HSBC just upgraded Hyatt to a buy with a $212 target, betting that 151,000 rooms in the pipeline and a massive gap in secondary markets means the company is just getting started. The question nobody's asking is whether "whitespace" looks as attractive from the owner's side of the franchise agreement as it does from the analyst's spreadsheet.
Hyatt is surveying members about adding a super-elite tier above Globalist and converting current benefits into one-stay milestone rewards... and if you're an owner paying 2.2% of rooms revenue in loyalty fees, you need to understand what this actually costs you before the press release makes it sound like a gift.
Marriott is dangling the biggest credit card welcome bonuses in program history to capture summer travelers. The real question is who's actually paying for all those "free" nights... and if you're an owner, you already know the answer.
