Hyatt Hotels Corporation plans to expand its brand presence in India by more than 70% by 2023. India is one of the company’s top three global markets.
Hyatt’s (H) Vice President real estate and development, India, Dhruva Rathore, said, “Hyatt remains focused on thoughtfully accelerating its brand growth and momentum by transforming the hotel landscape in India with planned openings in some of the most frequented and desirable destinations in the country.”
Rathore further added, “We are also focused on expanding our independent collection portfolio by teaming up with owners and developers who are eager to leverage our global distribution network and World of Hyatt loyalty program.” (See Hyatt stock analysis on TipRanks)
Hyatt will add more than 3,600 keys to its current 32 Hyatt-branded hotels. By the end of 2023, the company’s total number of Hyatt-branded hotels in India will be more than 50.
Last month, Raymond James analyst William Crow reiterated a Hold rating on the stock without assigning a price target.
Crow said, “While Hyatt has made a concerted effort to shift to an asset-light model, it is not there yet. Further, its ownership (like the overall brand portfolio) tends to be skewed towards full-service, luxury and upper upscale hotels, which have struggled more than select service properties.”
Crow also commented, “We believe Hyatt’s combination of operating and financial leverage makes a compelling case for relative outperformance once the proverbial corner is turned and vaccine distribution reaches a point where travel patterns return to normalized levels.”
Turning to the rest of the Street, the stock has a Hold consensus rating alongside an average analyst price target of $72.92 (12.4% downside potential), based on 1 Buy, 11 Holds and 2 Sells. Shares have gained about 71.5% over the past year.
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