CHICAGO—Hyatt Hotels Corporation reported third quarter 2023 financial results. Highlights include: Net income was $68 million in the third quarter of 2023 compared to $28 million in the third quarter of 2022. Adjusted net income was $75 million in the third quarter of 2023 compared to $72 million in the third quarter of 2022. Diluted EPS was $0.63 in the third quarter of 2023 compared to $0.25 in the third quarter of 2022. Adjusted Diluted
From Drain to Gains
Category: Back of House, Human Capital
Food and beverage need not be a guaranteed drain on hotel profitability, according to Larry Spelts, president of Lodging & Lifestyle Adventures at Indigo Road Hospitality Group. “The biggest and most common mistake made by hotel managers is a business strategy attitude that originates from hotel industry culture that food and beverage is a necessary burden, and it is approached from the vantage point of making it as minimal a loss center as possible and
Preventing Pool Problems
Category: Back of House, Pro Tips
Preventative maintenance is critical to many areas of hotel operations, but it takes on added importance when it comes to resort pools. Industry experts agree that hoteliers must be vigilant about taking care of their pools to keep their hotels above water in many ways, including financially. Regular inspections, for example, are something all properties should strongly consider, according to Jerry Smith, founder, American Sealants Inc., a Grand Junction, Colorado-based company that creates custom
An Evolving Position
Category: Back of House, Human Capital
For hotel operators, there’s no understating the importance of hiring the right person to oversee departments like engineering. However, executives acknowledge some of the key considerations have changed over the years as they now place more of an emphasis on being guest-centric and tech-savvy, among other things. Greg Winey, president/CEO, Northpointe Hospitality Management, detailed a few of the criteria he has for this position. “For me, it’s really about knowing that we’re in a
CoStar: U.S. Hotel Performance Decreases, Shows Positive Comparisons
Category: Finance, Finance & Development, Market Reports
WASHINGTON—U.S. hotel performance decreased from the previous week but showed positive year-over-year comparisons, according to CoStar’s latest data through Oct. 28, 2023. U.S. Hotel Performance October 22-28, 2023 Percentage change from comparable week in 2022Occupancy: 66.0 percent (up 0.7 percent)ADR: $160.89 (up 3.9 percent)RevPAR: $106.16 (up 4.6 percent) Among the Top 25 Markets, Minneapolis saw the largest year-over-year lift in occupancy (up 12.7 percent to 64.5 percent). New York City posted the highest ADR increase
