Hyatt Hotels Corp.: 2Q26 Takes; NRG Lighter for ‘26, but High-End Still Powering Strong Travel Demand; OW, PT $209 (-$6)

Research evidence excerpt

Hyatt Hotels Corp.: 2Q26 Takes; NRG Lighter for ‘26, but High-End Still Powering Strong Travel Demand; OW, PT $209 (-$6)

J P M O R G A N North America Equity Research

30 July 2026

Hyatt Hotels Corp. Overweight

H, H US

2Q26 Takes; NRG Lighter for ‘26, but High-End Still Price (30 Jul 26):$176.68

Powering Strong Travel Demand; OW, PT $209 (-$6) ▼Price Target (Dec-27):$209.00 Prior (Dec-27):$215.00

H’s adj. EBITDA of $297m was 2% above JPMe/Street, but the focus today was

on H’s slightly reduced NRG guide for ’26, which it now sees at ~6% vs. its prior Gaming & Lodging

6-7%. The timing for this guidance tweak was unfortunate, as it comes just two Daniel Politzer, CFA AC

months after H’s investor day in which it guided to FY26-28 NRG of 6-8% (with (1-212) 622-0110

8% NRG rarified air among C-Corps). Our understanding is the NRG slippage (i.e., daniel.politzer@jpmorgan.com

more openings to occur in 2027, we think) reflects some losses in UrCove/Lindner, Michael Hirsh, CFA

slower/more substantive PIPs, and difficulty in timing luxury/lifestyle openings; (1-212) 622-0295

michael.hirsh@jpmchase.com

the bulk of H’s ~6% FY26 NRG will come from 4Q openings. Otherwise, H

Samuel Nielsen

maintained its FY guidance for all financial metrics (better US offset by a $15m

(1-212) 622-1366

drag from weaker Mexico), though did increase FY26 RevPAR by 100 bps to 3.5- samuel.nielsen@jpmchase.com

4.5%. We stay OW as we continue to favor H for its attractive LLL footprint J.P. Morgan Securities LLC

(luxury, lifestyle, leisure) and 13% EBITDA CAGR; with its pipeline accelerating

to +10% y/y, H should get the benefit of the doubt as it relates to NRG timing/

slippage (this happened in 3Q24 too). PT to $209 (-$6). Quarterly Forecasts (FYE Dec)

Adj. EBITDA ($ mn)

2025A 2026E 2027E

• 3Q/4Q cadence.