10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2017

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File No. 001-34521

HYATT HOTELS CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware	20-1480589
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
71 South Wacker Drive 12th Floor, Chicago, Illinois	60606
(Address of Principal Executive Offices)	(Zip Code)

(312) 750-1234

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check One):

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨    No  x

As of April 28, 2017, there were 35,162,851 shares of the registrant’s Class A common stock, $0.01 par value, outstanding and 90,323,839 shares of the registrant’s Class B common stock, $0.01 par value, outstanding.

HYATT HOTELS CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED MARCH 31, 2017

TABLE OF CONTENTS

	PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	41
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	44
Signatures		45

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements.

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions of dollars, except per share amounts)

(Unaudited)

	Three Months Ended
	March 31, 2017			March 31, 2016
REVENUES:
Owned and leased hotels	$	572		$	516
Management and franchise fees	122			107
Other revenues	22			9
Other revenues from managed properties	471			457
Total revenues	1,187			1,089
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels	427			389
Depreciation and amortization	91			81
Other direct costs	19			6
Selling, general, and administrative	99			88
Other costs from managed properties	471			457
Direct and selling, general, and administrative expenses	1,107			1,021
Net gains and interest income from marketable securities held to fund operating programs	15			1
Equity earnings (losses) from unconsolidated hospitality ventures	(3		)	2
Interest expense	(21		)	(17		)
Other income (loss), net	40			(4		)
INCOME BEFORE INCOME TAXES	111			50
PROVISION FOR INCOME TAXES	(41		)	(16		)
NET INCOME	70			34
NET INCOME AND ACCRETION ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—			—
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$	70		$	34
EARNINGS PER SHARE—Basic
Net income	$	0.54		$	0.25
Net income attributable to Hyatt Hotels Corporation	$	0.54		$	0.25
EARNINGS PER SHARE—Diluted
Net income	$	0.54		$	0.25
Net income attributable to Hyatt Hotels Corporation	$	0.54		$	0.25

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions of dollars)

(Unaudited)

	Three Months Ended
	March 31, 2017		March 31, 2016
Net income	$	70	$	34
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax expense of $- for the three months ended March 31, 2017 and March 31, 2016	41		24
Unrealized gains (losses) on available-for-sale securities, net of tax expense (benefit) of $21 and $(3) for the three months ended March 31, 2017 and March 31, 2016, respectively	34		(4		)
Other comprehensive income	75		20
COMPREHENSIVE INCOME	145		54
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—		—
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$	145	$	54

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions of dollars, except share and per share amounts)

(Unaudited)

	March 31, 2017			December 31, 2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	374		$	482
Restricted cash	64			76
Short-term investments	52			56
Receivables, net of allowances of $18 at March 31, 2017 and December 31, 2016	367			304
Inventories	16			28
Prepaids and other assets	157			153
Prepaid income taxes	18			40
Total current assets	1,048			1,139
Investments	169			186
Property and equipment, net	4,472			4,270
Financing receivables, net of allowances	19			19
Goodwill	147			125
Intangibles, net	658			599
Deferred tax assets	303			313
Other assets	947			1,098
TOTAL ASSETS	$	7,763		$	7,749
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	299		$	119
Accounts payable	155			162
Accrued expenses and other current liabilities	552			514
Accrued compensation and benefits	103			129
Total current liabilities	1,109			924
Long-term debt	1,445			1,445
Other long-term liabilities	1,480			1,472
Total liabilities	4,034			3,841
Commitments and contingencies (see Note 11)
Redeemable noncontrolling interest in preferred shares of a subsidiary	9			—
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at March 31, 2017 and December 31, 2016	—			—
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 35,137,361 issued and outstanding at March 31, 2017, and Class B common stock, $0.01 par value per share, 422,857,621 shares authorized, 90,323,839 shares issued and outstanding at March 31, 2017. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 39,952,061 issued and outstanding at December 31, 2016, and Class B common stock, $0.01 par value per share, 422,857,621 shares authorized, 90,863,209 shares issued and outstanding at December 31, 2016	1			1
Additional paid-in capital	1,352			1,686
Retained earnings	2,563			2,493
Accumulated other comprehensive loss	(202		)	(277		)
Total stockholders’ equity	3,714			3,903
Noncontrolling interests in consolidated subsidiaries	6			5
Total equity	3,720			3,908
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY	$	7,763		$	7,749

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of dollars)

(Unaudited)

	Three Months Ended
	March 31, 2017			March 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	70		$	34
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	91			81
Deferred income taxes	(16		)	(1		)
Realized losses from marketable securities	40			—
Working capital changes and other	(35		)	(63		)
Net cash provided by operating activities	150			51
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments	(111		)	(85		)
Proceeds from marketable securities and short-term investments	119			83
Contributions to investments	(8		)	(15		)
Return of investments	200			23
Acquisitions, net of cash acquired	(245		)	—
Capital expenditures	(50		)	(38		)
Sales proceeds transferred from escrow to cash and cash equivalents	—			29
Other investing activities	1			(9		)
Net cash used in investing activities	(94		)	(12		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt, net of issuance costs of $- and $4, respectively	180			426
Repayments of long-term debt	(3		)	(95		)
Repurchase of common stock	(348		)	(63		)
Proceeds from redeemable noncontrolling interest in preferred shares of a subsidiary	9			—
Other financing activities	(3		)	(4		)
Net cash (used in) provided by financing activities	(165		)	264
EFFECT OF EXCHANGE RATE CHANGES ON CASH	1			11
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(108		)	314
CASH AND CASH EQUIVALENTS—BEGINNING OF YEAR	482			457
CASH AND CASH EQUIVALENTS—END OF PERIOD	$	374		$	771
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	37		$	33
Cash paid during the period for income taxes	$	10		$	16
Non-cash investing and financing activities are as follows:
Change in accrued capital expenditures	$	17		$	4

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(amounts in millions of dollars, unless otherwise indicated)

(Unaudited)

1.    ORGANIZATION

Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") provide hospitality services on a worldwide basis through the development, ownership, operation, management, franchising and licensing of hospitality related businesses. We develop, own, operate, manage, franchise, license or provide services to a portfolio of properties consisting of full service hotels, select service hotels, resorts and other properties, including timeshare, fractional and other forms of residential or vacation properties. At March 31, 2017, (i) we operated or franchised 318 full service hotels, comprising 123,684 rooms throughout the world, (ii) we operated or franchised 346 select service hotels, comprising 48,577 rooms, of which 316 hotels are located in the United States, and (iii) our portfolio of properties included 6 franchised all inclusive Hyatt-branded resorts, comprising 2,401 rooms, and 3 owned destination wellness resorts, comprising 386 rooms. At March 31, 2017, our portfolio of properties operated in 56 countries around the world.

As used in these Notes and throughout this Quarterly Report on Form 10-Q, (i) the terms "Company," "we," "us" or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries and (ii) the term "portfolio of properties" refers to hotels and other properties or residential ownership units that we develop, own, operate, manage, franchise, license or provide services to, including under our Park Hyatt, Miraval, Grand Hyatt, Hyatt Regency, Hyatt, Andaz, Hyatt Centric, The Unbound Collection by Hyatt, Hyatt Place, Hyatt House, Hyatt Ziva, Hyatt Zilara and Hyatt Residence Club brands.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the "2016 Form 10-K").

We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary.

Management believes the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods.

2.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Adopted Accounting Standards—In March 2016, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for interim periods and fiscal years beginning after December 15, 2016. We adopted ASU 2016-09 on January 1, 2017, which resulted in recognition of excess tax benefits from share-based payment transactions on the condensed consolidated statements of income and within operating activities on the condensed consolidated statements of cash flows, on a prospective basis. ASU 2016-09 did not materially impact our condensed consolidated financial statements and prior periods have not been adjusted.

Future Adoption of Accounting Standards—In May 2014, the FASB released Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and provides a single, comprehensive revenue recognition model for contracts with customers. In August 2015, the FASB released Accounting Standards Update No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 delays the effective date of ASU 2014-09 by one year, making it effective for interim

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periods and fiscal years beginning after December 15, 2017, with early adoption permitted as of the original effective date under ASU 2014-09.

The standard permits the use of either the full retrospective or modified retrospective (cumulative effect) transition method. We currently expect to adopt ASU 2014-09 utilizing the full retrospective transition method on January 1, 2018.

While we continue to evaluate possible impacts on our condensed consolidated financial statements, ASU 2014-09 is expected to impact either the amount or timing of revenue recognition as follows:

•Under existing guidance, gains on sales of real estate when we maintain substantial continuing involvement are deferred and amortized into management and franchise fees revenues. Upon adoption of ASU 2014-09, gains on sales of real estate will be recognized when control of the property transfers to the buyer. We expect any remaining unamortized deferred gains as of our date of adoption will be included as an adjustment to retained earnings. For the three months ended March 31, 2017 and March 31, 2016, Hyatt recognized $5 million of management fee revenues related to the amortization of these deferred gains.

•Under existing guidance, amortization of certain management and franchise agreement intangibles is recorded within depreciation and amortization on our condensed consolidated statements of income. Upon adoption of ASU 2014-09, certain management and franchise agreement intangibles may meet the definition of consideration paid to a customer and therefore, would be recorded as contra-revenue within management and franchise fee revenues in our condensed consolidated statements of income.

