* Q3 EPS 17 cents vs 3 cents last year
* Revenue up 9 pct to $879 mln
* Shares up 0.5 pct
(Rewrites first paragraph, adds byline, estimates, shares,
analyst and company comment)
By Helen Chernikoff
NEW YORK, Nov 3 Hyatt Hotels Corp (H.N) posted
sharply higher quarterly profit on Wednesday and beat analysts'
estimates as demand for business travel improved, sending its
shares up during afternoon trading even as rivals fell with the
The hotel owner and operator, controlled by the Pritzker
family in Chicago, posted third-quarter earnings of $30
million, or 17 cents per share, up from $5 million, or 3 cents
per share, a year earlier.
Excluding special items, the hotelier earned a profit of 6
cents per share, beating analysts' estimates of 4 cents per
share, according to Thomson Reuters I/B/E/S.
"The company is clearly experiencing the same recovery in
operating fundamentals that's being seen by many of the other
hotel companies," said Green Street Advisors analyst John
Rivals Marriott International MAR.N and Starwood Hotels &
Resorts HOT.N also said in their most recent quarterly
reports that they have seen a recovery in business travel.
Hyatt said its revenue per available room, or revPAR, was
up 6.9 percent.
Revenue rose 9 percent to $879 million.
Business has driven the broader economic recovery, which
bodes well for business travel, the company said during a
conference call with analysts.
But a timid consumer shaken by depressed housing prices is
causing leisure travel to lag, the company said.
Hyatt's worldwide portfolio consisted of 447 properties as
of Sept. 30. By contrast, Marriott and Starwood operate
thousands of properties.
Hyatt's shares were up 20 cents, or 0.5 percent, at $41.16
during afternoon trading on the New York stock exchange. The
Dow Jones US Hotels index .DJUSLG was down 0.29 percent,
while the S&P 500 .SPX was down 0.3 percent.
(Reporting by Helen Chernikoff; Editing by Lisa Von Ahn, John
Wallace and Bernard Orr)