Summary: Hyatt Q4 and full year 2025 results show RevPAR growth, net rooms growth of 7.3% (6.7% excluding acquisitions), an executed pipeline of ~148,000 rooms and full-year Adjusted EBITDA of $1,159 million.

Hyatt Q4 and full year 2025 results, released by the company in February 2026, highlighted revenue-per-available-room (RevPAR) gains, continued portfolio expansion and robust development activity that together supported a full-year Adjusted EBITDA of $1,159 million.

Key financial highlights

Hyatt reported increases across several performance metrics in the fourth quarter and for the full year, with particular strength in leisure and higher-tier segments.

  • Comparable system-wide hotels RevPAR: +4.0% in Q4; +2.9% for full year vs. 2024
  • Comparable system-wide all-inclusive resorts Net Package RevPAR: +8.3% in Q4; +8.6% full year
  • Net rooms growth: 7.3% for the full year (6.7% excluding acquisitions)
  • Executed pipeline of ~148,000 rooms, up 7% year on year
  • Net loss attributable to Hyatt: $(20) million in Q4; $(52) million for the full year
  • Adjusted Net Income: $126 million in Q4; $209 million for the full year
  • Diluted EPS: $(0.21) in Q4; $(0.55) for the year — Adjusted Diluted EPS: $1.33 (Q4) and $2.19 (FY)
  • Gross fees: $307 million in Q4 (+4.5% YoY); $1,198 million for the full year (+9.0%)
  • Adjusted EBITDA: $292 million in Q4 (up 14.6% YoY, or 3.8% after certain adjustments); $1,159 million for the full year (up 5.8%, or 7.4% on an adjusted basis)

Revenue mix, fees and segment performance

RevPAR gains in the quarter were led by the Luxury and Upper Upscale tiers, with leisure transient demand the primary driver. Group business was supported in part by calendar timing — notably Rosh Hashanah fell in the third quarter of 2025 versus the fourth quarter in 2024.

On the fee side, base management fees rose 8.1% thanks to new openings and managed-hotel RevPAR growth outside the United States, while incentive management fees increased 13.0% driven by openings and strong Asia Pacific and European all‑inclusive performance. Franchise and other fees fell 3.8%, reflecting the removal of franchise fees from eight Hyatt Ziva and Hyatt Zilara properties acquired via Playa Hotels and softer demand at certain U.S. select-service properties.

Segment-level Adjusted EBITDA trends were mixed: the owned and leased portfolio showed a 1.5% decline year on year (after adjusting for asset sales and acquisition timing), influenced by renovation activity at several properties. Distribution segment Adjusted EBITDA also declined, attributed to Hurricane Melissa and lower booking volumes at four-star-and-below properties.

Development activity and portfolio moves

During the fourth quarter Hyatt added 8,253 rooms, including openings such as Park Hyatt Cabo del Sol, Andaz One Bangkok and Hyatt Studios Huntsville. The company reported net rooms growth of 7.3% for the year, or 6.7% excluding acquisitions.

Signings in the United States rose about 30% year on year in 2025, including more than 25 Hyatt Select agreements. The Hyatt Studios pipeline expanded to roughly 70 properties since the brand launched in 2023, and Asia Pacific pipeline activity increased 7% with new signings in Greater China and India.

Hyatt hotel exterior showing recent property openings and branded signage
Hyatt continued to expand its global portfolio in 2025 with new openings across segments and regions.

Hyatt completed several strategic transactions during the period, including the sale of the Alua Portfolio for approximately $140 million alongside long-term management agreements for those assets. Proceeds were applied to repay part of the $1.7 billion delayed-draw term loan tied to the Playa Hotels acquisition. Hyatt also completed the Playa Real Estate Transaction, entering into 50‑year management agreements for 13 of 14 properties and repaying the remaining term loan balance.

Accounting change and outlook

In the first quarter of 2026 Hyatt revised its definition of Adjusted EBITDA and will no longer include its pro rata share of unconsolidated owned and leased hospitality ventures’ Adjusted EBITDA. For fiscal 2026 the company provided forward-looking guidance on Gross Fees and Adjusted EBITDA in its supplemental investor presentation.

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.

said Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt.

What this means for the industry and travellers

Hyatt's results point to sustained demand in higher-tier and leisure travel segments, continued fee-revenue growth from a larger managed portfolio, and ongoing development that will add choice in key markets. For operators and investors, the results underscore the value of brand-led growth and strategic transactions in driving fee income. For travellers, new openings and an expanded pipeline mean more accommodation options across price points and geographies.

So what? Hyatt’s combination of RevPAR improvements, pipeline expansion and strategic asset moves signals a continued emphasis on brand growth and fee-based revenue — trends likely to influence competitor strategies, investor sentiment and the choice set available to guests in 2026 and beyond.