Hyatt Hotels profit falls 20 percent
May 1 (Reuters) - Hyatt Hotels Corp, which owns and operates the Park Hyatt, Grand Hyatt and Hyatt Regency hotels, reported a 20 percent fall in quarterly profit as revenue from its group business declined.
"We continued to see strength in transient demand, however group demand declined, in part due to the timing of Easter as compared to the prior year", Chief Executive Mark Hoplamazian said.
Net income fell to $8 million, or 5 cents per share, for the first quarter, from $10 million, or 6 cents per share, a year earlier. Excluding items, the company earned 9 cents per share.
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