Intrinsic value of Hyatt Hotels - H

Previous Close

$69.49

  Intrinsic Value

$22.13

stock screener

  Rating & Target

str. sell

-68%

Previous close

$69.49

 
Intrinsic value

$22.13

 
Up/down potential

-68%

 
Rating

str. sell

We calculate the intrinsic value of H stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,779
  4,889
  5,014
  5,155
  5,312
  5,483
  5,670
  5,872
  6,090
  6,323
  6,573
  6,840
  7,124
  7,426
  7,747
  8,086
  8,445
  8,825
  9,227
  9,651
  10,098
  10,570
  11,067
  11,591
  12,143
  12,724
  13,336
  13,979
  14,656
  15,368
Variable operating expenses, $m
  4,458
  4,559
  4,675
  4,805
  4,950
  5,108
  5,280
  5,467
  5,668
  5,884
  6,069
  6,316
  6,578
  6,857
  7,152
  7,466
  7,797
  8,148
  8,519
  8,911
  9,324
  9,759
  10,218
  10,702
  11,211
  11,748
  12,313
  12,907
  13,532
  14,189
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  4,458
  4,559
  4,675
  4,805
  4,950
  5,108
  5,280
  5,467
  5,668
  5,884
  6,069
  6,316
  6,578
  6,857
  7,152
  7,466
  7,797
  8,148
  8,519
  8,911
  9,324
  9,759
  10,218
  10,702
  11,211
  11,748
  12,313
  12,907
  13,532
  14,189
Operating income, $m
  321
  330
  339
  350
  362
  375
  389
  405
  422
  440
  504
  525
  547
  570
  594
  620
  648
  677
  708
  740
  775
  811
  849
  889
  932
  976
  1,023
  1,072
  1,124
  1,179
EBITDA, $m
  715
  732
  751
  772
  795
  821
  849
  879
  912
  947
  984
  1,024
  1,067
  1,112
  1,160
  1,211
  1,264
  1,321
  1,381
  1,445
  1,512
  1,582
  1,657
  1,735
  1,818
  1,905
  1,996
  2,093
  2,194
  2,301
Interest expense (income), $m
  75
  78
  82
  87
  92
  98
  105
  112
  121
  129
  139
  149
  159
  171
  183
  196
  210
  224
  240
  256
  273
  292
  311
  331
  353
  375
  399
  424
  450
  478
  507
Earnings before tax, $m
  243
  247
  252
  258
  264
  270
  277
  284
  292
  301
  356
  365
  376
  387
  398
  410
  423
  437
  452
  467
  483
  500
  518
  537
  556
  577
  599
  622
  646
  672
Tax expense, $m
  66
  67
  68
  70
  71
  73
  75
  77
  79
  81
  96
  99
  101
  104
  108
  111
  114
  118
  122
  126
  130
  135
  140
  145
  150
  156
  162
  168
  175
  181
Net income, $m
  177
  181
  184
  188
  192
  197
  202
  208
  213
  220
  260
  267
  274
  282
  291
  300
  309
  319
  330
  341
  353
  365
  378
  392
  406
  421
  437
  454
  472
  491

