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• Hyatt is like Marriott or Hilton, but with a focus on upscale and luxury properties.
• Hyatt is like the Four Seasons of large hotel companies, known for its premium and luxury brands.

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• Guest Accommodation: Provides temporary lodging in rooms and suites for leisure and business travelers.
• Food and Beverage Services: Offers diverse dining experiences, including restaurants, bars, room service, and catering for events.
• Meeting and Event Facilities: Supplies versatile venues and support services for corporate meetings, conferences, and social events.
• Wellness and Recreational Amenities: Delivers access to spas, fitness centers, and pools designed to enhance guest well-being and leisure.
• Hotel Management and Franchising: Manages properties for owners and licenses the Hyatt brand, operational systems, and services to franchisees.

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Major Customers of Hyatt Hotels (H)

Hyatt Hotels primarily sells its lodging and related services to individuals and groups, although bookings often come through corporate accounts or travel agencies. The primary end-users of their hotel stays can be broadly categorized as follows:

• Leisure Travelers: These are individuals, couples, and families traveling for vacations, weekend getaways, personal events, or other non-business-related reasons. Their decisions are often influenced by destination appeal, hotel amenities, recreational facilities, and value for money.
• Business Travelers: This segment includes individuals traveling for work-related purposes, such as attending meetings, conferences, training sessions, or client visits. They typically prioritize convenient locations (often near business districts or airports), reliable services (e.g., high-speed internet, business centers), efficiency, and participation in loyalty programs.
• Groups and Events: This category encompasses a wide range of organized gatherings that require multiple rooms, and often meeting spaces, catering, and other event services. This includes:
  • Corporate Groups: For business conferences, corporate meetings, incentive travel, and employee training programs.
  • Association Groups: For conventions, trade shows, and professional organization meetings.
  • Social Groups: Such as wedding parties, family reunions, and other celebratory events.

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Mark S. Hoplamazian, President and Chief Executive Officer

Mark S. Hoplamazian has served as President and Chief Executive Officer of Hyatt Hotels Corporation since December 2006. Before this, he was President of The Pritzker Organization, LLC (TPO) for 17 years, where he served as the principal financial and investment advisor to various Pritzker family business interests, including Hyatt Hotels Corporation and its predecessors. During his tenure at TPO, he advised on and managed a diverse portfolio of business interests and participated in the formation of several companies. His early career included roles as a financial analyst at First Boston Corporation from 1985 to 1987 and a summer associate at Boston Consulting Group in 1988. Hyatt Hotels Corporation, and its predecessors, were privately held by the Pritzker family business interests before going public under his leadership.

Joan Bottarini, Chief Financial Officer

Joan Bottarini was appointed Chief Financial Officer of Hyatt Hotels Corporation in November 2018, having joined the company in 2000. In her current role, she oversees the global finance function, including financial reporting, planning, treasury, tax, investor relations, internal audit, and procurement. Prior to becoming CFO, she held various leadership positions within Hyatt, including Senior Vice President, Finance, Americas (2016-2018), and Vice President, Hotel Finance, Asia Pacific, based in Hong Kong (2014-2016). Earlier in her career at Hyatt, she also held roles in Financial Planning and Analysis, Investor Relations, and Financial Reporting. 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 professional career at KPMG, where she worked from 1993 to 1998, primarily serving clients in the Real Estate practice.

Thomas J. Pritzker, Executive Chairman

Thomas J. Pritzker has served as the Executive Chairman of the Board of Hyatt Hotels Corporation since August 2004. He previously held the position of Chief Executive Officer of the company from August 2004 to December 2006. His history with Hyatt dates back to 1980 when he served as President of Hyatt Corporation. From 1999 to 2006, he was the Chairman and Chief Executive Officer of Hyatt Corporation. Prior to his executive roles at Hyatt, Mr. Pritzker was the Chairman of The Pritzker Organization, LLC (TPO), serving as the principal financial and investment advisor to various Pritzker family business interests.

