This book takes architects and designers on a worldwide journey to discover the most stylish and appealing spots, from an urban getaway in Europe to a resort on a South Pacific island, providing a serene ...
Ceo says downturn an opportune time for upgrades
| Tweet |
Hyatt Hotels Corp. said it expects to put a major emphasis on renovation projects in the coming year, including the “broad-scoped” remodels at five of its properties. The hotel giant disclosed those plans in its first earnings report since going public last year. For the fourth quarter 2009, Hyatt posted a loss of $12 million on revenues of about $889 million.
“In the past year, we have established a strong capital base for the future,” said Mark Hoplamazian, president and chief executive officer. “We believe that this is particularly appropriate given the cyclical nature of our business. We enhanced our liquidity, maintained a strong credit rating and completed an initial public offering of our Class A common stock … Taking into account the current cyclical downturn, we believe that this is an opportune time to commit capital to renovations in our owned hotels and we will continue to do so in 2010 as we invest for the long term.”
The company said its capital expenditures for 2010 are expected to total between $270 million and $290 million, up from $216 million in 2009. In addition, Hyatt said it expects to add 20 properties to its portfolio during the year, down from the 30 it added in 2009.
Did you enjoy this article? Click here to subscribe to the magazine.
