Hyatt Hotels Updates FY24 Net Income Guidance To $1.425B-$1.495B; System-Wide Hotels RevPAR 3%-4%; Outlook For Adj EBITDA And Free Cash Flow Remain In Line With The Outlook Provided On August 6, 2024 Adjusted For The $35M Reduction To Adj EBITDA And $135M Of Cash Tax Payments Related To The Sale Transaction
Portfolio Pulse from Benzinga Newsdesk
Hyatt Hotels Corporation has updated its FY24 net income guidance to $1.425B-$1.495B and expects a 3%-4% increase in System-Wide Hotels RevPAR. The company completed the sale of Hyatt Regency Orlando for $1.07 billion, retaining a long-term management agreement and entering a development agreement for a new Grand Hyatt hotel. The sale has led to a $35M reduction in Adjusted EBITDA and $135M in cash tax payments. Capital returns to shareholders have increased by $400M.

August 16, 2024 | 8:20 pm
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Hyatt Hotels Corporation has updated its FY24 net income guidance to $1.425B-$1.495B and expects a 3%-4% increase in System-Wide Hotels RevPAR. The company completed the sale of Hyatt Regency Orlando for $1.07 billion, retaining a long-term management agreement and entering a development agreement for a new Grand Hyatt hotel. The sale has led to a $35M reduction in Adjusted EBITDA and $135M in cash tax payments. Capital returns to shareholders have increased by $400M.
The updated guidance and completion of a significant asset sale are positive indicators for Hyatt's financial health. The increase in capital returns to shareholders and the development agreement for a new Grand Hyatt hotel further bolster investor confidence.
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