Overview Key strengths Key risks High quality, geographically diverse hotel portfolio, which can partly mitigate periodic revenue variability in key gateway city markets. Macroeconomic downside factors that could hinder recovery in business travel and group demand in many U.S. cities. Favorable brand recognition that can attract guests and improve occupancy at hotels; developer interest in building or converting hotels to one of Hyatt's brands. The cyclical nature of the lodging industry and the company's exposure to operating performance volatility of its owned hotels Significant and growing portion of revenue from predictable fee-based franchise hotels. The susceptibility of the travel and leisure industry to global and regional health scares, terrorist attacks, geopolitical unrest, and financial risks. Financial policy to sustain gross
