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NBC News
22-07-2025
- Business
- NBC News
Businesses are cautiously spending on corporate travel as trade uncertainty looms
Corporations are continuing to spend on business travel, but are being strategic about how they allocate those dollars amid ongoing trade uncertainties, according to new reports from the travel and expense platform Navan and the Global Business Travel Association. Corporate travel spending activity increased 15% year over year in the second quarter of 2025, according to a business travel index published Tuesday from Navan. Navan's index, backed by Nasdaq, is derived from millions of corporate business transactions on its platform. It examines the amount spent and number of transactions relating to airline travel, hotel reservations and expense transactions from corporate cards. Amy Butte, Navan's CFO, said during an interview that from talking with other chief financial officers over the past few months, she never got the sense that corporate leaders would stop spending on business travel altogether. Instead, they are in 'wait and see' mode. 'If you're making choices about where you're being cautious, we're not seeing people be cautious in the area of relationship building, either with their customers or with their teammates. We're still seeing the spend allocated towards travel as a key component of any business strategy,' Butte said. But while global business travel is expected to reach a new high of $1.57 trillion in 2025, according to a Monday report by the Global Business Travel Association, that total represents 6.6% year-over-year growth, which is less than the 10.4% increase that was previously predicted. GBTA cited trade tensions, policy uncertainty and economic pressures as the reasons for the more moderate growth. A string of sentiment polls by GBTA also shows that corporate travel optimism for the rest of 2025 appears muted. The percentage of respondents who said they were optimistic about the overall outlook for the business travel industry in 2025 dropped sharply from 67% in November 2024 to 31% in April and declined slightly again this month to 28%. The findings from both reports, grouped together with commentary from airline CEOs last week, show C-suite leaders are still largely left in wait-and-see mode amid President Donald Trump 's fluid tariff policies, but companies appear now to have a better read on how they will manage the uncertainty. 'Historically, corporate travel has been the first thing, one of the easiest things, to minimize if you're a company,' Delta Air Lines CEO Ed Bastian said during the company's earnings call this month, adding that corporate travel on the airline has been flat on a year-over-year basis. But Butte said that Navan has not seen a drop-off in business travel. Instead, businesses are shifting how they are spending. For example, Butte said businesses are continuing to commit to individual, face-to-face meetings, rather than spending on large group outings. The Navan index shows that spending on personal meals, meaning one-on-one meetings held over a meal, was up 9.8% from last year, while spending on team events and meals was the only category in the report that declined. Navan did see some compression earlier in the year in the share of higher-priced airline tickets purchased that were first class or business class, Butte said, but she added that the platform has since seen an acceleration as uncertainty has lessened. Airfare prices have also declined so far this year, which means business and consumers alike are spending less on plane tickets. Airfare fell 3.5% in June from a year earlier while inflation overall rose, according to the Bureau of Labor Statistics. GBTA CEO Suzanne Neufang said during an interview that CFOs have not cut travel spending off entirely, but are looking for efficient ways to get employees on the road. This may look like booking multicity trips, scheduling multiple meetings per trip or booking fewer trips per month, she said. Neufang said the business travel industry has been focused over the past five years on making sure every trip has a purpose and delivers a return on investment. 'Gone are the days when there's really frivolous business traveling,' Neufang said. Airline executives weigh in The new findings on business travel spending also come as airlines are reporting their quarterly earnings. When Delta reported earnings on July 10, Bastian said he expects both consumer and corporate confidence to improve in the second half of the year, creating an environment for travel demand to accelerate. Delta and other airlines saw travel demand come in weaker than expected at the beginning of the year, especially from price-sensitive customers traveling domestically. Bastian said back in April that Trump's trade policies were hurting bookings. Bastian took a more positive tone this month, telling CNBC that corporate travel has stabilized as businesses have more clarity and confidence than they did earlier this year. But he said corporate travel is in line with last year, not the 5% to 10% growth Delta expected at the start of the year. Meanwhile, Delta President Glen Hauenstein said on an earnings call this month that corporate travel trends are 'choppy' and overall corporate volumes are expected to be 'flattish' over last year. United Airlines reported earnings last week. CEO Scott Kirby said during the company's call with analysts that so far this month, the airline has seen a double-digit acceleration in business demand as uncertainty has declined. Andrew Nocella, United's executive vice president and chief commercial officer, added that the business traffic growth is 'across the board' and not restricted to any singular hub or vertical, which he said reflects lessening macroeconomic uncertainty.
