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Text: 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.
During our last call, we shared our optimism about the second quarter.
And while we anticipated to see marked improvement, our adjusted EBITDA for the quarter significantly exceeded our expectations.
The swift pace of our recovery so far demonstrates the operating leverage within our business, as we translate an improving RevPAR environment into revenue growth and margin expansion.
Operating cash flow was positive for the quarter and our owned and leased segment adjusted EBITDA improved over $40 million from the first quarter.
We do find ourselves experiencing very different demand profiles throughout the world.
The overall recovery thus far has been much quicker than we predicted and leisure demand is at a record high in certain markets, yet demand remains at historic lows in many parts of the world.
COVID remains present in both narratives, but it's clear in our second quarter results that when restrictions are eased and people are able to travel safely, the desire to get back to travel and back to hotels is stronger than it's ever been.
The labor environment has been challenging, putting significant pressure on our teams to deliver the high level of service our guests expects from our brands.
We're remaining agile in how we are addressing these labor challenges by examining all aspects at how we retain, attract and train new talent.
We're forming new recruiting relationships and sourcing more candidates from outside of our industry.
We're also increasing pool of nontraditional candidates through initiatives focused on diversity, equity and inclusion, such as our Rise High [Phonetic] program, which focuses on the employment of opportunity use.
As we remain focused on hiring, I'm proud to say that we recently published our EEI commitment as part of the launch of World of Care, our ESG platform.
I look forward to continuing to update you on our progress to drive meaningful change within the hospitality industry and across the communities in which we operate.
So let's start with the latest trends we're seeing.
As I shared at the start, we anticipated the pace of recovery would accelerate in the second quarter in conjunction with wider vaccine availability, but the quarter finished well-ahead of our expectations.
We've seen growing leisure transient demand and I'll take a moment to review just how quickly it has accelerated this year, but I'll also share how the recovery has varied globally compared to our 2019 results.
Starting with sequential growth.
System wide RevPAR grew 58% in the second quarter compared to the first quarter.
Demand has steadily improved since January with double-digit RevPAR growth in each successive month compared to the prior month.
The most pronounced period of RevPAR acceleration commenced with Memorial Day weekend in the United States and continued through July, driven by a wave of leisure transient demand.
Systemwide RevPAR was trending approximately 50% of 2019 levels just prior to Memorial Day and it's grown to nearly 75% of 2019 levels for the month of July with RevPAR ending at approximately $100.
The RevPAR acceleration has come through higher demand but also bolstered by a significant increase in the rates, which are nearing fully recovered levels.
Overall, swiftness of improvement in recovery is impressive considering major travel restrictions remain throughout the world, business chains and group have only partially recovered and international travel remains limited.
RevPAR growth in the United States was the primary driver of the jump in systemwide RevPAR improving 75% in the second quarter over the first quarter and more than double a 30% aggregate growth rate for the remainder of the world.
The United States benefited from widespread vaccine availability and reduced travel restrictions, which unleashed significant pent-up leisure demand.
From a global geographic market perspective, the rate of recovery continues to be highly uneven and heavily dependent on successful vaccination rollouts, leading to lower transmission rates COVID-19 and ultimately the easing of travel restrictions.
To give you a sense of the disparity as of mid-July, geographic areas such as Europe, Southeast Asia and the Middle East are trending at less than 50% of fully recovered RevPAR levels, while the United States, Mainland China and the Caribbean are over 80% recovered.
The surge in our resorts is unlike anything we've previously experienced.
In January, comparable US resort RevPAR was down 75% versus 2019.
In June, just five months later, RevPAR was 11% above 2019 with strong average rate growth in June of over 25% compared to 2019 levels.
The leisure transient surge has extended well-beyond our domestic resorts.
Hotels in Mexico and certain parts of the Caribbean are also at higher RevPAR levels in June relative to the same period in 2019.
Additionally, we've experienced a notable improvement in our urban and suburban markets in the United States.
This trend has only accelerated further in July with leisure transient nearly 20% ahead of 2019 levels in the United States and even stronger in Mainland China.
The outside contribution from these two markets are driving systemwide leisure transient revenue that is now slightly above 2019 levels across all comparable hotels.
Moving on to business transient and group.
These segments are lightly in leisure, but the momentum is growing and we are encouraged by the steady improvement.
Our system line business transient RevPAR in June has nearly doubled from the first quarter driven by strength in the United States and Mainland China.
