Hyatt Hotels: 2026 Investor Day Preview: From asset light to just right

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Hyatt Hotels: 2026 Investor Day Preview: From asset light to just right

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Hyatt Hotels

2026 Investor Day Preview: From asset

light to just right

Maintain Rating: BUY | PO: 200.00 USD | Price: 173.19 USD

2026 Investor Day: From asset light to just right 21 May 2026

Hyatt Hotels (ticker: H) will host an Investor Day on Thursday May 28 in Chicago. Hyatt Equity

has transitioned from 77% asset light to 90% since the 2023 Analyst Day, which

includes the $2B acquisition of Playa and subsequent sale of its real estate (see report). Shaun C. Kelley Research Analyst

Bottom Line: Beyond the three-year financial targets, we expect the Investor Day’s BofAS+1 646 855 1005

focus to be on its fee-based growth algorithm, a deeper dive on Hyatt’s brands, fee shaun.kelley@bofa.com

quality, growth opportunity and tech stack (more on this below). Hyatt continues to trade Dany Asad

at a -15 % discount (vs. -17% historical avg) to best of breed peers Marriott and Hilton ResearchBofAS Analyst

despite its transition to asset light. We think there is $25 (+15%) to the stock should +1 646 855 5238

dany.asad@bofa.com

Hyatt trade in-line with its blended sum of the parts average to peers.

Julie Hoover

Expecting 2028E targets above algo at an +8-11% CAGR ResearchBofAS Analyst

We expect Hyatt to lay out three-year targets on fees and Adj. EBITDA. Based on +1 646 855 0674 julie.hoover@bofa.com

RevPAR of +2-4% and NRG of +5-6% (ex-M&A or brand launches), we think Hyatt can

grow fees and EBITDA at an +8-11% CAGR, and an Adj. EBITDA range of $1,350-

1,490M. With FCF converting at ~50%, H should generate ~$700-720M of free cash

flow annually by 2028E or ~$20 of FCF per share over 3 years. We think every 100bps of Stock Data

fee growth drives +20bps of EBITDA margin. Price 173.19 USD