CNBC
22-07-2025
- Business
- CNBC
Businesses are cautiously spending on corporate travel as trade uncertainty looms
Corporations are continuing to spend on business travel, but are being strategic about how they allocate those dollars amid ongoing trade uncertainties, according to new reports from the Global Business Travel Association and travel and expense platform Navan. Corporate travel spending activity increased 15% year over year in the second quarter of 2025, according to a business travel index published Tuesday from Navan. Navan's index, backed by Nasdaq, is derived from millions of corporate business transactions on its platform. It examines the amount spent and number of transactions relating to airline travel, hotel reservations and expense transactions from corporate cards. Amy Butte, Navan's CFO, said during an interview that from talking with other chief financial officers over the past few months, she never got the sense that corporate leaders would stop spending on business travel altogether. Instead, they are in "wait and see" mode. "If you're making choices about where you're being cautious, we're not seeing people be cautious in the area of relationship building, either with their customers or with their teammates. We're still seeing the spend allocated towards travel as a key component of any business strategy," Butte said. But while global business travel is expected to reach a new high of $1.57 trillion in 2025, according to a Monday report by the Global Business Travel Association, that total represents 6.6% year-over-year growth, which is less than the 10.4% increase that was previously predicted. GBTA cited trade tensions, policy uncertainty and economic pressures as the reasons for the more moderate growth. A string of sentiment polls by GBTA also shows that corporate travel optimism for the rest of 2025 appears muted. The percentage of respondents who said they were optimistic about the overall outlook for the business travel industry in 2025 dropped sharply from 67% in November 2024 to 31% in April and declined slightly again this month to 28%. The findings from both reports, grouped together with commentary from airline CEOs last week, show C-suite leaders are still largely left in wait-and-see mode amid President Donald Trump's fluid tariff policies, but companies appear now to have a better read on how they will manage the uncertainty. "Historically, corporate travel has been the first thing, one of the easiest things, to minimize if you're a company," Delta Air Lines CEO Ed Bastian said during the company's earnings call this month, adding that corporate travel on the airline has been flat on a year-over-year basis. But Butte said that Navan has not seen a drop-off in business travel. Instead, businesses are shifting how they are spending. For example, Butte said businesses are continuing to commit to individual, face-to-face meetings, rather than spending on large group outings. The Navan index shows that spending on personal meals, meaning one-on-one meetings held over a meal, was up 9.8% from last year, while spending on team events and meals was the only category in the report that declined. Navan did see some compression earlier in the year in the share of higher-priced airline tickets purchased that were first class or business class, Butte said, but she added that the platform has since seen an acceleration as uncertainty has lessened. Airfare prices have also declined so far this year, which means business and consumers alike are spending less on plane tickets. Airfare fell 3.5% in June from a year earlier while inflation overall rose, according to the Bureau of Labor Statistics. GBTA CEO Suzanne Neufang said during an interview that CFOs have not cut travel spending off entirely, but are looking for efficient ways to get employees on the road. This may look like booking multicity trips, scheduling multiple meetings per trip or booking fewer trips per month, she said. Neufang said the business travel industry has been focused over the past five years on making sure every trip has a purpose and delivers a return on investment. "Gone are the days when there's really frivolous business traveling," Neufang said. The new findings on business travel spending also come as airlines are reporting their quarterly earnings. When Delta reported earnings on July 10, Bastian said he expects both consumer and corporate confidence to improve in the second half of the year, creating an environment for travel demand to accelerate. Delta and other airlines saw travel demand come in weaker than expected at the beginning of the year, especially from price-sensitive customers traveling domestically. Bastian said back in April that Trump's trade policies were hurting bookings. Bastian took a more positive tone this month, telling CNBC that corporate travel has stabilized as businesses have more clarity and confidence than they did earlier this year. But he said corporate travel is in line with last year, not the 5% to 10% growth Delta expected at the start of the year. Meanwhile, Delta President Glen Hauenstein said on an earnings call this month that corporate travel trends are "choppy" and overall corporate volumes are expected to be "flattish" over last year. United Airlines reported earnings last week. CEO Scott Kirby said during the company's call with analysts that so far this month, the airline has seen a double-digit acceleration in business demand as uncertainty has declined. Andrew Nocella, United's executive vice president and chief commercial officer, added that the business traffic growth is "across the board" and not restricted to any singular hub or vertical, which he said reflects lessening macroeconomic uncertainty. Southwest Airlines, Alaska Airlines and American Airlines are scheduled to report their quarterly results this week.
