CHICAGO-February 25, 2010 - -Hyatt Hotels Corporation (“Hyatt”
or the “Company”) (NYSE: H) today reported financial results for the
fourth quarter and full year of 2009 as follows:
FOURTH QUARTER 2009
- Adjusted EBITDA was $104
million compared to $97 million in the fourth quarter of 2008, an
increase of 7.2% (4.3% excluding the effect of currency). The increase
was largely driven by lower selling, general and administrative
expenses compared to the fourth quarter of 2008.
- Net loss attributable to
Hyatt was $12 million, or $0.07 per share, compared to a net loss
attributable to Hyatt of $142 million, or $1.11 per share, in the
fourth quarter of 2008. Net loss attributable to Hyatt included an
unfavorable impact from special items of $13 million after-tax, or
$0.07 per share, during the fourth quarter of 2009 compared to an
unfavorable impact of $129 million after-tax, or $1.00 per share,
during the fourth quarter of 2008. See the table on page 3 of the
accompanying schedules for a summary of special items.
- Comparable owned and leased
hotels RevPAR decreased 6.7% (8.3% excluding the effect of currency)
compared to the fourth quarter of 2008.
- Owned and leased hotel
operating margins declined 330 basis points compared to the fourth
quarter of 2008. Comparable owned and leased hotel operating margins
declined 220 basis points compared to the same period in 2008. See the
table on page 9 of the accompanying schedules for a reconciliation of
comparable owned and leased hotel operating margins to owned and leased
hotel operating margins.
- Comparable North American
full-service RevPAR decreased 11.1% compared to the fourth quarter of
2008. Comparable North American select-service RevPAR decreased 11.9%
compared to the fourth quarter of 2008.
- Comparable International
RevPAR increased 0.4% (decreased 5.5% excluding the effect of currency)
compared to the fourth quarter of 2008.
- The Company opened nine
properties.
- The Company completed an
initial public offering of its Class A common stock in November 2009.
Mark S. Hoplamazian, president and chief executive officer of
Hyatt Hotels Corporation, said, “Last year the global travel and
tourism industry faced one of the most difficult operating environments
in a number of decades due to a very significant decline in demand.
During this challenging time, the members of the Hyatt family continued
to provide outstanding service to our guests and value for our owners.
Their steadfast efforts continue to fulfill our mission to provide
authentic hospitality by making a difference in the lives of those we
touch every day in each of the properties under our leading brands:
Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Andaz, Hyatt Summerfield
Suites, Hyatt Place, and Hyatt Vacation Club.”
“During 2009, we enhanced our strong foundation for the future
with the progress we made in the engagement of our associates, in
elevating our guest service performance and in increasing the revenue
share of many of our hotels in their respective markets. As to the
economy and market conditions, we have started to see year-over-year
increases in occupancy in a number of markets around the world. Having
said this, the signs of economic recovery in the United States are
mixed and our full service hotels around the world continue to face
rate pressure. While these dynamics also apply in the select-service
segment in the United States, Hyatt Place and Hyatt Summerfield Suites
properties continue to expand their share of revenue in most of their
respective markets.”
“In the past year, we have established a strong capital base
for the future. We believe that this is particularly appropriate given
the cyclical nature of our business. We enhanced our liquidity,
maintained a strong credit rating and completed an initial public
offering of our Class A common stock. We are happy to welcome our new
shareholders and we are committed to long-term value creation for all
of our shareholders. Taking into account the current cyclical downturn,
we believe that this is an opportune time to commit capital to
renovations in our owned hotels and we will continue to do so in 2010
as we invest for the long term.”
“We have made great progress in supporting our goal of being
the most preferred brand in each segment that we serve by growing our
presence around the world over the last year, with 30 properties across
all brands joining our system. We expect to open more than 20
properties this year and are excited about strong interest in our
brands among developers, existing owners and prospective owners.”
FOURTH QUARTER 2009 SEGMENT
RESULTS & OTHER ITEMS
Owned and Leased Hotels Segment
Adjusted EBITDA declined 17.8% (20.5% excluding the effect of
currency) in the fourth quarter of 2009 compared to the same period in
2008.
RevPAR for comparable owned and leased hotels declined 6.7%
(8.3% excluding the effect of currency) in the fourth quarter of 2009
compared to the same period in 2008. Occupancy improved 110 basis
points, but was offset by an 8.2% decline in ADR (9.9% excluding the
effects of currency).
Revenues decreased 4.7% (7.3% excluding the effect of
currency) in the fourth quarter of 2009 compared to the same period in
2008. Comparable hotel revenues declined 6.9% (9.6% excluding the
effects of currency) largely due to lower RevPAR in the fourth quarter
of 2009 compared to the same period in 2008. The decrease was partially
offset by an increase in non-comparable hotel revenue primarily due to
a hotel acquisition during the first quarter of 2009.
Owned and leased expenses decreased 0.8% in the fourth quarter
of 2009 compared to the same period in 2008. Excluding expenses related
to benefit programs funded through rabbi trusts, and non-comparable
hotel expenses primarily due to the aforementioned acquisition,
expenses decreased 4.4% in the fourth quarter of 2009 compared to the
same period in 2008 as a result of reductions in variable operating
expenses, compensation costs, and other costs.
See the table on page 9 of the accompanying schedules for a
reconciliation of comparable owned and leased hotels expense to owned
and leased hotel expense.
North American Management and Franchising Segment
Adjusted EBITDA increased by 85.7% in the fourth quarter of
2009 compared to the same period in 2008, largely due to a $16 million
reduction in bad debt expense in the fourth quarter of 2009 compared to
the same period in 2008.
RevPAR for comparable North American full service hotels
declined 11.1% in the fourth quarter of 2009 compared to the same
period in 2008. Occupancy declined 90 basis points and ADR declined
9.8%.
RevPAR for comparable North American select service hotels
declined 11.9% in the fourth quarter of 2009 compared to the same
period in 2008. Occupancy increased 80 basis points but was offset by a
13.0% decline in ADR.
Revenue from management, franchise, and other fees declined
6.5% in the fourth quarter of 2009 compared to the same period in 2008
due to lower hotel revenue and profit.
The following properties were added to the portfolio during
the fourth quarter of 2009:
- Hyatt Place Bethlehem, PA
(franchised, 124 rooms)
- Hyatt Place Ft. Myers/at the
Forum, FL (franchised, 148 rooms)
- Hyatt Place Portland
Airport/Cascade Station, OR (franchised, 136 rooms)
- Hyatt Place Uncasville, CT
(franchised, 178 rooms)
- Hyatt Place Reno Airport, NV
(franchised, 126 rooms)
International Management and Franchising Segment
Adjusted EBITDA increased by 22.7% (19.0% excluding the effect
of currency) in the fourth quarter of 2009 compared to the same period
in 2008 as a result of increased fee revenue.
RevPAR for comparable international hotels increased 0.4%
(decreased 5.5% excluding the effect of currency) in the fourth quarter
of 2009 compared to the same period in 2008. Occupancy increased 330
basis points and ADR declined 4.7% (10.2% excluding the effect of
currency.)
Revenue from management, franchise and other fees increased
13.2% (8.3% excluding the effect of currency) in the fourth quarter of
2009 compared to the same period in 2008 primarily as a result of
higher incentive fees due to improved hotel operating performance.
The following properties were added to the portfolio during
the fourth quarter of 2009:
- Grand Hyatt Macau, China
(managed, 791 rooms)
- Grand Hyatt Shenzhen, China
(managed, 491 rooms)
- Hyatt Regency Hong Kong,
Tsim Sha Tsui, China (managed, 381 rooms)
- Hyatt Regency Oubaai Golf
Resort and Spa, South Africa (managed, 100 rooms)
Selling, General, and Administrative Expenses
Selling, general and administrative expenses decreased by
approximately 25% in the fourth quarter 2009 compared to the same
period in 2008. Adjusted selling, general and administrative expenses
decreased by approximately 24% in the fourth quarter of 2009 compared
to the same period in 2008, as a result of cost reductions and a
reduction in bad debt expense. Bad debt expenses included in selling,
general, and administrative expenses decreased $18 million in the
fourth quarter of 2009 compared to the fourth quarter of 2008. See the
table on page 8 of the accompanying schedules for a reconciliation of
adjusted selling, general and administrative expenses to selling,
general and administrative expenses.
OPENINGS & FUTURE EXPANSION
Hyatt’s goal is to be the most preferred brand in each segment
for its associates, guests and owners. In order to support the
achievement of this goal, the Company is committed to expanding the
presence of its brands in attractive markets worldwide, including an
expansion into markets in which it does not already have a presence
(examples of this in 2009 included the opening of the Park Hyatt in
Jeddah, Saudi Arabia and the opening of the Grand Hyatt in Doha, Qatar)
and into markets in which it is under-penetrated (an example of this is
the anticipated opening of two hotels in New York City in 2010, one of
which opened in January – bringing the Company’s total hotel presence
there to three properties).
In total, Hyatt opened nine properties in the fourth quarter
of 2009. During the fourth quarter of 2009, no properties were removed
from the portfolio. During the full-year 2009, the Company opened 30
properties. Eight properties were removed from the portfolio during
2009.
Expanding Hyatt’s presence is essential to achieving its goal
of brand preference and being represented in markets in which its
guests are traveling. The Company expects to open a significant number
of new properties in the future, the majority of which will be through
management or franchising on behalf of third-party owners. This effort
is underpinned by executed contracts for more than 120 hotels as of
December 31, 2009 across all brands. Approximately 55% of the hotels
are located internationally and 45% located in North America. These
hotels represent entry into several new countries and expansion into
many new markets in which the Company is under-penetrated.
CAPITAL EXPENDITURES
Capital expenditures during the fourth quarter of 2009 totaled
approximately $62 million, including approximately $21 million for
investment in new properties.
Capital expenditures during the full-year 2009 totaled
approximately $216 million, a decrease of 16.3% compared to 2008. 2009
capital expenditures included approximately $69 million for investment
in new properties.
CORPORATE FINANCE
During the fourth quarter of 2009, the Company completed an
initial public offering of its Class A common stock. An aggregate of
43.7 million shares of Class A common stock were sold in connection
with this offering, of which 38 million shares were sold by selling
stockholders and 5.7 million shares were sold by Hyatt pursuant to the
underwriters’ full exercise of their over-allotment option, at an
initial public offering price of $25 per share. The Company received
net proceeds of approximately $127 million from the sale of its shares
after deducting the underwriting discount and offering expenses.
At December 31, 2009, the Company had total debt of $852
million, cash and cash equivalents of $1.3 billion, and undrawn
borrowing availability of $1.4 billion under its revolving credit
facility.
FULL-YEAR 2009 SUMMARY
- Adjusted EBITDA was $406
million compared to $687 million in 2008.