•Under existing guidance, incentive fees are recognized in the amount that would be due as if the contract were to terminate at that time. Under ASU 2014-09, variable consideration is included in the transaction price only if it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur when the uncertainty associated with the variable consideration is subsequently resolved. This may result in a different pattern of recognition for incentive fees for certain contracts. We do not anticipate a material impact to incentive fees on a full year basis.

•Under existing guidance, franchise application fees are recognized at a point in time. Upon adoption of ASU 2014-09, initial franchise application fees will be recognized over time.

We do not expect the standard to materially affect the amount or timing of revenue recognition for royalty fees from our franchised properties or base management fees from our managed properties. We are continuing to evaluate other possible impacts to our condensed consolidated financial statements, including the impact related to our loyalty program.

In January 2016, the FASB released Accounting Standards Update No. 2016-01 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting for equity investments and financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The provisions of ASU 2016-01 are effective for interim periods and fiscal years beginning after December 15, 2017. Upon adoption, the unrealized gains (losses) on available-for-sale ("AFS") equity securities reported in accumulated other comprehensive loss at December 31, 2017 will be reclassified to retained earnings, and any subsequent changes in fair value will be recognized in net income on our condensed consolidated statements of income. We are currently evaluating the impacts of adopting ASU 2016-01. 

In February 2016, the FASB released Accounting Standards Update No. 2016-02 ("ASU 2016-02"), Leases (Topic 842). ASU 2016-02 requires lessees to record lease contracts on the balance sheet by recognizing a right-of-use asset and lease liability. The provisions of ASU 2016-02 are effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-02.

In June 2016, the FASB released Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a current expected credit loss model, which requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. ASU 2016-13 also requires credit

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losses relating to AFS debt securities to be recorded through an allowance for credit losses. The provisions of ASU 2016-13 are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-13.

In October 2016, the FASB released Accounting Standards Update No. 2016-16 (“ASU 2016-16”), Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The provisions of ASU 2016-16 are effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted. ASU 2016-16 requires an entity to adopt the amendments on a modified retrospective basis, recognizing the effects in retained earnings as of the beginning of the year of adoption. Upon adoption, we do not expect ASU 2016-16 to have a material impact on our condensed consolidated financial statements.

In January 2017, the FASB released Accounting Standards Update No. 2017-01 (“ASU 2017-01”), Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The provisions of ASU 2017-01 are effective for interim periods and fiscal years beginning after December 15, 2017. We are currently evaluating the impact of adopting ASU 2017-01.

In January 2017, the FASB released Accounting Standards Update No. 2017-04 (“ASU 2017-04”), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates Step 2 from the impairment test which requires entities to determine the implied fair value of goodwill to measure if any impairment charge is necessary. Instead, entities will record an impairment charge based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The provisions of ASU 2017-04 are effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2017-04.

3.    EQUITY AND COST METHOD INVESTMENTS

	March 31, 2017		December 31, 2016
Equity method investments	$	163	$	180
Cost method investments	6		6
Total investments	$	169	$	186

During the three months endedMarch 31, 2017, an unconsolidated hospitality venture, which is classified as an equity method investment within our owned and leased hotels segment, sold a Hyatt Place hotel. We received proceeds of $4 million and recorded a gain of $2 million in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income.

The following table presents summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:

	Three Months Ended March 31,
	2017			2016
Total revenues	$	274		$	284
Gross operating profit	78			70
Income (loss) from continuing operations	(18		)	20
Net income (loss)	(18		)	20

4.    MARKETABLE SECURITIES

We hold marketable securities to fund certain operating programs and for investment purposes. We periodically transfer cash and cash equivalents to time deposits, highly liquid and transparent commercial paper, corporate notes and bonds, U.S. government obligations and obligations of other government agencies for investment purposes.

7

Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:

	March 31, 2017			December 31, 2016
Marketable securities held to fund our loyalty program	$	397		$	394
Marketable securities held to fund deferred compensation plans held in rabbi trusts (Note 9)	364			352
Marketable securities held to fund our captive insurance companies	72			65
Total marketable securities held to fund operating programs	$	833		$	811
Less current portion of marketable securities held to fund operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets	(123		)	(109		)
Marketable securities held to fund operating programs included in other assets	$	710		$	702

Net gains and interest income from marketable securities held to fund operating programs on the condensed consolidated statements of income included realized and unrealized gains and losses and interest income related to the following:

	Three Months Ended March 31,
	2017		2016
Loyalty program	$	—	$	1
Deferred compensation plans held in rabbi trusts	15		—
Total net gains and interest income from marketable securities held to fund operating programs	$	15	$	1

Our captive insurance companies hold marketable securities which are classified as AFS and are invested in U.S. government agencies, time deposits and corporate debt securities. We classify these investments as current or long-term, based on their contractual maturity dates, which range from 2017 through 2021.

Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:

	March 31, 2017			December 31, 2016
Interest bearing money market funds	$	56		$	106
Time deposits	45			45
Preferred shares	—			290
Common shares	126			—
Total marketable securities held for investment purposes	$	227		$	441
Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(101		)	(151		)
Marketable securities held for investment purposes included in other assets	$	126		$	290

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Fair Value—We measured the following financial assets at fair value on a recurring basis:

	March 31, 2017		Cash and cash equivalents		Short-term investments		Prepaids and other assets		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest bearing money market funds	$	72	$	72	$	—	$	—	$	—
Mutual funds	364		—		—		—		364
Common shares	126		—		—		—		126
Level Two - Significant Other Observable Inputs
Time deposits	58		—		46		—		12
U.S. government obligations	148		—		—		38		110
U.S. government agencies	48		—		4		8		36
Corporate debt securities	182		—		2		38		142
Mortgage-backed securities	19		—		—		5		14
Asset-backed securities	40		—		—		10		30
Municipal and provincial notes and bonds	3		—		—		1		2
Total	$	1,060	$	72	$	52	$	100	$	836

	December 31, 2016		Cash and cash equivalents		Short-term investments		Prepaids and other assets		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest bearing money market funds	$	114	$	114	$	—	$	—	$	—
Mutual funds	352		—		—		—		352
Level Two - Significant Other Observable Inputs
Time deposits	59		—		46		—		13
U.S. government obligations	142		—		—		33		109
U.S. government agencies	53		—		9		8		36
Corporate debt securities	181		—		1		35		145
Mortgage-backed securities	22		—		—		5		17
Asset-backed securities	34		—		—		8		26
Municipal and provincial notes and bonds	5		—		—		1		4
Level Three - Significant Unobservable Inputs
Preferred shares	290		—		—		—		290
Total	$	1,252	$	114	$	56	$	90	$	992

During the three months ended March 31, 2017 and March 31, 2016, there were no transfers between levels of the fair value hierarchy. We currently do not have non-financial assets or non-financial liabilities required to be measured at fair value on a recurring basis.

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Preferred shares—During the year ended December 31, 2013, we invested $271 million in Playa Hotels & Resorts B.V. ("Playa") for convertible redeemable preferred shares which were classified as an AFS debt security. The fair value of the preferred shares was: 

	2017			2016
Fair value at January 1	$	290		$	335
Gross unrealized losses	(54		)	(7		)
Realized losses	(40		)	—
Interest income	94			—
Cash redemption	(290		)	—
Fair value at March 31	$	—		$	328

In March 2017, Playa completed a business combination with Pace Holdings Corporation ("Pace"), and our preferred shares plus accrued and unpaid paid in kind ("PIK") dividends were redeemed in full for $290 million. Upon redemption, we recorded $94 million of interest income and $40 million of realized losses in other income (loss), net on our condensed consolidated statements of income. The realized losses were the result of a difference between the fair value of the initial investment and the contractual redemption price of $8.40 per share.

Common shares—Prior to the Playa business combination, we accounted for our common share investment in Playa as an equity method investment. As a result of the Playa business combination, Playa Hotels & Resorts N.V. is now publicly traded on the NASDAQ and our ownership percentage was diluted to 11.57%. As we no longer have the ability to significantly influence Playa, our investment was recharacterized as an AFS equity security in March 2017. The remeasurement of our investment at fair value resulted in unrealized gains recorded in other comprehensive income of $109 million at March 31, 2017. The fair value of the common shares is classified as Level One in the fair value hierarchy as we are able to obtain market available pricing information. Our investment is re-measured quarterly at fair value through accumulated other comprehensive loss on the condensed consolidated balance sheets. In conjunction with the Playa business combination, we also received 1,738,806 of founders’ warrants to purchase 579,602 additional shares of Playa’s common stock and 237,110 of earn-out warrants. The warrants were recorded at a fair value of $5 million within other assets on the condensed consolidated balance sheets at March 31, 2017.

Held-to-Maturity Debt Securities—At March 31, 2017 and December 31, 2016, we had investments in held-to-maturity ("HTM") debt securities of $27 million, which are investments in third-party entities that own certain of our hotels. The amortized costs of our investments approximate fair value and are classified as Level Three in the fair value hierarchy. The securities are mandatorily redeemable between 2020 and 2025.

