Hyatt Hotels Corporation reports second quarter 2015 net income of $40 million compared to $74 million for same year-ago period; Comparable systemwide RevPAR increased 2.2%. Nineteen hotels were opened during the second quarter of 2015 – the most organic growth in any single quarter since Hyatt’s IPO in 2009.
Second quarter 2015 financial results are as follows:
•Adjusted EBITDA was $210 million in the second quarter of 2015 compared to $231 million in the second quarter of 2014, a decrease of 9.1%. Adjusted EBITDA in the second quarter of 2015 was negatively impacted by $25 million due to net dispositions and $8 million due to net unfavorable currency impacts, compared to the second quarter of 2014.
•Adjusted for special items, net income attributable to Hyatt was $41 million, or $0.28 per share, during the second quarter of 2015 compared to net income attributable to Hyatt of $72 million, or $0.47 per share, during the second quarter of 2014.
•Net income attributable to Hyatt was $40 million, or $0.27 per share, during the second quarter of 2015 compared to net income attributable to Hyatt of $74 million, or $0.48 per share, in the second quarter of 2014.
•Comparable owned and leased hotels RevPAR increased 1.5% (4.8% excluding the effect of currency) in the second quarter of 2015 compared to the second quarter of 2014.
•Comparable owned and leased hotels operating margins increased 120 basis points in the second quarter of 2015 compared to the second quarter of 2014. Owned and leased hotels operating margins increased 20 basis points in the second quarter of 2015 compared to the second quarter of 2014.
•Comparable systemwide RevPAR increased 2.2% (5.6% excluding the effect of currency) in the second quarter of 2015 compared to the second quarter of 2014.
•Comparable U.S. full service hotel RevPAR increased 7.5% in the second quarter of 2015 compared to the second quarter of 2014. Comparable U.S. select service hotel RevPAR increased 7.2% in the second quarter of 2015 compared to the second quarter of 2014.
•Nineteen hotels were opened during the second quarter of 2015 – the most organic growth in any single quarter since Hyatt’s IPO in 2009. The new hotels were opened across six brands, including the first two Hyatt Centric-branded hotels, and represent entry into eight new markets.
•The Company repurchased 2,686,374 shares of common stock at a weighted average price of $58.42 per share, for an aggregate purchase price of approximately $157 million.
•On July 30, 2015, the Company’s board of directors authorized the repurchase of up to an additional $400 million of common stock. The authorization applies to the repurchase of Class A and/or Class B shares.
To view full second quarter financial results please visit:
http://newsroom.hyatt.com/080415-Hyatt-Reports-Second-Quarter-2015-Results
MGM Resorts International reports second quarter 2015 net income of $97.5 million compared to $110 million in the year ago quarter. Wholly Owned Domestic Resorts Net Revenue Increased 4% & Adjusted Property EBITDA Increased 11%.
Key results for the second quarter of 2015 include the following:
•Net revenue at the Company’s wholly owned domestic resorts was $1.7 billion, an increase of 4% compared to the prior year quarter;
•Rooms revenue at wholly owned domestic resorts increased 6% with a 6% increase in REVPAR(1) at the Company’s Las Vegas Strip resorts compared to the prior year quarter;
•The Company’s wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $458 million, an 11% increase compared to the prior year quarter;
•Adjusted Property EBITDA margin for wholly owned domestic resorts increased 158 basis points to 26.9% in the current year quarter;
•MGM China’s net revenue was $557 million and Adjusted EBITDA was $132 million, decreases of 33% and 37%, respectively, compared to the prior year quarter; and
•CityCenter’s Adjusted EBITDA related to resort operations was $84 million, a 4% increase compared to the prior year quarter.
To view full second quarter financial results please visit:
Summit Hotel Properties reports second quarter 2015 net income of $12.1 million compared to $4.8 million in the same period of 2014.8.7 percent Same-Store RevPAR growth; $0.34 Adjusted FFO per share 21.0 percent Adjusted FFO per share growth; 17.0 percent Adjusted EBITDA growth.
