Hyatt Reports Third Quarter 2023 Results

New Record Total Fee Revenue of $250 Million

Pipeline Expands to New High of 123,000 Rooms

Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third quarter 2023 financial results. Highlights include:

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  • Net Income was $68 million in the third quarter of 2023 compared to $28 million in the third quarter of 2022. Adjusted net income was $75 million in the third quarter of 2023 compared to $72 million in the third quarter of 2022.
  • Diluted EPS was $0.63 in the third quarter of 2023 compared to $0.25 in the third quarter of 2022. Adjusted Diluted EPS was $0.70 in the third quarter of 2023 compared to $0.64 in the third quarter of 2022.
  • Adjusted EBITDA was $247 million in the third quarter of 2023 compared to $252 million in the third quarter of 2022.
    • Adjusted EBITDA does not include Net Deferrals and Net Financed Contracts of $35 million1 in the third quarter of 2023, and Net Deferrals and Net Financed Contracts of $43 million1 in the third quarter of 2022.
  • Comparable system-wide RevPAR increased 8.9% in the third quarter of 2023 compared to 2022.
  • Comparable owned and leased hotels RevPAR increased 6.3% in the third quarter of 2023 compared to 2022. Comparable owned and leased hotels operating margins were 23.5% in the third quarter of 2023.
  • Comparable All-inclusive Net Package RevPAR increased 8.6% in the third quarter of 2023 compared to 2022.
  • Net Rooms Growth was approximately 6.2% in the third quarter of 2023.
  • Pipeline of executed management or franchise contracts was approximately 123,000 rooms.
  • Share Repurchases were approximately 1.25 million Class A shares for $144 million in the third quarter of 2023.

1 Represents the sum of Net Deferrals and Net Financed Contracts. Refer to Apple Leisure Group Segment Statistics schedule on page A-17 for additional details.

Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "We had a tremendous quarter, largely driven by the strength in our core business. Our third quarter performance contributed to a 25% improvement in total fees for the first nine months of the year compared to 2022. We expect strong fee growth to continue, fueled by our record pipeline of 123,000 rooms and higher levels of conversion opportunities combined with robust demand for travel around the globe. We continue to successfully execute our asset-light transformation and growth strategy while returning meaningful capital to shareholders."

Operational Update

A record level of total management, franchise, license, and other fees of $250 million were generated in the third quarter of 2023 driven by continued strong global top-line performance and net rooms growth.

Comparable system-wide RevPAR increased 8.9% in the third quarter of 2023, compared to the third quarter of 2022, driven by occupancy up 420 basis points and Average Daily Rate up 2.6%. Overall demand remained resilient, particularly among leisure guests and group customers.

Comparable Net Package RevPAR for ALG properties increased 8.7% in the third quarter of 2023 compared to the same period in 2022. Booking pace for luxury all-inclusive ALG resorts in Cancun is up 8% for the festive period and up 12% for the first quarter of 2024.

Segment Results and Highlights

(in millions)


Three Months Ended

September 30,











Change (%)

Owned and leased hotels









Americas management and franchising









ASPAC management and franchising (a)









EAME management and franchising (a)









Apple Leisure Group









Corporate and other
















Adjusted EBITDA


















Three Months Ended

September 30,











Change (%)

Net Deferrals









Net Financed Contracts









(a) Effective January 1, 2023, the Company has changed the strategic and operational oversight for our properties located in the Indian subcontinent. Revenues associated with these properties are now reported in the ASPAC management and franchising segment. The segment changes have been reflected retrospectively for the three months ended September 30, 2022.

  • Owned and leased hotels segment: Results were led by group and sustained leisure travel demand. When adjusted for the net impact of transactions, owned and leased Adjusted EBITDA increased $3 million, or 5.5%, compared to the third quarter of 2022 and increased $19 million, or 41.7%, compared to the third quarter of 2019.
  • Americas management and franchising segment: Results were led by resilient leisure demand and continued recovery of group. Total fees were up 6.6% compared to the third quarter of 2022, offset by an increase in certain expenses. New hotels added to the system since the start of 2019 contributed $22 million in fee revenue in the quarter.
  • ASPAC management and franchising segment: Results were led by recovery across the region. Notably, RevPAR in Greater China was up 56% compared to the third quarter of 2022. Major events, including the G20 Summit, Women's FIFA World Cup, and Asian Games, contributed to performance.
  • EAME management and franchising segment: Results were impacted by a significant termination fee from a pipeline hotel recognized in the third quarter of 2022. Excluding this fee, EAME Adjusted EBITDA was up 40%, led by Western Europe, strong international inbound seasonal demand, and increased airlift into the region.
  • Apple Leisure Group segment: Results faced headwinds from unfavorable foreign currency, challenging ALG Vacations year-over-year comparisons, and higher travel credits from the third quarter of 2022. Additionally, the Unlimited Vacation Club realized certain incremental costs in part driven by strong engagement from members.

Openings and Development

During the third quarter, 20 new hotels (or 3,262 rooms) joined Hyatt's system. Notable openings included Calistoga Motor Lodge & Spa, seven UrCove properties, and Andaz Macau, the largest Andaz branded property globally with 715 rooms.

As of September 30, 2023, the Company had a pipeline of executed management or franchise contracts for approximately 600 hotels (approximately 123,000 rooms).

Transactions and Capital Strategy

On September 28, 2023, the Company sold its interests in the entities which own the Destination Residential Management business to an unrelated third party for $2 million of base consideration and up to an additional $48 million of contingent consideration to be earned within two years following the sale upon the achievement of certain performance-based metrics and contract extensions.