5.    FINANCING RECEIVABLES

	March 31, 2017			December 31, 2016
Unsecured financing to hotel owners	$	122		$	119
Less allowance for losses	(103		)	(100		)
Total long-term financing receivables, net	$	19		$	19

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Allowance for Losses and Impairments—The following table summarizes the activity in our financing receivables allowance:

	2017		2016
Allowance at January 1	$	100	$	98
Provisions	2		1
Other Adjustments	1		1
Allowance at March 31	$	103	$	100

Credit Monitoring—Our unsecured financing receivables were as follows:

	March 31, 2017
	Gross Loan Balance (Principal and Interest)		Related Allowance			Net Financing Receivables		Gross Receivables on Non-Accrual Status
Loans	$	13	$	—		$	13	$	—
Impaired loans (1)	58		(58		)	—		58
Total loans	71		(58		)	13		58
Other financing arrangements	51		(45		)	6		45
Total unsecured financing receivables	$	122	$	(103	)	$	19	$	103

(1) The unpaid principal balance was $44 million and the average recorded loan balance was $57 million at March 31, 2017.

	December 31, 2016
	Gross Loan Balance (Principal and Interest)		Related Allowance			Net Financing Receivables		Gross Receivables on Non-Accrual Status
Loans	$	13	$	—		$	13	$	—
Impaired loans (2)	56		(56		)	—		56
Total loans	69		(56		)	13		56
Other financing arrangements	50		(44		)	6		44
Total unsecured financing receivables	$	119	$	(100	)	$	19	$	100

(2) The unpaid principal balance was $43 million and the average recorded loan balance was $57 million at December 31, 2016.

Fair Value—We estimated the fair value of financing receivables, which are classified as Level Three in the fair value hierarchy, to be approximately $19 million at March 31, 2017 and December 31, 2016.

6.    ACQUISITIONS

Miraval—During the three months ended March 31, 2017, we acquired Miraval Group from an unrelated third party. The transaction included the Miraval Life in Balance Spa brand, Miraval Arizona Resort & Spa in Tucson, Arizona, Travaasa Resort in Austin, Texas, and the option to acquire Cranwell Spa & Golf Resort ("Cranwell") in Lenox, Massachusetts. We subsequently exercised our option and acquired approximately 95% of Cranwell during the three months ended March 31, 2017. These transactions are collectively referred to as "Miraval." Total cash consideration for Miraval was $239 million, subject to working capital adjustments.

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The following table summarizes the fair value of the identifiable net assets acquired in the acquisition of Miraval, which is recorded within corporate and other:

Current assets, net of cash acquired	$	4
Property and equipment	173
Indefinite-lived intangibles (1)	37
Management agreement intangibles (2)	14
Goodwill (3)	20
Other definite-lived intangibles (4)	7
Total assets	$	255
Current liabilities	$	11
Deferred income tax liability	6
Total liabilities	17
Total net assets acquired attributable to Hyatt Hotels Corporation	238
Total net assets acquired attributable to noncontrolling interests	1
Total net assets acquired	$	239

(1) Includes an intangible attributable to the Miraval brand.

(2) Amortized over a useful life of 20 years.

(3) The goodwill, of which $8 million is deductible for tax purposes, is attributable to Miraval's reputation as a renowned provider of wellness and mindfulness experiences, the extension of the Hyatt brand beyond traditional hotel stays, and the establishment of deferred tax liabilities.

(4) Amortized over useful lives ranging from two to seven years.

Redeemable noncontrolling interest in preferred shares of a subsidiary—In conjunction with the acquisition of Miraval, a consolidated hospitality venture for which we are the managing member (the "Miraval Venture") issued $9 million of redeemable preferred shares to unrelated third-party investors. The preferred shares are non-voting, except as required by applicable law and certain contractual approval rights, and have liquidation preference over all other classes of securities within the Miraval Venture. The redeemable preferred shares earn a return of 12% and a redemption premium that increases over time depending on the length of time the redeemable preferred shares are outstanding. The preferred shares are redeemable at various time periods at the option of the Miraval Venture starting 12 months from the date of issuance. If not redeemed by the Miraval Venture prior to the two-year anniversary, the preferred shareholders have the option to require redemption of all preferred shares outstanding. The preferred shares are also redeemable upon the occurrence of certain change-in-control events. Under the current terms, the shares are classified as a redeemable noncontrolling interest in preferred shares of a subsidiary, which are presented between liabilities and equity on our condensed consolidated balance sheets and carried at the current redemption value.

7.    INTANGIBLES, NET

	March 31, 2017			Weighted- Average Useful Lives in Years	December 31, 2016
Management and franchise agreement intangibles	$	611		25	$	589
Lease related intangibles	117			111	115
Brand and other indefinite-lived intangibles	53			—	16
Advanced bookings intangibles	12			6	11
Other definite-lived intangibles	12			11	6
	805				737
Accumulated amortization	(147		)		(138		)
Intangibles, net	$	658			$	599

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Amortization expense relating to intangible assets was as follows:

	Three Months Ended March 31,
	2017		2016
Amortization expense	$	7	$	7

8.DEBT

Long-term debt, net of current maturities was $1,445 million at March 31, 2017 and December 31, 2016.

Revolving Credit Facility—During the three months ended March 31, 2017, we borrowed $180 million on our revolving credit facility at a weighted-average interest rate of 1.89%. At March 31, 2017 and December 31, 2016, we had $280 million and $100 million outstanding, respectively. At March 31, 2017, we had $1.2 billion available on our revolving credit facility.

Fair Value—We estimated the fair value of debt, excluding capital leases, which consists of $196 million of 6.875% senior notes due 2019 (the "2019 Notes"), $250 million of 5.375% senior notes due 2021 (the "2021 Notes"), $350 million of 3.375% senior notes due 2023 (the "2023 Notes") and $400 million of 4.850% senior notes due 2026 (the "2026 Notes"), collectively referred to as the Senior Notes, and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. We estimated the fair value of other debt instruments using a discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the lack of availability of market data, we have classified our revolving credit facility and other debt as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value.

We had the following debt balances, excluding capital lease obligations:

	March 31, 2017
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level One)		Significant Other Observable Inputs (Level Two)		Significant Unobservable Inputs (Level Three)
Debt (1)	$	1,745	$	1,834	$	—	$	1,462	$	372

(1) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.

	December 31, 2016
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level One)		Significant Other Observable Inputs (Level Two)		Significant Unobservable Inputs (Level Three)
Debt (2)	$	1,565	$	1,642	$	—	$	1,450	$	192

(2) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.

9.    LIABILITIES

	March 31, 2017		December 31, 2016
Deferred compensation plans	$	364	$	352
Deferred gains on sales of hotel properties	357		363
Loyalty program liability	288		296
Guarantee liabilities (Note 11)	118		124
Other	353		337
Total other long-term liabilities	$	1,480	$	1,472

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Accrued expenses and other current liabilities included $143 million and $139 million of liabilities related to our loyalty program at March 31, 2017 and December 31, 2016, respectively.

10.    INCOME TAXES

The effective income tax rates for the three months ended March 31, 2017 and March 31, 2016, were 36.8% and 31.7%, respectively. Our effective tax rates increased for the three months ended March 31, 2017 compared to the three months ended March 31, 2016, primarily due to the impact of certain foreign unconsolidated hospitality venture losses not benefited in 2017.

Unrecognized tax benefits were $89 million and $86 million at March 31, 2017 and December 31, 2016, respectively, of which $9 million and $5 million, respectively, would impact the effective tax rates if recognized.

During the first quarter of 2017, the Internal Revenue Service ("IRS") issued a “Notice of Deficiency” for our 2009 through 2011 tax years. We disagree with the IRS’s assessment as it relates to the inclusion of loyalty program contributions as taxable income to the Company. In the second quarter of 2017, we intend to file a petition with the United States Tax Court for redetermination of the tax liability asserted by the IRS related to our loyalty program. If the IRS’s position is upheld, it would result in an income tax liability of $118 million (including $25 million of estimated interest, net of federal tax benefit) for the years under audit that would be primarily offset by a deferred tax asset, and therefore, only the related interest would have an impact on the effective tax rate if recognized. We believe we have adequate tax reserves in connection with this matter.

11.    COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, we enter into various commitments, guarantees, surety bonds, and letter of credit agreements, which are discussed below:

Commitments—At March 31, 2017, we are committed, under certain conditions, to lend or invest up to $433 million, net of any related letters of credit, in various business ventures.

Performance Guarantees—Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels.

Our most significant performance guarantee relates to four managed hotels in France that we began managing in the second quarter of 2013 ("the four managed hotels in France"), which has a term of seven years, with approximately three and one-quarter years remaining. This guarantee has a maximum cap, but does not have an annual cap. The remaining maximum exposure related to our performance guarantees at March 31, 2017 was $349 million, of which €293 million ($312 million using exchange rates at March 31, 2017) related to the four managed hotels in France.

We had total net performance guarantee liabilities of $77 million and $79 million at March 31, 2017 and December 31, 2016, which included $52 million and $55 million recorded in other long-term liabilities, $26 million and $24 million in accrued expenses and other current liabilities, and $1 million and $0 in receivables on our condensed consolidated balance sheets, respectively. Our total performance guarantee liabilities are comprised of the fair value of the guarantee obligation liabilities recorded upon inception, net of amortization and any separate contingent liabilities, net of cash payments. Performance guarantee expense or income and income from amortization of the guarantee obligation liabilities are recorded in other income (loss), net on the condensed consolidated statements of income, see Note 17.