- Net loss attributable to
Hyatt was $43 million, or $0.28 per share, compared to income of $168
million, or $1.31 per share, in 2008. Net loss attributable to Hyatt
included an unfavorable impact from special items of $61 million
after-tax, or $0.41 per share, during 2009 compared to an unfavorable
impact of $0 after-tax, or $0.00 per share, during 2008. See the table
on page 4 of the accompanying schedules for a summary of special items.
- Comparable owned and leased
RevPAR decreased 18.4% (17.3% excluding the effect of currency)
compared to 2008.
- Owned and leased hotel
operating margins declined 800 basis points compared to the same period
in 2008. Comparable owned and leased hotel operating margins declined
700 basis points compared to 2008. See the table on page 9 of the
accompanying schedules for a reconciliation of comparable owned and
leased hotel operating margins to owned and leased hotel operating
margins.
- Comparable North American
full-service RevPAR decreased 17.5% compared to 2008. Comparable North
American select-service RevPAR decreased 12.5% compared to 2008.
- Comparable International
RevPAR decreased 22.1% (17.9% excluding the effect of currency)
compared to 2008.
- Selling, general and
administrative expenses decreased approximately 10% compared to 2008 as
a result of cost reductions in compensation and other items. Adjusted
selling, general and administrative expenses decreased approximately
17% compared to 2008. Bad debt expenses included in selling, general,
and administrative expenses decreased $12 million in 2009 compared to
2008. See the table on page 8 of the accompanying schedules for a
reconciliation of adjusted selling, general and administrative expenses
to selling, general and administrative expenses.
2010 INFORMATION
The Company is providing the following information for the
2010 fiscal year:
- Capital expenditures are
expected to be in the range of $270 to $290 million, inclusive of
broad-scope renovation projects at five owned properties. The Company
anticipates that renovations at these properties will cause
displacement beginning in July 2010, resulting from a reduction in
daily room inventory of approximately 400 rooms on average per day
during the second half of 2010.
- Depreciation and
amortization expense is expected to be in the range of $285 to $295
million.
- Interest expense is expected
to be in the range of $55 to $60 million.
CONFERENCE CALL INFORMATION
The Company will hold an investor conference call today, Feb.
25, 2010 at 10 a.m. CST. All interested persons may listen to a
simultaneous webcast of the conference call, which may be accessed
through the Company’s website at www.hyatt.com and selecting the
Investor Relations link located at the bottom of the page, or by
dialing 617-614-3472, passcode #25220475, approximately 10 minutes
before the scheduled start time. For those unable to listen to the live
broadcast, a replay will be available from 1 p.m. CST on Feb. 25, 2010
through midnight on March 4, 2010 by dialing 617-801-6888, passcode
#85931563. Additionally, an archive of the webcast will be available on
the Investor Relations website for approximately 90 days.
DEFINITIONS
Adjusted EBITDA
We use the term Adjusted EBITDA throughout this earnings
release. Adjusted EBITDA, as we define it, is a non-GAAP measure. We
define consolidated Adjusted EBITDA as net income (loss) attributable
to Hyatt Hotels Corporation plus our pro-rata share of unconsolidated
hospitality ventures Adjusted EBITDA based on our ownership percentage
of each venture, adjusted to exclude the following items:
- equity earnings (losses)
from unconsolidated hospitality ventures;
- gains on sales of real
estate;
- asset impairments;
- other income (loss), net;
- a 2008 charge resulting from
the termination of our supplemental executive defined benefit plans;
- discontinued operations and
changes in accounting principles, net of tax;
- net (income) loss
attributable to noncontrolling interests;
- depreciation and
amortization;
- interest expense; and
- benefit (provision) for
income taxes.
We calculate consolidated Adjusted EBITDA by adding the
Adjusted EBITDA of each of our reportable segments to corporate and
other Adjusted EBITDA.
Our board of directors and executive management team focus on
Adjusted EBITDA as a key performance and compensation measure both on a
segment and on a consolidated basis. Adjusted EBITDA assists us in
comparing our performance over various reporting periods on a
consistent basis because it removes from our operating results the
impact of items that do not reflect our core operating performance both
on a segment and on a consolidated basis. Our President and Chief
Executive Officer, who is our chief operating decision maker, also
evaluates the performance of each of our reportable segments and
determines how to allocate resources to those segments, in significant
part, by assessing the Adjusted EBITDA of each segment. In addition,
the compensation committee of our board of directors determines the
annual variable compensation for certain members of our management
based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA
or some combination of both.
We believe Adjusted EBITDA is useful to investors because it
provides investors the same information that we use internally for
purposes of assessing our operating performance and making compensation
decisions.
Adjusted EBITDA is not a substitute for net income (loss)
attributable to Hyatt Hotels Corporation, income from continuing
operations, cash flows from operating activities or any other measure
prescribed by GAAP. There are limitations to using non-GAAP measures
such as Adjusted EBITDA. Although we believe that Adjusted EBITDA can
make an evaluation of our operating performance more consistent because
it removes items that do not reflect our core operations, other
companies in our industry may define Adjusted EBITDA differently than
we do. As a result, it may be difficult to use Adjusted EBITDA or
similarly named non-GAAP measures that other companies may use to
compare the performance of those companies to our performance. Because
of these limitations, Adjusted EBITDA should not be considered as a
measure of the income generated by our business or discretionary cash
available to us to invest in the growth of our business. Our management
compensates for these limitations by reference to our GAAP results and
using Adjusted EBITDA supplementally.
Adjusted Selling, General and
Administrative Expense
Adjusted selling, general and administrative expenses exclude
the impact of expenses related to benefit programs funded through Rabbi
Trusts in addition to expenses resulting from the termination of
supplemental executive defined benefit plans.
Comparable Owned and Leased
Hotel Operating Margin
We define Comparable Owned and Leased Hotel Operating Margin
as the difference between comparable owned and leased hotels revenue
and comparable owned and leased hotels expenses. Comparable owned and
leased hotel revenue is calculated by removing noncomparable hotels
revenue from owned and leased hotels revenue as reported in our
consolidated statements of income (loss). Comparable owned and leased
hotel expenses is calculated by removing both noncomparable hotels
expenses and the impact of expenses funded through Rabbi Trusts from
owned and leased hotel expenses as reported in our consolidated
statements of income (loss).
Comparable Hotels
“Comparable systemwide hotels” represents all properties we
manage or franchise (including owned and leased properties) and that
are operated for the entirety of the periods being compared and that
have not sustained substantial damage, business interruption or
undergone large scale renovations during the periods being compared or
for which comparable results are not available. We may use variations
of comparable systemwide hotels to specifically refer to comparable
systemwide North American full service or select service hotels or
comparable systemwide international full service hotels for those
properties that we manage or franchise within the North American and
international management and franchising segments, respectively.
“Comparable owned and leased hotels” represents all properties we own
or lease and that are operated and consolidated for the entirety of the
periods being compared and have not sustained substantial damage,
business interruption or undergone large scale renovations during the
periods being compared or for which comparable results are not
available. Comparable systemwide hotels and comparable owned and leased
hotels are commonly used as a basis of measurement in the industry.
“Non-comparable systemwide hotels” or “Non-comparable owned and leased
hotels” represent all hotels that do not meet the respective definition
of “comparable” as defined above.
Revenue Per Available Room
(RevPAR)
RevPAR is the product of the average daily rate and the
average daily occupancy percentage. RevPAR does not include non-room
revenues, which consist of ancillary revenues generated by a hotel
property, such as food and beverage, parking, telephone and other guest
service revenues. Our management uses RevPAR to identify trend
information with respect to room revenues from comparable properties
and to evaluate hotel performance on a regional and segment basis.
RevPAR is a commonly used performance measure in the industry.
RevPAR changes that are driven predominately by changes in
occupancy have different implications for overall revenue levels and
incremental profitability than do changes that are driven predominately
by changes in average room rates. For example, increases in occupancy
at a hotel would lead to increases in room revenues and additional
variable operating costs (including housekeeping services, utilities
and room amenity costs), and could also result in increased ancillary
revenues (including food and beverage). In contrast, changes in average
room rates typically have a greater impact on margins and profitability
as there is no substantial effect on variable costs.
Average Daily Rate (ADR)
ADR represents hotel room revenues, divided by total number of
rooms sold in a given period. ADR measures average room price attained
by a hotel and ADR trends provide useful information concerning the
pricing environment and the nature of the customer base of a hotel or
group of hotels. ADR is a commonly used performance measure in the
industry, and we use ADR to assess the pricing levels that we are able
to generate by customer group, as changes in rates have a different
effect on overall revenues and incremental profitability than changes
in occupancy, as described above.
Occupancy
Occupancy represents the total number of rooms sold divided by
the total number of rooms available at a hotel or group of hotels.
Occupancy measures the utilization of our hotels’ available capacity.
Management uses occupancy to gauge demand at a specific hotel or group
of hotels in a given period. Occupancy levels also help us determine
achievable ADR levels as demand for hotel rooms increases or decreases.
Select Service
The term “select service” includes our Hyatt Place and Hyatt
Summerfield Suites brands. These properties have limited food and
beverage outlets and do not offer comprehensive business or banquet
facilities but rather are suited to serve smaller business meetings.
FORWARD-LOOKING STATEMENTS
Forward-Looking Statements in this press release, which are
not historical facts, are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements include statements about our plans, strategies, occupancy
and ADR trends, market share, the number of properties we expect to
open in the future, our expected capital expenditures, depreciation and
amortization expense and interest expense, estimates, financial
performance, prospects or future events and involve known and unknown
risks that are difficult to predict. As a result, our actual results,
performance or achievements may differ materially from those expressed
or implied by these forward-looking statements. In some cases, you can
identify forward-looking statements by the use of words such as “may,”
“could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,”
“estimate,” “predict,” “potential,” “continue,” “likely,” “will,”
“would” and variations of these terms and similar expressions, or the
negative of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions that,
while considered reasonable by us and our management, are inherently
uncertain. Factors that may cause actual results to differ materially
from current expectations include, among others, the depth and duration
of the current economic downturn; levels of spending in the business,
travel and leisure industries as well as consumer confidence; declines
in occupancy and average daily rate; hostilities, including future
terrorist attacks, or fear of hostilities that affect travel;
travel-related accidents; changes in the tastes and preferences of our
customers; relationships with associates and labor unions and changes
in labor law; the financial condition of, and our relationships with,
third-party property owners, franchisees and hospitality venture
partners; if our third-party owners, franchisees or development
partners are unable to access the capital necessary to fund current
operations or implement our plans for growth; risk associated with
potential acquisitions and dispositions and the introduction of new
brand concepts; changes in the competitive environment in our industry
and the markets where we operate; outcomes of legal proceedings;
changes in federal, state, local or foreign tax law; fluctuations in
currency exchange rates; general volatility of the capital markets; our
ability to access the capital markets; and other risks discussed in the
Company’s filings with the U.S. Securities and Exchange Commission,
including our Annual Report on Form 10-K, which filings are available
from the SEC. We caution you not to place undue reliance on any
forward-looking statements, which are made as of the date of this press
release. We undertake no obligation to update publicly any of these
forward-looking statements to reflect actual results, new information
or future events, changes in assumptions or changes in other factors
affecting forward-looking statements, except to the extent required by
applicable laws. If we update one or more forward-looking statements,
no inference should be drawn that we will make additional updates with
respect to those or other forward-looking statements.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is
a leading global hospitality company with a proud heritage of making
guests feel more than welcome. Thousands of members of the Hyatt family
in 45 countries strive to make a difference in the lives of the guests
they encounter every day by providing authentic hospitality. The
company’s subsidiaries manage, franchise, own and develop hotels and
resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand
Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt
Summerfield Suites™ brand names and have locations under
development on five continents. Hyatt Vacation Ownership, Inc.,
a Hyatt Hotels Corporation subsidiary, develops and operates
vacation ownership properties under the Hyatt Vacation Club®
brand. As of December 31, 2009, the company’s worldwide
portfolio consisted of 424 properties. For more information, please
visit www.hyatt.com.
