By Kimberly Chin
Hyatt Hotels Corp. reported higher earnings for the fourth quarter spurred by growth in fees from new and up-and-coming systemwide hotels.
Hyatt's quarterly profit was $321 million, or $3.08 a share, up from $44 million, or 40 cents a share, a year earlier. Adjusted profit was 47 cents a share for the quarter, down from 62 cents a share in the year-ago quarter.
Analysts polled by FactSet were expecting adjusted earnings of 24 cents a share.
Comparable system-wide revenue per available room (RevPAR) fell 0.5%, dragged down by political unrest in Hong Kong and the timing of Jewish holidays. At comparable-owned and leased hotels, RevPAR rose 1.4%.
Last month, Hyatt Hotels said it expects to open about 50 full- and select-service hotels in 2020 and more than 140 hotels in the Americas by 2022.
The company said it opened 72 hotels in fiscal 2019.
Write to Kimberly Chin at email@example.com