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	The Four Managed Hotels in France						Other Performance Guarantees						All Performance Guarantees
	2017			2016			2017			2016			2017			2016
Beginning balance, January 1	$	66		$	93		$	13		$	4		$	79		$	97
Amortization of initial guarantee obligation liability into income	(3		)	(8		)	(1		)	—			(4		)	(8		)
Performance guarantee expense, net	26			19			—			—			26			19
Net payments during the period	(22		)	(14		)	(4		)	(1		)	(26		)	(15		)
Foreign currency exchange, net	2			4			—			—			2			4
Ending balance, March 31	$	69		$	94		$	8		$	3		$	77		$	97

Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract. At March 31, 2017 and December 31, 2016, there were no amounts recorded on our condensed consolidated balance sheets related to these performance test clauses.

Debt Repayment Guarantees—We enter into various debt repayment guarantees related to our unconsolidated hospitality ventures and certain managed or franchised hotels. Typically, we enter into debt repayment guarantees in order to assist hotel owners in obtaining third-party financing or to obtain more favorable borrowing terms. Included within debt repayment guarantees are the following:

Property Description	Maximum Potential Future Payments		Maximum Exposure Net of Recoverability from Third Parties		Other Long-term Liabilities recorded at March 31, 2017		Other Long-term Liabilities recorded at December 31, 2016		Year of Guarantee Expiration
Hotel property in Washington State(1), (3), (4), (5)	$	215	$	—	$	33	$	35	2020
Hotel properties in India (2), (3)	185		185		21		21		2020
Hotel property in Brazil (1)	80		40		3		3		2020
Hotel property in Minnesota	25		25		2		2		2021
Hotel property in Arizona (1), (4)	25		—		2		2		2019
Hotel properties in California (1)	21		8		5		6		2020
Other (1)	24		8		—		—		2017
Total	$	575	$	266	$	66	$	69

(1) We have agreements with our unconsolidated hospitality venture partner, the respective hotel owners or other third parties to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash, financing receivable, or HTM debt security.

(2) Debt repayment guarantee is denominated in Indian rupees and translated using exchange rates at March 31, 2017. We have the contractual right to recover amounts funded from the unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be $93 million, taking into account our partner’s 50% ownership interest in the unconsolidated hospitality venture.

(3) Under certain events or conditions, we have the right to force the sale of the property(ies) in order to recover amounts funded.

(4) If certain funding thresholds are met or if certain events occur, we have the ability to assume control of the property.

(5) We are subject to a completion guarantee whereby the parties agree to substantially complete the construction of the project by a specified date. In the event of default, we are obligated to complete construction using the funds available from the outstanding loan. Any additional funds paid by us are subject to recovery through a HTM debt security.

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At March 31, 2017, the hotel owners are current on their debt service obligations.

Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be $229 million and $231 million at March 31, 2017 and December 31, 2016, respectively. Due to the lack of readily available market data, we have classified our guarantees as Level Three in the fair value hierarchy.

Insurance—We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through U.S. based and licensed captive insurance companies that are wholly owned subsidiaries of Hyatt and generally insure our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Losses estimated to be paid within 12 months are $32 million and $30 million at March 31, 2017 and December 31, 2016, respectively, and are classified within accrued expenses and other current liabilities on our condensed consolidated balance sheets, while losses expected to be payable in future periods are $63 million and $62 million at March 31, 2017 and December 31, 2016, respectively, and are included in other long-term liabilities on our condensed consolidated balance sheets. At March 31, 2017, standby letters of credit of $7 million were issued to provide collateral for the estimated claims, which are guaranteed by us. For further discussion, see the "—Letters of Credit" section of this Note.

Collective Bargaining Agreements—At March 31, 2017, approximately 25% of our U.S. based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment and orderly settlement of labor disputes. Certain employees are covered by union sponsored multi-employer pension and health plans pursuant to agreements between us and various unions. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good.

Surety Bonds—Surety bonds issued on our behalf were $25 million at March 31, 2017 and primarily relate to workers’ compensation, taxes, licenses and utilities related to our lodging operations.

Letters of Credit—Letters of credit outstanding on our behalf at March 31, 2017 were $236 million, which relate to our ongoing operations and securitization of our performance under our debt repayment guarantee associated with the hotel properties in India, which is only called upon if we default on our guarantee. The letters of credit outstanding do not reduce the available capacity under our revolving credit facility.

Capital Expenditures—As part of our ongoing business operations, significant expenditures are required to complete renovation projects that have been approved.

Other—We act as general partner of various partnerships owning hotel properties subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof.

In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed hotels, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture owners.

We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under the current insurance programs, subject to deductibles. We recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation will have a material effect on our condensed consolidated financial statements.

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12.    EQUITY

	Stockholders’ equity			Noncontrolling interests in consolidated subsidiaries		Total equity
Balance at January 1, 2017	$	3,903		$	5	$	3,908
Net income	70			—		70
Other comprehensive income	75			—		75
Contributions from noncontrolling interests	—			1		1
Repurchase of common stock	(348		)	—		(348		)
Employee stock plan issuance	1			—		1
Share-based payment activity	13			—		13
Balance at March 31, 2017	$	3,714		$	6	$	3,720
	Stockholders’ equity			Noncontrolling interests in consolidated subsidiaries		Total equity
Balance at January 1, 2016	$	3,991		$	4	$	3,995
Net income	34			—		34
Other comprehensive income	20			—		20
Repurchase of common stock	(63		)	—		(63		)
Employee stock plan issuance	1			—		1
Share-based payment activity	13			—		13
Balance at March 31, 2016	$	3,996		$	4	$	4,000

Accumulated Other Comprehensive Loss—

	Balance at January 1, 2017			Current period other comprehensive income before reclassification			Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2017
Foreign currency translation adjustments	$	(299	)	$	41		$	—	$	(258	)
Unrealized gains on AFS securities	33			34			—		67
Unrecognized pension cost	(7		)	—			—		(7		)
Unrealized losses on derivative instruments	(4		)	—			—		(4		)
Accumulated other comprehensive income (loss)	$	(277	)	$	75		$	—	$	(202	)
	Balance at January 1, 2016			Current period other comprehensive income (loss) before reclassification			Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2016
Foreign currency translation adjustments	$	(257	)	$	24		$	—	$	(233	)
Unrealized gains (losses) on AFS securities	39			(4		)	—		35
Unrecognized pension cost	(7		)	—			—		(7		)
Unrealized losses on derivative instruments	(5		)	—			—		(5		)
Accumulated other comprehensive income (loss)	$	(230	)	$	20		$	—	$	(210	)

Share Repurchases—During 2016 and 2015, our board of directors authorized the repurchase of up to $500 million and $400 million, respectively, of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices we deem appropriate and subject to market conditions, applicable law and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A common stock and our Class B

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common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. On May 3, 2017, our board of directors authorized the repurchase of up to an additional $500 million of our common stock. See Note 18 for further details regarding the 2017 share repurchase plan.

In March 2017, we entered into an accelerated share repurchase program ("2017 ASR") with a third-party financial institution. Under the 2017 ASR agreement, we paid $300 million and received an initial delivery of 4,596,822 shares, which were repurchased at a price of $52.21 per share. This initial delivery of shares represents the minimum number of shares that we may receive under the agreement and was accounted for as a reduction to stockholders’ equity on the condensed consolidated balance sheets. Upon settlement of the 2017 ASR in a future period, the total number of shares ultimately delivered is determined based on the volume-weighted-average price of our common stock during that period. The remaining shares yet to be delivered, totaling $60 million, are accounted for as an equity-classified forward contract. The initial delivery of shares resulted in a reduction in the weighted-average common shares calculation for basic and diluted earnings per share. See Note 16.

During the three months ended March 31, 2017, we repurchased 5,480,636 shares, including shares repurchased pursuant to the 2017 ASR. The shares of common stock were repurchased at a weighted-average price of $52.48 per share for an aggregate purchase price of $288 million, excluding related insignificant expenses. Total shares repurchased during the three months ended March 31, 2017 represented approximately 4% of our total shares of common stock outstanding at December 31, 2016.

During the three months ended March 31, 2016, we repurchased 1,527,750 shares. The shares of common stock were repurchased at a weighted-average price of $41.37 per share for an aggregate purchase price of $63 million, excluding related insignificant expenses. The shares repurchased during the three months ended March 31, 2016 represented approximately 1% of our total shares of common stock outstanding at December 31, 2015.

The shares of Class A common stock repurchased on the open market were retired and returned to the status of authorized and unissued shares. At March 31, 2017, we had $9 million remaining under the share repurchase authorization.

13.    STOCK-BASED COMPENSATION

As part of our Long-Term Incentive Plan ("LTIP"), we award Stock Appreciation Rights ("SARs"), Restricted Stock Units ("RSUs"), Performance Share Units ("PSUs") and Performance Vesting Restricted Stock ("PSs") to certain employees. Compensation expense and unearned compensation presented below exclude amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as this expense has been and will continue to be reimbursed by our third-party hotel owners and is recorded in other revenues from managed properties and other costs from managed properties on our condensed consolidated statements of income. Stock-based compensation expense included in selling, general, and administrative expense on our condensed consolidated statements of income related to these awards was as follows:

	Three Months Ended March 31,
	2017		2016
SARs	$	8	$	7
RSUs	8		8
PSUs and PSs	—		1
Total stock-based compensation recorded within selling, general, and administrative expenses	$	16	$	16

SARs—During the three months ended March 31, 2017, we granted 605,601 SARs to employees with a weighted-average grant date fair value of $16.35.

