Here are 1-2 brief analogies for Hyatt Hotels (H):

• A more luxury-focused version of Marriott International.
• Similar to Hilton Worldwide, but with a stronger emphasis on upscale and lifestyle hotels.

• Accommodation: Providing rooms and suites for overnight stays across a diverse portfolio of hotel brands globally.
• Food & Beverage: Offering dining experiences through on-site restaurants, bars, room service, and catering services within their properties.
• Meetings & Events Hosting: Supplying venues, catering, and event planning services for corporate conferences, social gatherings, and weddings.
• Spa, Fitness & Recreational Services: Delivering wellness experiences through on-site spas, fitness centers, and various recreational amenities at their hotels and resorts.
• Vacation Ownership (Hyatt Residence Club): Selling fractional ownership interests in luxury resort properties, granting members access to a portfolio of destinations.
• Hotel Management & Franchising: Providing management expertise or licensing their brands and operational standards to third-party hotel owners.

Major Customers of Hyatt Hotels (H)

Hyatt Hotels primarily serves individual travelers, although bookings are often facilitated by companies (e.g., corporate travel departments, event planners, travel agencies). The company's major customers can be categorized into the following groups:

• Business Travelers: These are individuals traveling for corporate purposes, including attending meetings, conferences, business trips, or extended stays for work-related projects. They often utilize corporate negotiated rates, participate in loyalty programs, and prioritize amenities such as high-speed internet, business centers, meeting facilities, and convenient locations close to business districts or corporate offices.
• Leisure Travelers: This category includes individuals, couples, and families traveling for vacation, tourism, personal events (e.g., honeymoons, anniversaries, family visits), or special occasions. Their priorities often include comfort, recreational amenities like pools, spas, and fitness centers, on-site dining options, and proximity to tourist attractions, entertainment venues, or natural landscapes.
• Group & Event Guests: While often booked by a third party (e.g., a corporation, event planner, or tour operator), the individuals who are the ultimate consumers of the services fall into this category. This includes attendees of conventions, corporate meetings, social events (such as weddings, family reunions), and organized tour groups. These bookings typically involve large blocks of rooms, catering services, and dedicated event spaces.

Mark S. Hoplamazian, President and Chief Executive Officer

Mark S. Hoplamazian has served as President and CEO of Hyatt Hotels Corporation since December 2006. Prior to this, he spent 17 years at The Pritzker Organization, LLC, the principal financial and investment advisor to certain Pritzker family business interests, where he was President. In this role, he advised various Pritzker family-owned companies, including Hyatt Hotels Corporation and its predecessors, and managed the company's merchant banking and investment activities. He previously worked in international mergers and acquisitions at The First Boston Corporation.

Joan Bottarini, Chief Financial Officer

Joan Bottarini was appointed Chief Financial Officer of Hyatt Hotels Corporation in November 2018. She has over 22 years of experience with Hyatt, holding various leadership roles including Senior Vice President of Finance for the Americas and Vice President of Hotel Finance in Asia Pacific. Before joining Hyatt, Ms. Bottarini served as the Controller of Development Finance and External Reporting at Essex Property Trust, a real estate investment trust. She began her career at KPMG, where she worked as an Assurance Manager, primarily serving clients in the Real Estate practice.

Javier Águila, Chief Growth Officer and President, Inclusive Collection

Effective July 1, 2025, Javier Águila will become Hyatt's new Chief Growth Officer, in addition to his role as President of the Inclusive Collection, effective March 1, 2025. In his global role, he will oversee Hyatt’s growth through development strategy and execution, as well as transactions. Mr. Águila has experience from private equity firms in Europe.

Marc Jacheet, Group President, Europe, Africa and Middle East (EAME)

Marc Jacheet is set to join Hyatt as Group President, Europe, Africa and Middle East (EAME), with his full transition effective July 1, 2025. He brings more than 25 years of management experience from global luxury and consumer brands such as De Beers, Louis Vuitton, Moët & Chandon, and Evian. Mr. Jacheet also led Tiffany & Co.'s operations for both the Asia Pacific and Europe, Middle East and Africa regions.

Jim Chu, Head of Owner Relations

Effective July 1, 2025, Jim Chu will assume the new position of Head of Owner Relations. Previously, he served as Hyatt's Chief Growth Officer since 2022.

• The continued and evolving expansion of alternative accommodation platforms (e.g., Airbnb, VRBO) into segments historically dominated by traditional hotels, including luxury, extended stays, and corporate travel. While these platforms have existed, their increasing legitimacy, professionalization, and market penetration into higher-value segments represent an ongoing and emerging threat to traditional hotel market share.
• Structural shifts in business travel demand resulting from widespread adoption of remote and hybrid work models. This post-pandemic trend signifies a potentially permanent reduction in the volume of corporate group bookings, individual business trips, and conference attendance, fundamentally altering a key revenue stream for full-service hotel companies like Hyatt.

Hyatt Hotels (symbol: H) operates within the global hospitality industry, managing and franchising a diverse portfolio of hotels, resorts, and vacation properties catering to both business and leisure travelers. Its main products and services encompass various hotel segments, including luxury, full-service, and select-service accommodations, as well as meeting and event spaces.

