Hyatt Hotels Corp.'s third-quarter profit jumped 64% from a year earlier, but revenue fell short of analysts’ estimates.
Revenue rose 8.9% to $977 million, which lagged the $1 billion average estimate of analysts in a Thomson Reuters survey.
Net income rose to $23 million from $14 million a year earlier, as revenue gains from higher room rates outpaced cost increases, the company said Wednesday.
Revenue per available room at Hyatt’s North America full-service hotels rose 4.2%, as an increase in room rates more than offset a slight drop in occupancy. RevPAR at select-service hotels advanced 6%.
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