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The Manchester Grand Hyatt hotel in San Diego.
Photo:
Patrick T. Fallon / Bloomberg News
Hyatt hotels
Corp.
H 0.54%
said Monday that Joan Bottarini would become his new chief financial officer, while his current chief financial officer leaves for
Starbucks
Corp.
SBUX 1.40%
Bottarini, currently senior vice president of finance for the Americas at Hyatt, will succeed Patrick Grismer, who will take over as chief financial officer of Starbucks at the end of November.
Ms. Bottarini, who will assume the role of CFO on November 2, has been with Hyatt since 1999. She has held a number of positions within the company, including Vice President, Financial Finance for Asia Pacific, Vice President for strategic financial planning and analysis, and director of financial communications, said Hyatt in a statement.
Bottarini will be the CFO of a company whose shares rose 58 percent during Grismer's tenure in March 2016, analysts said.
"I look forward to continuing to strengthen the leadership development efforts of our financial team around the world as we remain focused on creating value for our shareholders," Bottarini said in a statement.
Hyatt has seen an increase in its revenue per available room, or RevPAR, a significant measure in the hospitality industry over the past three quarters.
For the quarter ended June, the comparable system-wide RevPAR increased 4% over the same period last year, in constant currencies. Net income, however, decreased 25% to $ 77 million.
Hyatt recently launched a capital strategy providing for the sale of assets of $ 1.5 billion by 2020. So far, it has sold $ 1.1 billion.
The change of CFO was announced before the markets opened Monday. Hyatt's shares rose 0.5% to $ 76.06.
Write to Ezequiel Minaya at [email protected]
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