Hyatt Hotels Stock

Hyatt Hotels Corporation (Hyatt) operates as a global hospitality company.

Hyatt's portfolio of properties consists of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential and vacation units. In 2021, the company acquired Apple Leisure Group ('ALG' or the 'ALG Acquisition'), a leading luxury resort-management services, travel, and hospitality group that also offers a paid membership program through the Unlimited Vacation Club and travel distribution and destination management services through ALG Vacations ('ALG Vacations').

The company's hotel portfolio consists of full service hotels, select service hotels, and all-inclusive resorts. The company's colleagues and hotel general managers are supported by the company's regional management teams, located in cities around the world, and the company's executive management team, headquartered in Chicago.

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. The company also manages, provides services to, or licenses the company's trademarks with respect to residential units often adjacent to a Hyatt-branded full service hotel. The company consults with third parties in the design and development of such mixed-use projects. The company licenses certain of its trademarks with respect to vacation units, which are part of Hyatt Vacation Club. The company offers a short-term vacation rental platform, Homes & Hideaways by World of Hyatt, that features direct booking for short-term private home rentals in the United States.

The company primarily derives its revenues from management and hotel services, licensing of the company's portfolio of brands to franchisees, owned and leased hotel operations, distribution and destination management services, and a paid membership program.

Business Strategy

The company's strategy to drive long-term sustainable growth and create value for guests, customers, colleagues, owners, and stockholders is guided and refined by the company's desired outcome focused on the following areas:

Maximize The company's Core Business: The company continues to grow and operate its core business with excellence in order to be best-in-class while generating profits to fuel the company's growth.

Integrate New Growth Platforms: The company seeks to identify and integrate new opportunities to advance care for its guests and customers and strengthen loyalty to the company's brands.

Brands

Timeless Collection

Park Hyatt

Park Hyatt hotels provide discerning, global travelers with a refined home-away-from-home. Located in several of the world's premier destinations, each Park Hyatt hotel is custom designed to combine sophistication with understated luxury. Each property features well-appointed guestrooms, world-renowned artwork and design, and rare and immersive culinary experiences led by award-winning chefs, creating deeply enriching dining occasions for guests.

Grand Hyatt

Grand Hyatt hotels are distinctive hotels in major gateway cities and resort destinations. With a presence around the world and critical mass in Asia, Grand Hyatt hotels provide sophisticated business and leisure travelers with elegant accommodations; extraordinary restaurants; bars; luxury spas and fitness centers; and comprehensive business and meeting facilities. Signature elements of Grand Hyatt hotels include iconic architecture and design, state of the art technology, and facilities for an array of business or social gatherings of all sizes.

Hyatt Regency

Hyatt Regency hotels offer a full range of services, amenities, and facilities tailored to serve the needs of meeting and event planners, business travelers, and leisure guests. Hyatt Regency hotels in key urban markets around the world feature flexible meeting facilities of all sizes designed to provide a productive, connected environment. Hyatt Regency hotels in resort locations cater to couples seeking a getaway, families enjoying a vacation together, and corporate groups hosting meetings and events.

Hyatt

Hyatt hotels are smaller-sized properties conveniently located in diverse business and leisure areas. These hotels help guests make the most of their stay, whether to attend an important business meeting or social gathering, explore a new city, or reconnect with family and friends.

Hyatt Vacation Club

Hyatt Vacation Club is Hyatt's vacation ownership brand, providing members opportunities in regionally inspired and designed residential-style properties. Hyatt vacation owners pre-purchase at Hyatt Vacation Club properties and have the flexibility of usage, exchange, and rental. Members can choose to occupy their vacation home, exchange time among other Hyatt vacation ownership locations, trade their time for World of Hyatt loyalty program bonus points, or travel within the Hyatt portfolio.

Hyatt Place

Hyatt Place hotels offer a modern, comfortable, and seamless experience, combining style and innovation to create a casual hotel environment for multi-tasking traveler. Spacious, thoughtfully designed guestrooms feature distinct areas for sleep, work, and relaxation. Hyatt Place hotels also offer freshly prepared food around the clock, efficient service, and an easy to navigate experience. From the lobby to the guest rooms to in-hotel dining, every aspect of the hotel experience is designed with the high-value business traveler in mind.