Tables to follow
|
Hyatt Hotels Corporation |
Table of Contents |
Financial Information (unaudited) |
|
|
|
1. |
|
Consolidated Statements of Income (Loss) |
2. |
|
Reconciliation of Non-GAAP to GAAP Measure:
Adjusted EBITDA to EBITDA and a reconciliation of EBITDA to Net Income
(Loss) Attributable to Hyatt Hotels Corporation |
3. |
|
Summary of Special Items - Three Months Ended
December 31, 2009 and 2008 |
4. |
|
Summary of Special Items - Year Ended December
31, 2009 and 2008 |
5. |
|
RevPAR, Revenues, and Adjusted EBITDA by
Segment |
6. |
|
Hotel Chain Statistics - Comparable Locations
|
7. |
|
Fee Summary |
8. |
|
Reconciliation of Non-GAAP to GAAP Measure:
Adjusted Selling, General, and Administrative Expenses to Selling,
General, and Administrative Expenses |
9. |
|
Reconciliation of Non-GAAP to GAAP Measure:
Comparable Owned and Leased Hotel Operating Margin to Owned and Leased
Hotel Operating Margin |
10. |
|
Properties and Room Counts |
|
|
|
Supplemental
Historical Quarterly Data (Will be released during 4th quarter, 2009
Earnings Release only)
|
S1. |
|
Consolidated Statements of
Income (Loss)
|
S2. |
|
Reconciliation of Non-GAAP
to GAAP Measure: Adjusted EBITDA to EBITDA and a reconciliation of
EBITDA to Net Income (Loss) Attributable to Hyatt Hotels Corporation
|
S3. |
|
Segment Financial Summary |
S4. |
|
Quarterly Fee Summary |
S5. |
|
Comparable Hotel Statistics |
|
Page 1
|
Hyatt Hotels Corporation |
Consolidated Statements of Income
(Loss) |
For the Three Months and Years
Ended December 31, 2009 and 2008 |
(In millions, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31,
|
|
|
2009 |
|
2008 |
|
|
2009 |
|
2008 |
REVENUES: |
|
|
|
|
|
|
|
|
|
Owned and leased hotels |
|
$ |
468 |
|
|
$ |
491 |
|
|
|
$ |
1,782 |
|
|
$ |
2,139 |
|
Management and franchise fees |
|
|
65 |
|
|
|
60 |
|
|
|
|
223 |
|
|
|
290 |
|
Other revenues |
|
|
10 |
|
|
|
15 |
|
|
|
|
49 |
|
|
|
83 |
|
Other revenues from managed properties (a) |
|
|
346 |
|
|
|
320 |
|
|
|
|
1,278 |
|
|
|
1,325 |
|
Total revenues |
|
|
889 |
|
|
|
886 |
|
|
|
|
3,332 |
|
|
|
3,837 |
|
|
|
|
|
|
|
|
|
|
|
DIRECT AND SELLING, GENERAL, AND
ADMINISTRATIVE EXPENSES: |
|
|
|
|
|
|
|
|
Owned and leased hotels |
|
|
385 |
|
|
|
388 |
|
|
|
|
1,462 |
|
|
|
1,583 |
|
Depreciation and amortization |
|
|
71 |
|
|
|
62 |
|
|
|
|
270 |
|
|
|
249 |
|
Other direct costs |
|
|
4 |
|
|
|
5 |
|
|
|
|
13 |
|
|
|
26 |
|
Selling, general, and administrative |
|
|
73 |
|
|
|
97 |
|
|
|
|
261 |
|
|
|
290 |
|
Other costs from managed properties (a) |
|
|
346 |
|
|
|
320 |
|
|
|
|
1,278 |
|
|
|
1,325 |
|
Direct and selling, general, and
administrative expenses |
|
|
879 |
|
|
|
872 |
|
|
|
|
3,284 |
|
|
|
3,473 |
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) and
interest income from marketable securities held to fund operating
programs
|
|
|
7 |
|
|
|
(17 |
) |
|
|
|
29 |
|
|
|
(36 |
) |
Equity earnings (losses) from unconsolidated
hospitality ventures |
|
|
(2 |
) |
|
|
(16 |
) |
|
|
|
(13 |
) |
|
|
14 |
|
Interest expense |
|
|
(14 |
) |
|
|
(24 |
) |
|
|
|
(56 |
) |
|
|
(75 |
) |
Asset impairments |
|
|
(7 |
) |
|
|
(86 |
) |
|
|
|
(15 |
) |
|
|
(86 |
) |
Other income (loss), net |
|
|
(5 |
) |
|
|
(42 |
) |
|
|
|
(48 |
) |
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
(11 |
) |
|
|
(171 |
) |
|
|
|
(55 |
) |
|
|
204 |
|
|
|
|
|
|
|
|
|
|
|
(PROVISION) BENEFIT FOR INCOME TAXES |
|
|
(3 |
) |
|
|
28 |
|
|
|
|
10 |
|
|
|
(90 |
) |
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM CONTINUING OPERATIONS |
|
|
(14 |
) |
|
|
(143 |
) |
|
|
|
(45 |
) |
|
|
114 |
|
|
|
|
|
|
|
|
|
|
|
DISCONTINUED OPERATIONS: |
|
|
|
|
|
|
|
|
|
Income from discontinued
operations, net of income tax expense (benefit) of $ - and $(2) for the
three months ended December 31, 2009 and 2008, respectively, and $(1)
and $ - for the years ended December 31, 2009 and 2008, respectively
|
|
|
- |
|
|
|
2 |
|
|
|
|
(1 |
) |
|
|
1 |
|
Gain (loss) on sale of
discontinued operations, net of income tax expense (benefit) of $ - and
$ - for the three months ended December 31, 2009 and 2008,
respectively, and $ - and $28 for the years ended December 31, 2009 and
2008, respectively
|
|
|
- |
|
|
|
(1 |
) |
|
|
|
- |
|
|
|
55 |
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
|
|
(14 |
) |
|
|
(142 |
) |
|
|
|
(46 |
) |
|
|
170 |
|
|
|
|
|
|
|
|
|
|
|
NET LOSS (INCOME) ATTRIBUTABLE TO
NONCONTROLLING INTERESTS |
|
|
2 |
|
|
|
- |
|
|
|
|
3 |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT
HOTELS CORPORATION |
|
$ |
(12 |
) |
|
$ |
(142 |
) |
|
|
$ |
(43 |
) |
|
$ |
168 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Basic |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
(0.08 |
) |
|
$ |
(1.12 |
) |
|
|
$ |
(0.30 |
) |
|
$ |
0.89 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Hyatt Hotels
Corporation |
|
$ |
(0.07 |
) |
|
$ |
(1.11 |
) |
|
|
$ |
(0.28 |
) |
|
$ |
1.31 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE - Diluted |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations |
|
$ |
(0.08 |
) |
|
$ |
(1.12 |
) |
|
|
$ |
(0.30 |
) |
|
$ |
0.89 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Hyatt Hotels
Corporation |
|
$ |
(0.07 |
) |
|
$ |
(1.11 |
) |
|
|
$ |
(0.28 |
) |
|
$ |
1.31 |
|
|
|
|
|
|
|
|
|
|
|
(a) The Company includes in
total revenues the reimbursement of costs incurred on behalf of managed
hotel property owners and franchisees with no added margin and includes
in costs and expenses these reimbursed costs. These costs relate
primarily to payroll costs where the Company is the employer. |
|
|
|
|
|
|
|
|
Page 2
|
|
|
|
|
|
|
Hyatt Hotels Corporation |
|
|
|
|
|
|
Reconciliation of Non-GAAP to
GAAP Measure: Adjusted EBITDA to EBITDA and a reconciliation of EBITDA
to Net Income (Loss) Attributable to Hyatt Hotels Corporation |
|
|
|
|
|
|
|
|
|
|
The table below provides a
reconciliation of consolidated Adjusted EBITDA to net income (loss)
attributable to Hyatt Hotels Corporation. Adjusted EBITDA, as the
Company defines it, is a non-GAAP financial measure. See definitions
for our definition of Adjusted EBITDA and why we present it. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31, |
|
|
2009 |
|
2008 |
|
|
2009 |
|
2008 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
104 |
|
|
$ |
97 |
|
|
|
$ |
406 |
|
|
$ |
687 |
|
Equity earnings (losses) from unconsolidated
hospitality ventures |
|
|
(2 |
) |
|
|
(16 |
) |
|
|
|
(13 |
) |
|
|
14 |
|
Asset impairments |
|
|
(7 |
) |
|
|
(86 |
) |
|
|
|
(15 |
) |
|
|
(86 |
) |
Other income (loss), net |
|
|
(5 |
) |
|
|
(42 |
) |
|
|
|
(48 |
) |
|
|
23 |
|
A 2008 charge resulting from the termination
of our supplemental executive defined benefit plans |
|
|
- |
|
|
|
(20 |
) |
|
|
|
- |
|
|
|
(20 |
) |
Discontinued operations, net of tax |
|
|
- |
|
|
|
1 |
|
|
|
|
(1 |
) |
|
|
56 |
|
Net (income) loss attributable to
noncontrolling interests |
|
|
2 |
|
|
|
- |
|
|
|
|
3 |
|
|
|
(2 |
) |
Pro rata share of hospitality ventures
Adjusted EBITDA |
|
|
(16 |
) |
|
|
(18 |
) |
|
|
|
(59 |
) |
|
|
(90 |
) |
EBITDA |
|
$ |
76 |
|
|
$ |
(84 |
) |
|
|
$ |
273 |
|
|
$ |
582 |
|
Depreciation and amortization |
|
|
(71 |
) |
|
|
(62 |
) |
|
|
|
(270 |
) |
|
|
(249 |
) |
Interest expense |
|
|
(14 |
) |
|
|
(24 |
) |
|
|
|
(56 |
) |
|
|
(75 |
) |
(Provision) benefit for income taxes |
|
|
(3 |
) |
|
|
28 |
|
|
|
|
10 |
|
|
|
(90 |
) |
Net income (loss) attributable to Hyatt
Hotels Corporation |
|
$ |
(12 |
) |
|
$ |
(142 |
) |
|
|
$ |
(43 |
) |
|
$ |
168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 3
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation |
Summary of Special Items - Three
Months Ended December 31, 2009 and 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table includes the
detail of special items which resulted in decreases (increases) to
pretax income (loss), net income (loss) attributable to Hyatt Hotels
Corporation and diluted EPS for the three months ended December 31,
2009 and December 31, 2008, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2009 |
|
|
Three Months Ended December
31, 2008 |
|
|
Pretax Income
(Loss)
|
|
Net Income (Loss)
attributable to
Hyatt Hotels
Corporation
|
|
Diluted EPS |
|
|
Pretax Income
(Loss)
|
|
Net Income (Loss)
attributable to
Hyatt Hotels
Corporation
|
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
- |
|
$ |
(1 |
) |
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments (a) |
|
|
7 |
|
|
4 |
|
|
0.02 |
|
|
|
86 |
|
|
83 |
|
|
|
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated hospitality ventures impairment
(b) |
|
|
5 |
|
|
3 |
|
|
0.02 |
|
|
|
19 |
|
|
12 |
|
|
|
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions on hotel loans (c) |
|
|
9 |
|
|
5 |
|
|
0.03 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities (d) |
|
|
1 |
|
|
1 |
|
|
- |
|
|
|
34 |
|
|
21 |
|
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A 2008 charge resulting from the termination
of our supplemental executive defined benefit plans (e) |
|
|
- |
|
|
- |
|
|
- |
|
|
|
20 |
|
|
14 |
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special Items |
|
$ |
22 |
|
$ |
13 |
|
$ |
0.07 |
|
|
$ |
159 |
|
$ |
129 |
|
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a) Asset impairments - As
a result of our annual goodwill impairment analysis, we identified and
recorded $7 million and $86 million in goodwill impairment charges in
2009 and 2008, respectively, related to one hotel in 2009 and two
hotels in 2008 as we determined that discounted cash flows of the
hotels no longer supported the carrying value of their goodwill.
