Skift Take
You might think "asset-light" means "we don't own stuff." In Hyatt's case, it means: "We don't own hotels, except when we occasionally buy some so we can flip them at a profit and help fund our M&A."
Hyatt has nearly shifted to an asset-light model, reaching its target of 80-85% fee-based earnings from properties it doesn't own. But the hotel group hasn't declared "mission accomplished" just yet.
Hyatt's top executives said Thursday they had more hotels to sell. They also plan to supplement their asset-light strategy with tuck-in deals, like their recent acquisition of Mr & Mrs Smith, a hotel booking site.
That's according to Hyatt's top execs, who spoke Thursday at the Bank of America Gaming & Lodging Conference.
Moving to Asset Light In 2021, Hyatt said it would target $2 billion in gross proceeds from selling real estate by the end of 2024. It said Thursday it had met its pledge. But Hyatt execs aren't swearing off asset ownership. CEO and President Mark Hoplamazian said Hyatt will continue to selectivel