Polyester polyols, processes for making them, and applications for the polyols are disclosed. In some aspects, the polyols comprise recurring units from a thermoplastic polyester or an aromatic polyacid source, a glycol, and a hydroxy-functional ketal acid, ester or amide. Optionally, the polyols incorporate recurring units of a hydrophobe. The polyols are made in one or multiple steps; in some aspects, the thermoplastic polyester or aromatic polyacid source and the glycol are reacted first, followed by reaction with the hydroxy-functional ketal acid, ester or amide. The resulting polyols have good transparency and little or no particulate settling or phase separation. High-recycle-content polyols having desirable properties and attributes for formulating polyurethane products, including aqueous polyurethane dispersions, flexible and rigid foams, coatings, adhesives, sealants, and elastomers can be made. The polyols provide a sustainable alternative to bio- or petrochemical-based polyols.