Business transient demand “continues to gain momentum” at Hyatt Hotels Corp., according to executives speaking on a fourth quarter earnings call. Revenue from the segment for the quarter was up 11% year over year.

Business transient, said Mark Hoplamazian, CEO, has fully recovered to 2019 levels in many parts of the world, while the US continues to improve. Looking ahead, he said, “we remain confident that business transient will continue to recover with 2024 corporate negotiated rates in the US up in the high single digits compared to 2023.”

Room revenue from group bookings in the quarter was up 11% from 2022, Hoplamazian said. He added that the group booking pace for full-service managed properties in the Americas region is up 8% from 2023 levels.

Hyatt’s fourth quarter systemwide RevPAR increased 9.1% year over year to $138.63, while average daily rate increased 2.5% to $205.31, and occupancy increased 4 percentage points to 67.5%.

Hyatt’s performance was driven by its Asia-Pacific region, where fourth-quarter RevPAR increased 37.6% year over year, and full-year RevPAR increased 60.3%.

Hyatt projects a full-year 2024 systemwide RevPAR increase of 3%-5% year over year, in line with most industry forecasts. The 2024 increase in the US is projected to be at “the lower end of that range,” said Joan Bottarini, CFO.

The company said 101 properties — including 43 conversions — joined its portfolio in 2023, representing nearly 24,000 rooms. Hyatt’s pipeline at the end of the year included 650 properties representing about 127,000 rooms, according to the company.

Image: Courtesy of Hyatt