Hyatt Hotels Corp.'s second-quarter net profit was down 24.6% from last year, in part due to an impairment charge it took against its minority investment in the home-sharing business Oasis.

The company reported net income of $77 million on revenue of $1.13 billion, compared with income of $103 million in the same period last year. 

The results included a $22 million impairment charge against Oasis, which Hyatt CFO Pat Grismer said has "underperformed expectations."

Similarly, AccorHotels last week reported a $288 million write-off against investments in the alternative lodging company Onefinestay and the concierge services business John Paul.

Hyatt said its other results were solid, driven by 4% growth in revenue per available room (RevPAR), a 7.4 increase in rooms and 13% growth in management and franchise fees.

"Disciplined execution of our long-term growth strategy continues to drive strong operating results and new hotel openings, sustaining solid earnings growth and meaningful shareholder capital returns as we pivot to an asset-lighter business model," CEO Mark Hoplamazian said in statement to investors. "Based on current booking trends, we expect a solid finish to 2018 and have raised our guidance accordingly."

Net income for the full year is expected to be approximately $508 million to $550 million, up from previous expectations of $495 million to $553 million. RevPAR is expected to increase approximately 3% to 4% compared to previous guidance of 2% to 3.5%.

The company said it expects to return approximately $800 million to shareholders, up from a previous expectation of at least $700 million, through a combination of share repurchases and cash dividends on its common stock.

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