Hyatt says Memorial Day RevPAR up 24% from pre-pandemic levels

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Hyatt Hotels Corp. H, +1.36% said Monday that a strong Memorial Day weekend has helped produce in May the strongest monthly comparable revenue per available room (RevPAR) performance since November of pre-pandemic 2019. The hotel operator said comparable systemwide RevPAR was about $127 in May, up 2% from April and 6% below the May 2019 level, as Memorial Day weekend RevPAR was 24% above Memorial Day weekend of 2019. the average daily rate was about 8% above May of 2019. Meanwhile, leisure transient revenue remained at record levels, rising 18% in May when compared with May 2019. Business transient revenue grew 23% from April and was 35% below May 2019 levels, while group revenue was up 11% from April and 12% below May 2019 levels. “The strength of Memorial Day weekend and favorable forward booking trends indicate a robust summer travel season ahead,” the company said in a statement. “System-wide comparable transient revenue on the books for the months of June through August is pacing 5% ahead of the same time in 2019 or 15% ahead when excluding Asia Pacific.” Hyatt’s stock, which was still inactive in premarket trading, has eased 3.9% year to date while the S&P 500 SPX, -1.63% has dropped 13.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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