Notably, we RevPAR performance is now trending at 60% at 2019 levels at the end of June compared to just 40% two months prior.
Business transient remains approximately 40% recovered globally and demand varies significantly by market.
In the United States, dense urban markets such as New York, Washington D.C., Chicago and San Francisco are still only 20% to 30% recovered, while the majority of other urban markets are trending at a 50% recovery level or higher.
Regional businesses and some of our smaller corporate accounts are recovering the quickest, but we're also seeing acceleration in our comp accounts and continue to expect a more robust recovery in the fall.
As for group the trends are very encouraging.
More groups large and small have been returning to our hotels and ballrooms.
Importantly, we're seeing room blocks actualize above expectations and the general size and mix of groups returning to more normalized levels.
We continue to expect demand to strengthen into the fall as evidenced by recent booking trends.
Group revenue booked in June for events that will occur in 2021 has reached approximately 90% of 2019 levels in our Americas full service managed properties with the rate of cancellation diminishing to only a fraction of the levels we experienced just a couple of months ago.
As we look to 2022, while group is down in the mid-teens compared to 2019, our leads are tracking 30% higher, which suggests that our pace deficit should improve.
Additionally, we're pleased to see group business booked in the second quarter for 2022 at an average rate that is 5% higher than the same period in 2019.
In summary, as we look across the world, growth remains uneven.
The geographic areas that have ease restrictions and are furthest along vaccination rates are seeing a surge of leisure demand.
We've opened 100 hotels over the trailing 12 months, a record level of organic expansion leading to net room growth of 7.1% in the second quarter.
Even with our rapid rate of hotel openings, we've maintained our pipeline of signed deals in a challenging environment, closing the second quarter with a development pipeline of 100,000, 101,000 rooms representing over 40% of our existing lease base.
As we've highlighted in previous quarters conversion definite key ingredient to our growth.
Our independent collection brands including the Unbound Collection by Hyatt, JDB by Hyatt and Destination by Hyatt accounted for all eight conversions in the quarter and in high barrier to entry markets such as Los Angeles, Toronto, Beijing, Sweden and Visa Spain.
Demand for all of our brands remains strong among our development community, but I'm especially pleased with the integration and growth of the brands that we acquired through the acquisition of Two Roads Hospitality Alila, Thompson, JDV by Hyatt and Destination by Hyatt.
By way of reminder, we acquired Two Roads Hospitality in late 2018 and spent much of 2019 integrating the brands and back-end technology into the Hyatt ecosystem.
We clearly define the purpose and profile of each brand alongside our existing portfolio.
We continue to be focused on scaling these brands and our hard work is resonating with developers around the world.
As a result of the successful integration, 2021 is shaping up to be a banner year of openings for all four brands.
Already through the first half of the year, the number of hotels in these four brands have expanded by 20% and we expect to end the year with growth of 30% or more.
It's exciting to see how these brands have been so quickly adopted by our loyal guests with the World of Hyatt program driving over 40% of room nights.
This loyal member base has been a key catalyst of market share gains.
RevPAR index for comparable former Two Roads hotels is up 13% versus 2019 through the first half of this year.
The successful integration of these former Two Roads brands has contributed to the broader evolution of the Hyatt portfolio as an industry leader in the luxury lifestyle space.
In the span of just three years, we tripled the number of lifestyle insofar properties from approximately 50 to 150, accounting for nearly 40% of total hotel openings over that time frame.
Further we significantly expanded our resort presence.
Since 2017 we've grown our resort room count by 45% with well over 80% of that growth in the luxury segment.
Ultimately as we look at the Hyatt portfolio today and our signed pipeline, we're excited with the positioning of our portfolio to take full advantage of the demand coming back to our hotels.
This transition to a heavier leisure-driven portfolio has been very intentional and complemented with a variety of enhancements such as the launch of High Prive which is our luxury travel advisor program, the expansion of Benefits with the within the World of Hyatt programs such as the addition of small luxury hotels properties, the ability to use points for experiences such as Midland exhibitions and our strategic relationship with American Airlines.
Most recently during the quarter we announced the launch of our relationship with Built Rewards a new rewards program with access to millions of urban renters who are now able to earn the global high points just by paying rent.
Our portfolio of brands complemented with a best-in-class loyalty program and digital platform is clearly resonating.
Our base of loyalty members is the largest, it's ever been and has grown 14% since the same point last year.
Our co-brand credit card spend is trending well above 2019 levels and our enhancements to our digital platform are driving hi.com booked revenue more than 20% higher than 2019 levels which is outpacing OTA channels.