Hyatt House

Hyatt House hotels are designed to welcome short-term guests and extended stay residents. Apartment-style suites with fully equipped kitchens and separate living areas provide guests with living accommodations and the conveniences of home. Hyatt House hotels seek to keep guests comfortable with complimentary hot breakfast, H Bar food and beverage offerings, and indoor and outdoor communal spaces.

Hyatt Studios

Hyatt Studios is Hyatt's first upper-midscale extended-stay brand and was conceived in direct collaboration with hotel developers and operators and supported by listening closely to the needs of guests. The Hyatt Studios brand distinguishes itself from other extended-stay options through efficient design and a lean operating model. Each hotel will deliver spacious studios with features for a convenient and comfortable experience, including complimentary grab-and-go breakfast, a state-of-the-art, self-service marketplace, laundry and fitness areas, complimentary Wi-Fi, outdoor spaces, and pet-friendly accommodations.

UrCove

The UrCove brand is designed specifically to meet aspiring travelers' preferences and growing expectations for a seamless, comfortable, and premium travel experience in the upper-midscale market in Mainland China. Hotels in the UrCove brand, which is short for 'your cove,' blend comfort and convenience for the modern traveler through thoughtful service, spacious rooms, delicious food, and a relaxed yet refined ambiance.

Boundless Collection

Miraval

The Miraval brand is a global leader in wellness resorts and spas. Nearly three decades ago, Miraval Arizona Resort & Spa in Tucson pioneered the destination wellness spa resort category with its comprehensive program of mindfulness activities, destination-inspired experiences, and personal spa treatments. The Miraval brand's commitment to inspire guests to create a life in balance, foster positivity, and cultivate mindfulness is the cornerstone of a distinct wellness offering within the company's portfolio of brands. This commitment reflects the company's focus on serving the high-end traveler by finding new ways to understand and care for them beyond the traditional hotel stay.

Alila

The Alila brand combines innovative design and luxury in unique locations, set apart by the level of private space, crafted artisanship, personalized hospitality, and bespoke journeys. Alila means 'Surprise' in Sanskrit, which suitably describes the character of this brand. In the support of sustainable tourism, Alila hotels and resorts adopt EarthCheck, which are operating standards, integrating the environments' natural, physical, and cultural elements. To stay at any Alila hotel or resort is to embark on a destination experience, which includes delighting in the flavors of the local cuisine, enhancing wellbeing through ancient healing arts, or enjoying the thrill of adventure sports.

Andaz

Global in scale while local in perspective, the Andaz brand empowers self-expression and cultivates guests' curiosity through imaginative travel for a distinctively local experience. Through thoughtful, unscripted service tailored for travelers, Andaz hotels invite guests to go beyond the familiar to discover and immerse themselves in the spirit of the eclectic culture around them.

Thompson Hotels

Thompson Hotels have transformed conventional hospitality into dynamic cultural moments inspired by the surrounding streets since the brand's first hotel opened in downtown New York City more than 20 years ago. The brand continues to channel local creative energy into its expanding international portfolio of properties, with restaurants featuring top culinary names, lobbies that double as cultural epicenters, boundary-pushing music programs, and more. The result is a magnetic hub built for collective gathering, where distinct design is an ethos and a signature part of the guest experience.

Dream Hotels

Dream Hotels is a full service lifestyle hospitality brand with a collection of properties in urban destinations and emerging neighborhoods' surrounding city centers. Each location's distinct influence drives the narrative to create a lively and unique hospitality experience. Since its debut, the brand has become synonymous with innovative programming, vibrant dining, built-in nightlife, and rare, raw energy drawn from some of the most stimulating cities in the world. Known for its modern design and experiential hospitality, Dream Hotels are more of a social catalyst than a conventional place to stay.

Hyatt Centric

Hyatt Centric is a brand of full service lifestyle hotels located in prime destinations. Created for curious travelers who want to be in the heart of the action, Hyatt Centric hotels are thoughtfully designed to enable exploration and discovery so they never miss a moment of adventure. With streamlined, modern rooms, each hotel serves as a launch pad for exploring all the hidden gems and hot spots each destination has to offer. Hyatt Centric hotels offer social spaces to connect with others in the lobby, while the bar and restaurant are local hot spots where great conversations, locally inspired food, and signature cocktails can be enjoyed.