RSUs— During the three months ended March 31, 2017, we granted 416,215 RSUs to employees with a weighted-average grant date fair value of $52.65.

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PSUs and PSs—During the three months ended March 31, 2017, we granted a total of 102,115 PSUs to our executive officers, with a weighted-average grant date fair value of $52.65. The performance period applicable to such PSUs is a three year period beginning January 1, 2017 and ending December 31, 2019. During the three months ended March 31, 2017, we did not grant any PSs under our LTIP.

Our total unearned compensation for our stock-based compensation programs at March 31, 2017 was $8 million for SARs, $24 million for RSUs and $8 million for PSUs and PSs, which will primarily be recorded to compensation expense over the next three years with respect to SARs and RSUs, and over the next two years with respect to PSUs and PSs.

14.    RELATED-PARTY TRANSACTIONS

In addition to those included elsewhere in the Notes to the condensed consolidated financial statements, related-party transactions entered into by us are summarized as follows:

Leases—Our corporate headquarters have been located at the Hyatt Center in Chicago, Illinois, since 2005. A subsidiary of the Company holds a master lease for a portion of the Hyatt Center and has entered into sublease agreements with certain related parties. Future expected sublease income for this space from related parties is $3 million.

Equity Method Investments—We have equity method investments in entities that own properties for which we receive management or franchise fees. We recorded fees of $6 million for the three months ended March 31, 2017 and March 31, 2016. At March 31, 2017 and December 31, 2016, we had receivables due from these properties of $7 million. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 11) to these entities. During the three months ended March 31, 2017 and March 31, 2016, we recorded fees related to these guarantees of $1 million. Our ownership interest in these unconsolidated hospitality ventures generally varies from 24% to 70%.

Class B Share Conversion—During the three months ended March 31, 2017, 539,370 shares of Class B common stock were converted on a share-for-share basis into shares of our Class A common stock, $0.01 par value per share. The shares of Class B common stock that were converted into shares of Class A common stock were retired subsequent to March 31, 2017, thereby reducing the shares of Class B common stock authorized and outstanding.

15.    SEGMENT INFORMATION

Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is our President and Chief Executive Officer. We define our reportable segments as follows:

• Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions at our owned and leased hotels related to our co-branded credit card, which are eliminated in consolidation.

• Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.

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• ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as Greater China, Australia, South Korea, Japan and Micronesia. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.

• EAME/SW Asia management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia and Nepal. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.

Our chief operating decision maker evaluates performance based on each segment’s revenue and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude interest expense; provision for income taxes; depreciation and amortization; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense and other income (loss), net.

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The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, results related to Miraval, license fees related to Hyatt Residence Club and results related to our co-branded credit card.

	Three Months Ended March 31,
	2017			2016
Owned and leased hotels
Owned and leased hotels revenues	$	558		$	516
Other revenues	13			—
Intersegment revenues (a)	2			—
Adjusted EBITDA	143			131
Depreciation and amortization	74			68
Americas management and franchising
Management and franchise fees revenues	104			91
Other revenues from managed properties	428			421
Intersegment revenues (a)	22			20
Adjusted EBITDA	90			76
Depreciation and amortization	5			5
ASPAC management and franchising
Management and franchise fees revenues	25			22
Other revenues from managed properties	26			21
Intersegment revenues (a)	—			—
Adjusted EBITDA	15			12
Depreciation and amortization	—			—
EAME/SW Asia management and franchising
Management and franchise fees revenues	16			16
Other revenues from managed properties	17			15
Intersegment revenues (a)	2			2
Adjusted EBITDA	8			8
Depreciation and amortization	1			1
Corporate and other
Revenues	26			9
Adjusted EBITDA	(29		)	(33		)
Depreciation and amortization	11			7
Eliminations
Revenues (a)	(26		)	(22		)
Adjusted EBITDA (b)	1			—
Depreciation and amortization	—			—
TOTAL
Revenues	$	1,187		$	1,089
Adjusted EBITDA	228			194
Depreciation and amortization	91			81

(a) Intersegment revenues are included in the management and franchise fees revenues and owned and leased hotels revenues and are eliminated in Eliminations.

(b) Adjusted EBITDA elimination includes expenses recorded by our owned and leased hotels related to billings for depreciation on technology-related capital assets.

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The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA: 

	Three Months Ended March 31,
	2017			2016
Net income attributable to Hyatt Hotels Corporation	$	70		$	34
Interest expense	21			17
Provision for income taxes	41			16
Depreciation and amortization	91			81
EBITDA	223			148
Equity (earnings) losses from unconsolidated hospitality ventures	3			(2		)
Stock-based compensation expense (see Note 13)	16			16
Other (income) loss, net (see Note 17)	(40		)	4
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA	26			28
Adjusted EBITDA	$	228		$	194

16.    EARNINGS PER SHARE

The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows:

	Three Months Ended March 31,
	2017		2016
Numerator:
Net income	$	70	$	34
Net income and accretion attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	70	$	34
Denominator:
Basic weighted average shares outstanding	129,746,644		135,128,860
Share-based compensation	1,250,891		796,029
Diluted weighted average shares outstanding	130,997,535		135,924,889
Basic Earnings Per Share:
Net income	$	0.54	$	0.25
Net income and accretion attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	0.54	$	0.25
Diluted Earnings Per Share:
Net income	$	0.54	$	0.25
Net income and accretion attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	0.54	$	0.25

The computations of diluted net income per share for the three months ended March 31, 2017 and March 31, 2016 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs, RSUs and an equity-classified forward contract because they are anti-dilutive.

	Three Months Ended March 31,
	2017	2016
SARs	39,200	—
RSUs	—	12,000
Equity-classified forward contract under the 2017 ASR	26,800	—

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17.    OTHER INCOME (LOSS), NET

	Three Months Ended March 31,
	2017			2016
Interest income (Note 4)	$	95		$	1
Depreciation recovery	6			5
Performance guarantee liability amortization (Note 11)	4			8
Performance guarantee expense, net (Note 11)	(26		)	(19		)
Realized losses (Note 4)	(40		)	—
Other	1			1
Other income (loss), net	$	40		$	(4	)

18.    SUBSEQUENT EVENT

On May 3, 2017, our board of directors authorized the repurchase of up to an additional $500 million of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices we deem appropriate and subject to market conditions, applicable law and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A common stock and our Class B common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. At May 4, 2017, we had approximately $509 million remaining under our current share repurchase authorization.

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Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.

This quarterly report contains "forward-looking statements" within the meaning of the Private Securities

Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. 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 by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the factors discussed in our filings with the SEC, including our Annual Report on Form 10-K; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters such as earthquakes, tsunamis, tornadoes, hurricanes, floods, oil spills, nuclear incidents and global outbreaks of pandemics or contagious diseases or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance guarantees in favor of our third party owners; the impact of hotel renovations; risks associated with our capital allocation plans and common stock repurchase program, including the risk that our common stock repurchase program could increase volatility and fail to enhance stockholder value; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through Internet travel intermediaries; changes in the tastes and preferences of our customers, including the entry of new competitors in the lodging business; relationships with colleagues and labor unions and changes in labor laws; financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; the possible inability of our third-party owners, franchisees or development partners to access capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and the introduction of new brand concepts; the timing of acquisitions and dispositions; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); unforeseen terminations of our management or franchise agreements; changes in federal, state, local or foreign tax law; increases in interest rates and operating costs; foreign exchange rate fluctuations or currency restructurings; lack of acceptance of new brands or innovation; our ability to successfully implement our new global loyalty platform and the level of acceptance of the new program by our guests; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of industry consolidation, and the markets where we operate; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and we do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

The following discussion should be read in conjunction with the Company's condensed consolidated financial statements and accompanying Notes, which appear elsewhere in this Quarterly Report on Form 10-Q.

Executive Overview

We are a global hospitality company engaged in the development, ownership, operation, management, franchising and licensing of a portfolio of properties, including hotels, resorts and residential and vacation ownership properties around the world. At March 31, 2017, our worldwide hotel portfolio consisted of 664 hotels (172,261 rooms), including:

• 282 managed properties (92,399 rooms), all of which we operate under management agreements with third-party property owners;

• 310 franchised properties (51,041 rooms), all of which are owned by third parties that have franchise agreements with us and are operated by third parties;

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• 35 owned properties (18,008 rooms) (including 1 consolidated hospitality venture), 1 capital leased property (171 rooms), and 7 operating leased properties (2,411 rooms), all of which we manage; and

• 23 managed properties and 6 franchised properties owned or leased by unconsolidated hospitality ventures (8,231 rooms).

