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Hyatt Hotels Corp Class A - Stock Quote H

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Morningstar's Hyatt Hotels Corp Class A Stock Analysis

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Narrow-Moat Hyatt’s Demand Remains Resilient Amid Inflationary Concerns; Shares Fairly Valued

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

Inflation pressures have yet to squash Hyatt’s travel demand, evidenced by its revenue per available room, or revPAR, reaching 94% of 2019 levels in May, up from 91%, 85%, and 75% in April, March, and the first quarter, respectively. Further, leisure and business transient bookings for June through August are at 105% of prepandemic marks. Encouragingly, our thesis that 2022 travel demand will broaden out to business trips from leisure excursions, which led the industry’s initial recovery, appears to be playing out. In this vein, Hyatt’s leisure revenue remained at record levels in May, reaching 118% of 2019 levels. Meanwhile, group sales achieved 88% of prepandemic marks in May, up from 86%, 75%, and 57% in April, March, and last quarter, respectively. We also are constructive on Hyatt’s pricing power, showcased by its May average daily rate coming in at 108% of 2019's level, which supports its brand intangible asset (source of its narrow moat).

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Key Statistics - H

Hyatt Hotels Corp Class A's Company Profile

Business Description

Hyatt is an operator of 1,162 owned (5% of total rooms) and managed and franchise (95%) properties across roughly 20 upscale luxury brands, which includes vacation brands (Apple Leisure Group, Hyatt Ziva and Hyatt Zilara), the recently launched full-service lifestyle brand Hyatt Centric, the soft lifestyle brand Unbound, and the wellness brand Miraval. Hyatt acquired Two Roads in November 2018 and Apple Leisure Group in 2021. The regional breakdown as a percentage of total rooms is 66% Americas, 18% Asia-Pacific, and 16% rest of world.

150 North Riverside Plaza, 8th Floor
Chicago, IL, 60606
T +1 312 750-1234
Industry Lodging
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 44,000

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