H - Hyatt Hotels Corporation (H) Q1 2024 Earnings Call Transcript

2024-05-09 15:51:10 ET

Hyatt Hotels Corporation (H)

Q1 2024 Earnings Conference Call

May 09, 2024, 10:00 AM ET

Company Participants

Adam Rohman - SVP, IR and FP&A

Mark Hoplamazian - President and CEO

Joan Bottarini - CFO

Conference Call Participants

Daniel Politzer - Wells Fargo

Shaun Kelley - Bank of America

Stephen Grambling - Morgan Stanley

Joe Greff - JPMorgan

Richard Clarke - Bernstein

Meredith Jensen - HSBC

Patrick Scholes - Truist Securities

Michael Bellisario - Baird

Presentation

Operator

Good morning, and welcome to Hyatt's First Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the call over to Adam Rohman, Senior Vice President of Investor Relations and FP&A. Thank you. Please go ahead.

Adam Rohman

Thank you, and welcome to Hyatt's first quarter 2024 earnings conference call. Joining me today are Mark Hoplamazian, Hyatt's President and Chief Executive Officer, and Joan Bottarini, Hyatt's Chief Financial Officer.

Before we start, I would like to remind everyone that our comments today will include forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K, quarterly reports on Form 10-Q, and other SEC filings. These risks could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we issued today along with the comments on this call are made only as of today and will not be updated as actual events unfold.

In addition, you can find a reconciliation of non-GAAP financial measures referred to in today's remarks on our website at hyatt.com under the Financial Reporting section of our Investor Relations link and in this morning's earnings release. An archive of this call will be available on our website for 90 days.

Please note that unless otherwise stated, references to our occupancy, average daily rate, and RevPAR reflect comparable system-wide hotels on a constant-currency basis. Additionally, percentage changes disclosed during the call are on a year-over-year basis unless otherwise noted.

With that, I will now turn the call over to Mark.

Mark Hoplamazian

Thank you, Adam. Good morning, everyone, and thank you for joining us today.

We are pleased to report that the year is off to a great start, demonstrating high-quality growth across multiple dimensions and expanding fees from all areas of our asset-light business. Let's start with the latest trends that we're seeing. System-wide RevPAR increased 5.5% in the first quarter and travel across all customer segments remains very healthy....

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