Skift Take
Hyatt is a leading indicator of corporate travel, given how its 1,250 hotels and resorts are popular places to hold meetings and events. In good news, the company sees a revival.
The health of business travel remains a huge open question, but Hyatt, for one, pointed to positive signs when it reported second-quarter results Thursday.
"I'm extremely excited about the future as group room night demand continues to recover back to 2019 levels," said Mark Hoplamazian, president and CEO.
The Chicago-based company's 1,250 hotels and resorts are popular places to hold events, and corporate travel managers and meeting planners have reason to take heart by Hyatt's upbeat report on bookings.
Optimistic Tone on Corporate TravelIn the second quarter, Hyatt reported growing strength in group bookings.
Group revenue was up 14% year-over-year — and fully recovered compared to the second quarter of 2019. Group room night demand was down 12% from the pre-pandemic level. But strong pricing that roughly keeping pace with inflation — enabled revenues to rebound. Hyatt booked nearly $500 million in future group business, up roughly a third year-ove