Our worldwide property portfolio also included:

• 3 destination wellness resorts (386 rooms), all of which we own and operate (including 1 consolidated hospitality venture);

• 6 all inclusive resorts (2,401 rooms), all of which are owned by a third party in which we hold a common share investment and which operates the resorts under franchise agreements with us;

• 16 vacation ownership properties (1,038 units), all of which are licensed by Interval Leisure Group ("ILG") under the Hyatt Residence Club brand and operated by third parties, including ILG and its affiliates; and

• 19 residential properties (2,546 units), which consist of branded residences and serviced apartments. We manage all of the serviced apartments and those branded residential units that participate in a rental program with an adjacent Hyatt-branded hotel.

We report our consolidated operations in U.S. dollars. Tabular amounts are displayed in millions of U.S. dollars, or as otherwise specifically identified. Percentages may not recompute due to rounding and not meaningful percentage changes are presented as "NM". Constant currency disclosures throughout Management's Discussion and Analysis of Financial Condition and Results of Operations are non-GAAP measures. See "—Non-GAAP Measures" for further discussion of constant currency disclosures. We manage our business within four reportable segments as described below:     

• Owned and leased hotels, which consists of our owned and leased full service and select service hotels and, for purposes of segment Adjusted EBITDA, our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture;

• Americas management and franchising, which consists of our management and franchising of properties located in the United States, Latin America, Canada and the Caribbean;

• ASPAC management and franchising, which consists of our management and franchising of properties located in Southeast Asia, as well as Greater China, Australia, South Korea, Japan and Micronesia; and

• EAME/SW Asia management and franchising, which consists of our management and franchising of properties located in Europe, Africa, the Middle East, India, Central Asia and Nepal.

Within corporate and other, we include our unallocated corporate overhead, results of Miraval, license fees related to Hyatt Residence Club and results of our co-branded credit card. See Part I, Item 1 "Financial Statements—Note 15 to the Condensed Consolidated Financial Statements" for further discussion of our segment structure.

During the three months ended March 31, 2017, we entered into the following key transactions:

• acquired Miraval, the renowned provider of wellness and mindfulness experiences, for $239 million, subject to working capital adjustments. The acquisition of Miraval extends the Hyatt brand beyond traditional hotel stays and forms a distinct new wellness category within the Hyatt portfolio of brands;

• launched World of Hyatt, our new global loyalty platform which replaced our Gold Passport loyalty program; and

• 2017 ASR to repurchase $300 million of our Class A common stock to return capital to our shareholders.

Our financial performance for the quarter ended March 31, 2017 reflects an increase in net income of $36 million compared to the quarter ended March 31, 2016. Consolidated revenues increased $98 million, or 9.0% ($102 million or 9.5% excluding the impact of currency), during the quarter ended March 31, 2017, compared to the quarter ended March 31, 2016. Owned and leased hotels revenues for the quarter ended March 31, 2017, increased $56 million compared to the quarter ended March 31, 2016, which included a net unfavorable currency impact of $4 million. The increase in owned and leased hotels revenues resulted primarily from an increase in non-comparable owned and leased hotels revenues of $48 million, including an insignificant net unfavorable currency impact, which was primarily driven by new openings and acquisitions, partially offset by hotels sold in 2016. Additionally, comparable owned and leased hotels revenues increased $8 million, including a $4 million net

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unfavorable currency impact, which was primarily driven by full service hotels in the United States as a result of improved group average daily rate ("ADR") and occupancy.

Our management and franchise fees for the quarter ended March 31, 2017increased $15 million compared to the quarter ended March 31, 2016, which included an insignificant net unfavorable currency impact, primarily attributable to our Americas management and franchising segment.

Our consolidated Adjusted EBITDA for the first quarter of 2017increased $34 million compared to the first quarter of 2016, which included $1 million in net unfavorable currency impact. The increase was primarily driven by our Americas management and franchising segment which increased $14 million and our owned and leased segment which increased $12 million. See "—Non-GAAP Measures" for an explanation of how we utilize Adjusted EBITDA, why we present it and material limitations on its usefulness, as well as a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to consolidated Adjusted EBITDA.

Hotel Chain Revenue per Available Room ("RevPAR") Statistics.

		RevPAR
		Three Months Ended March 31,
(Comparable Locations)	Number of Comparable Hotels (1)	2017		2016		Change		Change (in constant $)
Systemwide hotels	595	$	130	$	125	4.4	%	4.7	%
Owned and leased hotels	39	$	171	$	168	1.9	%	2.7	%
Americas full service hotels	153	$	149	$	142	5.0	%	5.1	%
Americas select service hotels	298	$	101	$	97	3.8	%	3.9	%
ASPAC full service hotels	70	$	139	$	133	5.0	%	5.2	%
EAME/SW Asia full service hotels	63	$	114	$	113	1.0	%	3.1	%
EAME/SW Asia select service hotels	10	$	70	$	65	7.8	%	8.6	%

(1) Comparable systemwide hotels include one select service hotel in ASPAC, which is not included in the ASPAC full service hotel statistics. The number of managed and franchised hotels presented above includes owned and leased hotels.

In the Americas management and franchising segment, group demand and ADR growth at our full service hotels helped drive RevPAR in the first quarter of 2017, compared to the first quarter of 2016. Demand from groups was higher while transient demand was softer in the first quarter of 2017 compared to the first quarter of 2016, both due in part to the timing of Easter. While transient demand decreased, higher transient rates helped minimize the impact to transient revenues. Our owned and leased hotels segment, which is made up primarily of hotels located in the Americas, also saw similar group demand and ADR growth in the first quarter of 2017, compared to same period in 2016. Group revenue booked in 2017 for stays in 2017 was lower compared to the same period last year. Group revenue booked in 2017 for stays in future years was also lower compared to the same period last year.

ASPAC management and franchising segment RevPAR increased during the first quarter of 2017 compared to the first quarter of 2016 driven by strong transient demand in Hong Kong, China and Southeast Asia as well as increased group demand in South Korea and Indonesia.

EAME/SW Asia management and franchising segment RevPAR increased during the first quarter of 2017 compared to the first quarter of 2016 driven by improved occupancy across the region. Western Europe, specifically Germany and the United Kingdom, and India experienced strong year-over-year occupancy and ADR growth. Increases in certain locations within Western Europe were partially offset by the impact of renovations at two properties in France, as well as soft demand in Switzerland. Additionally, our hotels in Turkey continued to be impacted by security concerns and lower demand.

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Results of Operations

Three Months EndedMarch 31, 2017 Compared with Three Months EndedMarch 31, 2016

Discussion on Consolidated Results

For additional information regarding our consolidated results below, please also refer to our condensed consolidated statements of income included in this quarterly report. The impacts from our investments in marketable securities held to fund operating programs, including securities held to fund our benefit programs funded through a rabbi trust and securities held to fund our loyalty program, were recorded on the various financial statement line items discussed below and have no impact on net income.

Owned and leased hotels revenues.    

	Three Months Ended March 31,
	2017		2016		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	511	$	503	$	8	1.5	%	$	(4	)
Non-comparable owned and leased hotels revenues	61		13		48		383.0	%	—
Total owned and leased hotels revenues	$	572	$	516	$	56	10.9	%	$	(4	)

The increase in comparable owned and leased hotels revenues for the three months ended March 31, 2017, compared to the three months ended March 31, 2016, was primarily driven by full service hotels in the United States, partially offset by decreases at certain of our international hotels driven by rate and occupancy declines in Switzerland, renovation activity in France and net unfavorable currency impact. The increase in non-comparable owned and leased hotels revenues was driven by acquisitions and openings, partially offset by hotels sold in 2016. See "—Segment Results" for further discussion of owned and leased hotels revenues.

Management and franchise fee revenues.    

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Base management fees	$	47	$	45	$	2	4.7	%
Incentive management fees	35		30		5		17.0	%
Franchise fees	27		23		4		16.2	%
Other fee revenues	13		9		4		47.2	%
Total management and franchise fees	$	122	$	107	$	15	14.2	%

The increase in management and franchise fees during the three months ended March 31, 2017, compared to the same period in the prior year, which included an insignificant net unfavorable currency impact, was primarily driven by new hotels and improved performance at existing hotels in the Americas management and franchising segment. The increase in other fee revenues was driven by a termination fee for a hotel that left the chain. See "—Segment Results" for further discussion of management and franchise fees by region.

Other revenues.    Other revenues increased $13 million during thethree months ended March 31, 2017, compared to the three months ended March 31, 2016, driven by the sales of villas at Andaz Maui at Wailea Resort, in which we acquired our partners' share of the unconsolidated hospitality venture during the fourth quarter of 2016.    

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Other revenues from managed properties.    

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Other revenues from managed properties excluding rabbi trust impact	$	464	$	457	$	7	1.3	%
Rabbi trust impact	7		—		7		NM
Other revenues from managed properties	$	471	$	457	$	14	2.8	%

Excluding the impact of rabbi trust, other revenues from managed properties increased during the three months ended March 31, 2017, compared to the three months ended March 31, 2016, due to increased reimbursements related to our loyalty program and technology costs. These increases were partially offset by decreased payroll and related costs at full service hotels driven by hotel conversions and a hotel that left the chain.

Owned and leased hotels expense.    

