Hyatt reports Q4 adjusted EPS 62c, consensus 30c
Adjusted EBITDA increased 5.0% to $182M, up 6.8% in constant currency. Comparable system-wide RevPAR increased 1.5%, including an increase of 3.0% at comparable owned and leased hotels. Comparable U.S. hotel RevPAR increased 0.9%; full service and select service hotel RevPAR increased 2.6% and decreased 3.0%, respectively. Comparable owned and leased hotels operating margin increased 240 basis points to 25.1%. The company said, "We had a very strong 2018 driven by another year of double-digit growth in management and franchising fees, nearly offsetting the earnings decline in our owned & leased segment, resulting from over $1.0 billion of asset sales. We successfully closed the acquisition of Two Roads Hospitality LLC, adding five new compelling brands into the Hyatt portfolio and significant future growth opportunities. We believe we are well-positioned to continue to execute our long-term shift to an asset-lighter business model. This is supported by a significant increase in our pipeline, which now stands at approximately 89,000 rooms, equivalent to more than 42% of our system, and our sustained net rooms growth of 7% or better."