Hyatt Hotels: Our Thoughts Post the Hyatt Investor Day

研报英文原文证据摘录

Hyatt Hotels: Our Thoughts Post the Hyatt Investor Day

Deutsche Bank

Research

Rating Company Date

Buy Hyatt Hotels 28 May 2026

Company Update

North America

United States

Reuters Bloomberg Exchange Ticker Price at 28 May 2026 (USD) 184.51

H.N H US NYS H

Price target 204.00

Consumer

183.15 -

Gaming & Lodging 52-week range 129.96

Our Thoughts Post the Hyatt Investor

Valuation & Risks Day

Steven Pizzella, CFA

Analyst Day Key Takes Research Analyst

Earlier today, we attended Hyatt's Investor Day at the Hyatt Regency Chicago. As +1-212-250-9817

is often the case, management provided a healthy three year outlook, while

Chris Woronka

highlighting the transformation and achievements of the Company over the last Research Analyst

several years, and key drivers to create value moving forward. We found the +1-212-250-9376

incremental information H provided, which we detail in this note, to be beneficial

and likely help investors moving forward.

Overall, we come away with a more detailed guide path to H's thinking on its growth

trajectory and future mix of EBITDA, which we believe should lead to increased

operating leverage, a more durable managed & franchise fee based mix, and

increased free cash flow conversion, which should be a catalyst for continued

multiple expansion moving forward.

H Financial Outlook

As is customary with lodging Investor Days, H provided a longer term outlook. Most

notable, H expects 2028 adjusted EBITDA to be $1.400 to $1.585 bn, which

represents a 3 year CAGR of 11.0% to 16.0% and compares favorably to Consensus

Metrix Consensus of $1.432 bn.

The core fee outlook is driven by a three year RevPAR CAGR of 2.0% to 4.0% and a

net rooms growth CAGR of 6.0% to 8.0%. This combination equates to 8.0% to

12.0% core fee growth.