The addressable markets for Hyatt's main products and services are substantial, both globally and within the United States:

Global Market Sizes

• Global Hotels Market: The global hotels market size was valued at approximately $1,376.40 billion in 2023 and is predicted to grow to around $2,993.90 billion by 2032, exhibiting a compound annual growth rate (CAGR) of roughly 9.14% between 2024 and 2032. Other estimates include $1,071.49 billion in 2024, projected to reach $2,166.55 billion by 2032. In 2025, the global hotels and resorts industry revenue is estimated to reach $1.8 trillion.
• Global Luxury Hotel Market: This segment was valued at an estimated $103.93 billion in 2024 and is projected to reach $156.80 billion by 2030, with a CAGR of 7.2% from 2025 to 2030. Another report valued the global luxury hotel market at $115.2 billion in 2024, with a projection to reach approximately $214.4 billion by 2033, growing at a CAGR of 7.1%.
• Global Business Travel Market: The global business travel market was estimated at $1,626.21 billion in 2024 and is projected to reach $2,749.46 billion by 2030, growing at a CAGR of 8.2% from 2025 to 2030. Another source indicates the market reached $1.1 trillion in 2024 and is expected to reach $2.0 trillion by 2033.
• Global Leisure Travel Market: The global leisure travel market was valued at $1.46 trillion in 2023 and is projected to reach $5.81 trillion by the end of 2030, with a CAGR of 21.8% from 2024–2030. Other estimates place the market size at $931.16 billion in 2024, with a projected growth to $1,723.46 billion by 2033.

U.S. Market Sizes

• U.S. Hotels Market: The U.S. hotels market size was estimated at $263.21 billion in 2024 and is projected to grow at a CAGR of 7.1% from 2025 to 2030. Another report states the market size for hotels & motels in the U.S. was $285.1 billion in 2024 and is projected to be $286.5 billion in 2025.
• U.S. Hotels, Resorts, and Cruise Lines Market: This broader market in the U.S. was estimated at $345.96 billion in 2024 and is expected to grow at a CAGR of 6.8% from 2025 to 2030.

Hyatt Hotels (H) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market trends:

1. Continued Asset-Light Strategy and Fee-Based Earnings Growth: Hyatt is actively transforming into an asset-light business model, focusing on management and franchising agreements rather than owning properties. This strategy, supported by strategic dispositions of owned assets and acquisitions like Playa Hotels & Resorts, is anticipated to significantly increase recurring fee-based earnings and free cash flow. The company projects its asset-light earnings mix to reach 90% or greater on a pro-forma basis by 2027.

2. Strategic Expansion in Luxury, Lifestyle, and All-Inclusive Segments: Hyatt is concentrating its portfolio expansion in high-end categories, including luxury, lifestyle, and all-inclusive properties. This includes organic growth and strategic acquisitions, such as the Apple Leisure Group (ALG) and Playa Hotels & Resorts, which have provided Hyatt with a substantial global market share in luxury all-inclusive resorts. The company plans to open over 50 luxury and lifestyle hotels globally by 2026.

3. Robust Net Rooms Growth and Pipeline Expansion: Hyatt consistently reports industry-leading net rooms growth, both through organic development and strategic acquisitions. The company projects net rooms growth of 6% to 7% for the full year 2025 (or up to 7.7% including acquisitions). Hyatt's development pipeline is robust, with approximately 140,000 rooms, signaling continued future expansion.

4. RevPAR Growth Driven by Sustained High-End Leisure and Recovering Business/Group Travel: While overall system-wide Revenue Per Available Room (RevPAR) growth has seen some moderation, Hyatt anticipates improvement, particularly in the United States during the fourth quarter of 2025. This growth is expected to be fueled by the enduring strong demand from high-end leisure travelers and an projected rebound in group and business transient travel bookings.

5. Growth and Engagement of the World of Hyatt Loyalty Program: The World of Hyatt loyalty program continues to experience significant expansion, with membership growing 21% year-over-year to approximately 58 million members by the second quarter of 2025. This increasing loyalty base is crucial for driving repeat business, enhancing customer engagement, and ultimately contributing to increased revenue.

Share Repurchases

• Hyatt repurchased $1.19 billion in shares in 2024 and $453 million in 2023.
• In the first quarter of 2025, the company repurchased approximately $149 million of Class A common stock.
• As of June 30, 2025, Hyatt had a remaining share repurchase authorization of $822 million.

Share Issuance

• In 2025, Hyatt issued $1 billion in senior notes ($500 million of 5.050% senior notes due 2028 and $500 million of 5.750% senior notes due 2032), receiving approximately $990 million of net proceeds to finance a portion of the Playa Hotels Acquisition.
• The number of outstanding shares has generally decreased from 2022 to 2025, reflecting the impact of share repurchases.

Outbound Investments

• Completed the acquisition of Playa Hotels & Resorts in February 2025 for $2.6 billion, including $900 million of debt, with plans to sell the acquired real estate portfolio for $2.0 billion to maintain an asset-light model.
• Acquired Standard International in the fourth quarter of 2024 for $150 million, adding 22 hotels and over 2,000 rooms to Hyatt's portfolio.
• Completed the acquisition of Apple Leisure Group for $2.7 billion in 2021.

Capital Expenditures

• Hyatt's capital expenditures were approximately $170 million in fiscal year 2024.
• Expected capital expenditures for 2025 are approximately $150 million, or approximately $215 million when including the impact of the Playa Hotels Acquisition.
• The primary focus of capital allocation reflects an asset-light strategy, with a commitment to achieve 90%+ fee-based earnings by 2027 and expand its brand presence, particularly in luxury and all-inclusive segments globally.