Caption by Hyatt

The Caption by Hyatt brand redefines what hospitality looks like in the modern world. Designed to be part of the community, not just in it, Caption by Hyatt hotels hire local, buy local, and vibe local. Be it an open-mic night or a pop-up art installation, each space within Caption by Hyatt hotels is programmed to reflect each destination and its community. At the heart of each Caption by Hyatt hotel is Talk Shop, an all-day spot where guests can eat, drink, get some work done, hang with friends, or just relax. Caption by Hyatt hotels combine the design and comfort of an upscale, lifestyle-forward hotel with the flexibility and efficiency of a select service property.

Independent Collection

The Unbound Collection by Hyatt

More than a compilation of independent, one-of-a-kind hotels, The Unbound Collection by Hyatt brand is a thoughtful curation of stories worth collecting, ranging from upper-upscale to luxury hotels. Whether it is a modern marvel, a historic gem, or a revitalizing retreat, each property provides thought-provoking environments and experiences that inspire unforgettable moments for guests seeking a sophisticated yet unscripted service when they travel.

Destination by Hyatt

The Destination by Hyatt brand is a portfolio of upper-upscale and luxury hotels, resorts, and residences that are individual yet connected by a commitment to draw on the spirit of each location. Each property is purposefully crafted to be a place of discovery and captures the unique essence of each location through immersive discoveries, authentic design, and welcoming service. The portfolio features renowned golf courses, indigenous spas, and exceptional food and beverage options, including bars, restaurants, cafes, and rooftop venues.

JdV by Hyatt

A community for the spirited, light-hearted, and young-at-heart, the JdV by Hyatt brand offers a collection of vibrant, independent hotels that are true reflections of the urban neighborhoods they call home. Each hotel provides an experience that is inclusive in spirit and space, effortlessly bringing people together with joy-driven service. Embracing its namesake of 'joie de vivre,' each property invites guests and locals to connect, live in the moment, and celebrate the joy of life.

Inclusive Collection

Impression by Secrets

The Impression by Secrets brand is a boutique, adult-only, elevated luxury all-inclusive brand where guests can experience personalized restoration and luxury, offering escapes designed to exceed expectations of guests. Impression by Secrets is the next generation of exclusive luxury resorts offering intimate escapes from daily life amidst breathtaking surroundings and picturesque oceanscapes. Guests will enjoy a high-touch, preference-focused experience complete with the utmost level of personalized service and amenities.

Hyatt Ziva

Hyatt Ziva all-inclusive resorts are designed for guests of all ages in premier leisure locations. These resorts offer a variety of on-site activities and opportunities to experience the local culture and destination. Hyatt Ziva resorts feature a wide array of food and beverage outlets emphasizing authentic local cuisine. In addition to leisure travelers, these resorts cater to special events and business groups with varied and well-appointed indoor and outdoor meeting and event facilities.

Hyatt Zilara

Hyatt Zilara adult-only, all-inclusive resorts are located in sought-after resort destinations. These resorts offer a wide array of food and beverage services focusing on authentic local and global cuisines. The resorts offer premier spas, social activities, and live entertainment, as well as a variety of meeting and event spaces. The resorts are designed so couples or small groups can enjoy intimate, sophisticated surroundings.

Zoëtry Wellness & Spa Resorts

Zoëtry Wellness & Spa Resorts cater to those seeking luxury, privacy, and pampering in an all-inclusive, beachfront boutique setting. These resorts offer lavish accommodations, 24-hour concierge, gourmet cuisine, top-shelf spirits, and enrichment experiences. The resorts pay homage to the local cultures, nature, and art through indigenous spa treatments, sustainability practices, and distinguished art collections.

Secrets Resorts & Spas

Secrets Resorts & Spas offer adult-only, all-inclusive luxury focusing on romance in beachfront settings. Properties feature elegantly appointed rooms and suites, 24-hour concierge and room services, gourmet restaurants and lounges, and various day and evening activities. In addition to couples and honeymooners, Secrets resorts also cater to business groups and large leisure events with expansive and flexible settings and customized services.

Breathless Resorts & Spas

Breathless Resorts & Spas are adult-only, all-inclusive properties for guests seeking a luxurious beachfront experience in a social setting. These resorts offer modern accommodations, world-class spas, meetings and event spaces, and high-end dining and drink options with elevated levels of service. Entertainment lineups feature themed events, pool parties, live music, and cultural and art experiences. These resorts cater to singles, social groups, and couples looking for a balance of excitement and relaxation.

