CHICAGO--(February 16, 2012)--Hyatt Hotels
Corporation (“Hyatt” or the “Company”) (NYSE: H) today reported
financial results as follows:
- Adjusted EBITDA was $143 million in
the fourth quarter of 2011 compared to $118 million in the fourth
quarter of 2010, an increase of 21.2%.
- Net income attributable to Hyatt
was $52 million, or $0.31 per share, during the fourth quarter of 2011
compared to net income attributable to Hyatt of $6 million, or $0.03
per share, in the fourth quarter of 2010. Adjusted for special items,
net income attributable to Hyatt was $52 million, or $0.31 per share,
during the fourth quarter of 2011 compared to net income attributable
to Hyatt of $12 million, or $0.07 per share, during the fourth quarter
of 2010. See the table on page 3 of the accompanying schedules for a
summary of special items.
- Comparable owned and leased hotels
RevPAR increased 6.0% in the fourth quarter of 2011 compared to the
fourth quarter of 2010.
- Owned and leased hotel operating
margins increased 310 basis points in the fourth quarter of 2011
compared to the fourth quarter of 2010. Comparable owned and leased
hotel operating margins increased 180 basis points in the fourth
quarter of 2011 compared to the same period in 2010. See the table on
page 9 of the accompanying schedules for a reconciliation of comparable
owned and leased hotel operating margin to owned and leased hotel
operating margin.
- Comparable North American
full-service RevPAR increased 6.5% in the fourth quarter of 2011
compared to the fourth quarter of 2010. Comparable North American
select-service RevPAR increased 5.5% in the fourth quarter of 2011
compared to the fourth quarter of 2010.
- Comparable International RevPAR
increased 2.9% (3.0% excluding the effect of currency) in the fourth
quarter of 2011 compared to the fourth quarter of 2010.
- The Company added seven properties
during the fourth quarter of 2011.
Mark S. Hoplamazian, president and chief executive officer of
Hyatt Hotels Corporation, said, “We are pleased to see sustained
transient business travel around the world in the fourth quarter.
Demand from this segment was the primary driver of our results in 2011.
Though group demand in the U.S. was stronger in the fourth quarter of
2011 than in 2010, corporations remain cautious about making
longer-term commitments and this continues to limit visibility into
forward bookings.”
“We remain focused on the three priorities which are key to
creating long-term value – our people, our brands and our financial
capital and asset base. Our people deliver our brands every day and
enlisting them to identify how we may better serve our guests is
critical to our success. We are committed to ensuring that they are
highly engaged and are expanding our leadership development activities
to ensure that the next generation of leadership at Hyatt comes from
Hyatt.”
“We are committed to enriching our brand management expertise
and have dedicated significant resources and new systems capabilities
to expand our knowledge of our guests and of the meeting planners and
corporate travel managers who are current and prospective Hyatt
customers. We are now applying all of these data and insights to
improve our delivery of authentic hospitality in ways that will
differentiate our brands. We are doing this against a backdrop of
extremely strong growth in our loyal customer base – Hyatt Gold
Passport membership expanded by 15% in 2011.”
“Our select-service brands continue to gain momentum. We have
seen over 14% RevPAR growth in the select-service segment over the past
two years and intend to build on the back of the 75% expansion of our
extended-stay properties in the U.S. and the first openings of Hyatt
Place properties outside of the U.S. in 2012.”
“We will put our capital and asset base to more active use
over the coming years. We have nearly completed significant renovations
at several of our large owned hotels and we are very excited about our
‘refreshed’ presence. In New York City, we have four new or recently
renovated hotels that have opened within the last 24 months. The
momentum continues with several hotels in development that will double
our presence by 2014, giving us an extremely well-located, essentially
new property portfolio representing almost all of our brands in New
York City within two years.”
“As we move forward to 2012 and beyond, we continue to invest
for the long-term – in our people, in our brands and in our hotels –
toward our goal of becoming the most preferred brand in each segment
that we serve, our ‘path to preference’.”
SEGMENT RESULTS & OTHER ITEMS
Owned and Leased Hotels Segment
Adjusted EBITDA increased 20.7% in the fourth quarter of 2011
compared to the same period in 2010.
RevPAR for comparable owned and leased hotels increased 6.0%
in the fourth quarter of 2011 compared to the same period in 2010.
Occupancy improved 230 basis points, and ADR increased 2.5%.
Revenues increased 4.9% in the fourth quarter of 2011 compared
to the same period in 2010. Comparable hotel revenues increased 4.7% in
the fourth quarter of 2011 compared to the same period in 2010.
Owned and leased expenses increased 0.8% in the fourth quarter
of 2011 compared to the same period in 2010. Excluding expenses related
to benefit programs funded through Rabbi Trusts and non-comparable
hotel expenses, expenses increased 2.4% in the fourth quarter of 2011
compared to the same period in 2010. See the table on page 9 of the
accompanying schedules for a reconciliation of comparable owned and
leased hotels expenses to owned and leased hotels expenses.
As part of the acquisition of assets from LodgeWorks, the
150-room Hyatt House Boston/Burlington was added to the portfolio. The
property was previously managed by the Company.
One hotel, Hyatt Regency Crown Center, was removed from the
portfolio, as the lease agreement expired.
North American Management and Franchising Segment
Adjusted EBITDA increased by 19.4% in the fourth quarter of
2011 compared to the same period in 2010.
RevPAR for comparable North American full-service hotels
increased 6.5% in the fourth quarter of 2011 compared to the same
period in 2010. Occupancy increased 270 basis points and ADR increased
2.2%.
RevPAR for comparable North American select-service hotels
increased 5.5% in the fourth quarter of 2011 compared to the same
period in 2010. Occupancy increased 130 basis points and ADR increased
by 3.5%.
Revenue from management, franchise, and other fees increased
18.8% in the fourth quarter of 2011 compared to the same period in
2010.
The following three hotels were added to the portfolio during
the fourth quarter:
- Hyatt Regency New Orleans (managed,
1,193 rooms)
- Hyatt House Philadelphia/King of
Prussia (managed, 147 rooms)
- Hyatt Place Waikiki Beach
(franchised, 191 rooms)
Two hotels were removed from the portfolio in the fourth
quarter of 2011, including the previously mentioned Hyatt Regency Crown
Center.
International Management and Franchising Segment
Adjusted EBITDA increased 3.7% in the fourth quarter of 2011
compared to the same period in 2010.
RevPAR for comparable international hotels increased 2.9%
(3.0% excluding the effect of currency) in the fourth quarter of 2011
compared to the same period in 2010. Occupancy decreased 60 basis
points and ADR increased 3.7% (3.9% excluding the effect of currency).
Revenue from management, franchise and other fees was flat in
the fourth quarter of 2011 compared to the same period in 2010.
