UPDATE: Hyatt Hotels Shares Fall After Downbeat Q3 earnings

Shares of Hyatt Hotels (NYSE: H) fell around 4% after the company reported downbeat earnings for the third quarter.The Chicago, Illinois-based company posted a quarterly profit of $32 million, or $0.21 per share, versus a year-ago profit of $55 million, or $0.35 per share. Excluding special items, the company's earnings fell to $0.20 per share from $0.23 per share.Its revenue climbed 7.6% to $1.1 billion from $1.03 billion. However, analysts were expecting earnings of $0.26 per share on revenue of $1.12 billion.Comparable owned and leased hotels RevPAR rose 7.6% in the quarter, while comparable systemwide RevPAR climbed 7.6%.Adjusted EBITDA climbed 12.6% to $179 million from $159 million.Owned and leased hotel operating margin widened to 24% versus 23.4%. The average daily rate for comparable owned and leased hotels surged 5.8% to $193.70, while occupancy increased to 79.9% versus 78.6%.Direct and selling, general and administrative expenses jumped 6.1% to $1.03 billion.The company repurchased 1,312,432 shares of common stock at a weighted average price of $60.24 per share.Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "The global economic environment continues to be healthy for travel demand, particularly in the U.S. Strong rate increases led to systemwide RevPAR growth of 8% in the third quarter.”Hyatt shares fell 3.98% to $59.53 at 10:15 a.m. ET.