Hyatt Q3 corporate demand up as transient, group lines blur

The company's business mix now features a continued blurring of the line between what means group and what means business transient

Hyatt Hotels Corp.'s third-quarter transient business travel revenue increased 19 percent year over year and has recovered to approximately 90 percent of 2019 levels, the company said Thursday during an earnings call.

Key takeaways

• Although most of the hotel company's corporate accounts use a dynamic pricing model, CEO Mark Hoplamazian said, Hyatt is "about halfway through our discussions for our fixed-rate accounts," and he expects "rates to increase in the high single-digit range in 2024 compared to 2023;"
• Hyatt has about 70% of its 2024 group business booked, representing "equal measure of growth" across corporate, association, regional and specialty groups, while the corporate group segment is showing the highest level of growth;
• Revenue growth was driven by "strong rates and meaningful occupancy growth," Hyatt executives said, highlighting the Asia-Pacific region as a standout performer.

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