The following four hotels were added to the portfolio during
the fourth quarter:
- Park Hyatt Abu Dhabi Hotel and
Villas (managed, 306 rooms)
- Andaz Shanghai (managed, 307 rooms)
- Hyatt Regency Danang Resort and Spa
(managed, 295 rooms)
- Hyatt Capital Gate, Abu Dhabi
(managed, 189 rooms)
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses increased by
3.7% in the fourth quarter of 2011 compared to the same period in 2010.
Adjusted selling, general, and administrative expenses increased by
4.0% in the fourth quarter of 2011 compared to the same period in 2010.
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 AND FUTURE EXPANSION
Hyatt added seven hotels in the fourth quarter of 2011, each
of which is listed above. During the 2011 full fiscal year, the Company
opened 40 hotels, representing 8,573 rooms. Nine hotels, representing
3,260 rooms, were removed from the portfolio during the 2011 full
fiscal year.
The Company expects to open a significant number of new
properties in the future. As of December 31, 2011, this effort was
underscored by executed management or franchise contracts for more than
170 hotels (or more than 38,000 rooms) across all brands. The executed
contracts represent potential entry into several new countries and
expansion into many new markets in which the Company is
under-represented. Approximately 70% of the projected new hotels will
be located outside North America.
CAPITAL EXPENDITURES
Capital expenditures during the fourth quarter of 2011 totaled
$115 million, categorized as follows:
- Maintenance: $43 million
- Enhancements to existing
properties: $68 million
- Investment in new facilities: $4
million
Capital expenditures during the 2011 full fiscal year totaled
$331 million, categorized as follows:
- Maintenance: $92 million
- Enhancements to existing
properties: $226 million
- Investment in new facilities: $13
million
CORPORATE FINANCE
On December 31, 2011, the Company had total debt of
approximately $1.2 billion, cash and cash equivalents, including
investments in highly-rated money market funds and similar investments,
of approximately $530 million, short-term investments of approximately
$590 million and undrawn borrowing availability of approximately $1.4
billion under its revolving credit facility.
2012 INFORMATION
The Company is providing the following information for the
2012 fiscal year:
- Capital expenditures are expected
to be approximately $350 million.
- Depreciation and amortization
expense is expected to be approximately $350 million.
- Interest expense is expected to be
between $70 and $75 million.
- The Company expects to open over 20
hotels.
CONFERENCE CALL INFORMATION
The Company will hold an investor conference call today,
February 16, 2012, at 11:00 a.m. CT. All interested persons may listen
to a simultaneous webcast of the conference call, which may be accessed
through the Company's website at http://www.hyatt.com and selecting the Investor
Relations link located at the bottom of the page, or by dialing
617.597.5324, passcode #47358135, approximately 10 minutes before the
scheduled start time. For those unable to listen to the live broadcast,
a replay will be available from 1:00 p.m. CT on February 16, 2012
through midnight on February 23, 2011 by dialing 617.801.6888, passcode
#18207515. 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 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 (losses) on sales of real
estate;
- asset impairments;
- other income (loss), net;
- discontinued operations, net of
tax;
- net loss attributable to
noncontrolling interests;
- depreciation and amortization;
- interest expense; and
- (provision) benefit 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 selected
compensation decisions.
Adjusted EBITDA is not a substitute for net income
attributable to Hyatt Hotels Corporation, income (loss) 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.
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 hotels revenue is calculated by removing non-comparable hotels
revenue from owned and leased hotels revenue as reported in our
condensed consolidated statements of income. Comparable owned and
leased hotel expenses is calculated by removing both non-comparable
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.
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 operated hotels” is defined the same as “Comparable
systemwide hotels” with the exception that it is limited to only those
hotels we manage or operate and excludes hotels we franchise.
“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 predominantly 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 the brands Hyatt Place and
Hyatt House (which is in the process of changing its brand identity
from Hyatt Summerfield Suites). 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, general economic
uncertainty in key global markets, the rate and pace of economic
recovery following economic downturns; levels of spending in business
and leisure segments 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; foreign
exchange rate fluctuations or currency restructurings; 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
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
HouseTM. Hyatt House is
changing its brand identity from Hyatt Summerfield Suites�.
Hyatt Residential Group, Inc., a Hyatt Hotels Corporation
subsidiary, develops, operates, markets or licenses Hyatt
ResidencesTM and Hyatt
Vacation Club�, which is changing its name to Hyatt
Residence ClubTM. As of December 31,
2011, the Company's worldwide portfolio consisted of 483 properties in
45 countries. 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 |
2.
|
|
Reconciliation of
Non-GAAP to GAAP Measure: Adjusted EBITDA to EBITDA and a
Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels
Corporation |
3.
|
|
Summary of
Special Items - Three Months Ended December 31, 2011 and 2010 |
4.
|
|
Summary of
Special Items - Years Ended December 31, 2011 and 2010 |
5.
|
|
Segment Financial
Summary |
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.
|
|
Net Gains and
Interest Income from Marketable Securities Held to Fund Operating
Programs |
11.
|
|
Properties and
Rooms / Units by Geography |
12.
