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UPDATE 2-Hyatt Hotels Q2 beats; consumer data weighs on shares
August 2, 2011 / 2:45 PM / in 6 years

UPDATE 2-Hyatt Hotels Q2 beats; consumer data weighs on shares

(Updates share movement, adds share movement of competitors)

* Q2 adj EPS $0.27 vs est $0.15

* Q2 revenue $936 mln vs est. $910.1 mln

Aug 2 (Reuters) - Hyatt Hotels Corp posted second-quarter earnings that sailed past market expectations, helped by strong performance at its mid-market hotels in North America.

However, data from the commerce department that showed U.S. consumer spending dropped for the first time in nearly two years sent shares of the hotel owner and operator down 7 percent.

Rival Marriott International Inc fell 4 percent to their lowest in more than a year, while Starwood Hotels and Resorts Worldwide Inc fell 6 percent to $50.60.

April-June net income attributable to the company rose to $37 million, or 22 cents a share, from $25 million, or 14 cents a share, a year ago.

Stripping out special items, the company earned 27 cents a share, beating expectations of 15 cents a share, according to Thomson Reuters I/B/E/S.

Comparable North American revenue per available room (revPAR) -- a gauge of hotel performance which multiples occupancy by room rate -- at its select-service hotels rose 9.6 percent.

Comparable revPAR at Hyatt’s international hotels rose 9.9 percent helped by a foreign exchange boost.

Shares of the company were down 6 percent at $36.61 on Tuesday afternoon on the New York Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Gopakumar Warrier)

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