|
|
|
b) Consolidated hospitality
ventures impairments - We review our investments in hospitality and
non-hospitality ventures on a quarterly basis for possible impairment
triggers and assess the existence of any impairment in those
investments. As a result of this review, we recorded impairment charges
of $5 million and $19 million during the fourth quarter of 2009 and
2008, respectively, as the carrying amount of certain of these
investments exceeded the fair value as calculated using discounted
operating cash flows. |
|
|
c) Provisions on hotel loans -
Periodically we provide loans to owners or developers prior to the
opening of hotels that we manage or franchise. In the fourth quarter of
2009 we recorded $9 million in provisions related to certain of these
loans based on our assessment of their collectability. |
|
|
d) Marketable securities -
Represents (gains) losses on investments in trading securities not used
to fund operating programs. The fourth quarter 2008 reflects realized
and unrealized losses due to the deterioration in market conditions at
that time. |
|
|
e) On October 31, 2008, we
merged our foreign funded and domestic unfunded defined benefit plans
for active participants into our deferred compensation plans. The
merger was effected by contributing an amount based on the value of
each active participant’s benefits based on services rendered to-date.
As a result, for the year ended December 31, 2008, we recorded a net
settlement charge of $20 million to selling, general and administrative
expenses. |
|
|
|
Page 4
|
Hyatt Hotels Corporation |
Summary of Special Items - Year
Ended December 31, 2009 and 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table includes the
detail of special items which resulted in decreases (increases) to
pretax income (loss), net income (loss) attributable to Hyatt Hotels
Corporation and diluted EPS for the years ended December 31, 2009 and
December 31, 2008, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except per share
amounts) |
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2009
|
|
|
Year Ended December 31, 2008
|
|
|
Pretax Income
(Loss)
|
|
Net Income (Loss)
attributable to
Hyatt Hotels
Corporation
|
|
Diluted EPS |
|
|
Pretax Income
(Loss)
|
|
Net Income (Loss)
attributable to
Hyatt Hotels
Corporation
|
|
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations |
|
$ |
- |
|
|
$ |
1 |
|
|
$ |
0.01 |
|
|
|
$ |
- |
|
|
$ |
(56 |
) |
|
$ |
(0.44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from cost method investments (a) |
|
|
(22 |
) |
|
|
(14 |
) |
|
|
(0.09 |
) |
|
|
|
(64 |
) |
|
|
(40 |
) |
|
|
(0.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments (b) |
|
|
15 |
|
|
|
9 |
|
|
|
0.06 |
|
|
|
|
86 |
|
|
|
83 |
|
|
|
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated hospitality ventures impairment
(c) |
|
|
15 |
|
|
|
9 |
|
|
|
0.06 |
|
|
|
|
19 |
|
|
|
12 |
|
|
|
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reversal of a hospitality venture reserve (d) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
(12 |
) |
|
|
(7 |
) |
|
|
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions on hotel loans (e) |
|
|
9 |
|
|
|
5 |
|
|
|
0.03 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt settlement costs (f) |
|
|
93 |
|
|
|
57 |
|
|
|
0.38 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities (g) |
|
|
(10 |
) |
|
|
(6 |
) |
|
|
(0.04 |
) |
|
|
|
37 |
|
|
|
23 |
|
|
|
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A 2008 charge resulting from the termination
of our supplemental executive defined benefit plans (h) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
20 |
|
|
|
14 |
|
|
|
0.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Favorable IRS determination (i) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
(29 |
) |
|
|
(0.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special Items |
|
$ |
100 |
|
|
$ |
61 |
|
|
$ |
0.41 |
|
|
|
$ |
86 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
a) Income from cost method
investments - In 2009 we recorded $22 million of income primarily
consisting of amounts received from certain non-hospitality related
real estate investment companies. In 2008, we recorded $64 million of
income primarily related to preferred returns related to distributions
from three privately held investment entities, which invest in life
science technology companies and are managed by an affiliate. |
|
b) Asset impairments - During
2009, we identified and recorded $15 million in asset impairment
charges consisting of $7 million in goodwill at one hotel, $5 million
of an intangible asset relating to a management agreement covering
certain select service hotels and a $3 million charge for the
impairment of property and equipment in one of our owned hotels. During
2008, we recorded $86 million in goodwill impairment charges related to
two hotels. |
|
c) Consolidated hospitality
ventures impairments - We review our investments in hospitality and
non-hospitality ventures on a quarterly basis for possible impairment
triggers and assess the existence of any impairment in those
investments. As a result of these reviews, we recorded impairment
charges of $15 million and $19 million of impairment charges during
2009 and 2008, respectively as the carrying amount of certain of these
investments exceeded the fair value as calculated using discounted
operating cash flows. |
|
d) Reversal of a hospitality
venture reserve - In 2008 we reversed a reserve for a non-refundable
deposit of $9 million and $3 million in transaction costs related to
the purchase of an equity interest in a hotel property in Hawaii, which
had been reserved in full in 2007 due to uncertainty surrounding the
transaction. |
|
e) Provisions on hotel loans -
From time to time we provide loans to owners or developers prior to the
opening of hotels that we manage or franchise. In the fourth quarter of
2009 we recorded $9 million in provisions related to certain of these
loans based on our assessment of their collectability. |
|
f) Debt settlement costs -
Amount relates to costs associated with the repurchase of senior
subordinated notes and early settlement of a subscription agreement.
The costs include $88 million of make whole interest payments and early
settlement premiums and a $5 million write-off of deferred financing
costs. |
|
g) Marketable securities -
Represents (gains) losses on investments in trading securities not used
to fund operating programs. The full year 2009 reflects an unrealized
gain due to improvements in market conditions. The full year 2008
reflects a realized and unrealized loss due to the deterioration in
market conditions during that period. |
|
h) On October 31, 2008, we
merged our foreign funded and domestic unfunded defined benefit plans
for active participants into our deferred compensation plans. The
merger was effected by contributing an amount based on the value of
each active participant’s benefits based on services rendered to-date.
