Posted on: February 13, 2013
Hyatt reports softness in Europe, Middle East
Hyatt Hotels Corp.'s fourth-quarter revenue fell short of analysts’ estimates, as demand in the Europe and the Middle East fell.
Net profit fell 69% largely on one-time charges.
Hyatt’s fourth-quarter revenue rose 1% to $1 billion, lagging the $1.03 billion estimate by analysts in a Thomson Reuters survey.
Hyatt’s revenue per available room (RevPAR) in its Europe/Africa/Middle East/Southwest Asia region fell 0.8% from a year earlier.
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Hyatt’s worldwide RevPAR advanced 4.2%. RevPAR at the company's select-service U.S. hotels jumped 8.7%.
The company’s net income dropped 69% from a year earlier to $15 million, primarily on one-time charges such as a loss on one of its unconsolidated hospitality ventures and a year-earlier tax benefit.
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