Dreams Resorts & Spas

Dreams Resorts & Spas are family-friendly, all-inclusive resorts located in a selection of beautiful beach destinations. Guests can participate in on-site activities, including clubs for kids. Gourmet dining options present a variety of worldly cuisines, and themed bars serve top-shelf spirits. Meeting venues cater to business travelers, while private event spaces are perfect for social gatherings and wedding celebrations.

Hyatt Vivid Hotels & Resorts

Hyatt Vivid Hotels & Resorts are designed for the next generation traveler seeking engaging, adult-only, all-inclusive vacation experiences in a unique and down-to-earth atmosphere. The brand will offer crafted culinary experiences, wellness, and nutrition classes, as well as engaging activities and entertainment in a relaxed, casual setting.

Alua Hotels & Resorts

Alua Hotels & Resorts are designed for all types of travelers seeking an affordable, seaside getaway across Europe's top island destinations, including Spain's Mediterranean coast, the Canary Islands, the Balearic Islands, and more. Guests can enjoy modern amenities, minimalistic-chic rooms, natural spaces, and worldly cuisine surrounded by local culture and enriching activities.

Sunscape Resorts & Spas

Sunscape Resorts & Spas offer budget-conscious vacations focused on family fun. These all-inclusive, family-friendly beachfront resorts in Mexico and the Caribbean provide a fun and energetic, yet relaxing setting. Each location offers a supervised kids club and teen zone for younger guests, along with an array of activities for the entire family. Sunscape provides comfortable accommodations, various dining options, including kid-friendly menus, and exciting features like waterparks and splash zones.

ALG Vacations, Amstar, and Trisept Solutions

ALG Vacations focuses on providing memorable vacation experiences around the world with an emphasis on Mexico and the Caribbean. As one of the largest sellers of vacation packages and charter flights in the United States ('U.S.'), ALG Vacations operates a number of leading brands in vacation and travel, including Apple Vacations, Funjet Vacations, Travel Impressions, Blue Sky Tours, CheapCaribbean.com, and BeachBound. ALG Vacations also markets and distributes certain products through affiliations with airline vacation brands Southwest Vacations and United Vacations.

The ALG Vacations business includes Amstar, a destination management business, and Trisept Solutions, a technology platform for travel merchandise and distribution. Amstar provides world-class expertise in destination services, transfers, and excursions to individuals, travel agencies, groups, corporations, tour operators, and meeting planners throughout eight countries and 30 destinations in the Americas.

Mr & Mrs Smith

Mr & Mrs Smith is a boutique and luxury global travel platform offering direct booking access to a carefully curated and growing collection of over 1,500 boutique and luxury properties in some of the world's most desirable locations. Hotel listing is by invitation only through a selective process, including required site visits by a diverse community of trusted tastemakers.

Business Segment, Revenues, and Geographical Information

The company manages its business within five reportable segments as described below:

Owned and Leased Hotels consists of the company's owned and leased full service and select service hotels;

Americas Management and Franchising ('Americas') consists of the provision of management, franchising, and hotel services to properties, including all-inclusive resorts under the Hyatt Ziva and Hyatt Zilara brand names, located in the United States, Canada, the Caribbean, Mexico, Central America, and South America;

ASPAC Management and Franchising ('ASPAC') consists of the provision of management, franchising, and hotel services to properties located in Greater China, East and Southeast Asia, the Indian subcontinent, and Oceania;

EAME Management and Franchising ('EAME') consists of the provision of management, franchising, and hotel services to properties located in Europe, Africa, the Middle East, and Central Asia; and

Apple Leisure Group consists of distribution and destination management services offered through ALG Vacations; management and hotel services provided to primarily all-inclusive ALG resorts in Mexico, the Caribbean, Central America, South America, and Europe; and the Unlimited Vacation Club paid membership program, which offers benefits primarily at ALG resorts within Mexico, the Caribbean, and Central America.

Within Corporate and Other, the company includes results related to its co-branded credit card programs and the results from Mr & Mrs Smith.

During the year ended December 31, 2023, the company completed the sale of the Destination Residential Management business, which was reported in the Americas Management and Franchising segment prior to the sale.

Effective January 1, 2023, the company's EAME and ASPAC management and franchising segments were geographically realigned.

On February 23, 2024, the company announced that during the quarter ending March 31, 2024, the company realigned its reportable segments to align with the company's business strategy. As a result of the realignment during the quarter ending March 31, 2024, a summary of the company's reportable segments is as follows:

Management and Franchising, which consists of the provision of management, franchising, and hotel services, or the licensing of the company's intellectual property to the company's property portfolio, its co-branded credit card programs, and other hospitality-related businesses, including the Unlimited Vacation Club.