As a result, for the year ended December 31, 2008, we recorded a net
settlement charge of $20 million to selling, general and administrative
expenses. |
|
|
|
|
|
i) Favorable IRS determination -
Tax benefits related to a significant IRS settlement and related
valuation allowance reversals totaling $29 million. |
|
|
|
|
|
|
Page 5
|
Hyatt Hotels Corporation |
RevPAR, Revenues, and Adjusted
EBITDA by Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and Leased Hotels
Segment |
|
|
|
|
|
|
|
|
|
(in millions, except for RevPAR
statistics and percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
Change ($) |
|
Change (%) |
|
|
2009 |
|
2008 |
|
Change ($) |
|
Change (%) |
RevPAR (comparable owned and
leased hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Service |
|
$ |
115 |
|
$ |
123 |
|
$ |
(8 |
) |
|
(6.1 |
%) |
|
|
$ |
114 |
|
$ |
140 |
|
$ |
(26 |
) |
|
(18.8 |
%) |
|
Select Service |
|
|
59 |
|
|
66 |
|
|
(7 |
) |
|
(9.7 |
%) |
|
|
|
62 |
|
|
75 |
|
|
(13 |
) |
|
(16.5 |
%) |
|
Total Owned and Leased Hotels |
|
$ |
101 |
|
$ |
108 |
|
$ |
(7 |
) |
|
(6.7 |
%) |
|
|
$ |
101 |
|
$ |
124 |
|
$ |
(23 |
) |
|
(18.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
468 |
|
$ |
491 |
|
$ |
(23 |
) |
|
(4.7 |
%) |
|
|
$ |
1,782 |
|
$ |
2,139 |
|
$ |
(357 |
) |
|
(16.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
74 |
|
$ |
90 |
|
$ |
(16 |
) |
|
(17.8 |
%) |
|
|
$ |
302 |
|
$ |
522 |
|
$ |
(220 |
) |
|
(42.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North American Management
and Franchising |
|
|
|
|
|
|
|
|
|
(in millions, except for
RevPAR statistics and percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
Change ($) |
|
Change (%) |
|
|
2009 |
|
2008 |
|
Change ($) |
|
Change (%) |
RevPAR (North America comparable
hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America Full Service |
|
$ |
98 |
|
$ |
110 |
|
$ |
(12 |
) |
|
(11.1 |
%) |
|
|
$ |
104 |
|
$ |
126 |
|
$ |
(22 |
) |
|
(17.5 |
%) |
|
North America Select Service |
|
|
59 |
|
|
67 |
|
|
(8 |
) |
|
(11.9 |
%) |
|
|
|
63 |
|
|
73 |
|
|
(10 |
) |
|
(12.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management, Franchise and Other
Fees |
|
$ |
43 |
|
$ |
46 |
|
$ |
(3 |
) |
|
(6.5 |
%) |
|
|
$ |
176 |
|
$ |
229 |
|
$ |
(53 |
) |
|
(23.1 |
%) |
|
Other Revenues from Managed
Properties |
|
|
328 |
|
|
300 |
|
|
28 |
|
|
9.3 |
% |
|
|
|
1,206 |
|
|
1,246 |
|
|
(40 |
) |
|
(3.2 |
%) |
Total Revenue |
|
$ |
371 |
|
$ |
346 |
|
$ |
25 |
|
|
7.2 |
% |
|
|
$ |
1,382 |
|
$ |
1,475 |
|
$ |
(93 |
) |
|
(6.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
26 |
|
$ |
14 |
|
$ |
12 |
|
|
85.7 |
% |
|
|
$ |
117 |
|
$ |
162 |
|
$ |
(45 |
) |
|
(27.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Management
and Franchising |
|
|
|
|
|
|
|
|
|
(in millions, except for
RevPAR statistics and percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
Change ($) |
|
Change (%) |
|
|
2009 |
|
2008 |
|
Change ($) |
|
Change (%) |
RevPAR (International comparable
hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Full Service |
|
$ |
145 |
|
$ |
144 |
|
$ |
1 |
|
|
0.4 |
% |
|
|
$ |
124 |
|
$ |
159 |
|
$ |
(35 |
) |
|
(22.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management, Franchise and Other
Fees |
|
$ |
43 |
|
$ |
38 |
|
$ |
5 |
|
|
13.2 |
% |
|
|
$ |
126 |
|
$ |
167 |
|
$ |
(41 |
) |
|
(24.6 |
%) |
|
Other Revenues from Managed
Properties |
|
|
15 |
|
|
15 |
|
|
- |
|
|
0.0 |
% |
|
|
|
55 |
|
|
58 |
|
|
(3 |
) |
|
(5.2 |
%) |
Total Revenue |
|
$ |
58 |
|
$ |
53 |
|
$ |
5 |
|
|
9.4 |
% |
|
|
$ |
181 |
|
$ |
225 |
|
$ |
(44 |
) |
|
(19.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
27 |
|
$ |
22 |
|
$ |
5 |
|
|
22.7 |
% |
|
|
$ |
66 |
|
$ |
102 |
|
$ |
(36 |
) |
|
(35.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Chain Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Locations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Change |
|
|
Year Ended December 31, |
|
|
|
Change |
Owned and leased hotels (#
hotels) |
|
2009 |
|
2008 |
|
Change |
|
(in constant $) |
|
|
2009 |
|
2008 |
|
Change |
|
(in constant $) |
|
Full service (45) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
178.62 |
|
|
$ |
191.41 |
|
|
(6.7 |
%) |
|
(8.6 |
%) |
|
|
$ |
175.59 |
|
|
$ |
201.70 |
|
|
(12.9 |
%) |
|
(11.5 |
%) |
|
|
Occupancy |
|
|
64.6 |
% |
|
|
64.2 |
% |
|
0.4 |
% |
pts |
|
|
|
|
65.0 |
% |
|
|
69.6 |
% |
|
(4.7 |
%) |
pts |
|
|
|
RevPAR |
|
$ |
115.44 |
|
|
$ |
122.95 |
|
|
(6.1 |
%) |
|
(8.1 |
%) |
|
|
$ |
114.05 |
|
|
$ |
140.43 |
|
|
(18.8 |
%) |
|
(17.4 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service (54) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
87.75 |
|
|
$ |
102.05 |
|
|
(14.0 |
%) |
|
(14.0 |
%) |
|
|
$ |
93.15 |
|
|
$ |
107.40 |
|
|
(13.3 |
%) |
|
(13.3 |
%) |
|
|
Occupancy |
|
|
67.7 |
% |
|
|
64.5 |
% |
|
3.2 |
% |
pts |
|
|
|
|
67.1 |
% |
|
|
69.6 |
% |
|
(2.6 |
%) |
pts |
|
|
|
RevPAR |
|
$ |
59.38 |
|
|
$ |
65.79 |
|
|
(9.7 |
%) |
|
(9.7 |
%) |
|
|
$ |
62.49 |
|
|
$ |
74.80 |
|
|
(16.5 |
%) |
|
(16.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels
(99) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
154.76 |
|
|
$ |
168.68 |
|
|
(8.2 |
%) |
|
(9.9 |
%) |
|
|
$ |
154.16 |
|
|
$ |
177.77 |
|
|
(13.3 |
%) |
|
(12.1 |
%) |
|
|
Occupancy |
|
|
65.4 |
% |
|
|
64.3 |
% |
|
1.1 |
% |
pts |
|
|
|
|
65.5 |
% |
|
|
69.6 |
% |
|
(4.1 |
%) |
pts |
|
|
|
RevPAR |
|
$ |
101.22 |
|
|
$ |
108.45 |
|
|
(6.7 |
%) |
|
(8.3 |
%) |
|
|
$ |
100.97 |
|
|
$ |
123.79 |
|
|
(18.4 |
%) |
|
(17.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels (#
hotels; includes owned & leased hotels) |
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service (108) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
152.17 |
|
|
$ |
168.72 |
|
|
(9.8 |
%) |
|
(10.1 |
%) |
|
|
$ |
156.32 |
|
|
$ |
176.43 |
|
|
(11.4 |
%) |
|
(11.2 |
%) |
|
|
Occupancy |
|
|
64.6 |
% |
|
|
65.5 |
% |
|
(0.9 |
%) |
pts |
|
|
|
|
66.6 |
% |
|
|
71.5 |
% |
|
(4.9 |
%) |
pts |
|
|
|
RevPAR |
|
$ |
98.23 |
|
|
$ |
110.47 |
|
|
(11.1 |
%) |
|
(11.4 |
%) |
|
|
$ |
104.16 |
|
|
$ |
126.22 |
|
|
(17.5 |
%) |
|
(17.3 |
%) |
|
|
Select service (139) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
90.85 |
|
|
$ |
104.39 |
|
|
(13.0 |
%) |
|
(13.0 |
%) |
|
|
$ |
95.53 |
|
|
$ |
108.31 |
|
|
(11.8 |
%) |
|
(11.8 |
%) |
|
|
Occupancy |
|
|
65.2 |
% |
|
|
64.3 |
% |
|
0.8 |
% |
pts |
|
|
|
|
66.4 |
% |
|
|
67.0 |
% |
|
(0.6 |
%) |
pts |
|
|
|
RevPAR |
|
$ |
59.20 |
|
|
$ |
67.16 |
|
|
(11.9 |
%) |
|
(11.9 |
%) |
|
|
$ |
63.47 |
|
|
$ |
72.57 |
|
|
(12.5 |
%) |
|
(12.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International comparable hotels (93) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
219.14 |
|
|
$ |
229.86 |
|
|
(4.7 |
%) |
|
(10.2 |
%) |
|
|
$ |
207.50 |
|
|
$ |
247.21 |
|
|
(16.1 |
%) |
|
(11.5 |
%) |
|
|
Occupancy |
|
|
66.0 |
% |
|
|
62.7 |
% |
|
3.3 |
% |
pts |
|
|
|
|
59.6 |
% |
|
|
64.2 |
% |
|
(4.6 |
%) |
pts |
|
|
|
RevPAR |
|
$ |
144.67 |
|
|
$ |
144.11 |
|
|
0.4 |
% |
|
(5.5 |
%) |
|
|
$ |
123.57 |
|
|
$ |
158.66 |
|
|
(22.1 |
%) |
|
(17.9 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable systemwide hotels (340)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
162.19 |
|
|
$ |
175.76 |
|
|
(7.7 |
%) |
|
(10.0 |
%) |
|
|
$ |
159.99 |
|
|
$ |
185.10 |
|
|
(13.6 |
%) |
|
(11.8 |
%) |
|
|
Occupancy |
|
|
65.1 |
% |
|
|
64.5 |
% |
|
0.6 |
% |
pts |
|
|
|
|
64.5 |
% |
|
|
68.6 |
% |
|
(4.1 |
%) |
pts |
|
|
|
RevPAR |
|
$ |
105.56 |
|
|
$ |
113.30 |
|
|
(6.8 |
%) |
|
(9.1 |
%) |
|
|
$ |
103.19 |
|
|
$ |
126.98 |
|
|
(18.7 |
%) |
|
(17.1 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation |
|
|
|
|
|
|
|
|
|
Fee Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Three Months Ended December 31,
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
2009 |
|
2008 |
|
Change ($) |
|
|
2009 |
|
2008 |
|
Change ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fees |
|
$ |
31 |
|
$ |
32 |
|
$ |
(1 |
) |
|
|
$ |
118 |
|
$ |
141 |
|
$ |
(23 |
) |
Incentive management fees |
|
|
25 |
|
|
24 |
|
|
1 |
|
|
|
|
79 |
|
|
126 |
|
|
(47 |
) |
Franchise and other fees |
|
|
9 |
|
|
4 |
|
|
5 |
|
|
|
|
26 |
|
|
23 |
|
|
3 |
|
Total fees |
|
$ |
65 |
|
$ |
60 |
|
$ |
5 |
|
|
|
$ |
223 |
|
$ |
290 |
|
$ |
(67 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 8
|
Hyatt Hotels Corporation |
|
Reconciliation of Non-GAAP to
GAAP Measure: Adjusted Selling, General, and Administrative Expenses to
Selling, General, and Administrative Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results of operations as
presented on consolidated statements of income (loss) include the
impact of expenses recognized with respect to employee benefit programs
funded through rabbi trusts. Certain of these expenses are recognized
in selling, general, and administrative expenses and are completely
offset by the corresponding net gains (losses) and interest income from
marketable securities held to fund operating programs, thus having no
net impact to our income. Below is a reconciliation of this account
excluding the impact of our rabbi trusts and a 2008 charge resulting
from the termination of our supplemental executive defined benefit
plans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
2009 |
|
2008 |
|
Change (%) |
|
|
2009 |
|
2008 |
|
Change (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Selling, General and Administrative
Expenses |
|
$ |
68 |
|
$ |
89 |
|
|
(24 |
)% |
|
|
$ |
246 |
|
$ |
295 |
|
|
(17 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A 2008 charge resulting from the termination
of our supplemental executive defined benefit plans |
|
|
- |
|
|
20 |
|
|
(100 |
)% |
|
|
|
- |
|
|
20 |
|
|
(100 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi Trust impact |
|
|
5 |
|
|
(12 |
) |
|
142 |
% |
|
|
|
15 |
|
|
(25 |
) |
|
160 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and Administrative Expenses |
|
$ |
73 |
|
$ |
97 |
|
|
(25 |
)% |
|
|
$ |
261 |
|
$ |
290 |
|
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 9
|
|
Hyatt Hotels Corporation |
|
Reconciliation of Non-GAAP to
GAAP Measure: Comparable Owned and Leased Hotel Operating Margin to
Owned and Leased Hotel Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Below is a breakdown of
consolidated owned and leased hotels revenues and expenses, as used in
calculating comparable owned and leased hotel operating margin
percentages. Results of operations as presented on consolidated
statements of income (loss) include the impact of expenses recognized
with respect to employee benefit programs funded through rabbi trusts.
