Owners of hotels with brands like Aman, OneandOnly, Montage, etc have little or reason to seek sales like Hyatt IMO. Making those hotels a Hyatt brand likely don’t increase their value. Hyatt could overpay but the hotels probably aren’t huge fee generators in an of themselves. A Caribbean travel package business may bring in a lot more revenue than a few Aman properties. Four Seasons is probably the last real meaningful luxury brand out there there that could be acquired

If we want more core Andaz, Park/Grand Hyatt, Hyatt Regency, etc, it is challenging because full service hotel development is out of vogue globally. The market in many cities in saturated, development costs are high, labor operating costs are high, limited service is a better investment, and now, business travel end demand is uncertain. Developers continue to build a ton of Hyatt Place / Hyatt House because that is where the industry is going.

What Hyatt could do is actually build more branded hotels in more leisure driven markets, then sell the real estate once the hotels are built. However Wall Street hates that strategy so it is unlikely to be done in scale

Long term Hyatt is likely better off sold, either to Hilton/IHG or to Airbnb, but likely never to happen