Javier Águila, Chief Growth Officer and President, Inclusive Collection

Javier Águila will assume the role of Chief Growth Officer and President of the Inclusive Collection, effective July 1, 2025. In his new capacity as Chief Growth Officer, Mr. Águila will be responsible for overseeing Hyatt's global expansion strategies and transactions. He has previously overseen Hyatt's Europe, Africa, and Middle East region since 2022.

Marc Jacheet, Group President, Europe, Africa, and Middle East

Marc Jacheet was appointed Group President for Hyatt's Europe, Africa, and Middle East (EAME) region, with his appointment effective March 17, 2025, and full responsibilities commencing on July 1, 2025. He brings over 25 years of management experience to Hyatt, having held leadership roles at various global luxury and consumer brands, including De Beers, Louis Vuitton, Moët & Chandon, and Evian.

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The key risks to Hyatt Hotels (H) are primarily centered around its financial health and susceptibility to economic fluctuations, alongside intense industry competition:

1. Financial Health and Profitability Pressures: Hyatt faces significant financial challenges, evidenced by recent net losses in Q2 and Q3 2025 despite revenue growth. The company's profitability is under pressure due to a shift away from one-time asset sale gains and ongoing operational costs, with an estimated net profit margin around 1.1% for fiscal year 2025, which is notably tight compared to industry benchmarks. Furthermore, Hyatt's balance sheet indicates a high debt-to-equity ratio of 1.81 and a current ratio of 0.69, suggesting high leverage and potential liquidity constraints. An Altman Z-Score of 1.53 places Hyatt in a distress zone, implying a possibility of financial distress in the near future.
2. Sensitivity to Economic Conditions and Cyclical Demand: As a major player in the travel and leisure industry, Hyatt is highly exposed to cyclical demand and economic fluctuations. The company's significant focus on the luxury and business travel segments makes it particularly susceptible to economic downturns, as demand in these areas can be volatile. General volatility from potential corporate tax changes or tariffs, global economic conditions, natural disasters, and geopolitical uncertainties can all adversely affect demand for travel and lodging.
3. Intense Competition and Alternative Accommodation Services: The hotel industry is highly competitive, with numerous players vying for market share. Hyatt competes with other major hotel chains, and the rise of alternative lodging options like Airbnb has further disrupted the traditional hotel industry. This competitive landscape can limit Hyatt's market share growth and put pressure on pricing and profitability.

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1. Continued expansion and diversification of short-term rental platforms (e.g., Airbnb, Vrbo) that offer alternative lodging options and compete directly for market share across leisure, extended stay, and business travel segments.

2. Long-term structural changes in corporate travel patterns due to widespread adoption of remote and hybrid work models, leading to a potentially sustained reduction in business travel, conferences, and group events that are significant revenue drivers for hotels.

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• Global Hotel and Resorts Market: The global hotels and resorts market size was estimated at approximately $1.7 trillion in 2024 and is projected to reach an estimated $1.8 trillion in 2025. The global hotel and other travel accommodation market is expected to reach $1,052.84 billion in 2025.
• U.S. Hotel Market: The U.S. hotels market size was estimated at $263.21 billion in 2024 and is projected to reach $280.63 billion in 2025. Another estimate for the Hotels & Motels market in the U.S. was $285.1 billion in 2024 and $286.5 billion in 2025.

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Hyatt Hotels (H) is strategically positioned for future revenue growth over the next two to three years, driven by several key initiatives and market trends. The company's focus on an asset-light business model, expansion in high-end leisure segments, and a growing loyalty program are expected to be primary contributors.

