CHICAGO, Illinois—Hyatt Hotels Corporation reported its first-quarter 2026 results. Highlights include:
- Comparable system-wide hotels RevPAR increased 5.4 percent, compared to the first quarter of 2025
- Comparable system-wide all-inclusive resorts Net Package RevPAR increased 7.4 percent, compared to the first quarter of 2025
- Net rooms growth for the trailing twelve months was 5.0 percent
- Pipeline of executed management or franchise contracts was approximately 151,000 rooms, an increase of 9.4 percent, compared to the first quarter of 2025
- Diluted EPS was $0.40, and Adjusted Diluted EPS was $0.63
- Net income attributable to Hyatt Hotels Corporation was $38 million and Adjusted Net Income was $61 million
- Gross fees were $333 million, an increase of 8.6 percent, compared to the first quarter of 2025
- Adjusted EBITDA was $266 million, an increase of 2.1 percent, compared to the first quarter of 2025, or an increase of 2.9 percent after adjusting for assets sold in 2025
- During the three months ended March 31, 2026, the company revised its definition of Adjusted EBITDA to no longer include its pro rata share of unconsolidated owned and leased hospitality ventures’ Adjusted EBITDA and recast prior-period results to provide comparability
- Repurchased 840,249 shares of Class A common stock for an aggregate purchase price of $135 million, bringing total capital returned to shareholders, including dividends, to $149 million
Full Year 2026 Outlook:
- Comparable system-wide hotels RevPAR growth is projected to be between 2.0 percent and 4.0 percent, compared to the full year 2025
- Net rooms growth is projected to be between 6.0 percent and 7.0 percent, compared to the full year 2025
- Net income attributable to Hyatt Hotels Corporation is projected to be between $255 million and $350 million
- Adjusted EBITDA is projected to be between $1,155 million and $1,205 million, an increase of 13 percent to 18 percent, compared to full year 2025, after adjusting for the period of ownership of hotels acquired as part of the Playa Hotels Acquisition and assets sold in 2025
- Capital returns to shareholders are projected to be between $325 million and $375 million through a combination of dividends and share repurchases
Statement From Leadership
Mark S. Hoplamazian, chairman, president, and chief executive officer, said, “Our strong first quarter results reflect the continued strength of our core fee business and the resilience of our differentiated portfolio of high-quality brands. As we look to the balance of the year and beyond, we are focused on further elevating Hyatt by strengthening the performance of our brands, our talent, and our technology to enhance how we operate and build on our competitive advantages. We believe this foundation, combined with our high-end customer base, robust pipeline with significant opportunities for expansion, and rapidly growing loyalty program, positions us to drive sustained growth and create long-term value for shareholders.”
First Quarter Operational Commentary
- Luxury chain scale led RevPAR growth in the quarter. Leisure transient RevPAR remained the strongest area of growth, while group and business transient RevPAR each grew in the low single
–digits. Geopolitical conflict in the Middle East negatively impacted RevPAR growth by approximately 50 bps. - Net Package RevPAR increased 7.4 percent, compared to the first quarter of 2025, despite security concerns in Mexico.
- Gross fees increased 8.6 percent, compared to the first quarter of 2025.
- Base management fees increased 10.9 percent, driven by managed hotel RevPAR and Net Package RevPAR growth outside the United States, strong resort performance in the United States, fees from the Playa Hotels Acquisition, and contributions from newly opened hotels.
- Incentive management fees increased 13.8 percent, driven by fees from the Playa Hotels Acquisition, newly opened hotels, and strong performance in Asia Pacific, partially offset by lower fees in the Middle East and Mexico.
- Franchise and other fees increased 3.1 percent, driven by Non-RevPAR Fee contributions, RevPAR growth in United States select-service properties, and newly opened hotels, partially offset by franchise fees recognized in 2025 from the eight Hyatt Ziva and Hyatt Zilara properties that were part of the Playa Hotels Acquisition.
- Owned and leased segment Adjusted EBITDA decreased $2 million compared to the first quarter of 2025, after adjusting for 2025 asset sales.
- Distribution segment Adjusted EBITDA declined compared to the first quarter of 2025, due to temporary factors, including hotel closures in Jamaica related to Hurricane Melissa, lower demand in Mexico due to security concerns, and lower demand in four-star properties.
Openings and Development
During the first quarter, the company:
- Opened 3,966 rooms. Notable openings included:
- Andaz Lisbon, strengthening Hyatt’s lifestyle brand presence in Europe;
- Andaz Shanghai ITC, strengthening Hyatt’s luxury lifestyle brand presence in Greater China;
- The Livingston in Brooklyn, New York, expanding Hyatt’s brand footprint in a key urban market as the first Hyatt-branded hotel in the borough.
- Pipeline of executed management or franchise contracts grew 9.4 percent, compared to the first quarter of 2025, reaching a new record of 151,000 rooms.
Balance Sheet and Liquidity
As of March 31, 2026, the company reported the following:
- Total debt of $4.3 billion.
- Total liquidity of $2.2 billion, inclusive of:
- $671 million of cash and cash equivalents, and short-term investments, and
- $1,497 million of borrowing capacity under Hyatt’s revolving credit facility, net of letters of credit outstanding.
- Total remaining share repurchase authorization of $543 million. The company repurchased $135 million of Class A common stock during the first quarter.
- The company’s board of directors has declared a cash dividend of $0.15 per share for the second quarter of 2026. The dividend is payable on June 11, 2026, to Class A and Class B stockholders of record as of May 29, 2026.