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Hyatt manages, franchises, and owns Hyatt-branded hotels, resorts, and residential properties around the world. The company generates the majority of its earnings from its hotel operations, specifically its owned and leased properties. H's room portfolio consists of ~192,000 rooms spread across 753 properties as of 1Q18 as well as a pipeline of 73,000 rooms. The company has four primary operating segments: Owned and Leased Hotels, Americas Management and Franchising, ASPAC (China, Australia, S. Korea, and Japan) Management and Franchising, and EAME/SW Asia Management. H was founded by the Pritzker family, which still owns a significant portion of the company and the vast majority of its voting interests. (01 Oct 2018)

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US Employment: Modest Gains for Jobs & Wages

Sector Analysis: 09 Dec 2018, 9:01 PM ET - Payrolls and wages both took a step back in November.  We highlight this months employment data and discuss the possibility for manufacturing, construction, and mining employment to lead a 2019 deceleration in jobs growth.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 

Hyatt: 3Q18 - Two Roads Acq Takes Friendly Path

Worth Watching: 01 Nov 2018, 12:24 AM ET - Hyatt (Sr Unsec: Baa2/BBB) reported 3Q18 net revenues of $590mn, down 8.5% YoY. Owned and leased hotel revenues fell 12.8% to $450mn, while management and franchise fees grew 8.1% to $133mn and other revenues grew 16.7% to $7mn. Adjusted EBITDA ..

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Hyatt: To Acquire J Pritzker-Affiliated Two Roads

Worth Watching: 08 Oct 2018, 10:35 PM ET - Hyatt (Baa2/BBB) agreed to acquire Two Roads Hospitality for $480mn, with the potential for H to invest up to an additional $120mn. Inclusive of the contingent payment, H estimates the transaction represents a 12-13x stabilized 2021 earnings mu ..

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

Hilton & Hyatt: Reportedly Eyeing Belmond

Worth Watching: 02 Oct 2018, 10:37 PM ET - Hilton & Hyatt: Belmond, the lodging and leisure company being shopped by Goldman Sachs and JPMorgan, is under consideration by both Hilton (Sr Unsec: Ba2/BB+) and Hyatt (Sr Unsec: Baa2/BBB) for an acquisition of all or part of the company, accor ..

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.

Hyatt: Issued $400mn 10-Year Note

Worth Watching: 07 Aug 2018, 11:15 PM ET - Hyatt (Baa2/BBB) came to market with new $400mn 10-year notes. The company listed the full panoply of use of proceeds: redemption of the company's August 2019 notes, repayment of secured debt, buybacks, and/or M&A. H has has $196mn outstanding o ..

Hyatt: 2Q18 - Adios, NH

Worth Watching: 01 Aug 2018, 3:30 PM ET - Hyatt (Baa2/BBB) reported 2Q18 net revenues of $631mn, down 10.6% due to significant asset sales in the intervening year. Adjusted EBITDA was $184mn during the quarter, down 1.6% YoY. According to management's commentary, adjusted for asset sal ..

Hyatt: Bidding for Spain's NH Hotel Group

Worth Watching: 27 Jul 2018, 12:01 AM ET - Hyatt (Baa2/BBB) joined the bidding for Spanish hotel chain NH Hotel Group SA, CEO Mark Hoplamazian confirmed to Bloomberg Thursday. NH's largest shareholder is Thai hotel company Minor International, which announced after acquiring HNA's 25.2% ..

Consumer/Pharma: Cross-Sector Rel Val Analysis

Sector Analysis: 19 Jul 2018, 4:27 AM ET - In this report, we juxtapose OAS and leverage levels across on-the-run non-cyclical credits in the F&B and Pharma space. M&A has elevated leverage for several names, so we aim to help investors find the best spread while managing risk.

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