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Comparable owned and leased hotels expense	$	379	$	376	$	(3	)	(1.0	)%
Non-comparable owned and leased hotels expense	45		13		(32		)	(243.6	)%
Rabbi trust impact	3		—		(3		)	NM
Total owned and leased hotels expense	$	427	$	389	$	(38	)	(10.0	)%

The increase in comparable owned and leased hotels expense, which included $3 million net favorable currency impact, in the three months ended March 31, 2017, compared to the same period in the prior year was primarily driven by increased rent expense at certain properties. The increase in non-comparable owned and leased hotels expense, which included an insignificant net favorable currency impact in the three months ended March 31, 2017, compared to the same period in the prior year, was driven by acquisitions and openings, partially offset by hotels sold in 2016.

Depreciation and amortization.    Depreciation and amortization increased $10 million during the three months ended March 31, 2017, compared to the same period in the prior year, primarily driven by acquisitions and hotel openings, and assets placed in service mid-2016 related to technology projects, partially offset by decreased depreciation related to the sale of two hotels in 2016. A portion of the depreciation related to technology projects is recovered from our managed and franchised hotels and the corresponding recovery is included in other income (loss), net.

Other direct costs.    Other direct costs increased $13 million during the three months ended March 31, 2017, compared to the three months ended March 31, 2016, driven by the sales of villas at Andaz Maui at Wailea Resort.

Selling, general, and administrative expenses.

	Three Months Ended March 31,
	2017			2016			Change
Selling, general, and administrative expenses	$	99		$	88		$	11		11.7	%
Less: rabbi trust impact	(12		)	—			(12		)	NM
Less: stock-based compensation expense	(16		)	(16		)	—			(2.0	)%
Adjusted selling, general, and administrative expenses	$	71		$	72		$	(1	)	(2.3	)%

Adjusted selling, general, and administrative expenses excludes the impact of expenses related to benefit programs funded through rabbi trusts and stock-based compensation expense. Adjusted selling, general, and administrative expenses, as we define it, is a non-GAAP measure. See "—Non-GAAP Measures" for further discussion of adjusted selling, general, and administrative expenses.

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Net gains and interest income from marketable securities held to fund operating programs.

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Rabbi trust impact allocated to selling, general, and administrative expenses	$	12	$	—	$	12		NM
Rabbi trust impact allocated to owned and leased hotels expense	3		—		3			NM
Net gains and interest income from marketable securities held to fund our loyalty program allocated to owned and leased hotels revenues	—		1		(1		)	(69.9	)%
Net gains and interest income from marketable securities held to fund operating programs	$	15	$	1	$	14		NM

Equity earnings (losses) from unconsolidated hospitality ventures.    

	Three Months Ended March 31,
	2017			2016		Better / (Worse)
Equity earnings (losses) from unconsolidated hospitality ventures	$	(3	)	$	2	$	(5	)	(222.1	)%

The decrease during the three months endedMarch 31, 2017, as compared to the three months endedMarch 31, 2016, was attributable to the following:

• $7 million decrease due to equity earnings in 2016 related to a forfeited deposit on a sale of hotels by an unconsolidated hospitality venture that did not close; and

• $2 million increase driven by the gain on sale of a hotel by an unconsolidated hospitality venture in 2017.

In March 2017, Playa entered into a business combination with Pace as discussed in Part I, Item 1 "Financial Statements—Note 4 to the Condensed Consolidated Financial Statements." As the retained Playa investment is no longer accounted for as an equity method investment, we will not have equity earnings or losses in future periods related to our investment in Playa.

Interest expense.    Interest expense increased $4 million during the three months ended March 31, 2017, compared to the same period in the prior year, driven by interest on the 2026 Notes which were issued in the first quarter of 2016 and interest on the outstanding balance on our credit revolver. These increases were partially offset by interest on the senior unsecured notes due in 2016, which were redeemed in the second quarter of 2016.

Asset Impairments.    During the three months ended March 31, 2017 and March 31, 2016, we did not record any asset impairments. However, a change in our assumptions and estimates by 4% could reduce the fair value of one of our reporting units at March 31, 2017, and could potentially result in an impairment of goodwill of up to $17 million.

Other income (loss), net.Other income (loss), netincreased $44 million during the three months ended March 31, 2017, compared to the same period in the prior year. The change was primarily attributable to the following:

•$94 million of interest income and $40 million of realized losses related to the redemption of our Playa preferred shares; and

•$7 million increase in performance guarantee expense and a $5 million decrease in performance guarantee income related to the four managed hotels in France. See Part I, Item 1 "Financial Statements—Note 11 to the Condensed Consolidated Financial Statements" for further details related to our performance guarantees.

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Provision for income taxes.

	Three Months Ended March 31,
	2017			2016			Better / (Worse)
Income before income taxes	$	111		$	50		$	61		122.7	%
Provision for income taxes	(41		)	(16		)	(25		)	(158.7	)%
Effective tax rate	36.8		%	31.7		%				(5.1	)%

Income tax expense increased $25 million in the three months ended March 31, 2017, compared to the three months ended March 31, 2016, primarily due to an increase in income before income taxes in the quarter. The increase in the effective tax rate is primarily driven by certain foreign unconsolidated hospitality venture losses not benefited in 2017.

Segment Results

We evaluate segment operating performance using segment revenue and segment Adjusted EBITDA, as described in Part I, Item 1 "Financial Statements—Note 15 to the Condensed Consolidated Financial Statements."

The charts below illustrate revenues by segment excluding other revenues from managed properties for the three months ended March 31, 2017 and March 31, 2016, which are presented before intersegment eliminations.

*Consolidated revenues for the three months ended March 31, 2017 included corporate and other revenues of $26 million, eliminations of $26 million and other revenues from managed properties of $471 million.

**Consolidated revenues for the three months ended March 31, 2016 included corporate and other revenues of $9 million, eliminations of $22 million and other revenues from managed properties of $457 million.

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Owned and leased hotels segment revenues.   

	Three Months Ended March 31,
	2017		2016		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	513	$	503	$	10	1.9	%	$	(4	)
Non-comparable owned and leased hotels revenues	45		13		32		259.8	%	—
Total owned and leased hotels revenues	558		516		42		8.3	%	(4		)
Other revenues	13		—		13		NM		—
Total segment revenues	$	571	$	516	$	55	10.8	%	$	(4	)

The increase in comparable owned and leased hotels revenues during the three months ended March 31, 2017, compared to the three months ended March 31, 2016, was primarily driven by increases of $15 million at our hotels in the United States, partially offset by decreases of $5 million at our international hotels. The revenue growth at our comparable full service hotels in the United States was primarily a result of improved group business and food and beverage revenues, driven in part by the shift of Easter from the first quarter of 2016 to the second quarter of 2017. The decrease in comparable international hotels was primarily driven by a net unfavorable currency impact of $4 million and decreased performance at certain of our owned hotels in Europe, partially offset by increased transient business in Mexico.

The increase in non-comparable owned and leased hotels revenues was driven by the following activity, in order of significance:

• the acquisition of our partners' interest in Andaz Maui at Wailea Resort and villas in 2016;

• the acquisitions of The Confidante Miami Beach and Royal Palms Resort and Spa in 2016; and

• the opening of Grand Hyatt Rio de Janeiro in 2016.

The increase in revenues was partially offset by the following activity:

• the dispositions of Andaz 5th Avenue and Hyatt Regency Birmingham (U.K.) in 2016.

	Three Months Ended March 31,
	RevPAR								Occupancy						ADR
	2017		2016		Better / (Worse)		Better / (Worse) Constant $		2017		2016		Change in Occ % pts		2017		2016		Better / (Worse)		Better / (Worse) Constant $
Comparable owned and leased hotels	$	171	$	168	1.9	%	2.7	%	75.0	%	74.2	%	0.8	%	$	228	$	226	0.8	%	1.6	%

Excluding the net unfavorable currency impact, the increase in comparable RevPAR at our owned and leased hotels during the three months ended March 31, 2017, compared to the three months ended March 31, 2016, was primarily driven by improved group business at our comparable full service hotels in the United States and increased transient business at our comparable full service hotel in Mexico, partially offset by decreased ADR at certain of our comparable full service hotels in Europe.

During the three months ended March 31, 2017, no properties were removed from the comparable owned and leased hotels results.

Owned and leased hotels segment Adjusted EBITDA.    

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Owned and leased hotels Adjusted EBITDA	$	117	$	103	$	14		13.6	%
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA	26		28		(2		)	(8.6	)%
Segment Adjusted EBITDA	$	143	$	131	$	12		8.8	%

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Owned and leased hotels Adjusted EBITDA.  Adjusted EBITDA at our comparable owned and leased hotels increased $3 million during the three months ended March 31, 2017, compared to the same period in 2016, which included $1 million net unfavorable currency impact. This increase was largely due to revenue growth in the United States and Mexico. Adjusted EBITDA at our non-comparable hotels increased $11 million during the three months ended March 31, 2017, compared to the same period in 2016, primarily driven by the 2016 acquisition activity previously discussed.

Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA.  Our pro rata share of Adjusted EBITDA from our unconsolidated hospitality ventures included an insignificant net favorable currency impact during the three months ended March 31, 2017, compared to the same period in 2016. The decrease was primarily driven by our acquisition of our partners' share of Andaz Maui at Wailea Resort, sales of hotels by unconsolidated hospitality ventures during 2016 and Playa's business combination with Pace in the first quarter of 2017, partially offset by improved performance at several unconsolidated hospitality ventures in the Americas and India.