Here are 3-5 expected drivers of Hyatt's future revenue growth:

1. Asset-Light Expansion and Net Rooms Growth: Hyatt is actively transforming into a more asset-light company by selling owned properties and focusing on management and franchise agreements. This strategy aims to increase fee-based earnings and free cash flow. The company has a robust development pipeline, with projections for net rooms growth (excluding acquisitions) between 6.3% and 7% for the full year 2025. This expansion of its global footprint, particularly into secondary U.S. markets and internationally, is a significant driver of future revenue through increased fees.
2. Strategic Focus on Luxury, Lifestyle, and All-Inclusive Segments: Hyatt is concentrating its growth on luxury, lifestyle, and all-inclusive properties, which now constitute a substantial portion of its portfolio. These segments have demonstrated strong demand and RevPAR growth, with luxury brands consistently driving systemwide RevPAR gains. For instance, the all-inclusive portfolio's net package RevPAR is anticipated to rise by 7.6% compared to the previous year, and luxury brands are expected to see a 6% increase in leisure transient RevPAR. The 2021 acquisition of Apple Leisure Group (ALG) significantly enhanced Hyatt's market share in the luxury all-inclusive resort space, further positioning it to capitalize on increasing traveler interest in these experiences.
3. Growth of the World of Hyatt Loyalty Program: The World of Hyatt loyalty program is a rapidly expanding asset, having surpassed 61 million members, a 20% year-over-year increase. This growth is leading to increased loyalty room night penetration and higher spending on co-branded credit cards. A larger and more engaged loyalty base directly translates to repeat business and increased customer lifetime value, contributing significantly to future revenue streams.
4. Resilient Leisure Travel and Recovery in Group and Business Transient Demand: Hyatt anticipates continued strength in leisure travel, particularly among high-end consumers who prioritize travel and experiences. Furthermore, the company observes growing momentum in group and business transient demand. For 2025, group pace is up approximately 6% compared to 2024, with average rates accounting for over half of that increase. Business transient revenue has shown significant year-over-year growth, especially in major urban markets benefiting from the recovery of business travel. Special events in upcoming years, such as the World Cup and America 250 celebrations, are also expected to provide a substantial boost to performance.

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Share Repurchases

• Hyatt made significant share repurchases, including $1.19 billion in 2024 and $453 million in 2023. In the first quarter of 2025, the company repurchased approximately $149 million of Class A common stock, followed by an additional $30 million in the third quarter of 2025.
• The company expects to return approximately $350 million to shareholders in 2025 through a combination of share repurchases and dividends.
• As of September 30, 2025, approximately $792 million remained under Hyatt's share repurchase authorization. The share repurchase authorization was increased by $1.055 billion in May 2023, resulting in a total authorization of $1.5 billion.

Share Issuance

• In September 2021, Hyatt completed a public offering of 7,000,000 shares of Class A common stock, generating approximately $500.14 million in net proceeds, which were primarily used to fund a portion of the Apple Leisure Group acquisition.
• The number of outstanding shares for Hyatt Hotels decreased from 0.11 billion in 2021 to 95.6 million in November 2025, indicating a net reduction in shares over this period.

Outbound Investments

• In 2021, Hyatt acquired Apple Leisure Group (ALG) for $2.7 billion, significantly expanding its luxury resort-management services and all-inclusive portfolio.
• In 2024, Hyatt strategically expanded its lifestyle hospitality segment by announcing the acquisition of Standard International (The Standard and Bunkhouse Hotels brands) for a base purchase price of $150 million, acquiring the "me and all hotels" brand, and forming a strategic joint venture with Spanish Grupo Piñero.
• In June 2025, Hyatt completed the acquisition of Playa Hotels & Resorts for approximately $2.6 billion (including debt), adding 15 all-inclusive resorts to its portfolio, with plans to sell the real estate and retain long-term management agreements.

Capital Expenditures

• Hyatt's capital expenditures were approximately $170 million in 2024 and are projected to be around $150 million for 2025.
• The company's capital allocation strategy is focused on an asset-light model, aiming to minimize ownership of physical properties and maximize fee-based revenue streams through management and franchise agreements.
• Hyatt is committed to achieving over 90% fee-based earnings by 2027 by actively reducing its real estate portfolio.