|
|
Properties and
Rooms / Units by Brand |
|
|
|
Page 1
|
Hyatt
Hotels Corporation |
Consolidated
Statements of Income |
For
the Three Months and Years Ended December 31, 2011 and 2010 |
(in
millions, except per share amounts) |
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
REVENUES: |
|
|
|
|
|
|
|
|
Owned and leased
hotels |
|
$
|
493
|
|
|
$
|
470
|
|
|
$
|
1,879
|
|
|
$
|
1,859
|
|
Management and
franchise fees |
|
|
77
|
|
|
|
73
|
|
|
|
288
|
|
|
|
255
|
|
Other revenues |
|
|
17
|
|
|
|
11
|
|
|
|
66
|
|
|
|
45
|
|
Other
revenues from managed properties (a) |
|
|
403
|
|
|
|
364
|
|
|
|
1,465
|
|
|
|
1,368
|
|
Total revenues |
|
|
990
|
|
|
|
918
|
|
|
|
3,698
|
|
|
|
3,527
|
|
|
|
|
|
|
|
|
|
|
DIRECT AND
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES: |
|
|
|
|
|
|
|
|
Owned and leased
hotels |
|
|
382
|
|
|
|
379
|
|
|
|
1,468
|
|
|
|
1,493
|
|
Depreciation and
amortization |
|
|
87
|
|
|
|
75
|
|
|
|
305
|
|
|
|
279
|
|
Other direct
costs |
|
|
6
|
|
|
|
3
|
|
|
|
24
|
|
|
|
3
|
|
Selling, general,
and administrative |
|
|
84
|
|
|
|
81
|
|
|
|
283
|
|
|
|
276
|
|
Other
costs from managed properties (a) |
|
|
403
|
|
|
|
364
|
|
|
|
1,465
|
|
|
|
1,368
|
|
Direct and
selling, general, and administrative expenses |
|
|
962
|
|
|
|
902
|
|
|
|
3,545
|
|
|
|
3,419
|
|
|
|
|
|
|
|
|
|
|
Net gains and interest income from
marketable securities held to fund operating programs
|
|
|
9
|
|
|
|
9
|
|
|
|
2
|
|
|
|
21
|
|
Equity earnings
(losses) from unconsolidated hospitality ventures |
|
|
(2
|
)
|
|
|
(17
|
)
|
|
|
4
|
|
|
|
(40
|
)
|
Interest expense |
|
|
(15
|
)
|
|
|
(14
|
)
|
|
|
(57
|
)
|
|
|
(54
|
)
|
Gains (losses) on
sales of real estate |
|
|
-
|
|
|
|
20
|
|
|
|
(2
|
)
|
|
|
26
|
|
Asset impairments
(b) |
|
|
(4
|
)
|
|
|
(30
|
)
|
|
|
(6
|
)
|
|
|
(44
|
)
|
Other
income (loss), net |
|
|
8
|
|
|
|
15
|
|
|
|
(11
|
)
|
|
|
71
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS)
BEFORE INCOME TAXES |
|
|
24
|
|
|
|
(1
|
)
|
|
|
83
|
|
|
|
88
|
|
|
|
|
|
|
|
|
|
|
(PROVISION)
BENEFIT FOR INCOME TAXES |
|
|
28
|
|
|
|
(3
|
)
|
|
|
28
|
|
|
|
(37
|
)
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS)
FROM CONTINUING OPERATIONS |
|
|
52
|
|
|
|
(4
|
)
|
|
|
111
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
|
DISCONTINUED
OPERATIONS: |
|
|
|
|
|
|
|
|
Loss from discontinued operations,
net of income tax benefit of $0 and $0 for the three months ended and
$0 and $2 for the years ended December 31, 2011 and 2010, respectively
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
Gains on sales of discontinued
operations, net of income tax expense of $0 and $0 for the three months
ended and $0 and $4 for the years ended December 31, 2011 and 2010,
respectively
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
|
52
|
|
|
|
(4
|
)
|
|
|
111
|
|
|
|
55
|
|
|
|
|
|
|
|
|
|
|
NET LOSS
ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
|
-
|
|
|
|
10
|
|
|
|
2
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION |
|
$
|
52
|
|
|
$
|
6
|
|
|
$
|
113
|
|
|
$
|
66
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE - Basic |
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations |
|
$
|
0.31
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.66
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations |
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Hyatt Hotels Corporation |
|
$
|
0.31
|
|
|
$
|
0.03
|
|
|
$
|
0.67
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE - Diluted |
|
|
|
|
|
|
|
|
Income (loss)
from continuing operations |
|
$
|
0.31
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.66
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations |
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Hyatt Hotels Corporation |
|
$
|
0.31
|
|
|
$
|
0.03
|
|
|
$
|
0.67
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
|
|
Basic share
counts |
|
|
165.5
|
|
|
|
174.2
|
|
|
|
168.8
|
|
|
|
174.1
|
|
|
|
|
|
|
|
|
|
|
Diluted share
counts |
|
|
165.7
|
|
|
|
174.2
|
|
|
|
169.2
|
|
|
|
174.4
|
|
|
|
|
|
|
|
|
|
|
(a)
The Company includes in total revenues the reimbursement of costs
incurred on behalf of managed hotel property owners with no added
margin and includes in direct and selling, general, and administrative
expenses these reimbursed costs. These costs relate primarily to
payroll costs where the Company is the employer. |
|
|
|
|
|
|
|
|
|
(b)
Asset impairments for the three months and years ended December 31,
2011 and 2010, include inventory impairments on vacation ownership
properties for which we have partners who hold noncontrolling
interests. As a result, $1 million and $9 million of these impairments,
respectively, were reflected in the net loss attributable to
noncontrolling interests. |
|
Page 2
|
Hyatt
Hotels Corporation |
|
Reconciliation
of Non-GAAP to GAAP Measure: Adjusted EBITDA to EBITDA and a
Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels
Corporation |
|
The
table below provides a reconciliation of consolidated Adjusted EBITDA
to EBITDA and a reconciliation of EBITDA to net income 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, |
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
143
|
|
|
$
|
118
|
|
|
$
|
538
|
|
|
$
|
476
|
|
Equity earnings
(losses) from unconsolidated hospitality ventures |
|
|
(2
|
)
|
|
|
(17
|
)
|
|
|
4
|
|
|
|
(40
|
)
|
Gains (losses) on
sales of real estate |
|
|
-
|
|
|
|
20
|
|
|
|
(2
|
)
|
|
|
26
|
|
Asset impairments
(a) |
|
|
(4
|
)
|
|
|
(30
|
)
|
|
|
(6
|
)
|
|
|
(44
|
)
|
Other income
(loss), net |
|
|
8
|
|
|
|
15
|
|
|
|
(11
|
)
|
|
|
71
|
|
Discontinued
operations, net of tax |
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
Net loss
attributable to noncontrolling interests (a) |
|
|
-
|
|
|
|
10
|
|
|
|
2
|
|
|
|
11
|
|
Pro rata
share of unconsolidated hospitality ventures Adjusted EBITDA |
|
|
(19
|
)
|
|
|
(18
|
)
|
|
|
(78
|
)
|
|
|
(68
|
)
|
EBITDA |
|
$
|
126
|
|
|
$
|
98
|
|
|
$
|
447
|
|
|
$
|
436
|
|
Depreciation and
amortization |
|
|
(87
|
)
|
|
|
(75
|
)
|
|
|
(305
|
)
|
|
|
(279
|
)
|
Interest expense |
|
|
(15
|
)
|
|
|
(14
|
)
|
|
|
(57
|
)
|
|
|
(54
|
)
|
(Provision)
benefit for income taxes |
|
|
28
|
|
|
|
(3
|
)
|
|
|
28
|
|
|
|
(37
|
)
|
Net
Income Attributable to Hyatt Hotels Corporation |
|
$
|
52
|
|
|
$
|
6
|
|
|
$
|
113
|
|
|
$
|
66
|
|
|
|
|
|
|
|
|
|
|
(a)
Asset impairments for the three months and years ended December 31,
2011 and 2010, include inventory impairments on vacation ownership
properties for which we have partners who hold noncontrolling
interests. As a result, $1 million and $9 million of these impairments,
