This means that Hyatt’s executed management or franchise contract total has grown quarter-on-quarter by 3% from Q2’s development figures of 585 hotels and 119,000 rooms.

Year-on-year the amount rose by 9% in terms of site count and 8% on key count, from Q3 2022’s 550 projects of 114,000 guestrooms collectively.

Global footprint

During the third quarter, 20 new hotels (or 3,262 rooms) joined Hyatt’s system. Notable openings included Calistoga Motor Lodge & Spa, seven UrCove properties, and Andaz Macau, the largest Andaz-branded property globally with 715 rooms.

Therefore the company’s room growth was approximately 1% during the quarter, with its global footprint rising to 313,257 keys across 1,310 hotels.

Those figures show that year-on-year, Hyatt’s system size expanded by 8% in terms of sites and 6% for key count from Q2 2022’s 1,211 hotels of 294,888 rooms.

More conversion opportunities

Mark S Hoplamazian, president and CEO of Hyatt, said: “We had a tremendous quarter, largely driven by the strength in our core business. Our third quarter performance contributed to a 25% improvement in total fees for the first nine months of the year compared to 2022.

“We expect strong fee growth to continue, fuelled by our record pipeline of 123,000 rooms and higher levels of conversion opportunities combined with robust demand for travel around the globe. We continue to successfully execute our asset-light transformation and growth strategy while returning meaningful capital to shareholders.”