Hyatt Hotels Corporation reported a strong performance in business transient and group travel for the second quarter of 2024. In the US, revenue per available room (RevPAR) increased over 2% from strong group and business travel, while leisure travel was negatively impacted by the timing of Easter, renovations at large resort properties and continued impact from the 2023 Maui wildfires.

The company reported a second-quarter increase in systemwide revenue per available room (RevPAR) of 4.7% compared with the same period in 2023. Hyatt also saw net rooms growth of 4.6% and net income of $359 million. The operator projected a full-year RevPAR increase of 3%-4% compared with 2023.

Mark S. Hoplamazian, CEO, said, “We posted solid second quarter results demonstrating our differentiated positioning and continued momentum.” He said the company’s pipeline reached a new record of 130,000 rooms, up 9% year over year, reflecting strong developer interest in Hyatt brands.

There was also continued growth of the World of Hyatt loyalty program, said Hoplamazian, with membership increasing by 21% year over year to a record 48 million members. These achievements, he said, “demonstrated the strength of our asset-light earnings model, which is designed to deliver strong free cash flow and enhance shareholder value.”

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