H - Hyatt just bought me and all hotels brand to expand in Germany
2024-06-28 12:23:43 ET
Hyatt Hotels Corporation (NYSE: H) is in focus this morning after revealing it has bought me and all hotels brand to expand its footprint in Germany.
Shares of the hospitality giant are up more than 1.0% on Friday.
Hyatt inked a deal with Lindner Hotels
Hyatt announced a deal with Lindner Hotels to add seven boutique hotels today. Arno Schwalie – the chief executive Lindner said in a press release today:
We are thrilled to deepen our successful collaboration and shift into high-growth gear for me and all hotels, backed by Hyatt’s global distribution engine.
The Hyatt-Lindner transaction closed on June 28th but the companies did not disclose terms of the agreement on Friday.
Shares of Hyatt Hotels are currently down more than 6.0% versus their year-to-date high in late March.
Hyatt will get to expand footprint in Germany
Me and all hotels will now be a standalone brand under the Hyatt Hotels banner.
Note that me and all hotels currently has a footprint in Mainz, Dusseldorf, Kiel, Hanover, and Ulm. Its chief executive Schwalie also said on Friday:
Work we have done to launch and position the brand in Germany, it’s vibrant pipeline, and potential for growth as part of Hyatt makes us confident that what has become a beloved lifestyle brand in Germany will soon shine on the global stage.
Me and all hotels is also committed to expanding in Hamburg, Berlin, Stuttgart, Leipzig. Including me and all hotels, Hyatt now has over 1,300 hotels and a footprint across six continents.
Hyatt Hotels had a weak fiscal Q1
The news arrives more than a month after Hyatt Hotels reported its financial results for the first quarter that fell short of Street estimates. Mark S. Hoplamazian – the chief executive of Hyatt said at the time:
The year is off to a great start. Our pipeline also reached a new record. Significant progress on asset dispositions is further expanding our asset-light earnings mix, reflecting our execution to permanently reduce owned real estate.
Hyatt ended its most recent quarter with $1.71 billion in revenue which, nonetheless, was a slight increase from $1.68 billion a year ago. Per-share earnings at 71 cents also came in significantly up from 41 cents in the same quarter of last year.
Earlier this week, Vanguard Group announced to have increased its stake in Hyatt Hotels stock by 3.5% in Q4. The institutional investor loaded up on 144,356 shares and now owns a total of more than 4.2 million shares of in which its stake now sits at 4.10%.
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