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Hyatt Reports Second Quarter 2017 Results

 

Second quarter of 2017 financial highlights as compared to the second quarter of 2016 are as follows:

  • Net income increased 30.5% to $87 million.
     
  • Adjusted EBITDA increased 0.6% to $229 million, up 1.3% in constant currency.
     
  • Comparable systemwide RevPAR increased 2.9%, including a decrease of 1.2% at comparable owned and leased hotels.
     
  • Comparable U.S. hotel RevPAR increased 1.4%; full service and select service hotel RevPAR increased 1.3% and 1.5%, respectively.
     
  • Comparable owned and leased hotels operating margins decreased 120 basis points to 26.2%.
     
  • Adjusted EBITDA margin decreased 140 basis points to 31.7%, in constant currency. The redemption of the Company's preferred investment in Playa Hotels & Resorts in the first quarter negatively impacted margin by 100 basis points.
     
  • Net hotel and net rooms growth was 10% and 7%, respectively.
     

To view full quarterly results please visit:
http://newsroom.hyatt.com/news-releases?item=123592​

 

Wyndham Worldwide Reports Second Quarter 2017 Results

 

SECOND QUARTER 2017 OPERATING RESULTS
Second quarter revenues were $1.5 billion, up 5% compared with the prior year period. Full reconciliations of GAAP results to non-GAAP measures for all reported periods appear in the tables to this press release.

Net income for the second quarter of 2017 was $78 million compared with $156 million for the second quarter of 2016, reflecting a non-cash impairment charge on the write-down of undeveloped land detailed in Table 7 of this press release.  Diluted earnings per share (EPS) were $0.75 compared with $1.39 for the prior year period.  

Adjusted net income for the second quarter of 2017, which excludes charges in both 2016 and 2017 as detailed in Table 7 of this press release, was $159 million compared with $156 million for the second quarter of 2016, reflecting strong top-line momentum across the Company, partially offset by a higher provision for loan losses and higher legal fees at Wyndham Vacation Ownership.  Adjusted diluted EPS was $1.53 compared with $1.40 per share in the prior year period, further reflecting the benefit of the Company's share repurchase program.      

Second quarter EBITDA was $214 million, compared with $340 million in the prior year period, reflecting the previously referenced non-cash impairment charge on the write-down of undeveloped land detailed in Table 8 of this press release.  Adjusted EBITDA, which excludes charges in both 2017 and 2016 as detailed in Table 8 of this press release, was $350 million, compared with $340 million in the prior year period, primarily reflecting strong top-line momentum across the Company, partially offset by a higher provision for loan losses and higher legal fees at Wyndham Vacation Ownership.  Adjusted EBITDA increased 4% on a currency-neutral basis.

Hotel Group
Revenues were $345 million in the second quarter of 2017, compared with $334 million in the second quarter of 2016.  EBITDA was $106 million in the second quarter compared with $101 million in the prior year quarter, growing 6% on a currency-neutral basis.  Results reflect higher franchise fees and growth in the Wyndham Rewards credit card program.  

Second quarter domestic same-store RevPAR increased 2.8% compared with the second quarter of 2016.  In constant currency, global system-wide, same-store RevPAR increased 3.3%.

As of June 30, 2017, the Company's hotel system consisted of over 8,100 properties and approximately 705,700 rooms, a 3.3% net room increase compared with the second quarter of 2016.  The development pipeline increased to nearly 1,230 hotels and over 150,800 rooms, an 18% year-over-year room increase, of which 57% were international and 67% were new construction. 

To view full quarterly results please visit:
http://investor.wyndhamworldwide.com/phoenix.zhtml?c=200690&p=irol-newsArticle&ID=2291284​

 

Summit Hotel Properties Reports Second Quarter 2017 Results

 

Second Quarter 2017 Summary

  • Net Income:  Net income attributable to common stockholders increased to $29.8 million, or $0.30 per diluted share, compared with $17.7 million, or $0.20 per diluted share, in the same period of 2016.  When excluding the $16.4 million and $2.7 million pretax gain on disposal of assets during the three months ended June 30, 2017 and 2016, respectively, net income attributable to common stockholders decreased by $1.6 million as compared to the same period in 2016.
     
  • Pro Forma RevPAR:  Pro forma revenue per available room ("RevPAR") decreased 2.4 percent to $124.11 from the same period in 2016.  Pro forma average daily rate ("ADR") decreased 1.7 percent to $150.82 from the same period in 2016.  Pro forma occupancy declined 0.8 percent to 82.3 percent.
     
  • Same-Store RevPAR:  Same-store RevPAR declined to $118.45, a decrease of 3.5 percent from the same period in 2016.  Same-store ADR decreased 2.5 percent to $144.23 from the same period in 2016.  Same-store occupancy decreased by 1.0 percent to 82.1 percent compared with the same period in 2016.
     
  • Pro Forma Hotel EBITDA:  Pro forma hotel EBITDA declined to $54.6 million, a decrease of 7.7 percent over the same period in 2016.  Pro forma hotel EBITDA margin contracted by 215 basis points to 38.8 percent from 40.9 percent in the same period of 2016.
     
  • Adjusted EBITDA:  Adjusted EBITDA decreased to $46.8 million from $47.4 million in the same period of 2016, a decline of $0.6 million or 1.2 percent.
     
  • Adjusted FFO:  Adjusted Funds from Operations ("AFFO") decreased to $35.8 million, or $0.36 per diluted share, a decline in AFFO of 1.9 percent from the same period in 2016.
     
  • Acquisitions:  The Company acquired seven hotels containing 1,254 guestrooms for an aggregate purchase price of $304.3 million, or an average of $242,600 per key.  The seven hotels had a combined RevPAR of $125.16 for the twelve months ended June 30, 2017.
     
  • Dispositions:  The Company sold eight hotels containing 741 guestrooms for an aggregate sales price of $77.9 million, or an average of $105,100 per key.  The hotels had a combined RevPAR of $76.16 for the twelve months ended March 31, 2017.
     

To view full quarterly results please visit:
http://investor.shpreit.com/file/Index?KeyFile=389739910​

 

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