Hyatt Hotels Corp. reported mixed results for the fourth quarter and full year of 2025 today, with growth in revenue per available room but a decline in net income.
Comparable systemwide RevPAR growth at Hyatt’s hotels was 4 percent in the fourth quarter and 2.9 percent for the full year of 2025 compared to the same period in 2024. A year ago, the company's guidance for 2025's comparable systemwide hotels RevPAR was growth of 2 percent to 4 percent on a constant currency basis compared to the full year of 2024.
RevPAR growth in the fourth quarter was highest among the luxury and upper-upscale chain scales. Leisure transient continued to be the strongest customer segment, while group business 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.
Comparable systemwide 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 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.
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
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.
Openings and Development
Net rooms growth was 7.3 percent for the full year of 2025 and net rooms growth excluding acquisitions was 6.7 percent
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, reflecting continued expansion of Hyatt's newest extended-stay brand in the United States.
In 2025, the pipeline of executed management and franchise contracts was approximately 148,000 rooms, up 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 7 percent compared to 2024, with strong signings activity in Greater China and India, replenishing the pipeline after a strong year of openings.
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.
Hyatt also 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 Feb. 10, 2025, to sell at least $2 billion of real estate.
Looking Ahead