Our portfolio and programs have us openly positioned to be the preferred brand for high-end leisure travelers now and well into the future.
Finally, I want to provide a brief update on transactions before turning it over to Joan.
During the quarter we announced the disposition of higher agency loss times for approximately $275 million a price that was above our pre-COVID-19 expectations.
We also acquired Ventana Big Sur, an Alila resort for $148 million securing our brand presence in a highly sought after resort destination.
With the completion of these asset transactions, we've realized net proceeds of approximately $1.1 billion since the time of our announcement in March of 2019.
In addition to these transactions, I'm pleased to note that we are in advanced stages for the disposition of two other assets in the aggregate amount of $500 million.
Should we successfully close these two transactions, we will exceed our $1.5 billion asset sell-down commitment and do so well before our target date and at an aggregate multiple in the high teens.
In total, from the outset of our asset sell-down strategy announcement in November of 2017, and assuming the closing of the sale of the two properties in process, we will have sold over $3 billion of assets at an average EBITDA multiple of just under 17.5 times, demonstrating the valuations realized in our disposition efforts are materially in excess of the implied valuation, the market has placed on our owned and leased business.
We look forward to updating you on the progression of these sales and future plans, relative to our sell-down program during our next earnings call.
Around the world things remain uncertain and we remain vigilant, as we maintain the health and safety of our colleagues and our guests.
It is clear and it's been validated repeatedly across markets and cultures that when people are able to travel and reconnect, the commitment to do so drives customer behavior.
While we expect starts and stops, we remain confident we are on the path to full recovery.
Joan, over to you.
Late yesterday, we reported a second quarter net loss attributable to Hyatt up $9 million and a diluted loss per share of $0.08.
Adjusted EBITDA was $55 million for the quarter, a sharp improvement from the adjusted EBITDA loss of $20 million in the first quarter of this year.
As Mark mentioned, the operating leverage in our business has enabled us to translate improving demand into a strong increase in earnings.
Systemwide RevPAR was $72 in the second quarter, representing a 50% decline compared to the same period in 2019 on a reported basis and a 58% increase compared to the first quarter of 2021.
Both occupancy and rate contributed meaningfully to the sequential RevPAR growth with roughly 60% of the improvement coming through occupancy and 40% strip rate.
Leisure transient was a key driver of our improved results for the quarter, leading to a material increase in our base, incentive and franchise fees, which totaled $77 million in the second quarter, a notable acceleration of $49 million in the first quarter.
In June, systemwide comparable occupancy eclipsed 50% and as of June 30, only 18 hotels or less than 2% of hotel inventory remained closed.
Turning to our segment results.
Our management and franchising business delivered a combined adjusted EBITDA of $63 million, improving over 90% to $33 million in the first quarter.
The Americas segment accounted for the vast majority of the growth led by our resort and select service portfolio but also increasingly for our business and convention hotels as more cities eased restrictions as the quarter progressed.
The Asia Pacific segment experienced improved performance, doubling its adjusted EBITDA in the first quarter, as hotels in Mainland China rebounded strongly after the easing of government restrictions.
It's important to highlight that Mainland China through a combination of RevPAR improvement, strong operating margins and net rooms growth generated more base incentive and franchise fees than any other previous quarter of record.
As for our Europe, Africa, Middle East and Southwest Asia segment, adjusted EBITDA was modestly lower than the first quarter as travel restrictions were prevalent throughout the region.
However, the pace at which demand is currently improving, especially in Europe, as we progress through this summer, serves as another proof point that when restrictions are eased, people are ready and excited to travel.
Our owned and leased hotel segment, which delivered $12 million of adjusted EBITDA for the quarter improved spend more than $40 million from the first quarter of 2021.
The swift path back to profitability highlights the strong operating leverage within our owned and leased portfolio.
Owned and leased RevPAR was $87 for the second quarter, experiencing strong acceleration throughout the quarter with RevPAR improving from $73 in April to $107 in June, nearly doubling the rate of improvement of our systemwide portfolio.
Our owned and leased resorts were a key driver surpassing adjusted EBITDA generated in the same period in 2019.
Further, the acceleration in group business throughout the quarter had a material positive impact.
And this was most pronounced in June, our strongest month in the quarter, as group room nights accounted for 25% of the total room night mix, up from just 18% in May.
As we turn toward July, owned and leased RevPAR continued to strengthen further.
