Skift Take
Travel demand in China has continued to recover despite financial turmoil in the country. Hyatt is optimistic that the rise of China's middle class will, long run, also benefit Hyatt's high-end brands.
Hyatt has bet more of its future on China than any other Western hotel group. It has 40% of its hotel pipeline there — a greater percentage than the hotel development pipeline of any public company in its peer group.
Yet China's economic growth post-pandemic has been sluggish as it struggles with a commercial property crisis and a municipal debt crisis. But Hyatt executives remained confident in their China strategy, as China's leaders intervened this week.
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