The Company has signed a definitive purchase and sale agreement in October for one asset, expected to close in the fourth quarter of 2023, and has signed a letter of intent for an asset previously marketed for sale, expected to close in the first half of 2024. The Company has a signed letter of intent for one additional asset and expects the transaction to close in the first half of 2024. The Company launched the marketing process for an additional asset and separately, the Company has been advancing discussions for off-market transactions related to other properties in the portfolio.

The Company remains committed to successfully executing plans to realize $2.0 billion of gross proceeds from the sale of real estate, net of acquisitions, by the end of 2024 as part of its expanded asset-disposition commitment announced in August 2021. As of September 30, 2023, the Company has realized $721 million of proceeds from the net disposition of real estate as part of this commitment.

Balance Sheet and Liquidity

As of September 30, 2023, the Company reported the following:

  • Total debt of $3,055 million.
  • Pro rata share of unconsolidated hospitality venture debt of $547 million, substantially all of which is non-recourse to Hyatt and a portion of which Hyatt guarantees pursuant to separate agreements.
  • Total liquidity of approximately $2.2 billion with $727 million of cash and cash equivalents and short-term investments, and borrowing availability of $1,496 million under Hyatt's revolving credit facility, net of letters of credit outstanding.

Through the first ten months of the year, the Company has repurchased a total of 3,706,291 Class A common shares for approximately $408 million. As of October 31, 2023, the Company had approximately $1.2 billion remaining under its share repurchase authorization.

The Company's board of directors has declared a cash dividend of $0.15 per share for the fourth quarter of 2023. The dividend is payable on December 6, 2023 to Class A and Class B stockholders of record as of November 22, 2023.

2023 Outlook

The Company is providing the following guidance for full year 2023:



Full Year 2023 vs. 2022

System-Wide RevPAR1


15% to 16%

Net Rooms Growth


Approx. 6.0%

(in millions)


Full Year 2023

Net Income


Approx. $210

Adjusted EBITDA2


$1,005 - $1,025

Net Deferrals


Approx. $110

Net Financed Contracts


Approx. $60




Total Adjusted SG&A2


$480 - $490

One-Time Integration Costs3 (included within Total Adjusted SG&A)


Approx. $20

Capital Expenditures


Approx. $190

Free Cash Flow2


Approx. $550

Capital Returns to Shareholders4


Approx. $500

1 RevPAR is based on constant currency whereby previous periods are translated based on the current period exchange rate. RevPAR percentage for 2023 vs. 2022 is based on comparable hotels.

2 Refer to the tables beginning on page A-14 of the schedules for a reconciliation of estimated net income attributable to Hyatt Hotels Corporation to EBITDA and EBITDA to Adjusted EBITDA, selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses, and net cash provided by operating activities to Free Cash Flow.

3 One-time integration costs are related to acquisition activity and are included within Total Adjusted SG&A outlook.

4 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases.

No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2023 Outlook. The Company's 2023 Outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.

Conference Call Information

The Company will hold an investor conference call this morning, November 2, 2023, at 8:00 a.m. CT.

Participants are encouraged to listen to a simultaneous webcast of the conference call, which may be accessed through the Company’s website at Alternatively, participants may access the live call by dialing: 888-412-4131 (U.S. Toll-Free) or 646-960-0134 (International Toll Number) using conference ID# 9019679 approximately 15 minutes prior to the scheduled start time.

A replay of the call will be available for one week beginning on Thursday, November 2, 2023, at 11:00 a.m. CT by dialing: 800-770-2030 (U.S. Toll-Free) or 647-362-9199 (International Toll Number) using conference ID# 9019679. An archive of the webcast will be available on the Company’s website for 90 days.

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, the amount by which the Company intends to reduce its real estate asset base, the expected amount of gross proceeds from the sale of such assets, and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, pace and booking trends, the expected timing and payment of dividends, RevPAR trends, our expected Adjusted SG&A expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected one-time integration costs, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including the escalating conflict in Israel, Gaza and surrounding areas, and political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; violations of regulations or laws related to our franchising business and licensing businesses and our international operations; and other risks discussed in the Company's filings with the SEC, including our annual report on Form 10-K, which filings are available from the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Non-GAAP Financial Measures

The Company refers to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including: Adjusted Net Income; Adjusted Diluted EPS; Adjusted EBITDA; Adjusted EBITDA Margin; Adjusted SG&A Expenses; and Free Cash Flow. See the schedules to this earnings release, including the "Definitions" section, for additional information and reconciliations of such non-GAAP financial measures.

Availability of Information on Hyatt's Website and Social Media Channels

Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Hyatt Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Hyatt Facebook account (; the Hyatt Instagram account (; the Hyatt X account (; the Hyatt LinkedIn account (; and the Hyatt YouTube account ( as a means of disclosing information about the Company's business to our guests, customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Hyatt Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Email Alerts" in the "Investor Resources" section of Hyatt's website at The contents of these websites are not incorporated by reference into this press release or any report or document Hyatt files with the SEC, and any references to the websites are intended to be inactive textual references only.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of September 30, 2023, the Company’s portfolio included more than 1,300 hotels and all-inclusive properties in 76 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit

Refer to the tables beginning on page A-11 of the schedules for a summary of special items impacting Adjusted net income and Adjusted Diluted earnings per share for the three months and nine months ended September 30, 2023 and September 30, 2022.

Note: All RevPAR and ADR percentage changes are in constant dollars. All Net Package RevPAR and Net Package ADR percentage changes are in reported dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page A-9.


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