Owned and Leased, which consists of the company's owned and leased hotel portfolio.

Distribution, which consists of distribution and destination management services offered through ALG Vacations and the boutique and luxury global travel platform offered through Mr & Mrs Smith.

Management and Hotel Services Agreements

The company manages and provides hotel services to hotels worldwide pursuant to management and hotel services agreements. Certain of the company's hotel services agreements provide for a single tier fee structure based upon either an agreed upon percentage of revenue generated from the hotel or a percentage of revenue in excess of an agreed upon threshold amount.

In addition to the company's management and hotel services fees, the company charges owners for certain services provided by the company on a centralized or regional basis, including without limitation, reservation functions, certain sales functions, digital and technology, digital media, national advertising, certain marketing and promotional services, human resource services, insurance programs, and other corporate services.

Terms and Renewals

The company participates in an unconsolidated hospitality venture with a Chinese hospitality company that owns the UrCove select service brand, and the average remaining term of the management and hotel services agreements pursuant to which the hospitality venture operates the UrCove hotels is approximately 9 years. The company licenses 'by Hyatt' to the hospitality venture in connection with such hotel operations pursuant to a master license agreement wherein the company is paid fees based upon the cumulative gross operating revenue of the UrCove hotels.

Franchise Agreements

The company's franchise agreements grant its franchisees the limited right to use the company's name, marks, and systems in the operation of franchised full service hotels, select service hotels, and all-inclusive resorts under certain brands. The company does not participate in the management of its franchised hotels; however, franchisees are required to operate franchised hotels consistent with the company's brand standards. The company approves the plans for, and the location of, franchised hotels and review the operation of these hotels to ensure the company's standards are maintained.

Sales and Revenue Management, Marketing, and Global Property and Guest Services

Sales and Revenue Management

The company deploys a global sales team and regional sales teams. The global team is responsible for the company's largest and most significant accounts doing business globally. The regional teams are responsible for large accounts that typically do business within multiple hotels in one region. The global and regional sales teams coordinate efforts with the hotel sales teams. The in-house sales colleagues are focused on local and regional business opportunities, as well as securing business generated from the company's key global and regional accounts.

The company's corporate sales organizations are focused on growing market share with key accounts, identifying new business opportunities, and maximizing the company's local customer base. The company's key accounts consist of major corporations; national, state, and regional associations; specialty market accounts, including social, government, military, educational, religious, and fraternal organizations; travel agency and luxury organizations; and a broad and diverse group of individual consumers. The company's global and regional sales teams target multiple brands to key customer accounts within these groups. No single customer is material to the company's business. The company's global and regional teams consist of colleagues at global and regional sales offices around the world who are focused on group business, corporate and leisure traveler accounts, and travel agencies.

Sales colleagues at the company's regional offices and at many of its full service hotels use the company's proprietary sales tool to manage the group rooms forecast, maintain an inventory of definite and tentative group rooms booked each day, streamline the process of checking guest room availability and rate quotes, and determine meeting room availability.

Marketing

The company is focused on the high-end traveler, positioning its offerings at the top of each segment that the company's brands operate. The company is focused on targeting the distinct guest segments that each of the company's brands serves and supporting the needs of the hotels by thorough analysis and application of data and analytics. The World of Hyatt loyalty program and the company's digital platforms are also key components of building loyalty and driving revenue. The loyalty program focuses on deepening relationships with members, driving repeat stays, guest satisfaction, recognition, and differential services and experiences for the company's most loyal guests. The company's digital platforms are its primary distribution channels providing guests, customers, and members with an efficient source of information about the company's hotels, distinct brand experiences, and a seamless booking experience. With a combined focus on increasing brand awareness, building a community of loyalists, and enhancing digital engagement through personalized experiences, the company's marketing is aimed at Hyatt becoming the most preferred hospitality brand.

Global Property and Guest Services

The company has a proprietary central reservation system that provides a comprehensive view of inventory, while allowing for local management of rates based on demand. Through this system, the company is able to allow bookings and subsequent maintenance of bookings by hotels directly, via telephone through the company's global care centers, by travel agents, by corporate clients, and through digital platforms. Beginning in 2024, the company plans to migrate to a new central reservation system, which the company expects will enhance its reservation capabilities, streamline operations, and deliver a seamless and efficient experience for guests, including a faster search and booking process.