Business Wire
21-07-2025
- Business
- Business Wire
Global Business Travel Spending to Reach $1.57 Trillion in 2025 Amid Trade Policy Uncertainty and Economic Risk, According to New GBTA Forecast
DENVER--(BUSINESS WIRE)--Global business travel spending is projected to reach a new historical high of $1.57 trillion USD in 2025. This represents a moderate year-over-year growth rate of 6.6%, as global spending is expected to slow this year due to trade tensions, policy uncertainty and economic pressures. A rebound to 8.1% growth is projected for 2026, while long-term forecasts remain clouded by geopolitical and economic volatility. Despite near-term challenges, global spending is projected to surpass $2 trillion by 2029 ─ one year later than anticipated a year ago ─ driven by structural shifts in trade, investment, and corporate travel behavior. This is according to the latest edition of the GBTA Business Travel Index ('BTI') Outlook – Annual Global Report & Forecast, released today by the Global Business Travel Association (GBTA) at the annual GBTA Convention in Denver. The GBTA BTI™ report is a comprehensive five-year forecast on business travel spending covering 72 countries and 44 industries and includes insights from 7,300+ global business travelers. In its 17 th edition and made possible in partnership with Visa, this latest forecast reflects a continued recovery in nominal terms but signals growing headwinds from global trade tensions and economic uncertainty. 'As we thoughtfully anticipate reaching a new high in business travel spending this year, the outlook is steady ─ but the road ahead is more complex,' said Suzanne Neufang, CEO of GBTA. 'Trade policy uncertainty, inflationary pressures, and shifting global supply chains are reshaping how and where companies travel. This latest forecast reflects the resiliency of business travel and our industry as well as the acknowledgment of the risks ahead.' According to the GBTA BTI, spending is projected to grow in 2027 by 6.4% and 6.3% in 2028—modestly higher than forecast a year ago. The pace and trajectory of this growth, however, will depend heavily on the resolution—or escalation—of global trade tensions. Global Trade Tensions Impact Growth Momentum The latest forecast reflects a moderation from double-digit gains of the past two years. Trade policy uncertainty has emerged as a key risk leading to downward revisions in business travel growth projections for 2025 (from 10.4% projected a year ago, to 6.6% now) and 2026 (from 9.2% projected a year ago, to 8.1% now). Spending figures for 2024 were also adjusted in this latest forecast – spending rose to $1.47 trillion, slightly below the previously projected $1.48 trillion. While this still marked a new high, real inflation-adjusted spending remains 14% below pre-pandemic levels, underscoring a slower recovery in travel volume. Impacts Diverge Among Regional Markets and Industry Sectors In the 2025 forecast, the top 15 markets for business travel spending represent $1.31 trillion. The two top markets – the U.S. ($395.4 billion) and China ($373.1 billion) – together represent 58% of that total. The U.S. is projected to reclaim the top spot this year followed by China (which led the list in 2024 and 2023), Germany, Japan, and the UK. India, South Korea, and Turkey are among the fastest growing among the top 15 markets, while Spain and the Netherlands are forecast to have little to no growth or a slight decrease. Business travel spending across industries will also continue to vary: Trade-sensitive sectors such as Manufacturing (which accounts for nearly one-third of global business spending) and Wholesale Trade face heightened risks if trade tensions further escalate. Service sectors like Arts & Entertainment and Professional Services have exceeded pre-pandemic benchmarks, with some growing travel spend by over 20%. Looking ahead, Mining and Information and Communication are each expected to post the strongest growth in business travel spend, while Agriculture faces the weakest outlook amid shrinking access to export markets. Global Business Traveler Sentiment Remains Strong A global survey of over 7,300 business travelers across 33 countries in North America, Europe, Asia Pacific, Africa, Latin America and the Middle East reveals continued evolution and confidence in the value of traveling for work: Business travel is seen as valuable—86% rate their trips as worthwhile. Primary trip purposes cited vary by region, with training and conferences topping the list globally. Most travelers (74%) took between one and five trips in the past year, and over 80% say they are traveling for work as much or more than before 2019. Average trip spending rose to $1,128 USD (up from $834 in the 2024 survey). Expense systems are common (67% use them), and comfort with artificial intelligence booking tools is growing, especially in Asia Pacific (78%). Corporate card access rose to 69%, led by North America (73%). However, only half of cardholders are required to use them. Mobile wallet use is also up, with 64% adoption globally and 72% in Asia Pacific. 