...- We expect demand at Hyatt Hotels Corp.'s comparable hotels in the Americas will continue increasing and supporting the system's recovery because of pent-up leisure demand, strong average daily rates, and accelerating business transient and group bookings. We also believe strong demand and cash flow at Apple Leisure Group (ALG) will boost 2022 results, which are pacing ahead of our previously published assumptions. Therefore, consolidated EBITDA generation in the remainder of 2022 could reduce leverage faster than we previously forecasted. - In our updated forecast, we believe Hyatt's adjusted leverage could reach the 3.5x-4x range in 2022, positioning the company for possible rating upside over the next couple of years as long as demand is sustained and Hyatt continues to execute on its asset sale program. - Therefore, we revised the outlook on Hyatt to positive from negative and affirmed all ratings. - The positive outlook reflects the possibility that Hyatt's EBITDA generation could...
