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Hyatt is like **Marriott International** or **Hilton Worldwide** – a global hospitality company that owns, manages, and franchises a diverse portfolio of hotel brands, from luxury resorts to select-service properties.

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• Hotel and Resort Accommodation: Providing guest rooms and services at a wide range of full-service hotels, select-service hotels, and resorts globally.
• Property Management Services: Managing the day-to-day operations and guest experiences for hotel and resort properties owned by others.
• Franchising and Licensing Services: Granting third-party owners the right to operate properties under Hyatt's established brands and benefit from its global sales and marketing efforts.
• Vacation Ownership and Rentals: Offering timeshare, fractional ownership, residential, and condominium units for vacation and long-term stays.
• Loyalty Program: Operating the "World of Hyatt" program, which rewards members with points redeemable for hotel stays and exclusive benefits.

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1. Individual Consumers: This category includes guests who book directly for leisure travel, personal trips, or individual business stays.
2. Corporations: Hyatt serves various corporations that book rooms and event spaces for business travel, corporate meetings, conferences, and employee accommodations.
3. Organizations and Associations: This encompasses national, state, and regional associations, as well as specialty market accounts such as social, government, military, educational, religious, and fraternal organizations, which utilize Hyatt's properties for group events, conventions, and member travel.

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Mark Hoplamazian, President & Chief Executive Officer
Mark Hoplamazian has served as President and Chief Executive Officer of Hyatt Hotels Corporation since December 2006, and was appointed Chairman in February 2026. Prior to his current role, he was President of The Pritzker Organization, LLC, where he served as a principal financial and investment advisor to certain Pritzker family business interests, including Hyatt Hotels Corporation and its predecessors, for 17 years. He also previously worked in international mergers and acquisitions at The First Boston Corporation in New York.

Joan Bottarini, Executive Vice President, Chief Financial Officer
Joan Bottarini was appointed Executive Vice President and Chief Financial Officer of Hyatt Hotels Corporation in November 2018. She joined Hyatt in 2000 and has held various finance leadership roles, including Senior Vice President, Finance, Americas, and Vice President, Hotel Finance, Asia Pacific, based in Hong Kong. Before joining Hyatt, Ms. Bottarini was the Controller of Development Finance and External Reporting at Essex Property Trust, a real estate investment trust. She began her career at KPMG as an Assurance Manager, primarily serving clients in the Real Estate practice.

Javier Águila, Executive Vice President, President, Inclusive Collection & Chief Growth Officer
Javier Águila was appointed Executive Vice President, President, Inclusive Collection in March 2025, and will assume the role of Chief Growth Officer effective July 1, 2025. In these roles, he is responsible for leading all aspects of Hyatt's Inclusive Collection globally, including development, brand leadership, and operations, and will oversee Hyatt's global expansion strategies and transactions. From October 2022 to July 2025, Mr. Águila served as Group President, Europe, Africa, & Middle East. His background includes extensive experience in organic and inorganic growth, as well as M&A and strategic investments from his time at private equity firms in Europe.

Marc Jacheet, Group President, Europe, Africa & Middle East
Marc Jacheet joined Hyatt as Group President, Europe, Africa and Middle East (EAME), effective March 17, 2025, with a full transition into the role by July 1, 2025. He brings more than 25 years of management experience from global luxury and consumer brands, including leadership roles at De Beers, Louis Vuitton, Moët & Chandon, Evian, and Tiffany & Co.

Jim Chu, Head of Owner Relations
Jim Chu will transition to the position of Head of Owner Relations, effective July 1, 2025. Prior to this new role, he served as Hyatt's Chief Growth Officer since 2022.

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Here are the key risks to Hyatt Hotels (H):

1. Economic Downturns and Cyclical Nature of the Hospitality Industry: The hospitality sector is highly sensitive to global economic conditions, including recessions, inflation, and rising interest rates, which can significantly reduce both business and leisure travel demand, leading to decreased bookings and revenue for Hyatt Hotels.

2. Intense Competition and Evolving Consumer Preferences: Hyatt operates in a highly competitive environment, facing significant pressure from both traditional hotel chains (such as Marriott and Hilton) and disruptive alternative accommodation platforms like Airbnb. This competition necessitates continuous innovation and adaptation to changing consumer preferences for unique experiences or eco-friendly accommodations, impacting market share and pricing strategies.

3. High Leverage and Financial Risk: Hyatt Hotels has taken on significant debt, particularly following acquisitions such as Playa Hotels & Resorts N.V., resulting in elevated leverage. This financial burden, especially in a rising interest rate environment, can constrain profitability and limit the company's financial flexibility. The success of planned asset sales to reduce this debt is also a critical factor.

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Emerging Threats for Hyatt Hotels (H)

• The continued rise and normalization of alternative accommodations (e.g., Airbnb, VRBO): These platforms offer an asset-light, peer-to-peer model that competes directly with hotels for leisure, group, and extended-stay travelers, often providing unique experiences, more space, and competitive pricing without the traditional overhead of hotel operations. Their increasing professionalization and market penetration continue to erode traditional hotel market share.
• The structural shift in business travel demand driven by widespread adoption of remote and hybrid work models: This reduces the frequency of corporate trips, conventions, and meetings, which traditionally constitute a significant portion of revenue for full-service hotels like many of Hyatt's brands. While leisure travel may rebound, a permanent reduction in business travel demand necessitates a fundamental re-evaluation of hotel asset utilization and revenue strategies.

