Hyatt Hotels has posted net income of $220m for 2023, surpassing its full-year forecast, with Q4 2023 contributing $26m to this figure.

The company’s adjusted net income stood at $68m for Q4 2023 and $276m for the entire year. In comparison, the net income was significantly higher at $294m for Q4 2022 and $455m for the full year of 2022, which gained from a substantial non-cash benefit.

Hyatt’s adjusted diluted EPS for Hyatt were $0.64 in Q4 2023 and $2.56 over the full year.

Adjusted EBITDA also exceeded full-year expectations, standing at $1.03bn in 2023 and $241m in the October-December 2023 quarter.

Comparable system-wide revenue per available room (RevPAR) grew 9.1% in the reported quarter and 17% in the full year, driven by a swift recovery in Greater China and strong group demand in the US.

The company’s comparable owned and leased hotels saw a RevPAR increase of 5.9% in Q4 2023 and 15.5% for the full year. The operating margin for these hotels was 26.2% in the quarter and 25.4% for the full year.

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Additionally, comparable Net Package RevPAR rose 11.3% in the quarter and 15.3% for the full year.

The company also reported 5.9% net room growth for the full year, which aligns with its projections. Shareholders saw capital returns of $500m, including dividends and share repurchases.

As of 31 December 2023, Hyatt recorded a total debt of $3.05bn with total liquidity of nearly $2.4bn.

During Q4, Hyatt welcomed 29 new hotels, adding 9,648 rooms to its portfolio. This expansion included six hotels in Greater China that converted to a Hyatt brand. Throughout 2023, 101 new hotels, or 23,965 rooms, were added, with 43 hotels, or 13,223 rooms, converting to Hyatt brands.

Hyatt president and CEO Mark S Hoplamazian said: “RevPAR growth exceeded the high end of our guidance range and we had industry-leading net rooms growth for the seventh consecutive year. This led to a record level of fees and the highest free cash flow in Hyatt’s history.”

For the full year of 2024, Hyatt projects a net income of around $560m, adjusted EBITDA of between $1.17bn and $1.22bn, and systemwide RevPAR growth of 3–5%.