Hyatt’s group sales recover faster than business travel
The company has seen business travel volumes improve quarter-by-quarter but they still remain nearly 20% below pre-Covid levels
CEO Mark Hoplamazian said during its Q4 earnings call that corporate travel bookings in the final quarter of 2022 had shown “incremental improvement from the previous quarter”.
Key takeaways
- Q4 results had been powered by strong pricing for leisure and groups, with average rates up by 19% and 15% respectively compared to 2019;
- Demand helped to increase revenue per available room to $126.33 for the quarter – a 34.8% rise from 2021 and also 2.4% higher than 2019;
- The company expects RevPAR in 2023 to increase in the range of 10% to 15% compared to 2022.
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