respectively, were reflected in the net loss attributable to
noncontrolling interests. |
|
Page 3
|
Hyatt
Hotels Corporation |
Summary
of Special Items - Three Months Ended December 31, 2011 and 2010 |
|
The
following table represents a reconciliation of net income attributable
to Hyatt Hotels Corporation, adjusted for special items, to net income
attributable to Hyatt Hotels Corporation presented for the three months
ended December 31, 2011 and December 31, 2010, respectively. |
|
(in
millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
Location
on Consolidated Statements |
|
|
|
|
of
Income |
|
Three Months Ended December 31, |
|
|
|
|
2011 |
|
2010 |
|
|
|
|
|
|
|
Net
income attributable to Hyatt Hotels Corporation |
|
|
|
$
|
52
|
|
|
$
|
6
|
|
Earnings
per share |
|
|
|
$
|
0.31
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
Special items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments
(a) |
|
Asset impairments |
|
|
3
|
|
|
|
21
|
|
Unconsolidated
hospitality ventures impairments (b) |
|
Equity earnings (losses) from
unconsolidated hospitality
ventures
|
|
|
1
|
|
|
|
16
|
|
Provisions on
hotel loans (c) |
|
Other income (loss), net |
|
|
-
|
|
|
|
(1
|
)
|
Gains on sales of
real estate (d) |
|
Gains
(losses) on sales of real estate |
|
|
-
|
|
|
|
(20
|
)
|
Loss on sublease
agreement (e) |
|
Other income (loss), net |
|
|
2
|
|
|
|
-
|
|
Transaction costs
(f) |
|
Other income (loss), net |
|
|
1
|
|
|
|
-
|
|
Marketable
securities (g) |
|
Other income
(loss), net |
|
|
(6
|
)
|
|
|
(7
|
)
|
Total special
items - pre-tax |
|
|
|
|
1
|
|
|
|
9
|
|
Provision
for income taxes for special items |
|
(Provision)
benefit for income taxes |
|
|
(1
|
)
|
|
|
(3
|
)
|
Total
special items - after-tax |
|
|
|
|
-
|
|
|
|
6
|
|
Special
items impact per share |
|
|
|
$
|
0.00
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
Net
income attributable to Hyatt Hotels Corporation, adjusted for special
items |
|
|
|
$
|
52
|
|
|
$
|
12
|
|
Earnings
per share, adjusted for special items |
|
|
|
$
|
0.31
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Asset impairments − During the fourth quarters of 2011 and 2010, we
identified and recorded $3 million and $21 million of asset impairment
charges, respectively. The charges in each period relate to inventory
in our vacation ownership business, and are net of $1 million and $9
million in noncontrolling interest, respectively. |
(b)
Unconsolidated hospitality ventures impairments - During the fourth
quarters of 2011 and 2010, we recorded $1 million and $16 million,
respectively, in impairment charges related to hospitality related
ventures, of which $1 million and $6 million, respectively, related to
vacation ownership properties. |
(c)
Provisions on hotel loans - In the fourth quarter of 2010, we recovered
amounts that had previously been reserved, resulting in a $1 million
gain. |
(d)
Gains on sales of real estate - Represents a $20 million gain in the
fourth quarter of 2010 on the sales of Hyatt Deerfield, Hyatt Lisle and
Hyatt Rosemont. |
(e)
Loss on sublease agreement - During the fourth quarter of 2011, we
recorded a $2 million loss on a sublease agreement based on terms of
our existing master lease. |
(f)
Transaction costs - In the fourth quarter of 2011, we incurred $1
million in transaction costs primarily to acquire hotels and other
assets from LodgeWorks, L.P. and its private equity partners. |
(g)
Marketable securities - Represents gains on investments in trading
securities not used to fund operating programs. |
|
Page 4
|
Hyatt
Hotels Corporation |
Summary
of Special Items - Years Ended December 31, 2011 and 2010 |
|
The
following table represents a reconciliation of net income attributable
to Hyatt Hotels Corporation, adjusted for special items, to net income
attributable to Hyatt Hotels Corporation presented for the years ended
December 31, 2011 and December 31, 2010, respectively. |
|
|
|
|
|
|
|
(in
millions, except per share amounts) |
|
|
|
|
|
|
|
|
|
Location
on Consolidated Statements of |
|
|
|
|
Income
|
|
Year Ended December 31, |
|
|
|
|
2011 |
|
2010 |
|
|
|
|
|
|
|
Net
income attributable to Hyatt Hotels Corporation |
|
|
|
$
|
113
|
|
|
$
|
66
|
|
Earnings
per share |
|
|
|
$
|
0.67
|
|
|
$
|
0.38
|
|
|
|
|
|
|
|
|
Special items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairments
(a) |
|
Asset impairments |
|
|
5
|
|
|
|
35
|
|
Unconsolidated
hospitality ventures impairment (b) |
|
Equity earnings (losses)
from unconsolidated hospitality ventures |
|
|
1
|
|
|
|
31
|
|
(Gains) losses on
sales of real estate (c) |
|
Gains
(losses) on sales of real estate |
|
|
2
|
|
|
|
(26
|
)
|
Marketable
securities (d) |
|
Other income (loss), net |
|
|
13
|
|
|
|
(19
|
)
|
Losses on
sublease agreements (e) |
|
Other income (loss), net |
|
|
7
|
|
|
|
-
|
|
Gain on
extinguishment of debt (f) |
|
Other income (loss), net |
|
|
-
|
|
|
|
(35
|
)
|
Provisions on
hotel loans (g) |
|
Other income (loss), net |
|
|
4
|
|
|
|
1
|
|
Transaction
costs (h) |
|
Other income
(loss), net |
|
|
5
|
|
|
|
-
|
|
Total special
items - pre-tax |
|
|
|
|
37
|
|
|
|
(13
|
)
|
(Provision)
benefit for income taxes for special items |
|
(Provision)
benefit for income taxes |
|
|
(14
|
)
|
|
|
7
|
|
Discontinued
operations, net of tax |
|
Income
from discontinued operations, net |
|
|
-
|
|
|
|
(4
|
)
|
Total
special items - after-tax |
|
|
|
|
23
|
|
|
|
(10
|
)
|
Special
items impact per share |
|
|
|
$
|
0.13
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
|
|
Net
income attributable to Hyatt Hotels Corporation, adjusted for special
items |
|
|
|
$
|
136
|
|
|
$
|
56
|
|
Earnings
per share, adjusted for special items |
|
|
|
$
|
0.80
|
|
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Asset impairments − During the years ended December 31, 2011 and 2010,
we identified and recorded $5 million and $35 million of asset
impairment charges. The 2011 charge includes a $4 million impairment
taken on inventory related to our vacation ownership business, which is
net of $1 million in noncontrolling interest. The 2010 charge includes
$21 million of impairment charges related to two vacation ownership
properties, which is net of $9 million in noncontrolling interest, a
$10 million impairment of a company owned airplane and a $3 million
impairment of property and equipment at one of our owned hotels. |
(b) Unconsolidated hospitality
ventures impairment − During 2011 and 2010, we recorded impairment
charges of $1 million and $31 million, respectively, related to our
hospitality related ventures, of which $1 million and $15 million,
respectively, related to vacation ownership properties.
