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Hyatt (H) Boosts Presence in Turkey With New Hotel Opening
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Hyatt Hotels Corporation (H - Free Report) recently announced the addition of Hyatt Regency Izmir IstinyePark in Turkey. This marks the opening of the sixth Hyatt branded hotel and second Hyatt Regency hotel in the country.
Nestled in the Balçova district, Izmir, the property features 160 guestrooms, including 16 suites. It also comes with amenities like a fitness center, outdoor pool, spa, lounge and meeting and event spaces. The property is in proximity to several leisure attractions such as the thermal springs, Konak Square and Balçova Cable Car.
Concerning the opening, Zafer Canbaz, manager of Hyatt Regency Izmir IstinyePark, stated “Overlooking the tranquil waters of the sunlit Gulf of Izmir, and situated in the thriving heart of Balçova, Hyatt Regency Izmir IstinyePark is an ideal gathering space for everything from productive meetings to energizing vacations.”
More Focus on Expansion
The company continues to expand its presence to drive growth. During the third quarter of 2022, 22 new hotels (or 4,243 rooms) joined Hyatt's system. As of Sep 30, 2022, Hyatt executed management or franchise contracts for approximately 550 hotels (or 114,000 rooms).
Recently, the company announced its plan to expand the Independent Collection brands’ footprint by 2025. The company’s Independent Collection brands will have 11 new hotels in their portfolio by 2025. The company will open its first property in San Miguel de Allende, Mexico, and the first Hyatt-branded hotel in Helsinki, Finland. Given the easing of travel restrictions in the Asia Pacific region and strong leisure travel demand, the company anticipates unit growth in 2022 to increase at approximately 6.5% on a net-room basis.
Price Performance
Coming to price performance, shares of the company have risen 1% in the past six months compared with the industry’s 10.2% growth.
Image Source: Zacks Investment Research
The company is benefiting from a rise in leisure transient demand, easing of travel restrictions and ramped-up airline capacity. Also, focus on new hotel openings and acquisition initiatives bode well. As people return to the office, travel restrictions have been eased.There has also been an increase in cross-border travel. All these make the company optimistic about the recovery and its continued momentum. Strength in short-term bookings coupled with strong food and beverage spending is likely to aid the company’s performance in the upcoming periods. Earnings estimates for 2023 have increased in the past 60 days, depicting analysts’ optimism.
Some better-ranked stocks in the Zacks Consumer Discretionary sector are Deckers Outdoor Corporation (DECK - Free Report) , World Wrestling Entertainment, Inc. and Manchester United plc (MANU - Free Report) .
Deckers Outdoor currently has a Zacks Rank #1. DECK has a long-term growth rate of 18%. The four-quarter average earnings surprise is 28.85%.
The Zacks Consensus Estimate for DECK’s 2023 sales and EPS indicate year-over-year growth of 11.19% and 11.38%, respectively.
World Wrestling Entertainment currently has a Zacks Rank #1. WWE delivered a four-quarter average earnings surprise of 25.19%. The shares have plunged to 71.7% in the past year.
The Zacks Consensus Estimate for WWE’s 2023 sales and earnings indicates growth of 4.87% and 10.7%, respectively, from the year-ago period’s estimated levels.
Manchester United carries a Zacks Rank #1. MANU came up with a four-quarter average earnings surprise of 34.35%. The stock has risen 57.1% in the past year.
The Zacks Consensus Estimate for MANU’s 2023 sales and EPS imply growth of 5.69% and 28.57%, respectively, from the year-ago period’s expected levels.
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Hyatt (H) Boosts Presence in Turkey With New Hotel Opening
Hyatt Hotels Corporation (H - Free Report) recently announced the addition of Hyatt Regency Izmir IstinyePark in Turkey. This marks the opening of the sixth Hyatt branded hotel and second Hyatt Regency hotel in the country.
Nestled in the Balçova district, Izmir, the property features 160 guestrooms, including 16 suites. It also comes with amenities like a fitness center, outdoor pool, spa, lounge and meeting and event spaces. The property is in proximity to several leisure attractions such as the thermal springs, Konak Square and Balçova Cable Car.
Concerning the opening, Zafer Canbaz, manager of Hyatt Regency Izmir IstinyePark, stated “Overlooking the tranquil waters of the sunlit Gulf of Izmir, and situated in the thriving heart of Balçova, Hyatt Regency Izmir IstinyePark is an ideal gathering space for everything from productive meetings to energizing vacations.”
More Focus on Expansion
The company continues to expand its presence to drive growth. During the third quarter of 2022, 22 new hotels (or 4,243 rooms) joined Hyatt's system. As of Sep 30, 2022, Hyatt executed management or franchise contracts for approximately 550 hotels (or 114,000 rooms).
Recently, the company announced its plan to expand the Independent Collection brands’ footprint by 2025. The company’s Independent Collection brands will have 11 new hotels in their portfolio by 2025. The company will open its first property in San Miguel de Allende, Mexico, and the first Hyatt-branded hotel in Helsinki, Finland. Given the easing of travel restrictions in the Asia Pacific region and strong leisure travel demand, the company anticipates unit growth in 2022 to increase at approximately 6.5% on a net-room basis.
Price Performance
Coming to price performance, shares of the company have risen 1% in the past six months compared with the industry’s 10.2% growth.
Image Source: Zacks Investment Research
The company is benefiting from a rise in leisure transient demand, easing of travel restrictions and ramped-up airline capacity. Also, focus on new hotel openings and acquisition initiatives bode well. As people return to the office, travel restrictions have been eased.There has also been an increase in cross-border travel. All these make the company optimistic about the recovery and its continued momentum. Strength in short-term bookings coupled with strong food and beverage spending is likely to aid the company’s performance in the upcoming periods. Earnings estimates for 2023 have increased in the past 60 days, depicting analysts’ optimism.
Zacks Rank & Key Picks
Hyatt Hotels currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the Zacks Consumer Discretionary sector are Deckers Outdoor Corporation (DECK - Free Report) , World Wrestling Entertainment, Inc. and Manchester United plc (MANU - Free Report) .
Deckers Outdoor currently has a Zacks Rank #1. DECK has a long-term growth rate of 18%. The four-quarter average earnings surprise is 28.85%.
The Zacks Consensus Estimate for DECK’s 2023 sales and EPS indicate year-over-year growth of 11.19% and 11.38%, respectively.
World Wrestling Entertainment currently has a Zacks Rank #1. WWE delivered a four-quarter average earnings surprise of 25.19%. The shares have plunged to 71.7% in the past year.
The Zacks Consensus Estimate for WWE’s 2023 sales and earnings indicates growth of 4.87% and 10.7%, respectively, from the year-ago period’s estimated levels.
Manchester United carries a Zacks Rank #1. MANU came up with a four-quarter average earnings surprise of 34.35%. The stock has risen 57.1% in the past year.
The Zacks Consensus Estimate for MANU’s 2023 sales and EPS imply growth of 5.69% and 28.57%, respectively, from the year-ago period’s expected levels.