This report does not constitute a rating action. S&P Global Ratings-adjusted leverage will improve to 3.0x-3.5x by year-end 2027, from around 4.0x in 2026, which would provide sufficient cushion relative to our 3.75x downgrade threshold. Hyatt Hotels Corp. modestly raised its adjusted EBITDA guidance by $5 million at the midpoint to $1.17 billion-$1.20 billion as its portfolio continues to benefit from strong leisure and group demand as well as growth among business transient travelers. It also raised its guidance for systemwide hotel revenue per available room (RevPAR) growth to 5.0%-5.5%, a 125-basis point increase from its second-quarter guidance. We expect Hyatt will continue to grow its gross fee base in 2027. As of Sept. 30, 2026, Hyatt grew gross fees
