Hyatt Hotels Corp. said Wednesday that its fourth-quarter earnings tumbled as higher revenue was offset by a slew of one-time costs.
The Chicago company earned $16 million, or 9 cents per share, compared with $52 million, or 31 cents per share, a year ago.
The hotel company said it made $33 million or 20 cents per share in the most recent quarter when excluding special items like the declining value of certain assets and other investment write-downs.
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Revenue rose to $1 billion from $990 million in the same quarter in 2011.
Hyatt said it expects a year of solid growth ahead with its bigger position in the U.S. market at a time when it said it sees “headwinds” in some other markets this year.
About three quarters of Hyatt’s revenue comes from the United States, where a business-led recovery has lifted hotel occupancy rates over the past year.
Reuters contributed.