Hyatt is a global hotel company that operates, manages, and franchises roughly 1,500 hotels and resorts across more than 70 brands, with a deliberate focus on the luxury and upper upscale segments — over 70% of its portfolio sits in those chain scales. Its core brands include Grand Hyatt and Hyatt Regency (large full-service hotels), Park Hyatt (premium urban luxury), Andaz and Thompson (lifestyle), Hyatt Place and Hyatt House (upscale select service), and its Inclusive Collection of all-inclusive resorts in Mexico, the Caribbean, and Spain. Hyatt earns revenue primarily through management and franchise fees — base fees tied to hotel revenues and incentive fees tied to profitability — rather than owned real estate. The company has been systematically selling owned hotels since 2017 and redeploying proceeds into asset-light management and franchise platforms; over 90% of earnings are expected to be asset-light by 2026. The World of Hyatt loyalty program, with roughly 63M members, is central to the business model, driving direct bookings and making Hyatt brands attractive to hotel developers. In all-inclusive resorts, Hyatt is unusually vertically integrated: its ALG Vacations platform (Apple Vacations, Funjet, CheapCaribbean) packages and sells vacations directly into its own resorts, and Unlimited Vacation Club is a paid membership program for preferred access to those properties. Hyatt is also expanding into the U.S. upper midscale segment — historically a gap in its portfolio — through three new brands: Hyatt Select, Hyatt Studios, and Unscripted by Hyatt.