Hyatt Q3 RevPAR Up 7.2% as All-Inclusive Resorts Slip
Hyatt's comparable hotels RevPAR rose 7.2% in the third quarter. All-inclusive Net Package RevPAR fell 2.5%, and the company lifted its capital return outlook.
Hyatt reported a 7.2% rise in comparable system-wide hotels RevPAR for the third quarter, while Net Package RevPAR at its all-inclusive resorts fell 2.5%. Gross fees grew 15.2% to $327 million.
Diluted EPS was $0.60 and adjusted diluted EPS $1.27. Net income attributable to Hyatt was $58 million, and adjusted net income was $122 million. Adjusted EBITDA reached $295 million, up 6.2%, or 19% after adjusting for assets sold in 2025.
Where growth came from
Luxury led RevPAR growth. Leisure transient and group RevPAR each grew strongly, and business transient rose in the low single digits. US RevPAR increased 8.2%, helped in part by the FIFA World Cup and the timing of the Jewish holidays.
Base management fees rose 10.0%, incentive management fees 21.9% and franchise and other fees 16.8%. The all-inclusive decline mainly reflects lower demand for travel to certain destinations in Mexico, partly offset by growth in the Caribbean and Europe. Distribution segment EBITDA also fell, with hotel closures in Jamaica after Hurricane Melissa among the temporary factors.
Owned and leased segment Adjusted EBITDA declined 1% after adjusting for 2025 asset sales. Hyatt reported total liquidity of $1.8 billion as of September 30.
Openings and pipeline
Hyatt opened 3,808 rooms in the quarter. They included Hyatt Vivid Punta Cana, the brand's debut in the Dominican Republic, and Beldersoy Resort and SPA, the first Destination by Hyatt property in Uzbekistan. Thompson Seville joined the Lifestyle portfolio. The pipeline of executed contracts reached about 158,000 rooms, up 12.1%.
Outlook and returns
For 2026 Hyatt projects comparable RevPAR growth of 5.0% to 5.5%, net rooms growth of about 6% and adjusted EBITDA of $1,170 million to $1,200 million. Net income attributable to Hyatt is projected at $240 million to $310 million.
Hyatt expects Net Package RevPAR to return to growth in the fourth quarter and stay positive for the full year, as booking trends in Mexico continue to improve. It now sees US RevPAR growing 5% to 6% for the year.
The company bought back 867,109 shares for $147 million in the quarter. It now expects to return $375 million to $425 million to shareholders in 2026. The board declared a $0.15 dividend, payable December 7 to holders of record on November 23.
"Continued momentum across our business, a record development pipeline, and growing engagement among World of Hyatt members reflect increasing preference for our brands among guests, owners, and developers," Chairman, President and CEO Mark S. Hoplamazian said.
Source: Hyatt Hotels Corporation