Preliminary RevPAR for the owned and leased portfolio in July is approximately $135, up nearly 30% from June, and nearly 85% recovered versus the same month in 2019.
Importantly, the average rate in July is above the same period in 2019.
Our comparable owned and leased operating margins improved to 13.9% in June -- second quarter of June finishing above 19% a sharp improvement from the negative margins last quarter.
We continue to closely monitor the labor environment, and are working hard to get open positions filled.
To date, we've seen some pressure on wages and our general managers have made specific adjustments based on competitive factors, but it varies by market.
As we assess the potential impact of inflation on our business, we believe the increase in daily room rates will at least offset increases to wages or other costs.
Our revenue management practices and teams reprice inventory on a continuous basis allowing us to quickly respond to changing market conditions.
This is evidenced by our ability to quickly realize stronger rates, which were up 20% at our owned and leased resorts compared to 2019 in the second quarter.
I would also point out that valuations of hotel assets benefit from a inflationary environment, and this is a positive for us as we execute our owned and leased disposition strategy.
I'd also like to provide a brief update on our liquidity and cash.
Operating cash flow, including interest payments was positive for the quarter and exceeded our expectations.
We anticipate our operating cash flow will continue to improve from the second quarter levels as RevPAR strengthened.
We have and will continue to invest in the growth of our brand, including capital expenditures.
Our cash investments in this area have remained in the same approximate range as the prior two quarters about $10 million to $15 million per month.
We expect monthly investment spend to trend higher consistent with our expected strong year of openings and signing activity.
As of June 30, our total liquidity inclusive of cash, cash equivalents and short-term investments and combined with borrowing capacity was approximately $3.2 billion with the only near-term debt maturity being $250 million senior notes maturing this month.
We received a $254 million US tax refund in July related to 2020 net operating losses carried back to prior years under the CARES Act.
We intend to use this tax refund to pay off our senior notes upon maturity later this month.
I'd like to make a few additional comments regarding our 2021 outlook.
Consistent with our communication in the first quarter, we continue to expect adjusted SG&A to be in the approximate range of $240 million excluding any bad debt expense.
Further, we continue to expect capital expenditures to be in the range of $110 million.
Given our confidence in the recovery, we are evaluating pulling forward selected renovation projects to take advantage of seasonality and lower displacement than we expect to have in the future.
To take this action, this may increase our capital expenditure estimate modestly and we'll update you further next quarter.
Turning to net rooms growth, earlier this quarter in connection with the pending our agreement with Service Properties Trust, which extended our management of 17 high-place hotels that we previously forecasted to exit the system, we increased our net rooms growth projection to approximately 6%, up from greater than 5% as previously reported in the first quarter of 2021.
We're updating this expectation of net rooms growth to be greater than 6% for the year.
While there is some degree of uncertainty related to supply chain issues, which could push certain openings into early 2022, we remain very confident in our ability to deliver another exceptionally strong year of net rooms growth.
Finally, I'd like to briefly comment on earnings sensitivity.
Our previously communicated earnings sensitivity levels illustrated that a 1% change in RevPAR level using 2019 RevPAR as a baseline resulted in an impact of approximately $10 million to $15 million in adjusted EBITDA.
We previously communicated that we expected that our earnings sensitivity would be at the high end of this range in the near-term due to the larger decline in owning leased RevPAR relative to our systemwide RevPAR as a result of COVID-19.
As the relationship between owned and leased systemwide RevPAR has formalized, the earnings sensitivity is now expected to improve toward the midpoint of the $10 million to $15 million range of adjusted EBITDA, reflecting our ability to mitigate the adjusted EBITDA downside impact relative to our 2019 results.
Adjusted EBITDA and operating cash flow were positive for the quarter and we anticipate the momentum to continue into future quarters.
Our management and franchise business reflects the quickly strengthening RevPAR environment and coupled with industry-leading net earnings growth is accelerating meaningfully.
Our owned and leased hotels continue to exceed expectations as the segment generated positive adjusted EBITDA for the quarter.
We remain mindful that this recovery will be uneven, but have unwavering confidence we are on a path to full recovery.

user
q2 loss per share $0.08.
sees 2021 adjusted selling, general, and administrative expenses to be about $240 million.
sees 2021 capital expenditures to be approximately $110 million.
qtrly total revenue were $663 million versus $250 million.
hyatt - received a u.s. tax refund of $254 million in july of 2021 related to 2020 net operating losses carried back to prior years under cares act.

assistant