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,720
  7,898
  8,101
  8,328
  8,581
  8,858
  9,160
  9,486
  9,838
  10,216
  10,619
  11,050
  11,509
  11,997
  12,515
  13,063
  13,644
  14,257
  14,906
  15,591
  16,314
  17,076
  17,879
  18,726
  19,617
  20,556
  21,544
  22,583
  23,677
  24,827
Adjusted assets (=assets-cash), $m
  7,720
  7,898
  8,101
  8,328
  8,581
  8,858
  9,160
  9,486
  9,838
  10,216
  10,619
  11,050
  11,509
  11,997
  12,515
  13,063
  13,644
  14,257
  14,906
  15,591
  16,314
  17,076
  17,879
  18,726
  19,617
  20,556
  21,544
  22,583
  23,677
  24,827
Revenue / Adjusted assets
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
  0.619
Average production assets, $m
  4,535
  4,639
  4,759
  4,892
  5,041
  5,203
  5,381
  5,572
  5,779
  6,001
  6,238
  6,491
  6,761
  7,047
  7,351
  7,674
  8,015
  8,375
  8,756
  9,159
  9,583
  10,031
  10,503
  11,000
  11,524
  12,075
  12,655
  13,266
  13,909
  14,584
Working capital, $m
  -449
  -460
  -471
  -485
  -499
  -515
  -533
  -552
  -572
  -594
  -618
  -643
  -670
  -698
  -728
  -760
  -794
  -830
  -867
  -907
  -949
  -994
  -1,040
  -1,090
  -1,141
  -1,196
  -1,254
  -1,314
  -1,378
  -1,445
Total debt, $m
  1,522
  1,610
  1,710
  1,822
  1,946
  2,083
  2,232
  2,393
  2,566
  2,752
  2,951
  3,164
  3,390
  3,631
  3,886
  4,156
  4,442
  4,745
  5,065
  5,402
  5,759
  6,134
  6,530
  6,948
  7,387
  7,850
  8,337
  8,850
  9,389
  9,956
Total liabilities, $m
  3,806
  3,894
  3,994
  4,106
  4,230
  4,367
  4,516
  4,677
  4,850
  5,036
  5,235
  5,448
  5,674
  5,915
  6,170
  6,440
  6,726
  7,029
  7,349
  7,686
  8,043
  8,418
  8,814
  9,232
  9,671
  10,134
  10,621
  11,134
  11,673
  12,240
Total equity, $m
  3,914
  4,004
  4,107
  4,223
  4,351
  4,491
  4,644
  4,809
  4,988
  5,179
  5,384
  5,603
  5,835
  6,083
  6,345
  6,623
  6,917
  7,229
  7,557
  7,905
  8,271
  8,657
  9,065
  9,494
  9,946
  10,422
  10,923
  11,450
  12,004
  12,587
Total liabilities and equity, $m
  7,720
  7,898
  8,101
  8,329
  8,581
  8,858
  9,160
  9,486
  9,838
  10,215
  10,619
  11,051
  11,509
  11,998
  12,515
  13,063
  13,643
  14,258
  14,906
  15,591
  16,314
  17,075
  17,879
  18,726
  19,617
  20,556
  21,544
  22,584
  23,677
  24,827
Debt-to-equity ratio
  0.390
  0.400
  0.420
  0.430
  0.450
  0.460
  0.480
  0.500
  0.510
  0.530
  0.550
  0.560
  0.580
  0.600
  0.610
  0.630
  0.640
  0.660
  0.670
  0.680
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
Adjusted equity ratio
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  177
  181
  184
  188
  192
  197
  202
  208
  213
  220
  260
  267
  274
  282
  291
  300
  309
  319
  330
  341
  353
  365
  378
  392
  406
  421
  437
  454
  472
  491
Depreciation, amort., depletion, $m
  394
  402
  412
  422
  433
  446
  459
  474
  490
  507
  480
  499
  520
  542
  565
  590
  617
  644
  674
  705
  737
  772
  808
  846
  886
  929
  973
  1,020
  1,070
  1,122
Funds from operations, $m
  572
  583
  596
  610
  626
  643
  662
  682
  704
  727
  739
  766
  794
  824
  856
  890
  926
  963
  1,003
  1,045
  1,090
  1,137
  1,186
  1,238
  1,293
  1,350
  1,411
  1,475
  1,542
  1,612
Change in working capital, $m
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -20
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -57
  -60
  -64
  -67
Cash from operations, $m
  580
  593
  607
  623
  640
  659
  679
  701
  724
  749
  763
  791
  821
  853
  886
  922
  959
  999
  1,041
  1,085
  1,132
  1,181
  1,233
  1,287
  1,344
  1,405
  1,468
  1,535
  1,605
  1,679
Maintenance CAPEX, $m
  -342
  -349
  -357
  -366
  -376
  -388
  -400
  -414
  -429
  -445
  -462
  -480
  -499
  -520
  -542
  -565
  -590
  -617
  -644
  -674
  -705
  -737
  -772
  -808
  -846
  -886
  -929
  -973
  -1,020
  -1,070
New CAPEX, $m
  -88
  -104
  -119
  -134
  -148
  -163
  -177
  -192
  -207
  -222
  -237
  -253
  -270
  -286
  -304
  -322
  -341
  -361
  -381
  -402
  -425
  -448
  -472
  -497
  -524
  -551
  -580
  -611
  -642
  -676
Cash from investing activities, $m
  -430
  -453
  -476
  -500
  -524
  -551
  -577
  -606
  -636
  -667
  -699
  -733
  -769
  -806
  -846
  -887
  -931
  -978
  -1,025
  -1,076
  -1,130
  -1,185
  -1,244
  -1,305
  -1,370
  -1,437
  -1,509
  -1,584
  -1,662
  -1,746
Free cash flow, $m
  150
  140
  131
  123
  116
  109
  102
  95
  89
  82
  64
  58
  52
  46
  40
  34
  28
  22
  16
  9
  3
  -4
  -11
  -18
  -25
  -33
  -41
  -49
  -58
  -66
Issuance/(repayment) of debt, $m
  71
  88
  100
  112
  124
  137
  149
  161
  173
  186
  199
  212
  226
  240
  255
  270
  286
  303
  320
  338
  356
  376
  396
  417
  439
  463
  487
  513
  539
  567
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  6
  14
  21
  29
  37
  46
  55
  64
  73
  83
  93
Cash from financing (excl. dividends), $m  
  71
  88
  100
  112
  124
  137
  149
  161
  173
  186
  199
  212
  226
  240
  255
  270
  286
  303
  320
  344
  370
  397
  425
  454
  485
  518
  551
  586
  622
  660
Total cash flow (excl. dividends), $m
  221
  228
  231
  236
  240
  245
  250
  256
  262
  269
  263
  271
  278
  287
  295
  305
  314
  325
  335
  353
  373
  393
  414
  437
  460
  484
  510
  536
  564
  594
Retained Cash Flow (-), $m
  -77
  -90
  -103
  -116
  -128
  -140
  -153
  -166
  -178
  -191
  -205
  -219
  -233
  -247
  -262
  -278
  -294
  -311
  -329
  -347
  -366
  -386
  -407
  -429
  -452
  -476
  -501
  -527
  -555
  -583
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  144
  138
  129
  120
  112
  105
  97
  90
  84
  77
  58
  52
  46
  39
  33
  26
  20
  13
  7
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  138
  126
  112
  99
  87
  76
  66
  57
  48
  40
  28
  22
  17
  13
  10
  7
  4
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.7
  99.3
  98.9
  98.4
  97.8
  97.1
  96.4
  95.5
  94.7
  93.7