'As corporate travelers increasingly expect seamless, mobile-first payment experiences, it's no surprise the report found notable usage of corporate credit cards through mobile wallets. At Visa, we're focused on enabling this shift, offering secure, flexible digital payment tools that meet travelers where they are, and help organizations modernize their expense processes,' Edward Galvin, Vice President and head of North America B2B Commercial Payments, Visa. Download the 2025 Business Travel Index Outlook report Executive Summary here. GBTA members can exclusively access the full GBTA BTI™ report on the GBTA Hub here. Watch the 2025 GBTA BTI Forecast launch video featuring Suzanne Neufang, CEO, GBTA; Jon Gray, Principal, Rockport Analytics and Michael Brown, Principal U.S. Economist, Visa. To learn more about GBTA Research or inquire about GBTA BTI™ data for 2000-2029, visit the GBTA webpage or email research@ About GBTA The Global Business Travel Association (GBTA) is the world's premier business travel and meetings trade organization serving stakeholders across six continents. GBTA and its 9,000+ members represent and advocate for the $1.57 trillion global business travel and meetings industry. GBTA and the GBTA Foundation deliver world-class education, events, research, advocacy, and media to a growing global network of more than 28,000 travel professionals and 125,000 active contacts. For more information, visit and
Business Wire
10-07-2025
- Business
- Business Wire
UK Firms Could Miss Out on £319 Billion in Sales Without Strategic Business Travel Investment, New GBTA Study Finds
LONDON--(BUSINESS WIRE)--Companies in the United Kingdom could unlock over £319 billion in additional sales by increasing their strategic investment in business travel. Despite a steady recovery since the pandemic, current travel and expense (T&E) spending still falls short of the level needed to maximise revenue and profitability – even when considering COVID-era investments in virtual meeting platforms. The research finds that a 9.7% increase in T&E spending could yield an 8.1% rise in sales for UK-based companies. 'This study challenges the notion of business travel as a discretionary expense. Especially in times of uncertainty or economic pressures, UK organizations should ensure that they are optimizing their business travel as a strategic catalyst for growth." Share These are some of the findings from a new report ─ T&E and the Bottom-Line: Quantifying the Return on Investment of UK Business Travel ─ an inaugural study for the UK market released today by the Global Business Travel Association (GBTA). Despite a strong post-pandemic recovery, the report finds that UK business travel spending remains £1.2 billion below its 2019 peak. The analysis shows that aligning T&E investment with optimal levels would yield a 13.8x return—translating to £13.80 in net operating margin for every £1 invested in business travel. 'This study challenges the notion of business travel as a discretionary expense. Especially in times of uncertainty or economic pressures, UK organizations should ensure that they are optimizing their business travel as a strategic catalyst for growth. Business travel and in-person meetings boost corporate performance, deepen relationships, and spark innovation ─ and we see here that even modest increases in investment can yield substantial returns,' said Suzanne Neufang, CEO, GBTA. For 2024, the economic data shows that UK business travel spending reached £40.3 billion, still £1.2 billion below its 2019 peak, despite the past years' increasing use of virtual meetings. Through the analysis of 24 years of current and historical data (2000-2024) across 14 major UK industries, the GBTA UK ROI study also highlights: The Investment Gap. UK firms currently spend £32.5 billion on business travel. The profit-maximising level is £35.6 billion—about £3 billion higher. High Returns. A 9.7% increase in T&E spending could yield an 8.1% increase in sales, delivering £54 billion in additional net operating margin. Per-Employee Impact. Just £94 more per