Hyatt Hotels has reported attributable net income of $359m for the second quarter (Q2) of 2024, marking a 427.94% surge from $68m in the same period of the previous year.

The company's adjusted net income for Q2 2024 stood at $158m, up from $93m in Q2 2023.

Its diluted earnings per share (EPS) were $3.46 in Q2 2024, versus $0.63 in the corresponding quarter of the previous year.

Hyatt's total revenue for the quarter remained flat at $1.7bn.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the three months ended 30 June 2024 improved to $307m, compared with $279m in the year-ago quarter.

The hotel chain also reported growth in comparable system-wide hotel revenue per available room (RevPAR), which was $149.31 for the quarter, representing a 4.7% increase from 2023.  

Occupancy rates for Hyatt's system-wide hotels were up, reaching 72.9% in Q2 2024, a 2.4% rise from the previous year's figures.

During Q2 2024, Hyatt expanded its portfolio with the addition of 18 new hotels and the acquisition of the me and all hotels brand from Lindner Hotels.

Hyatt president and CEO Mark S. Hoplamazian said: “We posted solid second-quarter results demonstrating our differentiated positioning and continued momentum. System-wide RevPAR grew by 4.7% and net rooms growth was 4.6%, generating record gross fee revenue of $275m in the quarter.

“Our pipeline reached a new record of 130,000 rooms, up 9% year-over-year, reflecting strong developer interest in our brands. We saw continued growth of the World of Hyatt loyalty programme, with membership increasing by 21% year-over-year to a record 48 million members.”

In the first quarter (Q1) of 2024, the company registered a net income of $522m and total revenue of $1.71bn.

Hyatt recorded a net income of $881m in the first half (H1) of 2024, an increase from $126m in H1 2023.

The total revenue for H1 2024 rose to $3.41bn, from $3.38bn in the prior year.

For the full year of 2024, Hyatt anticipates a 3% to 4% increase in comparable system-wide hotels RevPAR on a constant currency basis compared to the full year 2023.

The projected full-year net income is expected to be between $1.05bn and $1.11bn while the projected full-year adjusted EBITDA is estimated to range from $1.13bn to $1.17bn.