Hyatt Hotels Corporation is a global hospitality company. The Company develops, owns, operates, manages, franchises, licenses or provides services to a portfolio of properties. The Company operates through four segments: owned and leased hotels; Americas management and franchising (Americas); ASPAC management and franchising (ASPAC), and EAME/SW Asia management and franchising (EAME/SW Asia). The owned and leased hotels segment consists of its owned and leased full service and select service hotels. The Americas segment consists of its management and franchising of properties located in the United States, Latin America, Canada and the Caribbean. The ASPAC segment consists of its management and franchising of properties located in Southeast Asia, as well as China, Australia, South Korea, Japan and Micronesia. The EAME/SW Asia segment consists of its management and franchising of properties located in Europe, Africa, the Middle East, India, Central Asia and Nepal.

FINANCIAL RATIOS  of  Hyatt Hotels (H)

Valuation Ratios
P/E Ratio 44.6
Price to Sales 2.1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 32.7
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -21.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.9%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 37%
Total Debt to Equity 40.1%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 3.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. 5.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 21.6%
Gross Margin - 3 Yr. Avg. 21.9%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 17%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 29.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 0%

H stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the H stock intrinsic value calculation we used $4685 million for the last fiscal year's total revenue generated by Hyatt Hotels. The default revenue input number comes from 0001 income statement of Hyatt Hotels. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our H stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for H is calculated based on our internal credit rating of Hyatt Hotels, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Hyatt Hotels.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of H stock the variable cost ratio is equal to 93.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for H stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Hyatt Hotels.

Corporate tax rate of 27% is the nominal tax rate for Hyatt Hotels. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the H stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for H are equal to 94.9%.

