FIRST QUARTER 2010
Adjusted EBITDA was $112 million compared to $91 million in the first quarter of 2009, an increase of 23.1% (21.3% excluding the effect of currency). Adjusted EBITDA benefited from an approximately $8 million settlement related to a vacation ownership property.
Net income attributable to Hyatt was $5 million, or $0.03 per share, compared to net income attributable to Hyatt of $14 million, or $0.11 per share, in the first quarter of 2009. Net income attributable to Hyatt included a favorable impact from special items of $5 million after-tax, or $0.03 per share, during the first quarter of 2010 compared to a favorable impact of $10 million after-tax, or $0.08 per share, during the first quarter of 2009. See the table on page 3 of the accompanying schedules for a summary of special items.
Comparable owned and leased hotels RevPAR increased 9.8% (8.1% excluding the effect of currency) compared to the first quarter of 2009.
Owned and leased hotel operating margins increased 150 basis points compared to the first quarter of 2009. Comparable owned and leased hotel operating margins increased 220 basis points compared to the same period in 2009. See the table on page 8 of the accompanying schedules for a reconciliation of comparable owned and leased hotel operating margins to owned and leased hotel operating margins.
Comparable North American full-service RevPAR decreased 2.2% compared to the first quarter of 2009. Comparable North American select-service RevPAR increased 2.6% compared to the first quarter of 2009.
Comparable International RevPAR increased 18.7% (9.6% excluding the effect of currency) compared to the first quarter of 2009.
The Company opened 10 properties.
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