Certain of these expenses are recognized in owned and leased hotels
expenses and are completely offset by the corresponding net gains
(losses) and interest income from marketable securities held to fund
operating programs, thus having no net impact to our income. Below is a
reconciliation of this account excluding the impact of our rabbi trusts
and excluding the impact of non-comparable hotels. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
2009 |
|
2008 |
|
Change % |
|
|
2009 |
|
2008 |
|
Change % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels |
|
$ |
456 |
|
|
$ |
490 |
|
|
(6.9 |
)% |
|
|
$ |
1,739 |
|
|
$ |
2,129 |
|
|
(18.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncomparable hotels |
|
|
12 |
|
|
|
1 |
|
|
1100.0 |
% |
|
|
|
43 |
|
|
|
10 |
|
|
330.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and Leased Hotels Revenue |
|
$ |
468 |
|
|
$ |
491 |
|
|
(4.7 |
)% |
|
|
$ |
1,782 |
|
|
$ |
2,139 |
|
|
(16.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotels |
|
$ |
373 |
|
|
$ |
390 |
|
|
(4.4 |
)% |
|
|
$ |
1,414 |
|
|
$ |
1,582 |
|
|
(10.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncomparable hotels |
|
|
10 |
|
|
|
4 |
|
|
150.0 |
% |
|
|
|
38 |
|
|
|
14 |
|
|
171.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi Trust |
|
|
2 |
|
|
|
(6 |
) |
|
133.3 |
% |
|
|
|
10 |
|
|
|
(13 |
) |
|
176.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and Leased Hotels Expense |
|
$ |
385 |
|
|
$ |
388 |
|
|
(0.8 |
)% |
|
|
$ |
1,462 |
|
|
$ |
1,583 |
|
|
(7.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotel operating margins
percentage |
|
|
17.7 |
% |
|
|
21.0 |
% |
|
(3.3 |
)% |
pts |
|
|
18.0 |
% |
|
|
26.0 |
% |
|
(8.0 |
)% |
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased hotel operating
margin percentage |
|
|
18.2 |
% |
|
|
20.4 |
% |
|
(2.2 |
)% |
pts |
|
|
18.7 |
% |
|
|
25.7 |
% |
|
(7.0 |
)% |
pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation |
|
|
|
|
|
|
|
Properties and Rooms/Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2009 |
|
|
December 31, 2008 |
|
|
Change |
Owned and leased hotels |
|
|
Properties |
|
Rooms/Units |
|
|
Properties |
|
Rooms/Units |
|
|
Properties |
|
Rooms/Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service |
|
|
47 |
|
21,447 |
|
|
46 |
|
20,967 |
|
|
1 |
|
|
480 |
|
|
Select service |
|
|
55 |
|
7,169 |
|
|
55 |
|
7,169 |
|
|
- |
|
|
- |
|
Total owned and leased hotels |
|
|
102 |
|
28,616 |
|
|
101 |
|
28,136 |
|
|
1 |
|
|
480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchised hotels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(includes owned and leased
hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
December 31, 2009 |
|
|
December 31, 2008 |
|
|
Change |
|
Full service hotels |
|
|
Properties |
|
Rooms/Units |
|
|
Properties |
|
Rooms/Units |
|
|
Properties |
|
Rooms/Units |
|
Managed |
|
|
104 |
|
57,865 |
|
|
104 |
|
57,542 |
|
|
- |
|
|
323 |
|
|
Franchised |
|
|
11 |
|
3,401 |
|
|
10 |
|
3,212 |
|
|
1 |
|
|
189 |
|
|
Subtotal |
|
|
115 |
|
61,266 |
|
|
114 |
|
60,754 |
|
|
1 |
|
|
512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service hotels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed |
|
|
80 |
|
10,285 |
|
|
94 |
|
12,064 |
|
|
(14 |
) |
|
(1,779 |
) |
|
Franchised |
|
|
96 |
|
12,218 |
|
|
65 |
|
8,014 |
|
|
31 |
|
|
4,204 |
|
|
Subtotal |
|
|
176 |
|
22,503 |
|
|
159 |
|
20,078 |
|
|
17 |
|
|
2,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed |
|
|
106 |
|
35,274 |
|
|
102 |
|
34,010 |
|
|
4 |
|
|
1,264 |
|
|
Franchised
|
|
|
2 |
|
988 |
|
|
2 |
|
992 |
|
|
- |
|
|
(4 |
) |
|
Subtotal |
|
|
108 |
|
36,262 |
|
|
104 |
|
35,002 |
|
|
4 |
|
|
1,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total managed & franchised
hotels |
|
|
399 |
|
120,031 |
|
|
377 |
|
115,834 |
|
|
22 |
|
|
4,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Timeshare |
|
|
15 |
|
962 |
|
|
14 |
|
918 |
|
|
1 |
|
|
44 |
|
|
Residences |
|
|
10 |
|
1,324 |
|
|
8 |
|
1,225 |
|
|
2 |
|
|
99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total properties and rooms/units |
|
|
424 |
|
122,317 |
|
|
399 |
|
117,977 |
|
|
25 |
|
|
4,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Additional details included
for a regional breakout of international managed and franchised hotels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International managed &
franchised hotels |
|
|
December 31, 2009 |
|
|
December 31, 2008 |
|
|
Change |
(includes owned and leased
hotels) |
|
|
Properties |
|
Rooms/Units |
|
|
Properties |
|
Rooms/Units |
|
|
Properties |
|
Rooms/Units |
|
Asia Pacific |
|
|
51 |
|
20,276 |
|
|
49 |
|
18,834 |
|
|
2 |
|
|
1,442 |
|
|
Southwest Asia |
|
|
12 |
|
4,207 |
|
|
10 |
|
3,823 |
|
|
2 |
|
|
384 |
|
|
Europe, Africa, Middle East. |
|
|
32 |
|
8,501 |
|
|
30 |
|
8,116 |
|
|
2 |
|
|
385 |
|
|
Other Americas |
|
|
13 |
|
3,278 |
|
|
15 |
|
4,229 |
|
|
(2 |
) |
|
(951 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
108 |
|
36,262 |
|
|
104 |
|
35,002 |
|
|
4 |
|
|
1,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Quarterly
Historical Information
|
|
Supplemental Schedule 1
|
Hyatt Hotels Corporation |
Consolidated Statements of
Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Year Ended |
|
|
Three months ended |
|
Year Ended |
(in millions of dollars) |
|
March 31,
2008
|
|
June 30,
2008
|
|
September 30,
2008
|
|
December 31,
2008
|
|
December 31,
2008
|
|
|
March 31,
2009
|
|
June 30,
2009
|
|
September 30,
2009
|
|
December 31,
2009
|
|
December 31,
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels |
|
$ |
536 |
|
|
$ |
589 |
|
|
$ |
523 |
|
|
$ |
491 |
|
|
$ |
2,139 |
|
|
|
$ |
416 |
|
|
$ |
460 |
|
|
$ |
438 |
|
|
$ |
468 |
|
|
$ |
1,782 |
|
Management and franchise fees |
|
|
78 |
|
|
|
84 |
|
|
|
68 |
|
|
|
60 |
|
|
|
290 |
|
|
|
|
54 |
|
|
|
55 |
|
|
|
49 |
|
|
|
65 |
|
|
|
223 |
|
Other revenue |
|
|
25 |
|
|
|
23 |
|
|
|
20 |
|
|
|
15 |
|
|
|
83 |
|
|
|
|
16 |
|
|
|
13 |
|
|
|
10 |
|
|
|
10 |
|
|
|
49 |
|
Other revenue from managed properties |
|
|
328 |
|
|
|
346 |
|
|
|
331 |
|
|
|
320 |
|
|
|
1,325 |
|
|
|
|
303 |
|
|
|
320 |
|
|
|
309 |
|
|
|
346 |
|
|
|
1,278 |
|
Total revenue |
|
|
967 |
|
|
|
1,042 |
|
|
|
942 |
|
|
|
886 |
|
|
|
3,837 |
|
|
|
|
789 |
|
|
|
848 |
|
|
|
806 |
|
|
|
889 |
|
|
|
3,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct and selling, general, and
administrative expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased hotels |
|
|
391 |
|
|
|
416 |
|
|
|
388 |
|
|
|
388 |
|
|
|
1,583 |
|
|
|
|
343 |
|
|
|
367 |
|
|
|
367 |
|
|
|
385 |
|
|
|
1,462 |
|
Depreciation and amortization |
|
|
62 |
|
|
|
63 |
|
|
|
62 |
|
|
|
62 |
|
|
|
249 |
|
|
|
|
65 |
|
|
|
65 |
|
|
|
69 |
|
|
|
71 |
|
|
|
270 |
|
Other direct costs |
|
|
8 |
|
|
|
7 |
|
|
|
6 |
|
|
|
5 |
|
|
|
26 |
|
|
|
|
5 |
|
|
|
3 |
|
|
|
1 |
|
|
|
4 |
|
|
|
13 |
|
Selling, general, and administrative |
|
|
69 |
|
|
|
69 |
|
|
|
55 |
|
|
|
97 |
|
|
|
290 |
|
|
|
|
53 |
|
|
|
69 |
|
|
|
66 |
|
|
|
73 |
|
|
|
261 |
|
Other costs from managed properties |
|
|
328 |
|
|
|
346 |
|
|
|
331 |
|
|
|
320 |
|
|
|
1,325 |
|
|
|
|
303 |
|
|
|
320 |
|
|
|
309 |
|
|
|
346 |
|
|
|
1,278 |
|
Direct and selling, general, and
administrative expenses |
|
|
858 |
|
|
|
901 |
|
|
|
842 |
|
|
|
872 |
|