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Hyatt Hotels Corporation operates within the global hospitality and hotel markets, offering a portfolio of properties and related services. The addressable markets for its main products and services can be sized as follows:

• Global Hospitality Market: The global hospitality industry market was valued at approximately USD 5,753.3 billion in 2025. It is projected to grow to approximately USD 10,267.8 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 6.6% during this period. Another report indicates the global hospitality market size was estimated at USD 5,569.94 billion in 2025 and is projected to reach USD 14,445.72 billion by 2034.
• Global Hotel Market: The global hotels market size was valued at USD 2,080.57 billion in 2025. This market is projected to expand to USD 3,931.42 billion by 2034, with a CAGR of 7.54% during the forecast period.
• North America Hotel Market: The hotel market in North America was valued at approximately USD 609.98 billion in 2025. The broader U.S. hospitality industry market is projected to be valued at USD 1,209.6 billion in 2025.
• Europe Hotel Market: Europe led the global hotels market with a valuation of USD 749.84 billion in 2025.
• Asia Pacific Hospitality Market: The Asia Pacific hospitality market size was valued at USD 1358.83 billion in 2024 and is projected to reach USD 2129.26 billion by 2033, growing at a CAGR of 5.12% from 2025 to 2033. For the hotel-specific market, the APAC Hotels Market is valued at USD 165 billion.

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Hyatt Hotels Corporation (symbol: H) is anticipated to drive future revenue growth over the next two to three years through several key strategies:

1. Robust Net Rooms Growth and Pipeline Expansion: Hyatt is consistently expanding its global footprint through a strong development pipeline, which reached a record of approximately 148,000 rooms by year-end 2025, representing a 7% increase from the prior year. The company projects net rooms growth to be between 6% and 7% for the full year 2025. This expansion is fueled by organic growth, conversions, and strategic acquisitions, with a significant portion of the U.S. pipeline consisting of new-build projects.
2. Strategic Focus on Luxury, Lifestyle, and All-Inclusive Segments: Hyatt is actively expanding its high-end offerings, with over 50 luxury and lifestyle hotels expected to open worldwide by 2026. The acquisition of Playa Hotels & Resorts in June 2025 significantly strengthened its presence in the all-inclusive market. Luxury brands are demonstrating strong growth, and luxury and upper-upscale properties now constitute 70% of Hyatt's portfolio.
3. Global Footprint Diversification, particularly in Asia Pacific: Hyatt is expanding its international presence, with plans to introduce hotels in 13 new international markets across Europe, Africa, and the Middle East between 2025 and 2028. Asia Pacific remains a key growth region, with notable expansion in Greater China, India (targeting 100 hotels within five years), and Indonesia.
4. Growth and Engagement of the World of Hyatt Loyalty Program: The World of Hyatt loyalty program is a crucial driver for repeat business and customer loyalty. Membership grew to over 63 million by the end of 2025. Engaged members, those staying more than 50 nights a year, increased by 13% in 2025, and these members reportedly stay 62% more frequently and spend 93% more than non-members.
5. Anticipated RevPAR Growth and Increased Fee Revenue: Hyatt expects continued growth in Revenue Per Available Room (RevPAR). For 2025, comparable system-wide hotels RevPAR growth is projected between 1% and 3%. This RevPAR growth, coupled with the expansion of its system size and an increase in non-RevPAR fees, is expected to lead to significant increases in gross fee revenue, with full-year guidance for total fees up 15% at the midpoint.

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Share Repurchases

• Hyatt repurchased $293 million of Class A common stock during the full year of 2025.
• The company repurchased $1.19 billion in 2024 and $453 million in 2023.
• As of early 2026, Hyatt had a total remaining share repurchase authorization of $678 million.

Share Issuance

• In September 2021, Hyatt completed a public offering of 7,000,000 shares of Class A common stock at $74.50 per share, resulting in net proceeds of approximately $500.1 million.
• These proceeds were intended to fund a portion of the acquisition of Apple Leisure Group.
• Shares outstanding for Hyatt Hotels increased by 8.69% in 2021.

Outbound Investments

• In 2021, Hyatt acquired Apple Leisure Group (ALG) for $2.7 billion.
• In 2025, Hyatt acquired Playa Hotels for an enterprise value of approximately $2.6 billion and subsequently sold the real estate portfolio for $2.0 billion, entering into long-term management agreements for 13 of the 14 properties.
• The company's development pipeline reached a record of approximately 148,000 rooms by year-end 2025, representing a 7% increase compared to 2024, driven by strong growth in the U.S. and Asia Pacific.

Capital Expenditures

• Hyatt's capital expenditures were $220 million for the full year 2025.
• Expected capital expenditures for 2026 are approximately $135 million.
• The company's capital allocation supports its asset-light strategy, focusing on expanding its brand portfolio and global network through new openings and development.