Hyatt Hotels Names New Finance Chief

By Anonymous
Hyatt Hotels Names New Finance Chief

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 will become its new finance chief, as its current CFO is leaving for Starbucks Corp. SBUX 1.40%

Ms. Bottarini, currently senior vice president of finance for the Americas at Hyatt, will succeed Patrick Grismer, who will start as Starbucks’s finance chief in late November.

Ms. Bottarini, who will assume the CFO role Nov. 2, has been with Hyatt since 1999. She has held multiple positions with the company, including vice president of hotel finance for the Asia Pacific, vice president for strategic financial planning and analysis, and director for financial communications, Hyatt said in a statement.

Ms. Bottarini will take the CFO job at a company that has seen its stock climb 58% during Mr. Grismer’s tenure, starting in March 2016, according to analysts at Cowen.

“I am eager to continue to build on our finance team leadership development efforts around the world as we remain focused on building value for our shareholders,” Ms. Bottarini said in a statement.

Hyatt has posted growth in revenue per available room, or RevPAR, an important metric in the hotel industry, for the past three quarters.

For the quarter ended in June, comparable systemwide RevPAR increased 4% from the year-ago period on a constant-currency basis. Net income, however, decreased 25% to $77 million.

Hyatt recently launched a capital strategy that includes the goal of selling $1.5 billion in assets by 2020. So far it has sold $1.1 billion.

The CFO change was announced before markets opened Monday. Shares of Hyatt rose 0.5% to $76.06.

Write to Ezequiel Minaya at [email protected]