High quality, geographically diverse hotel portfolio, which can partly mitigate the impact of periodic revenue variability in key gateway city markets; Favorable brand recognition that can attract guests and improve occupancy at hotels, as well as developer interest in building or converting hotels to one of Hyatt's brands; Our expectation for a continued active acquisition strategy, which could result in additional leverage; and The cyclical nature of the lodging industry and the company's exposure to operating performance volatility of its owned hotels. Hyatt's financial policy to sustain adjusted debt to EBITDA below 3x, providing a cushion in the event of a downturn in the lodging industry; Operating lease-adjusted debt to EBITDA in the low-2x area, which is good compared to
