Hyatt Hotels Corp.'s fourth-quarter earnings jumped more than eightfold as the company benefited from higher demand for full-service and select-service hotels as well as an income-tax gain.
Hyatt’s net income jumped to $52 million from $6 million a year earlier, while revenue rose 7.8% to $990 million.
The company’s revenue per available room increased 6%. There wasa 6.5% increase in RevPAR for full-service hotel brands such as Hyatt Regency and a 5.5% RevPAR increase at select-service badges such as Hyatt Place. The company also had a $28 million income-tax benefit.
For the year, Hyatt’s net income doubled to $111 million, while revenue rose 4.8%, to $3.7 billion.
Earlier this week, Marriott International reported a 1.4% increase in fourth-quarter revenue, as its North American RevPAR advanced 6.4%.
Follow Danny King on Twitter @dktravelweekly.