Hyatt Hotels has reported net income of $68m for the second quarter (Q2) of 2023, a 70% decline from $206m in Q2 2022.

The company’s total revenues during the quarter, which ended on 30 June 2023, increased by 14.9% to $1.7bn from $1.48bn in the same quarter a year prior.

The company’s system-wide hotels revenue per available room (RevPAR) surged by 15% to $148.39m in the reported quarter.

Hyatt said that its comparable owned and leased hotels RevPAR also witnessed an increase of 10.1% to $205.96m during Q2 2023.

The company’s net room growth was roughly 6.9% in the quarter.

Hyatt's adjusted earnings before interest, taxes, depreciation and amortisation for the quarter was $273m, representing a 6.9% rise compared to $255m in Q2 last year.

Hyatt president and CEO Mark Hoplamazian said: “For the fifth consecutive quarter, we posted record results demonstrating our unique positioning and continued momentum. System-wide RevPAR expanded 15% year-over-year, generating a record level of total fee revenue in the quarter.

“We updated our full-year RevPAR outlook and we expanded our pipeline to 119,000 rooms, representing approximately 40% of our existing portfolio.

“Our outlook remains optimistic, fuelled by strong group booking activity during the quarter, resulting in 2024 group pace up 10%. We believe our increasing asset-light earnings mix and free cash flow define a clear path for continued success and enhanced shareholder value into the future.”

In Q2, Hyatt opened a total of 24 new hotels. As of 30 June 2023, the company has 585 hotels or 119,000 rooms in the pipeline of executed management or franchise contracts.

In June this year, Hyatt completed the acquisition of Smith Global in a £58m ($73.5) deal that was signed earlier in April.