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What does Hyatt Hotels do and what are its main business segments?

- **Revenue Growth**: System-wide RevPAR +0.3%, luxury brands lead with +1.6% leisure transient RevPAR. U.S. RevPAR -1.6% due to select service underperformance.
- **Loyalty Expansion**: World of Hyatt members +20% YoY to 61M, Chase partnership to add $50M in 2025, scaling to $105M by 2027.
- **Pipeline Momentum**: Net rooms growth 12% Q3, pipeline +4% YoY to 141,000 rooms. New brands (Hyatt Select, Unscripted) driving organic growth.
- **Financial Strength**: Adjusted EBITDA $291M, free cash flow guidance $475-525M, incl. $47M Chase payment. 2026 G&A target $440-445M (-$10M YoY).
- **China Confidence**: 50 Hyatt Studios pipeline with Homeinns, luxury RevPAR +6% despite macro challenges.

**【CEO Summary Section】**
- **Revenue Performance**: System-wide RevPAR grew 0.3% Q3 2025, driven by luxury brands (+1.6% leisure transient RevPAR) and strong all-inclusive portfolio (7.6% net package RevPAR growth). U.S. RevPAR declined 1.6% due to select service underperformance and holiday timing.
- **Transactions Progress**: Sold 1 Playa property for $22M, with 5 more owned hotels under LOI. On track for 90%+ asset-light earnings mix.
- **Growth Momentum**: Net rooms growth 12% Q3 (7% ex-acquisitions), pipeline expanded to 141,000 rooms (+4% YoY). New brands (Hyatt Select, Unscripted) signed deals across underserved markets.
- **Loyalty Program Strength**: World of Hyatt members surpass 61M (+20% YoY), fastest-growing major loyalty program. Expanded Chase partnership to generate $50M in 2025, scaling to $105M by 2027.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA $291M (in line with expectations), gross fees $283M (+6.3% ex-Playa). Owned/leased EBITDA +7%, offset by lower distribution segment earnings.
- **Cost Efficiency**: Restructuring charges $50M Q3, targeting 2026 G&A $440-445M (-$10M YoY). Free cash flow guidance raised to $475-525M, incl. $47M Chase upfront payment.
- **Balance Sheet**: Liquidity $2.2B, new $1.5B revolver expiring 2030. Repurchased $30M shares Q3, total returns $350M+ 2025.

**【Q&A Key Highlights】**
- **Net Rooms Growth**: 2026 target 6-7%, organic signings up 100% YoY. 38 hotels set to open Q4, 7 already opened.
- **Group Pace**: 2026 U.S. group pace +high single digits, driven by World Cup and America 250. Global group pace +3% Q4, booking trends strong for 2026-2028.
- **China Strategy**: Master franchise with Homeinns for 50 Hyatt Studios, leveraging JV success with UrCove by Hyatt. Leisure demand resilient, luxury RevPAR +6%.
- **Free Cash Flow**: Targeting 50%+ EBITDA conversion in 2026, up from 40% 2025. Credit card deal and asset sales driving incremental returns.

Hyatt Hotels Corporation(H)-20251106-2025 Q3 Earnings call transcript

Owned and Leased Hotels

Management and Franchise Fees

Other

Other from Managed Properties

Distribution and Destination Management

H

H fundamentals

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