Life of production assets of 13 years is the average useful life of capital assets used in Hyatt Hotels operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for H is equal to -9.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3837 million for Hyatt Hotels - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 43.269 million for Hyatt Hotels is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Hyatt Hotels at the current share price and the inputted number of shares is $3.0 billion.

RELATED COMPANIES Price Int.Val. Rating
MAR Marriott Inter 117.04 89.80  sell
HLT Hilton Worldwi 71.16 85.01  hold
IHG InterContinent 53.31 165.95  str.buy
CHH Choice Hotels 78.10 27.39  str.sell

COMPANY NEWS

▶ Ron Baron Comments on Hyatt Hotels Corp   [Nov-02-18 03:44PM  GuruFocus.com]
▶ Hyatt Hotels Hikes Its Cash Return Plans   [09:59AM  Motley Fool]
▶ Hyatt Hotels (H) Beats Q3 Earnings Estimates   [Oct-30-18 05:45PM  Zacks]
▶ Hyatt Hotels: 3Q Earnings Snapshot   [04:43PM  Associated Press]
▶ Hyatt Reports Third-Quarter 2018 Results   [04:30PM  Business Wire]
▶ Kimpton Sawyer Hotel has new general manager   [Oct-29-18 05:41PM  American City Business Journals]
▶ Ninth Natomas hotel proposal is biggest yet, at 201 rooms   [Oct-26-18 06:03PM  American City Business Journals]
▶ Hyatt Hotels ranks high in new TripAdvisor hotel chain survey   [Oct-24-18 03:51PM  American City Business Journals]
▶ Why Cambria Hotel Chicago Magnificent Mile workers are still striking   [Oct-22-18 02:18PM  American City Business Journals]
▶ Hotel strike is dealing a blow to Marriott's Bay Area business   [Oct-18-18 05:22PM  American City Business Journals]
▶ Cambria Chicago Magnificent Mile lone holdout in hotel workers strike   [Oct-17-18 01:33PM  American City Business Journals]
▶ Lowe, Pritzker sell Two Roads hotel management company to Hyatt   [Oct-11-18 05:18PM  American City Business Journals]
▶ Pair of new hotels planned near Disney's Flamingo Crossings development   [10:29AM  American City Business Journals]
▶ Hyatt snaps up well-known S.F. hotel brand as part of $600 million deal   [Oct-09-18 11:08PM  American City Business Journals]
▶ [$$] Starbucks Hires Finance Chief From Hyatt Hotels   [Oct-08-18 08:43PM  The Wall Street Journal]
▶ [$$] Hyatt Hotels Names New Finance Chief   [06:04PM  The Wall Street Journal]
▶ [$$] Starbucks Hires Finance Chief From Hyatt   [03:49PM  The Wall Street Journal]
▶ Starbucks appoints Patrick Grismer CFO   [08:39AM  MarketWatch]
▶ Hyatt Hotels settles with striking Chicago workers   [Oct-04-18 04:57PM  American City Business Journals]
▶ Hundreds remain on strike at 10 downtown Chicago hotels   [Oct-02-18 11:32AM  Associated Press]
▶ Hilton Hotels settles with striking Chicago hotel workers   [Oct-01-18 01:53PM  American City Business Journals]
▶ Marriott inks new contract with Chicago hotel workers   [Sep-21-18 01:43PM  American City Business Journals]
▶ Chicago technology show breaks all records as hotel worker strike continues   [Sep-20-18 03:55PM  American City Business Journals]
▶ Chicago hotel workers still on strike as conventioneers pour into city   [01:09PM  American City Business Journals]
▶ Potential hotel strike looms over S.F.'s 'October Crush'   [Sep-07-18 04:08PM  American City Business Journals]
▶ 7 Mid-Cap Stocks to Sell Now   [Sep-05-18 10:45AM  InvestorPlace]
▶ Grand Hyatt Bogota Opens in the Capital of Colombia   [Aug-29-18 11:27AM  Business Wire]
▶ Hyatt Regency Shanghai Jiading Opens in Northwest Shanghai   [Aug-20-18 03:19PM  Business Wire]
▶ 7 Alternative Consumer Stocks to Buy With 25% Upside   [Aug-15-18 10:23AM  InvestorPlace]

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