|
|
3,473 |
|
|
|
|
769 |
|
|
|
824 |
|
|
|
812 |
|
|
|
879 |
|
|
|
3,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (losses) gains and interest income from
marketable securities held to fund operating programs |
|
|
(4 |
) |
|
|
(3 |
) |
|
|
(12 |
) |
|
|
(17 |
) |
|
|
(36 |
) |
|
|
|
(5 |
) |
|
|
13 |
|
|
|
14 |
|
|
|
7 |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity earnings (losses) from unconsolidated
hospitality ventures |
|
|
2 |
|
|
|
10 |
|
|
|
18 |
|
|
|
(16 |
) |
|
|
14 |
|
|
|
|
(2 |
) |
|
|
(11 |
) |
|
|
2 |
|
|
|
(2 |
) |
|
|
(13 |
) |
Interest expense |
|
|
(19 |
) |
|
|
(9 |
) |
|
|
(23 |
) |
|
|
(24 |
) |
|
|
(75 |
) |
|
|
|
(16 |
) |
|
|
(11 |
) |
|
|
(15 |
) |
|
|
(14 |
) |
|
|
(56 |
) |
Asset impairments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(86 |
) |
|
|
(86 |
) |
|
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
|
|
(7 |
) |
|
|
(15 |
) |
Other income (loss), net |
|
|
68 |
|
|
|
(13 |
) |
|
|
10 |
|
|
|
(42 |
) |
|
|
23 |
|
|
|
|
27 |
|
|
|
(83 |
) |
|
|
12 |
|
|
|
(5 |
) |
|
|
(48 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
156 |
|
|
|
126 |
|
|
|
93 |
|
|
|
(171 |
) |
|
|
204 |
|
|
|
|
24 |
|
|
|
(76 |
) |
|
|
7 |
|
|
|
(11 |
) |
|
|
(55 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Provision) benefit for income taxes |
|
|
(59 |
) |
|
|
(48 |
) |
|
|
(11 |
) |
|
|
28 |
|
|
|
(90 |
) |
|
|
|
(12 |
) |
|
|
26 |
|
|
|
(1 |
) |
|
|
(3 |
) |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
97 |
|
|
|
78 |
|
|
|
82 |
|
|
|
(143 |
) |
|
|
114 |
|
|
|
|
12 |
|
|
|
(50 |
) |
|
|
6 |
|
|
|
(14 |
) |
|
|
(45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net of
income tax expense (benefit) |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
1 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Gain (loss) on sale of discontinued
operations, net of income tax expense (benefit) |
|
|
- |
|
|
|
- |
|
|
|
56 |
|
|
|
(1 |
) |
|
|
55 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
97 |
|
|
|
78 |
|
|
|
137 |
|
|
|
(142 |
) |
|
|
170 |
|
|
|
|
12 |
|
|
|
(50 |
) |
|
|
6 |
|
|
|
(14 |
) |
|
|
(46 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income) losses attributable to
noncontrolling interests |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
|
2 |
|
|
|
- |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Hyatt
Hotels Corporation |
|
$ |
97 |
|
|
$ |
76 |
|
|
$ |
137 |
|
|
$ |
(142 |
) |
|
$ |
168 |
|
|
|
$ |
14 |
|
|
$ |
(50 |
) |
|
$ |
5 |
|
|
$ |
(12 |
) |
|
$ |
(43 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Schedule 2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP
to GAAP Measure: Adjusted EBITDA to EBITDA and a reconciliation of
EBITDA to Net Income (Loss) Attributable to Hyatt Hotels Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Year Ended |
|
|
Three months ended |
|
Year Ended |
|
|
March 31,
2008
|
|
June 30,
2008
|
|
September 30,
2008
|
|
December 31,
2008
|
|
December 31,
2008
|
|
|
March 31,
2009
|
|
June 30,
2009
|
|
September 30,
2009
|
|
December 31,
2009
|
|
December 31,
2009
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
190 |
|
|
$ |
227 |
|
|
$ |
173 |
|
|
$ |
97 |
|
|
$ |
687 |
|
|
|
$ |
90 |
|
|
$ |
120 |
|
|
$ |
92 |
|
|
$ |
104 |
|
|
$ |
406 |
|
Equity earnings (losses) from unconsolidated
hospitality ventures |
|
|
2 |
|
|
|
10 |
|
|
|
18 |
|
|
|
(16 |
) |
|
|
14 |
|
|
|
|
(2 |
) |
|
|
(11 |
) |
|
|
2 |
|
|
|
(2 |
) |
|
|
(13 |
) |
Asset impairments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(86 |
) |
|
|
(86 |
) |
|
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
|
|
(7 |
) |
|
|
(15 |
) |
Other income (loss), net |
|
|
68 |
|
|
|
(13 |
) |
|
|
10 |
|
|
|
(42 |
) |
|
|
23 |
|
|
|
|
27 |
|
|
|
(83 |
) |
|
|
12 |
|
|
|
(5 |
) |
|
|
(48 |
) |
Charge resulting from the termination of our
supplemental executive defined benefit plan |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(20 |
) |
|
|
(20 |
) |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Discontinued operations and changes in
accounting principle, net of tax |
|
|
- |
|
|
|
- |
|
|
|
55 |
|
|
|
1 |
|
|
|
56 |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Net (loss) income attributable to
noncontrolling interests |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2 |
) |
|
|
|
2 |
|
|
|
- |
|
|
|
(1 |
) |
|
|
2 |
|
|
|
3 |
|
Pro rata share of hospitality venture
adjusted EBITDA |
|
|
(23 |
) |
|
|
(26 |
) |
|
|
(23 |
) |
|
|
(18 |
) |
|
|
(90 |
) |
|
|
|
(10 |
) |
|
|
(18 |
) |
|
|
(15 |
) |
|
|
(16 |
) |
|
|
(59 |
) |
EBITDA |
|
|
237 |
|
|
|
196 |
|
|
|
233 |
|
|
|
(84 |
) |
|
|
582 |
|
|
|
|
107 |
|
|
|
- |
|
|
|
90 |
|
|
|
76 |
|
|
|
273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation & amortization |
|
|
(62 |
) |
|
|
(63 |
) |
|
|
(62 |
) |
|
|
(62 |
) |
|
|
(249 |
) |
|
|
|
(65 |
) |
|
|
(65 |
) |
|
|
(69 |
) |
|
|
(71 |
) |
|
|
(270 |
) |
Interest expense |
|
|
(19 |
) |
|
|
(9 |
) |
|
|
(23 |
) |
|
|
(24 |
) |
|
|
(75 |
) |
|
|
|
(16 |
) |
|
|
(11 |
) |
|
|
(15 |
) |
|
|
(14 |
) |
|
|
(56 |
) |
(Provision) benefit for income taxes |
|
|
(59 |
) |
|
|
(48 |
) |
|
|
(11 |
) |
|
|
28 |
|
|
|
(90 |
) |
|
|
|
(12 |
) |
|
|
26 |
|
|
|
(1 |
) |
|
|
(3 |
) |
|
|
10 |
|
Net income (loss) attributable to Hyatt
Hotels Corporation |
|
$ |
97 |
|
|
$ |
76 |
|
|
$ |
137 |
|
|
$ |
(142 |
) |
|
$ |
168 |
|
|
|
$ |
14 |
|
|
$ |
(50 |
) |
|
$ |
5 |
|
|
$ |
(12 |
) |
|
$ |
(43 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Schedule 3
|
Hyatt Hotels Corporation |
Segment Financial Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
Three Months Ended |
|
Year Ended |
(in millions of dollars) |
|
March 31,
2008
|
|
June 30,
2008
|
|
September 30,
2008
|
|
December 31,
2008
|
|
December 31,
2008
|
|
|
March 31,
2009
|
|
June 30,
2009
|
|
September 30,
2009
|
|
December 31,
2009
|
|
December 31,
2009
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased |
|
$ |
536 |
|
|
$ |
589 |
|
|
$ |
523 |
|
|
$ |
491 |
|
|
$ |
2,139 |
|
|
|
$ |
416 |
|
|
$ |
460 |
|
|
$ |
438 |
|
|
$ |
468 |
|
|
$ |
1,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
59 |
|
|
|
69 |
|
|
|
55 |
|
|
|
46 |
|
|
|
229 |
|
|
|
|
44 |
|
|
|
48 |
|
|
|
41 |
|
|
|
43 |
|
|
|
176 |
|
International |
|
|
45 |
|
|
|
46 |
|
|
|
38 |
|
|
|
38 |
|
|
|
167 |
|
|
|
|
28 |
|
|
|
28 |
|
|
|
27 |
|
|
|
43 |
|
|
|
126 |
|
Total management and franchising |
|
|
104 |
|
|
|
115 |
|
|
|
93 |
|
|
|
84 |
|
|
|
396 |
|
|
|
|
72 |
|
|
|
76 |
|
|
|
68 |
|
|
|
86 |
|
|
|
302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
25 |
|
|
|
23 |
|
|
|
20 |
|
|
|
16 |
|
|
|
84 |
|
|
|
|
16 |
|
|
|
12 |
|
|
|
11 |
|
|
|
11 |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other revenues from managed properties |
|
|
328 |
|
|
|
346 |
|
|
|
331 |
|
|
|
320 |
|
|
|
1,325 |
|
|
|
|
303 |
|
|
|
320 |
|
|
|
309 |
|
|
|
346 |
|
|
|
1,278 |
|
Eliminations |
|
|
(26 |
) |
|
|
(31 |
) |
|
|
(25 |
) |
|
|
(25 |
) |
|
|
(107 |
) |
|
|
|
(18 |
) |
|
|
(20 |
) |
|
|
(20 |
) |
|
|
(22 |
) |
|
|
(80 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
967 |
|
|
$ |
1,042 |
|
|
$ |
942 |
|
|
$ |
886 |
|
|
$ |
3,837 |
|
|
|
|
789 |
|
|
|
848 |
|
|
|
806 |
|
|
|
889 |
|
|
|
3,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased |
|
|
114 |
|
|
|
140 |
|
|
|
106 |
|
|
|
72 |
|
|
|
432 |
|
|
|
|
54 |
|
|
|
