December 6, 2024, to stockholders of record as of November 22, 2024.

🚘 In the U.S., over half of the travelers (51%) prefer driving to their winter holiday destinations, up 2% from last year. Most are motivated by proximity (46%) and cost savings (26%), with 80% finding road trips more enjoyable. A majority choose familiar places over new explorations (63%), visiting family (50%) and using paid time off (54%) for quality time. Accommodations often include staying with family (52%) or friends (14%), yet 25% will opt for hotels or motels to avoid uncomfortable sleeping arrangements. Travelers plan trips three weeks in advance on average, with 23% not booking ahead and 64% stressed by last-minute plans.

🏡 In Q3 2024, Sonesta International Hotels Corporation executed 30 new franchise agreements, underscoring its expansion across the U.S. The agreements span seven brands, including 11 Sonesta ES Suites, 7 Sonesta Essential Hotels, 6 Americas Best Value Inn by Sonesta, 2 each for Sonesta Hotels, Resorts & Cruises, and Sonesta Select Hotels, plus single franchises for Red Lion Hotel, Inn & Suites, and Sonesta Simply Suites. The growth aims at enhancing hotel performance and guest experience, offering a variety of segments from upper upscale to premium economy.

🔔 U.S. hotel industry saw positive gains in October 2024 compared to 2023 with occupancy up by 4.5% at 69.0%, Average Daily Rate (ADR) rising 4.6% to $168.69, and Revenue per Available Room (RevPAR) increasing 9.3% to $116.32. Tampa experienced the largest occupancy increase of 28.1%, reaching 84.2% due to Hurricane Milton. New Orleans led in ADR and RevPAR growth, surging 64.1% to $301.30 and 77.6% to $227.24, respectively, propelled by Taylor Swift’s Eras Tour. Conversely, Las Vegas and Minneapolis saw RevPAR drops of 7.9% to $196.40 and 6.5% to $86.31, respectively.