CHICAGO, Illinois—Hyatt Hotels Corporation reported its fourth-quarter and full-year 2025 results. Highlights include:
- Comparable system-wide hotels RevPAR growth was 4.0 percent in the fourth quarter and 2.9 percent for the full year of 2025, compared to the same periods in 2024
- Comparable system-wide all-inclusive resorts Net Package RevPAR growth was 8.3 percent in the fourth quarter and 8.6 percent for the full year of 2025, compared to the same periods in 2024
- Net rooms growth was 7.3 percent for the full year of 2025, and net rooms growth excluding acquisitions was 6.7 percent.
- Pipeline of executed management and franchise contracts was approximately 148,000 rooms, up 7 percent compared to 2024
- Net income (loss) attributable to Hyatt Hotels Corporation was $(20) million in the fourth quarter and $(52) million for the full year of 2025. Adjusted Net Income was $126 million in the fourth quarter and $209 million for the full year of 2025
During the first quarter of 2026, the company adjusted its definition of Adjusted EBITDA and will no longer include Hyatt’s pro rata share of unconsolidated owned and leased hospitality ventures’ Adjusted EBITDA
Diluted EPS was $(0.21) in the fourth quarter and $(0.55) for the full year of 2025. Adjusted Diluted EPS was $1.33 in the fourth quarter and $2.19 for the full year of 2025
Gross fees were $307 million in the fourth quarter, an increase of 4.5 percent compared to the fourth quarter of 2024, and $1,198 million for the full year of 2025, an increase of 9.0 percent compared to the full year of 2024
Adjusted EBITDA was $292 million in the fourth quarter, an increase of 14.6 percent compared to the fourth quarter of 2024, or an increase of 3.8 percent after adjusting for assets sold in 2024 and the Playa Hotels Acquisition. Full year 2025 Adjusted EBITDA was $1,159 million, an increase of 5.8 percent compared to the full year of 2024, or an increase of 7.4 percent after adjusting for assets sold in 2024 and the Playa Hotels Acquisition.
Statement from Mark S. Hoplamazian
Mark S. Hoplamazian, president and chief executive officer of Hyatt, said, “We ended 2025 with great momentum, marked by strong execution against our strategic priorities and continued progress toward becoming a more brand-focused organization. We achieved exceptional commercial and operating performance in 2025 and expanded our portfolio and network effect through disciplined transactions and strong organic growth.”
Hoplamazian continued, “As we look to the future, we are focused on accelerating this momentum by further advancing the evolution of our brands, our talent, and our use of technology. Together, we believe these priorities will position Hyatt to become the most responsive, most innovative, and best-performing hospitality company—and ultimately, the most chosen by our stakeholders.”
Fourth Quarter Operational Commentary
- RevPAR growth in the fourth quarter was highest among Luxury and Upper Upscale chain scales. Leisure transient continued to be the strongest customer segment, while group also had a strong quarter, helped by the timing of the Rosh Hashanah holiday, which occurred in the third quarter of 2025 compared to the fourth quarter of 2024.
- Net Package RevPAR increased 8.3 percent in the fourth quarter compared to the same period in 2024.
- Gross fees increased 4.5 percent in the fourth quarter compared to the same period in 2024, or 5.4 percent excluding the impact of the Playa Hotels Acquisition.
- Base management fees: increased 8.1 percent from the contribution of newly-opened hotels and managed hotel RevPAR growth outside of the United States.
- Incentive management fees: increased 13.0 percent, led by newly-opened hotels, hotel performance in Asia Pacific, and all-inclusive hotel performance in Europe.
- Franchise and other fees: decreased 3.8 percent due to the elimination of franchise fees from the 8 Hyatt Ziva and Hyatt Zilara properties that were part of the Playa Hotels Acquisition and lower demand at select service properties in the United States, partially offset by fees from newly opened hotels.
- Owned and leased segment Adjusted EBITDA declined 1.5 percent in the fourth quarter compared to the fourth quarter of 2024 after adjusting for assets sold in 2024 and the period of ownership of the hotels acquired as part of the Playa Hotels Acquisition due to renovations at certain properties.
- Distribution segment Adjusted EBITDA declined in the fourth quarter compared to the fourth quarter of 2024 due to the impact of Hurricane Melissa and lower booking volumes in four-star and below properties.
Openings and Development
- During the fourth quarter, the company opened 8,253 rooms, including Park Hyatt Cabo del Sol, marking Hyatt’s first Park Hyatt hotel in Mexico; Andaz One Bangkok, which opened as part of the One Bangkok mixed-use development; and Hyatt Studios Huntsville.
- In 2025, the company had pipeline growth of 7 percent compared to 2024. 2025 signings in the United States were up approximately 30 percent over 2024, including more than 25 Hyatt Select deals signed during the year, and the pipeline of Hyatt Studios properties grew to approximately 70 since announcing the brand in 2023. The pipeline in Asia Pacific increased by 7 percent compared to 2024, with strong signing activity in Greater China and India.
Transactions
During the fourth quarter, the company:
- Closed on the sale of Alua Atlántico Golf Resort, Alua Tenerife, and AluaSoul Orotava Valley for a gross purchase price of approximately $140 million and entered into long-term management agreements for each property. Net proceeds were used to repay a portion of the $1.7 billion delayed draw term loan used to finance a portion of the Playa Hotels Acquisition.
- Completed the Playa Real Estate Transaction and used the proceeds to repay the amounts outstanding under the $1.7 billion delayed draw term loan, which was terminated upon repayment. The company entered into 50-year management agreements for 13 of the 14 properties. The Playa Real Estate Transaction fulfilled Hyatt’s commitment announced on February 10, 2025, to sell at least $2 billion of real estate.
Balance Sheet and Liquidity
As of December 31, 2025, the company reported the following:
- Total debt of $4.3 billion.
- Total liquidity of $2.3 billion, inclusive of:
- $813 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 $678 million. The company repurchased $114 million of Class A common stock during the fourth quarter and repurchased a total of $293 million of Class A common stock for the full year of 2025.
- The company’s board of directors has declared a cash dividend of $0.15 per share for the first quarter of 2026. The dividend is payable on March 12, 2026, to Class A and Class B stockholders of record as of March 2, 2026.
