Hyatt Hotels Corp. shared select fourth-quarter and full-year 2023 highlights today while delaying the issuance of its fourth-quarter and full-year 2023 earnings release and investor conference call, previously scheduled for this morning. The company said it required additional time to finalize accounting related to Unlimited Vacation Club deferred cost activity in its Apple Leisure Group segment, which has no cash impact.
Notable Numbers
Cash flow from operations was $800 million and free cash flow was $602 million for the full year of 2023—both metrics are the highest in the company’s history.
RevPAR
Hyatt noted an increase in comparable systemwide revenue per available room—9.1 percent in the fourth quarter and 17 percent for the full year, compared to the same periods in 2022, exceeding the 2023 full-year outlook. Comparable owned and leased hotels RevPAR increased 5.9 percent in the fourth quarter and 15.5 percent for the full year of 2023, compared to the same periods in 2022. Comparable net package RevPAR increased 11.3 percent in the fourth quarter and 15.3 percent for the full year of 2023, compared to the same periods in 2022.
Hotels, Rooms, Franchisees and Fees
Comparable owned and leased hotels operating margin was 26.2 percent in the fourth quarter and 25.4 percent for the full year, while net rooms growth was 5.9 percent for the full year of 2023, in line with full-year outlook for 2023. Management, franchise, license and other fees were $256 million in the fourth quarter and $985 million for the full year of 2023, and the pipeline of executed management or franchise contracts was approximately 127,000 rooms.
The company will issue a separate press release when a rescheduled date and time for the earnings call has been determined.