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Hyatt Hotels Corp Class A H Stock Quote

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Morningstar‘s Stock Analysis H

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Economic Moat


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Hyatt's Demand Traveling Higher, As It Maintains Industry Leading Unit Growth

Dan Wasiolek Senior Equity Analyst

Business Strategy and Outlook

| Dan Wasiolek |

We see Hyatt’s brand intangible asset--the source of its narrow moat rating--strengthening over the long term. Hyatt's growing brand advantage is evident in its managed and franchised unit growth that has averaged 10% annually (excluding the acquisition of Apple Leisure Group in 2021) the past five years (2017-21), well above long-term U.S. industry supply growth of 1.8%. We expect Hyatt to expand room and revenue share in the hotel industry over the next decade, driven by a favorable next-generation traveler position supported by its House, Place, and Apple Leisure Group brands, supporting its intangible brand advantage. We see the company’s room growth averaging over 6% annually over the next decade, above the 2% supply increase we estimate for the U.S. industry during this time. Although we are favorable on Hyatt's long-term competitive advantages, we do think the firm's high luxury, upper upscale, and upscale exposures position it to underperform demand for local road trips at lower price points until confidence in air travel is lifted by a widely distributed vaccine, which we think takes stronger hold in 2022.

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Key Statistics H

Company Profile H

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 exposure 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 Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 44,000

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