Hyatt records 256% revenue growth across EMEA in Q1

Hyatt records 256% revenue growth across EMEA in Q1

Hyatt witnessed a 256 per cent growth in revenue in Q1 across managed and franchised hotels in EMEA, led by favourable results in the Middle East as well as Western Europe which benefited from strong international inbound demand.

Mark S Hoplamazian, President and Chief Executive Officer of Hyatt, said: "For the fourth consecutive quarter we posted record results that exceeded our expectations, demonstrating our unique positioning and differentiated model. We raised our full-year RevPAR outlook while maintaining our record level pipeline and industry-leading net rooms growth. We continue to experience favourable booking trends and our outlook remains optimistic."

Hyatt reported a global net income of $58 million in the first quarter of 2023 compared to a net loss of $73 million in the first quarter of 2022.

Comparable system-wide RevPAR increased 42.9 per cent in the first quarter of 2023 compared to 2022. Adjusted EBITDA was $268 million in the first quarter of 2023 compared to $169 million in the first quarter of 2022.

In the Middle East, Hyatt’s footprint continues to go from strength to strength, with the company tripling its portfolio in the past ten years across the region. In key growth markets like the Kingdom of Saudi Arabia, Hyatt is set