Hyatt continues asset-light path in Q4

CHICAGO — Hyatt Hotels Corp. reported systemwide RevPAR growth of 4% in the fourth quarter and 2.9% for all of 2025, as well as net rooms growth of 7.3% as part of its fourth quarter earnings.

Hyatt said Q4 RevPAR growth was highest among its luxury and upper-upscale chains, while leisure transient remained the strongest customer segment.  

“We ended 2025 with great momentum, marked by strong execution against our strategic priorities and continued progress toward becoming a more brand-focused organization. We achieved exceptional commercial and operating performance in 2025 and expanded our portfolio and network effect through disciplined transactions and strong organic growth,” said Hyatt President and CEO Mark Hoplamazian. “As we look to the future, we are focused on accelerating this momentum by further advancing the evolution of our brands, our talent, and our use of technology.”

Hyatt’s pipeline was approximately 148,000 rooms, up 7% year-over-year. 2025 signings in the U.S. were up approximately 30% YOY, including more than 25 Hyatt Select deals signed during the year. The company also said the pipeline of Hyatt Studios properties has grown to approximately 70 since the brand’s 2023 launch. Hyatt’s pipeline in Asia Pacific increased by 7% YOY, with strong activity in Greater China and India.

The company also announced its full-year 2026 outlook and projected systemwide RevPAR growth of 1-3% and NUG of 6-7%. Hyatt also projected gross fees of $1.295-$1.335 billion, an 8-11% increase YOY and adjusted EBITDA of $1.155-$1.205 billion, a 13-18% increase YOY.

Hyatt said in December that it closed on the sale of a portfolio of the Alua Atlántico Golf Resort, Alua Tenerife, and AluaSoul Orotava Valley in Spain for approximately $140 million. The company also entered into long-term management agreements for each property. Net proceeds were used to repay a portion of the $1.7 billion delayed draw term loan used to finance a portion of the Playa Hotels acquisition.

Analyst Michael Bellisario of R.W. Baird said Hyatt’s Q4 earnings were in line with expectations.

“Stronger RevPAR growth (+4%) caused total gross fees to be 1% ahead of our estimate. Lots of moving pieces in 2026 guidance, including an asset sale, slightly higher hurricane-related disruption, and the exclusion of JV EBITDA,” he said. “We suspect the buy-side will view the 1%-3% RevPAR range (for full-year 2026) as conservative.”

Other results

• Net income loss attributable to Hyatt was $20 million in Q4 and $52 million for the full year of 2025. Adjusted net income was $126 million in Q4 and $209 million for the full year of 2025.
• Gross fees were $307 million in Q4, an increase of 4.5% compared to the fourth quarter of 2024, and $1,198 billion for the full year of 2025, an increase of 9.0% compared to the full year of 2024.
• Adjusted EBITDA was $292 million in the fourth quarter, an increase of 14.6% YOY, or an increase of 3.8% after adjusting for assets sold in 2024 and the Playa Hotels acquisition. Full year 2025 Adjusted EBITDA was $1.159 billion, an increase of 5.8% YOY, or an increase of 7.4% after adjusting for assets sold and the Playa acquisition.
• During the fourth quarter, Hyatt opened 8,253 rooms, including the first Park Hyatt hotel in Mexico and Hyatt Studios Huntsville, the continued expansion of Hyatt’s newest extended-stay brand in the U.S.
• During Q4, Hyatt completed the Playa real estate transaction and used the proceeds to repay the amounts outstanding under the $1.7 billion delayed draw term loan, which was terminated upon repayment.