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Hyatt Hotels’ actions fell because the company said the fourth quarter was injured by the presidential election – and the Holy High days.
Hyatt (HThursday, Thursday, reported its last financial results on Thursday, which arrived worse than Wall Street was planning. The news reduced its shares to almost 11% at the start of negotiations.
Part of the reason, the company said: the group’s request that was affected by the elections – something that other travel companies have noted in their own results – but also “the change of Jewish festivals”.
Rosh Hashanah and Yom Kippour took place in early October of last year after falling in September, or in the third quarter, in 2023, which could have kept more Jewish travelers at home to observe the holidays during the period.
“Revenues from group rooms were stable during the quarter and increased by 5% during the adjustment of the Jewish holiday calendar in October and the US elections in November,” said CEO Mark Hoplamazian during the Call for results from the company, according to a spokesperson for Hyatt, who added: “We generally see lower group affairs during the holidays.”
Hyatt said Q4 adjusted profit by action (EPS) $ 0.42 on turnover of $ 1.60 billion. The analysts interviewed by Visible Alpha expected $ 0.71 and $ 1.65 billion respectively.
Hyatt’s shares have increased by around 14% in the past 12 months.
Update – This article was updated with the latest information on the share price and Hyatt’s comment.
Read the original article on Investigation