|
(c)
(Gains) losses on sale of real estate - During the year ended December
31, 2011, we sold eight hotels from our owned hotel portfolio for a
loss of $2 million. 2010 represents $26 million in gains on the sales
of Hyatt Deerfield, Hyatt Lisle, Hyatt Rosemont and Hyatt Regency
Greenville. |
(d)
Marketable securities - Represents (gains) losses on investments in
trading securities not used to fund operating programs. |
(e)
Losses on sublease agreements - During the year ended December 31,
2011, we recorded a $7 million loss on two sublease agreements based on
terms of our existing master leases. One of these sublease agreements
is with a related party. |
(f) Gain on extinguishment of debt
- During 2010, we extinguished $45 million of mortgage debt and
transferred the deed for the related property to the lender, which
resulted in a gain of $35 million.
|
(g)
Provisions on hotel loans - During 2011 and 2010, we recorded $4
million and $1 million, respectively, in provisions related to certain
hotel developer loans based on our assessment of their collectability. |
(h)
Transaction costs - In the year ended December 31, 2011, we incurred $5
million in transaction costs primarily to acquire hotels and other
assets from LodgeWorks, L.P. and its private equity partners. |
|
Page 5
|
Hyatt
Hotels Corporation |
Segment
Financial Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased |
|
$
|
493
|
|
|
$
|
470
|
|
|
$
|
23
|
|
|
4.9
|
%
|
|
$
|
1,879
|
|
|
$
|
1,859
|
|
|
$
|
20
|
|
|
1.1
|
%
|
North America |
|
|
57
|
|
|
|
48
|
|
|
|
9
|
|
|
18.8
|
%
|
|
|
216
|
|
|
|
193
|
|
|
|
23
|
|
|
11.9
|
%
|
International
|
|
|
45
|
|
|
|
45
|
|
|
|
-
|
|
|
0.0
|
%
|
|
|
155
|
|
|
|
142
|
|
|
|
13
|
|
|
9.2
|
%
|
Total management
and franchising |
|
|
102
|
|
|
|
93
|
|
|
|
9
|
|
|
9.7
|
%
|
|
|
371
|
|
|
|
335
|
|
|
|
36
|
|
|
10.7
|
%
|
Corporate and
other |
|
|
17
|
|
|
|
11
|
|
|
|
6
|
|
|
54.5
|
%
|
|
|
66
|
|
|
|
45
|
|
|
|
21
|
|
|
46.7
|
%
|
Other revenues
from managed properties |
|
|
403
|
|
|
|
364
|
|
|
|
39
|
|
|
10.7
|
%
|
|
|
1,465
|
|
|
|
1,368
|
|
|
|
97
|
|
|
7.1
|
%
|
Eliminations
|
|
|
(25
|
)
|
|
|
(20
|
)
|
|
|
(5
|
)
|
|
(25.0
|
)%
|
|
|
(83
|
)
|
|
|
(80
|
)
|
|
|
(3
|
)
|
|
(3.8
|
)%
|
Total
revenues |
|
$
|
990
|
|
|
$
|
918
|
|
|
$
|
72
|
|
|
7.8
|
%
|
|
$
|
3,698
|
|
|
$
|
3,527
|
|
|
$
|
171
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and leased |
|
$
|
86
|
|
|
$
|
69
|
|
|
$
|
17
|
|
|
24.6
|
%
|
|
$
|
322
|
|
|
$
|
288
|
|
|
$
|
34
|
|
|
11.8
|
%
|
Pro rata
share of unconsolidated hospitality ventures |
|
|
19
|
|
|
|
18
|
|
|
|
1
|
|
|
5.6
|
%
|
|
|
78
|
|
|
|
68
|
|
|
|
10
|
|
|
14.7
|
%
|
Total owned and
leased |
|
|
105
|
|
|
|
87
|
|
|
|
18
|
|
|
20.7
|
%
|
|
|
400
|
|
|
|
356
|
|
|
|
44
|
|
|
12.4
|
%
|
North American
management and franchising |
|
|
43
|
|
|
|
36
|
|
|
|
7
|
|
|
19.4
|
%
|
|
|
167
|
|
|
|
145
|
|
|
|
22
|
|
|
15.2
|
%
|
International
management and franchising |
|
|
28
|
|
|
|
27
|
|
|
|
1
|
|
|
3.7
|
%
|
|
|
87
|
|
|
|
76
|
|
|
|
11
|
|
|
14.5
|
%
|
Corporate
and other |
|
|
(33
|
)
|
|
|
(32
|
)
|
|
|
(1
|
)
|
|
(3.1
|
)%
|
|
|
(116
|
)
|
|
|
(101
|
)
|
|
|
(15
|
)
|
|
(14.9
|
)%
|
Adjusted
EBITDA |
|
$
|
143
|
|
|
$
|
118
|
|
|
$
|
25
|
|
|
21.2
|
%
|
|
$
|
538
|
|
|
$
|
476
|
|
|
$
|
62
|
|
|
13.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) (a) |
|
2011 |
|
2010 |
|
Change |
|
|
(in constant $) |
|
2011 |
|
2010 |
|
Change |
|
|
(in constant $) |
Full-service (38)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
200.57
|
|
|
$
|
197.59
|
|
|
1.5
|
%
|
|
|
1.4
|
%
|
|
$
|
197.18
|
|
|
$
|
190.83
|
|
|
3.3
|
%
|
|
|
1.6
|
%
|
Occupancy |
|
|
68.6
|
%
|
|
|
65.3
|
%
|
|
3.3
|
%
|
pts |
|
|
|
|
70.9
|
%
|
|
|
69.5
|
%
|
|
1.4
|
%
|
pts |
|
|
RevPAR |
|
$
|
137.55
|
|
|
$
|
129.04
|
|
|
6.6
|
%
|
|
|
6.5
|
%
|
|
$
|
139.87
|
|
|
$
|
132.64
|
|
|
5.5
|
%
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select-service
(46) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
90.22
|
|
|
$
|
87.04
|
|
|
3.7
|
%
|
|
|
3.7
|
%
|
|
$
|
91.96
|
|
|
$
|
87.26
|
|
|
5.4
|
%
|
|
|
5.4
|
%
|
Occupancy |
|
|
72.6
|
%
|
|
|
73.1
|
%
|
|
(0.5
|
)%
|
pts |
|
|
|
|
77.0
|
%
|
|
|
74.8
|
%
|
|
2.2
|
%
|
pts |
|
|
RevPAR |
|
$
|
65.46
|
|
|
$
|
63.67
|
|
|
2.8
|
%
|
|
|
2.8
|
%
|
|
$
|
70.77
|
|
|
$
|
65.28
|
|
|
8.4
|
%
|
|
|
8.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned
and leased hotels (84) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
171.43
|
|
|
$
|
167.20
|
|
|
2.5
|
%
|
|
|
2.5
|
%
|
|
$
|
168.90
|
|
|
$
|
163.15
|
|
|
3.5
|
%
|
|
|
2.1
|
%
|
Occupancy |
|
|
69.6
|
%
|
|
|
67.3
|
%
|
|
2.3
|
%
|
pts |
|
|
|
|
72.5
|
%
|
|
|
70.8
|
%
|
|
1.7
|
%
|
pts |
|
|
RevPAR |
|
$
|
119.29
|
|
|
$
|
112.51
|
|
|
6.0
|
%
|
|
|
6.0
|
%
|
|
$
|
122.39
|
|
|
$
|
115.59
|
|
|
5.9
|
%
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
and franchise hotels (# hotels; includes owned and leased hotels)
