Hyatt Hotels Corporation’s business travel revenue in the third quarter recovered to about 90% of 2019 levels, increasing 19% year over year in the period, according to executives speaking on an earnings call.

Mark Hoplamazian, CEO, said that while most corporate accounts use dynamic pricing, the company is about halfway through negotiations for fixed-rate accounts and that those rates will increase in the high single-digit range in 2024 compared with 2023.

The company, said Hoplamazian, has about 70% of its 2024 group business booked — a typical level by this time of year. He said the bookings represent “equal measure of growth” across corporate, association, regional and specialty groups. While the corporate group segment is showing the highest level of growth, he said, “they’re all strong and it’s balanced.”

Hyatt’s business mix now features “a continued blurring” of the line between group and what is considered business transient. He said some bookings have continued to move from what used to be called business transient into what Hyatt would call “group,” which is 10 or more rooms and a room block.

Group room revenue increased 10% year over year in the quarter and was up 5% from 2019 levels. Growth in group revenue “accelerated during the quarter” and was up 13% year over year.

Hyatt’s systemwide revenue per available room (RevPAR) in the third quarter was $145.40, up 8.9% year over year. Average daily rate was $202.13, up 2.6%. Revenue growth was driven by “strong rates and meaningful occupancy growth,” executives said, highlighting the Asia-Pacific region as a standout performer.

Systemwide occupancy was also higher, at 71.9% in the quarter with a year-over-year increase of 4.2 percentage points. Occupancy levels continued to recover, with the month of September slightly below 2019 levels.

Hyatt reported $1.62 billion in revenue in the quarter, up from $1.54 billion in 2022. The company’s net income was $68 million, an increase over $28 million in 2022.