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Hyatt 2Q results top estimates

CHICAGO (AP) -- Hyatt Hotels Corp. said Wednesday that its second-quarter net income rose sharply as occupancy and daily rates increased.

The company earned $112 million, or 70 cents per share, for the quarter that ended June 30. That was up from $39 million, or 24 cents per share, during the same period last year. Revenue rose by 7.7 percent to $1.09 billion.

Excluding special items, Hyatt would have earned $70 million or 43 cents per share.

Analysts surveyed by FactSet expected a profit of 30 cents per share on revenue of $1.08 billion.

Revenue for each room night rose 3.9 percent across all Hyatt properties, including franchises, the company said. It was up 7.1 percent at hotels Hyatt owns or leases. Average daily rates rose 2.1 percent across the whole system, and occupancy was up 1.3 percentage points, to 75.7 percent.

The Chicago company owns, manages and franchises hotels under several names including Hyatt, Grand Hyatt and Hyatt Regency. The company expects to open at least 40 hotels this year.

Hyatt shares rose $2.33, or 5.5 percent, to $45.01 in morning trading. The stock hit a new 52-week high at $45.38 earlier in the session.