|
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-service
(120) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
163.08
|
|
|
$
|
159.62
|
|
|
2.2
|
%
|
|
|
2.2
|
%
|
|
$
|
162.38
|
|
|
$
|
157.60
|
|
|
3.0
|
%
|
|
|
2.8
|
%
|
Occupancy |
|
|
67.5
|
%
|
|
|
64.8
|
%
|
|
2.7
|
%
|
pts |
|
|
|
|
71.5
|
%
|
|
|
69.1
|
%
|
|
2.4
|
%
|
pts |
|
|
RevPAR |
|
$
|
110.11
|
|
|
$
|
103.38
|
|
|
6.5
|
%
|
|
|
6.5
|
%
|
|
$
|
116.09
|
|
|
$
|
108.84
|
|
|
6.7
|
%
|
|
|
6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select-service (177)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
94.56
|
|
|
$
|
91.32
|
|
|
3.5
|
%
|
|
|
3.5
|
%
|
|
$
|
95.94
|
|
|
$
|
92.79
|
|
|
3.4
|
%
|
|
|
3.4
|
%
|
Occupancy |
|
|
70.1
|
%
|
|
|
68.8
|
%
|
|
1.3
|
%
|
pts |
|
|
|
|
74.1
|
%
|
|
|
70.4
|
%
|
|
3.7
|
%
|
pts |
|
|
RevPAR |
|
$
|
66.27
|
|
|
$
|
62.83
|
|
|
5.5
|
%
|
|
|
5.5
|
%
|
|
$
|
71.13
|
|
|
$
|
65.35
|
|
|
8.8
|
%
|
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
comparable hotels (96) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
240.58
|
|
|
$
|
231.98
|
|
|
3.7
|
%
|
|
|
3.9
|
%
|
|
$
|
232.87
|
|
|
$
|
216.89
|
|
|
7.4
|
%
|
|
|
3.2
|
%
|
Occupancy |
|
|
68.7
|
%
|
|
|
69.3
|
%
|
|
(0.6
|
)%
|
pts |
|
|
|
|
65.6
|
%
|
|
|
65.2
|
%
|
|
0.4
|
%
|
pts |
|
|
RevPAR |
|
$
|
165.32
|
|
|
$
|
160.73
|
|
|
2.9
|
%
|
|
|
3.0
|
%
|
|
$
|
152.88
|
|
|
$
|
141.44
|
|
|
8.1
|
%
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
systemwide hotels (393) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
$
|
171.38
|
|
|
$
|
167.03
|
|
|
2.6
|
%
|
|
|
2.7
|
%
|
|
$
|
167.26
|
|
|
$
|
160.51
|
|
|
4.2
|
%
|
|
|
2.6
|
%
|
Occupancy |
|
|
68.3
|
%
|
|
|
66.8
|
%
|
|
1.5
|
%
|
pts |
|
|
|
|
70.4
|
%
|
|
|
68.3
|
%
|
|
2.1
|
%
|
pts |
|
|
RevPAR |
|
$
|
117.13
|
|
|
$
|
111.59
|
|
|
5.0
|
%
|
|
|
5.0
|
%
|
|
$
|
117.70
|
|
|
$
|
109.55
|
|
|
7.4
|
%
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Owned and leased hotel
statistics do not include unconsolidated hospitality ventures.
|
|
Page 7
|
Hyatt
Hotels Corporation |
Fee
Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions) |
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management
fees |
|
$
|
38
|
|
$
|
35
|
|
$
|
3
|
|
|
8.6
|
%
|
|
$
|
147
|
|
$
|
132
|
|
$
|
15
|
|
|
11.4
|
%
|
Incentive
management fees |
|
|
28
|
|
|
31
|
|
|
(3
|
)
|
|
(9.7
|
)%
|
|
|
98
|
|
|
93
|
|
|
5
|
|
|
5.4
|
%
|
Franchise
and other fees |
|
|
11
|
|
|
7
|
|
|
4
|
|
|
57.1
|
%
|
|
|
43
|
|
|
30
|
|
|
13
|
|
|
43.3
|
%
|
Total
fees |
|
$
|
77
|
|
$
|
73
|
|
$
|
4
|
|
|
5.5
|
%
|
|
$
|
288
|
|
$
|
255
|
|
$
|
33
|
|
|
12.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 and interest income
from marketable securities held to fund operating programs, thus having
no net impact to our earnings. Below is a reconciliation of this
account excluding the impact of our rabbi trust investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted selling,
general, and administrative expenses (a) |
|
$
|
78
|
|
$
|
75
|
|
$
|
3
|
|
|
4.0
|
%
|
|
$
|
284
|
|
|
$
|
265
|
|
$
|
19
|
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust
impact |
|
|
6
|
|
|
6
|
|
|
-
|
|
|
0.0
|
%
|
|
|
(1
|
)
|
|
|
11
|
|
|
(12
|
)
|
|
(109.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general, and administrative expenses |
|
$
|
84
|
|
$
|
81
|
|
$
|
3
|
|
|
3.7
|
%
|
|
$
|
283
|
|
|
$
|
276
|
|
$
|
7
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Segment breakdown for adjusted selling, general, and administrative
expenses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
management and franchising |
|
$
|
14
|
|
$
|
13
|
|
$
|
1
|
|
|
7.7
|
%
|
|
$
|
49
|
|
|
$
|
48
|
|
$
|
1
|
|
|
2.1
|
%
|
International
management and franchising |
|
|
17
|
|
|
18
|
|
|
(1
|
)
|
|
(5.6
|
)%
|
|
|
68
|
|
|
|
66
|
|
|
2
|
|
|
3.0
|
%
|
Owned and leased |
|
|
3
|
|
|
3
|
|
|
-
|
|
|
0.0
|
%
|
|
|
10
|
|
|
|
8
|
|
|
2
|
|
|
25.0
|
%
|
Corporate
and other (1) |
|
|
44
|
|
|
41
|
|
|
3
|
|
|
7.3
|
%
|
|
|
157
|
|
|
|
143
|
|
|
14
|
|
|
9.8
|
%
|
Adjusted
selling, general, and administrative expenses |
|
$
|
78
|
|
$
|
75
|
|
$
|
3
|
|
|
4.0
|
%
|
|
$
|
284
|
|
|
$
|
265
|
|
$
|
19
|
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Corporate and other includes vacation ownership expenses of $7 million
and $6 million for the three months ended December 31, 2011 and 2010,
respectively, and $27 million and $25 million for the years ended
December 31, 2011 and 2010, respectively. |
|
Page 9
|
Hyatt
Hotels Corporation |
Reconciliation
of Non-GAAP to GAAP Measure: Comparable Owned and Leased Hotel
Operating Margin to Owned and Leased Hotel Operating Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Below
is a breakdown of consolidated owned and leased hotels revenues and
expenses, as used in calculating comparable owned and leased hotel
operating margin percentages. Results of operations as presented on
