Hyatt Hotels Corporation (H)

The company sold most of its own hotels and switched to management and franchising: the building's owner pays a share of revenue for the brand, the booking system and the loyalty programme. That income is steadier — it does not depend on the cost of running a particular hotel.

The portfolio is weighted to the upper segment and resorts, where the average rate is higher and demand recovered faster than in the business segment. The loyalty programme adds income by selling points to the card-issuing bank. Risks: business travel, leisure demand and competition from larger hotel groups. A dividend is paid and buybacks are active.