employee in T&E could help firms reach optimal investment levels. Sector-Specific Opportunities. Real Estate, Manufacturing, and Information & Communication sectors show the largest gaps between current and optimal travel spend, with potential sales gains of £35 billion, £46.7 billion, and £23.5 billion respectively. Efficiency Gains. While UK T&E spending has continued to rise 5.4% annually since 2000, companies have been gaining efficiencies in generating more revenue per travel pound spent. However, for the same period, business travel's share of total sales in the UK declined from 1.1% to 0.8%. So although UK companies may have gained efficiencies, continued T&E investment is needed to drive additional growth. Resilience and Strategic Value. The study also highlights that firms maintaining or increasing travel during downturns—such as the COVID-19 pandemic—tend to recover faster and outperform competitors. Business travel supports a wide range of high-value functions, from sales and client engagement to innovation and team development. For more information and to access the full report – T&E and the Bottom-Line: Quantifying the Return on Investment of UK Business Travel – visit the web page here. Today, GBTA also simultaneously released a similar study outlining the ROI of business travel in the United States which found a $2.4 trillion sales opportunity through an 8.3% increase in T&E spending – read more here. In the coming months, GBTA will also release additional follow-up reports that will provide insights specific to corporations and across industries, as well as on the impact of managed travel and role of travel management companies. METHODOLOGY GBTA's analysis models industry sales as a function of several core revenue drivers—including product or service demand, capital investment, input costs, travel prices, and business travel expenditure (T&E). These additional variables were included to control for their effects, enabling GBTA to isolate the incremental contribution of business travel. All data was adjusted for inflation prior to modeling, and GBTA's estimates are based on a panel dataset spanning 2000 to 2024, covering 14 major UK industries and the aggregate economy. ABOUT GBTA The Global Business Travel Association (GBTA) is the world's premier business travel and meetings trade organization serving stakeholders across six continents. GBTA and its 9,000+ members represent and advocate for the $1.48 trillion global business travel and meetings industry. GBTA and the GBTA Foundation deliver world-class education, events, research, advocacy, and media to a growing global network of more than 28,000 travel professionals and 125,000 active contacts. For more information, visit and
Hospitality Net
13-06-2025
- Business
- Hospitality Net
Cultural Experiences Fuel Business Travel, Says Hyatt
LONDON - Hyatt saw more than 147,000 meetings, incentives, conferences and exhibitions (MICE) enquiries in Europe in 2024, an increase of 9.6% compared to 2023, driven by a growing demand for authentic cultural experiences embedded into business trips. Hyatt's UK properties accounted for more than 25,000 of these enquiries, amounting to a 22% growth year on year. The UK market saw the highest number of MICE enquiries throughout the entirety of Europe, Africa and the Middle East (EAME), reflecting the popularity of Hyatt's UK portfolio amongst business travellers. This comes as global business travel spending is projected to reach $1.64 trillion in 2025, up from $1.48 trillion in 2024, according to the Global Business Travel Association, signifying strong momentum for the continued recovery and growth of the segment. With global spending expected to surpass $2 trillion by 2028, the ways in which travel companies are agile in responding to evolving customer demands is critical.1 We are increasingly seeing business travellers look to make the most of trips by bolting on days to experience local surroundings. While business travel is well and truly back, there remains an undertone of cautious spending from travellers and companies, meaning this segment is more than ever about getting the highest return on investment from business trips. This also means that companies are laser focused on delivering high quality and engaging events that inspire productivity, requiring greater attention on unique and personalised settings, activities and F&B. Paul Dalgleish, VP Sales, Revenue and Business Development EAME Dialling-up downtime with Together by Hyatt Behind this growth lies Hyatt's world-renowned hotel brands and a strong, long-standing