consolidated statements of income include the impact of expenses
recognized with respect to employee benefit programs funded through
rabbi trusts. Certain of these expenses are recognized in owned and
leased hotels expenses and are completely offset by the corresponding
net gains and interest income from marketable securities held to fund
operating programs, thus having no net impact to our earnings. Below is
a reconciliation of this account excluding the impact of our rabbi
trusts and excluding the impact of non-comparable hotels. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned
and leased hotels |
|
$
|
447
|
|
|
$
|
427
|
|
|
$
|
20
|
|
|
4.7
|
%
|
|
$
|
1,743
|
|
|
$
|
1,657
|
|
|
$
|
86
|
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
hotels |
|
|
46
|
|
|
|
43
|
|
|
|
3
|
|
|
7.0
|
%
|
|
|
136
|
|
|
|
202
|
|
|
|
(66
|
)
|
|
(32.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and
leased hotels revenue |
|
$
|
493
|
|
|
$
|
470
|
|
|
$
|
23
|
|
|
4.9
|
%
|
|
$
|
1,879
|
|
|
$
|
1,859
|
|
|
$
|
20
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable owned
and leased hotels |
|
$
|
347
|
|
|
$
|
339
|
|
|
$
|
8
|
|
|
2.4
|
%
|
|
$
|
1,361
|
|
|
$
|
1,313
|
|
|
$
|
48
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
hotels |
|
|
33
|
|
|
|
37
|
|
|
|
(4
|
)
|
|
(10.8
|
)%
|
|
|
108
|
|
|
|
175
|
|
|
|
(67
|
)
|
|
(38.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust |
|
|
2
|
|
|
|
3
|
|
|
|
(1
|
)
|
|
(33.3
|
)%
|
|
|
(1
|
)
|
|
|
5
|
|
|
|
(6
|
)
|
|
(120.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and
leased hotels expense |
|
$
|
382
|
|
|
$
|
379
|
|
|
$
|
3
|
|
|
0.8
|
%
|
|
$
|
1,468
|
|
|
$
|
1,493
|
|
|
$
|
(25
|
)
|
|
(1.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned and
leased hotel operating margin percentage |
|
|
22.5
|
%
|
|
|
19.4
|
%
|
|
|
|
3.1
|
%
|
|
|
21.9
|
%
|
|
|
19.7
|
%
|
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
owned and leased hotel operating margin percentage |
|
|
22.4
|
%
|
|
|
20.6
|
%
|
|
|
|
1.8
|
%
|
|
|
21.9
|
%
|
|
|
20.8
|
%
|
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 10
|
Hyatt
Hotels Corporation |
Net
gains and interest income from marketable securities held to fund
operating programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
table below provides a reconciliation of net gains and interest income
from marketable securities held to fund operating programs, all of
which are completely offset within other line items of our consolidated
statements of income, thus having no net impact to our earnings. The
gains or losses on securities held in rabbi trusts are offset to our
owned and leased hotels expense for our hotel staff and selling,
general, and administrative expenses for our corporate staff and
personnel supporting our business segments. The gains and losses on
securities held to fund our Hyatt Gold Passport program for our owned
and leased hotels are offset by corresponding changes to our owned and
leased hotel revenues. The table below shows the amounts recorded to
the respective offsetting account. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
|
|
|
|
Year Ended December 31, |
|
|
|
|
|
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
2011 |
|
2010 |
|
Change ($) |
|
Change (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rabbi trust
impact allocated to selling, general, and administrative expenses |
|
$
|
6
|
|
$
|
6
|
|
$
|
-
|
|
|
0.0
|
%
|
|
$
|
(1
|
)
|
|
$
|
11
|
|
$
|
(12
|
)
|
|
(109.1
|
)%
|
Rabbi trust
impact allocated to owned and leased hotels expense |
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
(33.3
|
)%
|
|
|
(1
|
)
|
|
|
5
|
|
|
(6
|
)
|
|
(120.0
|
)%
|
Net gains
and interest income from marketable securities held to fund our Gold
Passport program allocated to owned and leased hotels revenue |
|
|
1
|
|
|
-
|
|
|
1
|
|
|
100.0
|
%
|
|
|
4
|
|
|
|
5
|
|
|
(1
|
)
|
|
(20.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gains
and interest income from marketable securities held to fund operating
programs |
|
$
|
9
|
|
$
|
9
|
|
$
|
-
|
|
|
0.0
|
%
|
|
$
|
2
|
|
|
$
|
21
|
|
$
|
(19
|
)
|
|
(90.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 11
|
Hyatt
Hotels Corporation |
Properties
and Rooms / Units by Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2011 |
|
September
30, 2011 |
|
December
31, 2010 |
|
QTD
Change |
|
YTD
Change |
Owned and
leased hotels |
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties |
|
Rooms/Units |
|
Properties |
|
Rooms/Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-service
hotels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
34
|
|
15,875
|
|
35
|
|
16,621
|
|
32
|
|
16,840
|
|
(1
|
)
|
|
(746
|
)
|
|
2
|
|
|
(965
|
)
|
International |
|
10
|
|
2,603
|
|
10
|
|
2,603
|
|
10
|
|
2,607
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(4
|
)
|
Select-service
|
|
64
|
|
8,712
|
|
63
|
|
8,562
|
|