74 |
|
|
|
57 |
|
|
|
58 |
|
|
|
243 |
|
Pro rata share of unconsolidated hospitality
ventures |
|
|
23 |
|
|
|
26 |
|
|
|
23 |
|
|
|
18 |
|
|
|
90 |
|
|
|
|
10 |
|
|
|
18 |
|
|
|
15 |
|
|
|
16 |
|
|
|
59 |
|
Total owned and leased |
|
|
137 |
|
|
|
166 |
|
|
|
129 |
|
|
|
90 |
|
|
|
522 |
|
|
|
|
64 |
|
|
|
92 |
|
|
|
72 |
|
|
|
74 |
|
|
|
302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America management and franchising |
|
|
44 |
|
|
|
57 |
|
|
|
47 |
|
|
|
14 |
|
|
|
162 |
|
|
|
|
28 |
|
|
|
35 |
|
|
|
28 |
|
|
|
26 |
|
|
|
117 |
|
International management and franchising |
|
|
28 |
|
|
|
31 |
|
|
|
21 |
|
|
|
22 |
|
|
|
102 |
|
|
|
|
14 |
|
|
|
12 |
|
|
|
13 |
|
|
|
27 |
|
|
|
66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(19 |
) |
|
|
(27 |
) |
|
|
(24 |
) |
|
|
(29 |
) |
|
|
(99 |
) |
|
|
|
(16 |
) |
|
|
(19 |
) |
|
|
(21 |
) |
|
|
(23 |
) |
|
|
(79 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
190 |
|
|
$ |
227 |
|
|
$ |
173 |
|
|
$ |
97 |
|
|
$ |
687 |
|
|
|
$ |
90 |
|
|
$ |
120 |
|
|
$ |
92 |
|
|
$ |
104 |
|
|
$ |
406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Schedule 4
|
Hyatt Hotels Corporation |
Quarterly Fee Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
Three Months Ended |
|
Year Ended |
(in millions of dollars) |
|
March 31,
2008
|
|
June 30,
2008
|
|
September 30,
2008
|
|
December 31,
2008
|
|
December 31,
2008
|
|
|
March 31,
2009
|
|
June 30,
2009
|
|
September 30,
2009
|
|
December 31,
2009
|
|
December 31,
2009
|
Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fees |
|
$ |
36 |
|
$ |
38 |
|
$ |
35 |
|
$ |
32 |
|
$ |
141 |
|
|
$ |
29 |
|
$ |
29 |
|
$ |
29 |
|
$ |
31 |
|
$ |
118 |
Incentive management fees |
|
|
36 |
|
|
39 |
|
|
27 |
|
|
24 |
|
|
126 |
|
|
|
20 |
|
|
20 |
|
|
14 |
|
|
25 |
|
|
79 |
Franchise and other fees |
|
|
6 |
|
|
7 |
|
|
6 |
|
|
4 |
|
|
23 |
|
|
|
5 |
|
|
6 |
|
|
6 |
|
|
9 |
|
|
26 |
Total fees |
|
$ |
78 |
|
$ |
84 |
|
$ |
68 |
|
$ |
60 |
|
$ |
290 |
|
|
$ |
54 |
|
$ |
55 |
|
$ |
49 |
|
$ |
65 |
|
$ |
223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Schedule 5
|
Hyatt Hotels Corporation |
Comparable
Hotel Statistics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
Three Months Ended |
|
Year Ended |
(in whole dollars) |
|
March 31,
2008
|
|
June 30,
2008
|
|
September 30,
2008
|
|
December 31,
2008
|
|
December 31,
2008
|
|
|
March 31,
2009
|
|
June 30,
2009
|
|
September 30,
2009
|
|
December 31,
2009
|
|
December 31,
2009
|
Owned and leased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
210.22 |
|
$ |
208.11 |
|
$ |
196.36 |
|
$ |
191.41 |
|
$ |
201.70 |
|
|
$ |
183.50 |
|
$ |
175.00 |
|
$ |
166.84 |
|
$ |
178.62 |
|
$ |
175.59 |
|
|
|
Occupancy |
|
|
67.6 % |
|
|
74.7 % |
|
|
72.0 % |
|
|
64.2 % |
|
|
69.6 % |
|
|
|
58.6 % |
|
|
66.7 % |
|
|
69.8 % |
|
|
64.6 % |
|
|
65.0 % |
|
|
|
RevPAR |
|
$ |
142.11 |
|
$ |
155.48 |
|
$ |
141.38 |
|
$ |
122.95 |
|
$ |
140.43 |
|
|
$ |
107.47 |
|
$ |
116.79 |
|
$ |
116.40 |
|
$ |
115.44 |
|
$ |
114.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
112.97 |
|
$ |
107.70 |
|
$ |
106.89 |
|
$ |
102.05 |
|
$ |
107.40 |
|
|
$ |
102.15 |
|
$ |
93.66 |
|
$ |
90.52 |
|
$ |
87.75 |
|
$ |
93.15 |
|
|
|
Occupancy |
|
|
65.1 % |
|
|
75.9 % |
|
|
73.1 % |
|
|
64.5 % |
|
|
69.6 % |
|
|
|
59.0 % |
|
|
69.4 % |
|
|
72.2 % |
|
|
67.7 % |
|
|
67.1 % |
|
|
|
RevPAR |
|
$ |
73.57 |
|
$ |
81.75 |
|
$ |
78.16 |
|
$ |
65.79 |
|
$ |
74.80 |
|
|
$ |
60.27 |
|
$ |
64.96 |
|
$ |
65.34 |
|
$ |
59.38 |
|
$ |
62.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned and leased
hotels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
186.24 |
|
$ |
182.34 |
|
$ |
173.39 |
|
$ |
168.68 |
|
$ |
177.77 |
|
|
$ |
162.75 |
|
$ |
153.76 |
|
$ |
146.98 |
|
$ |
154.76 |
|
$ |
154.16 |
|
|
|
Occupancy |
|
|
67.0 % |
|
|
75.0 % |
|
|
72.3 % |
|
|
64.3 % |
|
|
69.6 % |
|
|
|
58.7 % |
|
|
67.4 % |
|
|
70.4 % |
|
|
65.4 % |
|
|
65.5 % |
|
|
|
RevPAR |
|
$ |
124.73 |
|
$ |
136.77 |
|
$ |
125.34 |
|
$ |
108.45 |
|
$ |
123.79 |
|
|
$ |
95.49 |
|
$ |
103.64 |
|
$ |
103.44 |
|
$ |
101.22 |
|
$ |
100.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchise -
(includes owned and leased hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
181.93 |
|
$ |
182.70 |
|
$ |
171.76 |
|
$ |
168.72 |
|
$ |
176.43 |
|
|
$ |
167.88 |
|
$ |
158.87 |
|
$ |
147.77 |
|
$ |
152.17 |
|
$ |
156.32 |
|
|
|
Occupancy |
|
|
69.5 % |
|
|
76.5 % |
|
|
74.7 % |
|
|
65.5 % |
|
|
71.5 % |
|
|
|
61.8 % |
|
|
69.3 % |
|
|
70.7 % |
|
|
64.6 % |
|
|
66.6 % |
|
|
|
RevPAR |
|
$ |
126.46 |
|
$ |
139.83 |
|
$ |
128.29 |
|
$ |
110.47 |
|
$ |
126.22 |
|
|
$ |
103.75 |
|
$ |
110.07 |
|
$ |
104.40 |
|
$ |
98.23 |
|
$ |
104.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
257.57 |
|
$ |
257.23 |
|
$ |
243.36 |
|
$ |
229.86 |
|
$ |
247.21 |
|
|
$ |
209.07 |
|
$ |
202.47 |
|
$ |
197.90 |
|
$ |
219.14 |
|
$ |
207.50 |
|
|
|
Occupancy |
|
|
65.6 % |
|
|
66.1 % |
|
|
62.3 % |
|
|
62.7 % |
|
|
64.2 % |
|
|
|
55.6 % |
|
|
57.1 % |
|
|
59.3 % |
|
|
66.0 % |
|
|
59.6 % |
|
|
|
RevPAR |
|
$ |
169.07 |
|
$ |
170.07 |
|
$ |
151.65 |
|
$ |
144.11 |
|
$ |
158.66 |
|
|
$ |
116.30 |
|
$ |
115.62 |
|
$ |
117.45 |
|
$ |
144.67 |
|
$ |
123.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$ |
112.75 |
|
$ |
108.16 |
|
$ |
108.25 |
|
$ |
104.39 |
|
$ |
108.31 |
|
|
$ |
104.75 |
|
$ |
96.86 |
|
$ |
90.98 |
|
$ |
90.85 |
|
$ |
95.53 |
|
|
|
Occupancy |
|
|
61.2 % |
|
|
72.2 % |
|
|
70.2 % |
|
|
64.3 % |
|
|
67.0 % |
|
|
|
60.0 % |
|
|
68.7 % |
|
|
71.8 % |
|
|
65.2 % |
|
|
66.4 % |
|
|
|
RevPAR |
|
$ |
69.02 |
|
$ |
78.09 |
|
$ |
76.03 |
|
$ |
67.16 |
|
$ |
72.57 |
|
|
$ |
62.86 |
|
$ |
66.53 |
|
$ |
65.30 |
|
$ |
59.20 |
|
$ |
63.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hyatt Hotels Corporation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel Room Counts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Year Ended |
|
|
Three months ended |
|
Year Ended |
|
|
|
|
|
March 31,
2008
|
|
June 30,
2008
|
|
September 30,
2008
|
|
December 31,
2008
|
|
December 31,
2008
|
|
|
March 31,
2009
|
|
June 30,
2009
|
|
September 30,
2009
|
|
December 31,
2009
|
|
December 31,
2009
|
Owned and leased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service |
|
|
20,991 |
|
|
20,964 |
|
|
20,966 |
|
|
20,967 |
|
|
20,967 |
|
|
|
21,470 |
|
|
21,468 |
|
|
21,465 |
|
|
21,447 |
|
|
21,447 |
|
Select service |
|
|
7,169 |
|
|
7,169 |
|
|
7,169 |
|
|
7,169 |
|
|
7,169 |
|
|
|
7,169 |
|
|
7,169 |
|
|
7,169 |
|
|
7,169 |
|
|
7,169 |
|
Total owned and leased
|
|
|
28,160 |
|
|
28,133 |
|
|
28,135 |
|
|
28,136 |
|
|
28,136 |
|
|
|
28,639 |
|
|
28,637 |
|
|
28,634 |
|
|
28,616 |
|
|
28,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and franchise -
(includes owned and leased properties) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full service |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
60,079 |
|
|
60,746 |
|
|
60,751 |
|
|
60,754 |
|
|
60,754 |
|
|
|
60,963 |
|
|
60,933 |
|
|
61,279 |
|
|
61,266 |
|
|
61,266 |
|
|
International |
|
|
34,706 |
|
|
34,976 |
|
|
35,492 |
|
|
35,002 |
|
|
35,002 |
|
|
|
33,947 |
|
|
34,846 |
|
|
34,532 |
|
|
36,262 |
|
|
36,262 |
|
Select service |
|
|
19,190 |
|
|
19,239 |
|
|
19,327 |
|
|
20,078 |
|
|
20,078 |
|
|
|
20,566 |
|
|
21,409 |
|
|
21,791 |
|
|
22,503 |
|
|
22,503 |
|