Hyatt Hotels Corp. said Thursday that it returned to a second-quarter profit as demand for its rooms increased, especially abroad, according to AP. The hotel owner said it earned $25 million, or 14 cents per share, during the quarter that ended in late June. That's far better than last year's loss of $50 million, or 34 cents per share. Last year's results were hurt by hefty one-time costs that cut net income by 43 cents per share. Thursday's figures also include one-time items, but they dragged down results by only 4 cents per share. Quarterly revenue rose 5 percent to $889 million, up from $847 million last year. Analysts surveyed by Thomson Reuters expected the hotel chain based in Chicago to earn 8 cents per share on revenue of $901 million. Hyatt said an important industry measure of revenue for each available room rose 9.6 percent during the quarter. The measure rose 6.8 percent in North America and 21.4 percent from the company's international locations. The company was also able to collect more fees and said more travelers were making reservations. Thursday's results continued the string of better news from some of the biggest U.S. hotel owners. Last month, Marriott International Inc. tripled its second-quarter net income and boosted its full-year outlook as revenue improved. And Starwood Hotels & Resorts Worldwide Inc.'s revenue rose on higher room prices and the company boosted its outlook for the year. Both those competitors recorded sizable gains in revenue per available-room and offered a heartening sign for a company and industry recovering from a recession that drove down occupancy and room rates. Hyatt became publicly traded in November and has 445 properties.
