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.
"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.