Second Quarter 2015 Highlights
•Pro Forma RevPAR: Pro forma revenue per available room (“RevPAR”) in the second quarter of 2015 grew to $108.10, an increase of 7.6 percent over the same period of 2014. Pro forma average daily rate (“ADR”) grew to $133.68 in the second quarter of 2015, an increase of 6.5 percent from the same period of 2014. Pro forma occupancy increased by 1.0 percent to 80.9 percent.
•Pro Forma Hotel EBITDA: Pro forma hotel EBITDA in the second quarter of 2015 grew to $47.0 million, an increase of 10.4 percent over the same period in 2014.
•Pro Forma Hotel EBITDA Margin: Pro forma hotel EBITDA margin expanded by 39 basis points in the second quarter of 2015 to 37.8 percent compared with the same period of 2014. Pro forma hotel EBITDA margin is defined as pro forma hotel EBITDA as a percentage of pro forma total revenue.
•Same-Store RevPAR: Same-store RevPAR in the second quarter of 2015 grew to $104.25, an increase of 8.7 percent over the same period in 2014. Same-store ADR in the second quarter of 2015 grew to $128.90, an increase of 7.3 percent from the same period of 2014. Same-store occupancy increased by 1.4 percent in the second quarter of 2015 to 80.9 percent compared to the same period in 2014.
•Adjusted EBITDA: Adjusted EBITDA increased to $41.7 million in the second quarter of 2015 from $35.6 million in the same period of 2014, an increase of $6.1 million or 17.0 percent.
•Adjusted FFO: Adjusted Funds from Operations (“AFFO”) for the second quarter of 2015 increased to $29.7 million, or $0.34 per diluted unit, which is a 21.0 percent increase from the same period of 2014.
•Net Income: Net Income attributable to common stockholders in the second quarter of 2015 increased to $12.1 million, or $0.14 per diluted share, compared to $4.8 million, or $0.06 per diluted share, in the same period of 2014.
•Acquisitions: The Company acquired three hotels during the second quarter of 2015 comprising 465 guestrooms, for a total purchase price of $98.0 million.
To view full second quarter financial results please visit:
http://www.snl.com/Cache/1500074488.PDF?Y=&O=PDF&D=&FID=1500074488&T=&IID=4264301
Ryman Hospitality Properties reports second quarter 2015 net income of $41.4 million compared to $23 million in the year ago quarter.
Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “We are delighted with our record second quarter performance from both a revenue and profitability perspective. Our Hospitality segment capitalized on strong demand from group and transient customers to drive higher levels of occupancy and outside-the-room spending, which, combined with effective margin management, contributed to same-store Hospitality Adjusted EBITDA Margin growth of 160 basis points to 34.5 percent compared to second quarter 2014. This quarter’s Hospitality Adjusted EBITDA margin is the best our Company has achieved for any quarter since the opening of Gaylord National.
To view full second quarter financial results please visit:
http://ir.rymanhp.com/phoenix.zhtml?c=72635&p=irol-newsArticle&ID=2075398
Chesapeake Lodging Trust reports second quarter 2015 net income of $21.6 million compared to $18.8 million for the same period in 2014.
HIGHLIGHTS
• RevPAR: 7.0% pro forma increase for the 22-hotel portfolio over the same period in 2014.
• Adjusted Hotel EBITDA Margin: 140 basis point pro forma increase to 36.4% for the 22-hotel portfolio over the same period in 2014.
• Adjusted Hotel EBITDA: $59.4 million.
• Adjusted Corporate EBITDA: $54.9 million.
• Adjusted FFO: $39.8 million or $0.68 per diluted common share.
• Acquisition: Acquired the 182-room Ace Hotel and Theater Downtown Los Angeles for a purchase price of $103.0 million.
• Dividend: Increased third quarter 2015 dividend by 14% to $0.40 per common share (5.1% annualized yield based on the closing price of the Trust’s common shares on July 29, 2015).
To view full second quarter financial results please visit:
http://www.chesapeakelodgingtrust.com/phoenix.zhtml?c=233098&p=irol-newsArticle&ID=2073277
