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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

H

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