reputation in the corporate travel segment, which alongside its meetings and events platform, Together by Hyatt, allow for the delivery of best-in-class meetings and events. Together by Hyatt guides the way Hyatt properties create experiences and deliver more connected meetings and events, with organisers and guests at its heart. The platform provides event organisers with the tools, resources and support they need to deliver unique and elevated events, prioritising what matters most to them, whether that's wellbeing with waste reduction and thoughtfully sourced food, providing efficiencies through a real time planner portal, or curating unique experiences with bespoke event experience guides. Shaping this growing demand is appetite for unique experiences that bring business travellers closer to the destination, whether that's through food, team building, or learning a new skill. From harvesting honey while learning about the environmental benefits of beekeeping in Jabal Akhdar during a stay at Alila Jabal Akhdar, to truffle hunting in the forests of Hungary while staying at Párisi Udvar Hotel Budapest, or even unwinding with a yoga experience during a stay at Hôtel du Palais Biarritz - The Unbound Collection by Hyatt, the opportunities to dial-up events via unique experiences are endless when partnering with Together by Hyatt. Business travellers are particularly drawn to authentic lifestyle experiences. We are seeing strong demand for meaningful connections with local surroundings, whether that's through tasting local food, learning a new skill like beekeeping or exploring surrounding heritage. We only see this trend growing as demand for business travel continues on its upwards path, and travellers seek out the types of experiences that transform a business trip into a truly memorable experience. This is why we have ensured that across our brand bar, travellers are spoilt for choice when it comes to elevating any business trip, from Grand Hyatt and Hyatt Regency in our Classics collection, to Lifestyle brands like Andaz and The Standard. Gareth Cummings, Regional Vice President EAME, Hyatt Sales Force Bespoke buyouts in stunning locations Pivotal to the evolving corporate travel sector is the growing appetite from larger corporates to privatise entire hotels for MICE purposes. Whether guests are delivering energised sessions in a conference room, practicing meditation under the stars or strengthening connections over an authentic dish, corporates are increasingly recognising the benefits of an exclusive buyout that enables any meeting, conference or event to be elevated. Hyatt is responding to this demand, alongside the desire for increased return on investment from events, by offering greater flexibility for customers to deliver tailored, exclusive events with a full or partial buyout at a Hyatt hotel across Europe, Africa and the Middle East. The stunning properties companies can enjoy an exclusive buyout at across Europe, Africa and the Middle East include: Alila Hinu Bay Grand Hyatt Al Khobar Hotel and Residences Grand Hyatt Doha Hotel & Villas Grand Hyatt Dubai Hyatt Regency Aqaba Ayla Andaz Prague Andaz Vienna am Belvedere Hôtel du Palais Biarritz Hyatt Centric Malta Hyatt Regency Amsterdam Park Hyatt London River Thames Grand Hyatt La Manga Club Golf & Spa Hyatt Regency Kotor Bay Resort La Zambra Resort Magma Santorini Secrets Lanzarote Resort and Spa Zoëtry Mallorca The term 'Hyatt' is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates. About Hyatt Hotels Corporation Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of June 30, 2024, the Company's portfolio included more than 1,350 hotels and all-inclusive properties in 78 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit Forward-Looking Statements Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable when made, are inherently uncertain, and are subject to numerous assumptions and uncertainties, many of which are outside of Kiraku, Inc. or Hyatt's control, which could cause actual results, performance or achievements to differ materially from those expressed in or implied by such statements. Forward-looking statements made in this press release are made only as of the date of their initial publication and neither party undertakes an obligation to publicly update any of these forward-looking statements as actual events unfold, except to the extent required by applicable law. If one or more forward-looking statements is updated, no inference should be drawn that any additional updates will be made with respect to those or other forward-looking statements.
