Hyatt Hotels Corporation reported adjusted earnings per share of $1.12 for the second quarter of 2026, surpassing the Zacks Consensus Estimate of 90 cents by 24.4%. Revenue for the quarter reached $1.829 billion, beating the consensus forecast of $1.815 billion by 0.8% and rising 1.2% year over year.
Fee Growth and Revenue Breakdown
Gross fees increased 7.8% year over year to $324 million. Base management fees grew 10.2% to $124 million, supported by managed hotel Revenue Per Available Room (RevPAR) growth, strength in the U.S. market, and contributions from Hyatt’s Playa Hotels acquisition. Incentive management fees advanced 2.6% to $64 million, bolstered by the Playa
acquisition and strong Asia Pacific results, partly offset by declines in the Middle East, Mexico, and Jamaica. Franchise and other fees rose 8.1% to $136 million.
Net fees for the quarter totaled $307 million, up from $286 million in the prior-year period. Adjusted EBITDA from management and franchising activities increased to $266 million from $238 million.
Regional RevPAR and Occupancy Performance
Comparable system-wide hotel RevPAR rose 5.9% year over year. Average daily rate increased 5% to $216.81, while occupancy improved 0.6 percentage points to 73.2%. Luxury and upper-upscale hotel segments were primary drivers of RevPAR growth.
The leisure transient and group segments saw strong RevPAR
increases, while business transient RevPAR recorded low-single-digit growth. U.S. RevPAR advanced 6.7%. Asia Pacific, excluding Greater China, posted a 10.3% increase, and the Americas outside the U.S. rose 9.5%. Greater China experienced a 7.2% RevPAR increase. In contrast, the Middle East and Africa registered a 28.3% decline.
Comparable all-inclusive resort Net Package RevPAR decreased 1.2%, with occupancy falling 2.1 percentage points to 72.8% despite a 1.7% rise in average daily rate to $271.25. Net Package RevPAR declined 2.3% in the Americas outside the U.S. but increased 3.4% in Europe.
Impact of Regional Challenges
Conflict in the Middle East reduced overall RevPAR growth by about
110 basis points. The distribution segment’s adjusted EBITDA fell to $27 million from $43 million, affected by temporary hotel closures in Jamaica due to Hurricane Melissa and weakened demand in Mexico. The decline in all-inclusive resort Net Package RevPAR reflected softer demand influenced by security concerns in Mexico and reduced airlift at some destinations.
Profitability, Costs and Capital Management
Hyatt’s adjusted EBITDA rose 3.4% year over year to $297 million. Excluding assets sold in 2025, adjusted EBITDA increased 8.8%. Owned and leased adjusted EBITDA was $40 million versus $47 million in the prior year; adjusted for asset sales, this represented a 16% increase.
General and
administrative expenses decreased to $107 million from $110 million. Transaction and integration costs dropped sharply to $8 million from $82 million. Depreciation and amortization expenses fell to $73 million from $82 million.
Net income attributable to Hyatt was $110 million, compared to a loss of $3 million in the year-ago quarter. Adjusted net income rose to $108 million from $66 million. During the first half of 2026, Hyatt returned $175 million to shareholders through dividends and share repurchases, with full-year capital returns expected between $325 million and $375 million.
As of June 30, 2026, Hyatt reported total debt of $4.3
billion and liquidity of $2.1 billion.
Operations and Expansion
Hyatt opened 3,585 rooms in Q2 2026, including Miraval The Red Sea, its first Miraval property outside the U.S., and The Barai Hua Hin, which launched The Unbound Collection by Hyatt brand in Thailand.
The company’s executed management and franchise pipeline reached approximately 154,000 rooms, a 10% increase year over year. Trailing 12-month net room growth was 3.9%, or 4.4% excluding Playa Hotels acquisition rooms removed in the second half of 2025.
Hyatt signed a master franchise agreement with Dossen Group to develop Hyatt Select hotels in the Chinese Mainland. The World of Hyatt
loyalty program membership grew 17% year over year, reaching about 69 million members.
