CHICAGO, Illinois—Hyatt Hotels Corporation reported its third-quarter 2025 results. Highlights include:
- Comparable system-wide hotels RevPAR increased 0.3 percent, compared to the third quarter of 2024.
- Net rooms growth was 12.1 percent, and net rooms growth excluding acquisitions was 7.0 percent.
- Net income (loss) attributable to Hyatt Hotels Corporation was $(49) million, and Adjusted Net Income (Loss) was $(29) million.
- Diluted EPS was $(0.51) and Adjusted Diluted EPS was $(0.30).
- Gross fees were $283 million, an increase of 5.9 percent, compared to the third quarter of 2024.
- Adjusted EBITDA was $291 million, an increase of 5.6 percent, compared to the third quarter of 2024, or an increase of 10.1 percent after adjusting for assets sold in 2024.
- The pipeline of executed management or franchise contracts was approximately 141,000 rooms, an increase of 4.4 percent, compared to the third quarter of 2024.
- Full Year 2025 Outlook: The following metrics do not include the impact of the Playa Hotels Acquisition and the pending Playa Real Estate Transaction.
- Comparable system-wide hotels RevPAR growth is projected between 2 percent to 2.5 percent, compared to the full year 2024.
- Net rooms growth excluding acquisitions is projected between 6.3 percent to 7.0 percent, compared to the full year 2024.
- Net income is projected between $70 million and $86 million.
- Adjusted EBITDA is projected between $1,090 million and $1,110 million, an increase of 7 percent to 9 percent after adjusting for assets. sold in 2024, compared to the full year 2024.
- Capital returns to shareholders are projected to be approximately $350 million, through a combination of dividends and share repurchases.
Subsequent to the end of the third quarter, the company announced an expanded agreement with Chase that rewards World of Hyatt cardmembers for stays across Hyatt’s global portfolio. The impact to Adjusted EBITDA related to the economics of the credit card programs and similar third-party relationships is expected to more than double from 2025 to 2027, with anticipated continued growth in future years.
Mark S. Hoplamazian, president and chief executive officer of Hyatt, said, “Our third quarter results reflect the strength of our core fee business and our disciplined approach to cost management. As we continue our evolution to a brand-led organization, we are focused on elevating guest experiences, deepening customer loyalty through World of Hyatt, and expanding into high-growth segments and geographies. Looking into the fourth quarter and beyond, we believe our high-end customer base, robust pipeline with significant white space for growth, and rapidly expanding loyalty program position us to drive sustained growth and create long-term value for our shareholders.”
Third Quarter Operational Commentary
- Luxury chain scales drove RevPAR growth in the third quarter. Leisure transient RevPAR was the strongest area of growth, while group RevPAR growth was negatively impacted by approximately 100 bps due to the timing of the Rosh Hashanah holiday, which occurred in the third quarter this year, compared to the fourth quarter last year.
- Net Package RevPAR increased 7.6 percent in the third quarter compared to the third quarter last year.
- Gross fees increased 5.9 percent in the quarter, compared to the third quarter last year or 6.3 percent excluding the impact of the Playa Hotels Acquisition.
- Base management fees: increased 10 percent, driven by managed hotel RevPAR growth outside of the United States and the contribution of newly-opened hotels.
- Incentive management fees: grew 2 percent, led by newly-opened hotels and hotel performance in Asia Pacific excluding Greater China.
- Franchise and other fees: expanded 4 percent, due to non-RevPAR fee contributions and newly-opened hotels, offset by the elimination of fees from the 8 Hyatt Ziva and Hyatt Zilara properties that were part of the Playa Hotels Acquisition.
- Owned and leased segment Adjusted EBITDA increased 7 percent, compared to the third quarter of 2024, after adjusting for assets sold in 2024 and the impact of the Playa Hotels Acquisition. Comparable owned and leased margin decreased by 40 bps in the third quarter, compared to the same period in 2024.
- Distribution segment Adjusted EBITDA declined compared to the third quarter of 2024, due to lower booking volumes and the lapping of a one-time benefit from ALG Vacations travel credits last year, which was not offset by higher pricing and effective cost management.
Openings and Development
During the third quarter, the company:
- Opened 5,163 rooms. Notable openings included:
- Park Hyatt Kuala Lumpur in the tallest skyscraper in Asia Pacific, Park Hyatt Johannesburg, Secrets Playa Esmeralda Resort and Spa in Punta Cana, and Hyatt Regency Times Square, the first Hyatt Regency property in Manhattan.
- Announced a new master franchise agreement with HomeInns Hotel Group. Under this agreement, HomeInns Hotel Group plans to open 50 Hyatt Studios-branded hotels over the next several years and develop a pipeline to fuel future growth across China.
Transactions
The company has provided the following updates on the Playa Real Estate Transaction and the 15 properties acquired from the Playa Hotels Acquisition:
- Hyatt expects to close on the Playa Real Estate Transaction to sell 14 properties by the end of the year and use the proceeds to repay the amounts outstanding under the $1.7 billion delayed draw term loan used to finance a portion of the Playa Hotels Acquisition. Concurrent with the sale, the company will enter into 50-year management agreements for 13 of the 14 properties. The remaining property is subject to a separate contractual arrangement.
- On September 18, 2025, one property in Playa del Carmen was sold to a separate third-party buyer for approximately $22 million. Net proceeds of the sale were used to repay a portion of the delayed draw term loan.
Balance Sheet and Liquidity
As of September 30, 2025, the company reported the following:
- Total debt of $6.0 billion, inclusive of the $1.7 billion delayed draw term loan facility.
- Total liquidity of $2.2 billion, inclusive of:
- $749 million of cash and cash equivalents, short-term investments, and
- $1,497 million of borrowing capacity under Hyatt’s revolving credit facility, net of letters of credit outstanding.
- Total remaining share repurchase authorization of $792 million. The company repurchased $30 million of Class A common stock during the third quarter.
- The company’s board of directors has declared a cash dividend of $0.15 per share for the fourth quarter of 2025. The dividend is payable on December 8, 2025, to Class A and Class B stockholders of record as of November 24, 2025.