The company has 11 global care centers that service its global guest, customer, and loyalty member base 24 hours per day, 7 days per week and provide reservation and other services in over 25 languages. While the company continuess to provide full reservation services via telephone through these global care centers, the company has made significant investments in internet booking capabilities as well as an online chat communication function on Hyatt.com and mobile platforms. Additionally, the company continues to enhance the services and capabilities of the company's global care centers to better align with evolving technology and guest preference.

ALG operates call center services in the United States and collaborates with third-party call centers in the United States, Latin America, the Caribbean, and Asia to serve all-inclusive resorts, as well as ALG Vacations and Unlimited Vacation Club. ALG utilizes both proprietary and third-party booking engines, and reservations are managed through a central reservations system. Within the Unlimited Vacation Club organization there are also call center services that support the paid membership program and its members, including back-office functions, some of which are provided by a third party.

Some of the rooms at hotels and resorts the company manages, franchises, or provides services to are booked through internet travel intermediaries, partners, or online travel service providers. The company also engages third-party intermediaries who collect fees by charging the company's hotels and resorts a commission on room revenues, including travel agencies, travel distribution providers, and meeting and event management companies.

World of Hyatt Loyalty Program

The World of Hyatt loyalty program aims to build community and engagement with high-end travelers. The program generates substantial repeat guest business by rewarding frequent stays with points that can be redeemed for hotel nights and other valuable rewards. Loyalty program members enjoy additional benefits and awards as they reach Milestone Rewards and advance through the three elite tiers based on qualifying nights or base points in a calendar year.

Members earn points based on their spend at the company's properties and through its experience platform; by transacting with the company's strategic loyalty alliances, including American Airlines; or in connection with spend on the World of Hyatt co-branded consumer and business credit cards. Loyalty program points can be redeemed at properties across the company's brands, converted into airline miles with numerous participating airlines, and redeemed with the company's strategic loyalty alliances, and other third parties.

As of December 31, 2023, World of Hyatt had approximately 43.8 million members. During 2023, member stays represented approximately 43% of total system-wide room nights, excluding properties in the company's Inclusive Collection.

Unlimited Vacation Club

The Unlimited Vacation Club is a paid membership program that provides its members with preferred rates and benefits primarily at ALG resorts within Latin America and the Caribbean. Through a variety of membership levels, members purchase the right to receive preferred rates, free hotel nights, discounts on spa and other hotel expenses, and special benefits with third-party travel alliances. The weighted-average term of an Unlimited Vacation Club membership, including upgrades, is approximately 31 years, assuming no renewal options are exercised, and fees are paid either upfront or collected over a contractual financing period of approximately 4 years. Membership agreements may generally be terminated without penalty within 5 days of signing, with limited termination rights thereafter. The average early termination rate of memberships sold since 2010 is less than 8%. As of December 31, 2023, the Unlimited Vacation Club paid membership program had over 142,000 members, and during 2023, represented approximately 12% of total room nights at ALG resort properties.

Competition

The company's residential units compete with peer-to-peer inventory sources that allow travelers to book stays on websites that facilitate the short-term rental of homes and apartments from owners, such as Airbnb, Vrbo, and Vacasa.

Seasonality

The hospitality industry is typically seasonal in nature. The periods during which the company's properties experience higher revenues vary from property to property, depending principally on location, the customer base served, and potential impacts due to the timing of certain holidays.

Intellectual Property

Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Vacation Club, Hyatt Place, Hyatt House, Hyatt Studios, Miraval, Alila, Andaz, Thompson Hotels, Dream Hotels, Hyatt Centric, Caption by Hyatt, The Unbound Collection by Hyatt, Destination by Hyatt, JdV by Hyatt, 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, Sunscape Resorts & Spas, Hyatt Residences, World of Hyatt, Hyatt Resorts, ALG Vacations, AMSTAR, Apple Vacations, Funjet Vacations, Travel Impressions, Blue Sky Tours, CheapCaribbean.com, BeachBound, Trisept Solutions, Mr & Mrs Smith, and related trademarks, logos, trade names, and service marks are the property of Hyatt or another wholly owned subsidiary of Hyatt.

History

The company was founded by Jay Pritzker in 1957. It was incorporated in 2004. The company was formerly known as Global Hyatt Corporation and changed its name to Hyatt Hotels Corporation in 2009.