54
|
|
7,041
|
|
1
|
|
|
150
|
|
|
10
|
|
|
1,671
|
|
Total
owned and leased hotels |
|
108
|
|
27,190
|
|
108
|
|
27,786
|
|
96
|
|
26,488
|
|
-
|
|
|
(596
|
)
|
|
12
|
|
|
702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed and
franchised hotels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(includes
owned and leased hotels) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
December
31, 2011 |
|
September
30, 2011 |
|
December
31, 2010 |
|
QTD
Change |
|
YTD
Change |
Full-service
hotels |
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties |
|
Rooms/Units |
|
Properties |
|
Rooms/Units |
Managed (a) |
|
115
|
|
59,986
|
|
116
|
|
59,900
|
|
114
|
|
60,016
|
|
(1
|
)
|
|
86
|
|
|
1
|
|
|
(30
|
)
|
Franchised
|
|
20
|
|
6,046
|
|
19
|
|
5,682
|
|
16
|
|
4,767
|
|
1
|
|
|
364
|
|
|
4
|
|
|
1,279
|
|
Subtotal |
|
135
|
|
66,032
|
|
135
|
|
65,582
|
|
130
|
|
64,783
|
|
-
|
|
|
450
|
|
|
5
|
|
|
1,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Select-service
hotels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed |
|
95
|
|
12,781
|
|
93
|
|
12,497
|
|
81
|
|
10,522
|
|
2
|
|
|
284
|
|
|
14
|
|
|
2,259
|
|
Franchised
|
|
120
|
|
15,247
|
|
121
|
|
15,343
|
|
114
|
|
14,494
|
|
(1
|
)
|
|
(96
|
)
|
|
6
|
|
|
753
|
|
Subtotal |
|
215
|
|
28,028
|
|
214
|
|
27,840
|
|
195
|
|
25,016
|
|
1
|
|
|
188
|
|
|
20
|
|
|
3,012
|
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed (a) |
|
108
|
|
35,486
|
|
104
|
|
34,254
|
|
102
|
|
34,519
|
|
4
|
|
|
1,232
|
|
|
6
|
|
|
967
|
|
Franchised
|
|
2
|
|
988
|
|
2
|
|
988
|
|
2
|
|
988
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Subtotal |
|
110
|
|
36,474
|
|
106
|
|
35,242
|
|
104
|
|
35,507
|
|
4
|
|
|
1,232
|
|
|
6
|
|
|
967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
managed and franchised hotels |
|
460
|
|
130,534
|
|
455
|
|
128,664
|
|
429
|
|
125,306
|
|
5
|
|
|
1,870
|
|
|
31
|
|
|
5,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vacation
ownership |
|
15
|
|
963
|
|
15
|
|
963
|
|
15
|
|
962
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
Residential |
|
8
|
|
1,230
|
|
8
|
|
1,230
|
|
9
|
|
1,239
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
(9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
properties and rooms/units |
|
483
|
|
132,727
|
|
478
|
|
130,857
|
|
453
|
|
127,507
|
|
5
|
|
|
1,870
|
|
|
30
|
|
|
5,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Owned and leased hotel figures do not include unconsolidated
hospitality ventures. |
(b)
Additional details included for a regional breakout of international
managed and franchised hotels. |
|
International
managed and franchised hotels |
|
December
31, 2011 |
|
September
30, 2011 |
|
December
31, 2010 |
|
QTD
Change |
|
YTD
Change |
(includes
owned and leased hotels) |
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties |
|
Rooms/Units |
|
Properties |
|
Rooms/Units |
Asia Pacific |
|
53
|
|
20,981
|
|
51
|
|
20,244
|
|
51
|
|
20,364
|
|
2
|
|
|
737
|
|
|
2
|
|
|
617
|
|
Southwest Asia |
|
18
|
|
5,614
|
|
16
|
|
5,119
|
|
13
|
|
4,430
|
|
2
|
|
|
495
|
|
|
5
|
|
|
1,184
|
|
Europe, Africa,
Middle East |
|
32
|
|
7,961
|
|
32
|
|
7,961
|
|
33
|
|
8,795
|
|
-
|
|
|
-
|
|
|
(1
|
)
|
|
(834
|
)
|
Other
Americas |
|
7
|
|
1,918
|
|
7
|
|
1,918
|
|
7
|
|
1,918
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
International |
|
110
|
|
36,474
|
|
106
|
|
35,242
|
|
104
|
|
35,507
|
|
4
|
|
|
1,232
|
|
|
6
|
|
|
967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 12
|
Hyatt
Hotels Corporation |
Properties
and Rooms / Units by Brand |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2011 |
|
September
30, 2011 |
|
December
31, 2010 |
|
QTD
Change |
|
YTD
Change |
Brand
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units
|
|
Properties
|
|
Rooms/Units |
|
Properties |
|
Rooms/Units |
Park Hyatt |
|
27
|
|
5,399
|
|
26
|
|
5,093
|
|
25
|
|
5,049
|
|
1
|
|
306
|
|
|
2
|
|
|
350
|
|
Andaz |
|
6
|
|
1,408
|
|
5
|
|
1,101
|
|
5
|
|
1,096
|
|
1
|
|
307
|
|
|
1
|
|
|
312
|
|
Hyatt |
|
26
|
|
6,010
|
|
25
|
|
5,827
|
|
21
|
|
5,462
|
|
1
|
|
183
|
|
|
5
|
|
|
548
|
|
Grand Hyatt |
|
37
|
|
21,101
|
|
37
|
|
21,109
|
|
37
|
|
21,568
|
|
-
|
|
(8
|
)
|
|
-
|
|
|
(467
|
)
|
Hyatt Regency |
|
149
|
|
68,588
|
|
148
|
|
67,694
|
|
146
|
|
67,115
|
|
1
|
|
894
|
|
|
3
|
|
|
1,473
|
|
Hyatt Place |
|
162
|
|
20,573
|
|
162
|
|
20,532
|
|
161
|
|
20,434
|
|
-
|
|
41
|
|
|
1
|
|
|
139
|
|
Hyatt House (a) |
|
53
|
|
7,455
|
|
52
|
|
7,308
|
|
34
|
|
4,582
|
|
1
|
|
147
|
|
|
19
|
|
|
2,873
|
|
Vacation
Ownership and Residential |
|
23
|
|
2,193
|
|
23
|
|
2,193
|
|
24
|
|
2,201
|
|
-
|
|
-
|
|
|
(1
|
)
|
|
(8
|
)
|
Total |
|
483
|
|
132,727
|
|
478
|
|
130,857
|
|
453
|
|
127,507
|
|
5
|
|
1,870
|
|
|
30
|
|
|
5,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Hyatt House is in the process of changing its brand identity from Hyatt
Summerfield Suites. |
|