Hyatt Hotels Corp., the chain controlled by the Pritzker family, reported second-quarter earnings that beat analysts' estimates, helped by increased business travel and demand at its international locations.
Net income rose to $37 million, or 22 cents a share, from $25 million, or 14 cents, a year earlier, the Chicago-based company said today in a statement. The hotelier was expected to earn 15 cents a share, the average estimate of 12 analysts in a Bloomberg survey.
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"Their exposure in larger cities, good international results and demand from individual business travelers helped them during the quarter," Patrick Scholes, an analyst at FBR Capital Markets Corp., said in a telephone interview before earnings were released.
Hyatt's revenue rose to $936 million from $889 million a year earlier. Revenue per available room, a measure of occupancy and rates, for hotels owned or leased for at least a year climbed 5 percent at full-service hotels in North America and 9.9 percent overseas.