Today’s edition of Skift’s daily podcast looks at Hyatt’s earnings, U.S. travelers’ online booking habits, and Puerto Rico tourism’s new campaign.
Good morning from Skift. It’s Friday, February 17. Here’s what you need to know about the business of travel today.
Apple Podcasts | Spotify | Overcast | Google Podcasts
Hyatt saw revenue rise significantly in 2022, and the company is bullish on surging room rates helping drive further growth in 2023, reports Senior Hospitality Editor Sean O’Neill.
CEO Mark Hoplamazian attributed Hyatt’s strong fourth quarter in part to a jump in room rates. He said during the company’s quarterly earning call on Tuesday that fourth quarter rates were 14 percent above 2019 levels. Hyatt officials also projected that its revenue per available room, an important hotel industry metric, would increase up to 15 percent in 2023 from last year. O’Neill writes the company indicated rising room rates would help drive performance gains.
Hyatt generated almost $1.6 billion in revenue during the fourth quarter, a 24 percent increase from the same period in 2019. The company also posted a nearly $300 million profit.
Next, the pandemic helped spur more U.S. travelers to make direct bookings, but will that Covid-era trend continue? Skift Research delves into that topic and more in a newly published report examining how Americans’ online travel booking habits have changed since the start of the pandemic.
Senior Research Analyst Seth Borko writes that Skift Research asks more detailed questions in the new report than it did for previous surveys about Americans’ travel behaviors. Borko notes that the latest report poses three core questions, including whether the pandemic changed Americans’ trip planning process. Skift Research also explored the impact of inflation on travel decisions as well as shifts in booking sites that American travelers use.
We end today looking at Puerto Rico’s new tourism campaign. The Caribbean island is showcasing its artisans and designers as part of its strategy to promote more of its culture, reports Contributor Samantha Shankman.
The island’s destination marketing organization Discover Puerto Rico recently launched the second part of its Live Boricua campaign, which includes videos featuring products the island’s residents have created. Chief Marketing Officer Leah Chandler said the organization concluded that showcasing Puerto Rico’s culture would resonate with prospective visitors. Shankman writes that Discover Puerto Rico had opted to emphasize traveler experiences in the first part of the Live Boricua campaign.