Americas management and franchising segment revenues.    

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Segment revenues
Management, franchise and other fees	$	104	$	91	$	13	14.1	%
Other revenues from managed properties	428		421		7		1.7	%
Total segment revenues	$	532	$	512	$	20	3.9	%

Americas management and franchising revenues included an insignificant net unfavorable currency impact in the three months ended March 31, 2017, compared to the same period in 2016. The increase in management, franchise and other fees during the three months ended March 31, 2017, compared to the three months ended March 31, 2016, was driven by a $5 millionincrease in management fees. Incentive fees and base fees increased $3 million and $2 million, respectively, driven by full service hotels due to the aforementioned shift in Easter timing, new hotels and improved performance at existing full service hotels. Franchise feesincreased $4 million primarily driven by improved performance at our all inclusive properties, new hotels and ramping of existing hotels. Other fees revenue increased $4 million driven by a termination fee for a hotel that left the chain.

Other revenues from managed properties increased during the three months ended March 31, 2017, compared to the three months ended March 31, 2016, driven by increased reimbursements related to our loyalty program and technology costs, partially offset by decreased full service payroll and related costs driven by hotel conversions and one hotel that left the chain.

	Three Months Ended March 31,
	RevPAR								Occupancy						ADR
(Comparable Systemwide Hotels)	2017		2016		Better / (Worse)		Better / (Worse) Constant $		2017		2016		Change in Occ % pts		2017		2016		Better / (Worse)		Better / (Worse) Constant $
Americas Full Service	$	149	$	142	5.0	%	5.1	%	72.2	%	71.2	%	1.0	%	$	207	$	199	3.7	%	3.7	%
Americas Select Service	$	101	$	97	3.8	%	3.9	%	74.1	%	73.3	%	0.8	%	$	136	$	132	2.7	%	2.7	%

Excluding the net unfavorable currency impact, comparable full service hotels RevPAR increased in the three months ended March 31, 2017, compared to the same period in the prior year, primarily due to group demand and ADR growth, partly driven by the timing of the Easter holiday. RevPAR at our select service hotels increased in the three months ended March 31, 2017, compared to the same period in the prior year, primarily driven by ADR growth and increased occupancy.

During the three months ended March 31, 2017, one property that left the chain was removed from the comparable Americas full service systemwide hotels and no properties were removed from the comparable Americas select service systemwide hotels.

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Americas management and franchising segment Adjusted EBITDA.    

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Segment Adjusted EBITDA	$	90	$	76	$	14	18.1	%

Adjusted EBITDA increased in the three months ended March 31, 2017, which included an insignificant net unfavorable currency impact, compared to the three months ended March 31, 2016. The increase was driven by the aforementioned $13 millionincrease in management, franchise and other fees and a $1 milliondecrease in adjusted selling, general, and administrative expenses.

ASPAC management and franchising segment revenues. 

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Segment revenues
Management, franchise and other fees	$	25	$	22	$	3	16.1	%
Other revenues from managed properties	26		21		5		19.8	%
Total segment revenues	$	51	$	43	$	8	18.0	%

ASPAC management and franchising total revenues included an insignificant net unfavorable currency impact in the three months ended March 31, 2017, compared to the three months ended March 31, 2016. The increase in management, franchise and other fees was primarily driven by a $2 million increase in incentive fees due to new hotels in Australia and China and improved performance at certain properties in China and Japan. The increase in other revenues from managed properties was driven by a higher volume of reimbursements paid to us by our managed properties for increased member participation in our loyalty program and increased technology expenses.

	Three Months Ended March 31,
	RevPAR								Occupancy						ADR
(Comparable Systemwide Hotels)	2017		2016		Better / (Worse)		Better / (Worse) Constant $		2017		2016		Change in Occ % pts		2017		2016		Better / (Worse)		Better (Worse) Constant $
ASPAC Full Service	$	139	$	133	5.0	%	5.2	%	68.7	%	63.5	%	5.2	%	$	203	$	209	(3.0	)%	(2.8	)%

Excluding the net unfavorable currency impact, the increase in comparable full service RevPAR during the three months ended March 31, 2017, compared to the same period in 2016, was driven by increased occupancy across the region, primarily China, Hong Kong, South Korea and Southeast Asia. These increases were partially offset by decreased ADR in most areas of the region.

During the three months ended March 31, 2017, no properties were removed from the comparable ASPAC full service systemwide hotels.

ASPAC management and franchising segment Adjusted EBITDA. 

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Segment Adjusted EBITDA	$	15	$	12	$	3	27.6	%

Adjusted EBITDA, which included an insignificant net unfavorable currency impact in the three months ended March 31, 2017, compared to the three months ended March 31, 2016, increased due to the aforementioned increase in management, franchise and other fees.

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EAME/SW Asia management and franchising segment revenues. 

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Segment revenues
Management, franchise and other fees	$	16	$	16	$	—	2.2	%
Other revenues from managed properties	17		15		2		10.4	%
Total segment revenues	$	33	$	31	$	2	6.1	%

EAME/SW Asia management and franchising total revenues included an insignificant net unfavorable currency impact in the three months ended March 31, 2017, compared to the three months ended March 31, 2016. Management, franchise and other fees were flat for the three months ended March 31, 2017, compared to the same period in the prior year, as increased fees from certain properties in Germany were offset by decreased performance in Switzerland and renovation activity at our hotels in France.

	Three Months Ended March 31,
	RevPAR								Occupancy						ADR
(Comparable Systemwide Hotels)	2017		2016		Better / (Worse)		Better / (Worse) Constant $		2017		2016		Change in Occ % pts		2017		2016		Better / (Worse)		Better / (Worse) Constant $
EAME/SW Asia Full Service	$	114	$	113	1.0	%	3.1	%	66.1	%	62.5	%	3.6	%	$	173	$	181	(4.5	)%	(2.5	)%
EAME/SW Asia Select Service	$	70	$	65	7.8	%	8.6	%	69.5	%	63.0	%	6.5	%	$	100	$	103	(2.3	)%	(1.6	)%

Excluding the net unfavorable currency impact, the increase in comparable full service RevPAR during the three months ended March 31, 2017, compared to the same period in 2016, was driven by increased occupancy and ADR in the United Kingdom, Germany and India. These increases were partially offset by decreased ADR and occupancy in Switzerland and Turkey.

During the three months ended March 31, 2017, one property was removed from the comparable EAME/SW Asia full service systemwide hotel results as a result of significant renovations and no properties were removed from the comparable EAME/SW Asia select service systemwide hotel results.

EAME/SW Asia management and franchising segment Adjusted EBITDA. 

	Three Months Ended March 31,
	2017		2016		Better / (Worse)
Segment Adjusted EBITDA	$	8	$	8	$	—	3.7	%

Adjusted EBITDA was flat for the three months ended March 31, 2017, compared to the three months ended March 31, 2016, which included an insignificant net unfavorable currency impact.

Corporate and other.    

	Three Months Ended March 31,
	2017			2016			Better / (Worse)
Corporate and other revenues	$	26		$	9		$	17	174.6	%
Corporate and other Adjusted EBITDA	$	(29	)	$	(33	)	$	4	14.2	%

Corporate and other revenues increased in the three months ended March 31, 2017, compared to the three months ended March 31, 2016, driven by a $16 million increase in owned and leased hotels revenues on our condensed consolidated statements of income from the acquisition of Miraval.

The increase in Adjusted EBITDA during the three months ended March 31, 2017, compared to the same period in the prior year, was primarily driven by the acquisition of Miraval.

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Non-GAAP Measures

Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA") and EBITDA

We use the terms Adjusted EBITDA and EBITDA throughout this quarterly report. Adjusted EBITDA and EBITDA, as we define them, are non-GAAP measures. We define consolidated Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude the following items:

• interest expense;

• provision for income taxes;

• depreciation and amortization;

• equity earnings (losses) from unconsolidated hospitality ventures;

• stock-based compensation expense; and

• other income (loss), net.

We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to corporate and other Adjusted EBITDA.

Our board of directors and executive management team focus on Adjusted EBITDA as a key performance and compensation measure both on a segment and on a consolidated basis. Adjusted EBITDA assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of items that do not reflect our core operations both on a segment and on a consolidated basis. Our President and Chief Executive Officer, who is our chief operating decision maker, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in significant part, by assessing the Adjusted EBITDA of each segment. In addition, the compensation committee of our board of directors determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA or some combination of both.

We believe Adjusted EBITDA is useful to investors because it provides investors the same information that we use internally for purposes of assessing our operating performance and making compensation decisions.

Adjusted EBITDA and EBITDA are not substitutes for net income attributable to Hyatt Hotels Corporation, net income or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted EBITDA and EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consistent because it removes items that do not reflect our core operations, other companies in our industry may define Adjusted EBITDA differently than we do. As a result, it may be difficult to use Adjusted EBITDA or similarly named non-GAAP measures that other companies may use to compare the performance of those companies to our performance. Because of these limitations, Adjusted EBITDA should not be considered as a measure of the income generated by our business. Our management compensates for these limitations by reference to our GAAP results and using Adjusted EBITDA supplementally. See our condensed consolidated statements of income in our condensed consolidated financial statements included elsewhere in this quarterly report.

See below for a reconciliation of net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to consolidated Adjusted EBITDA.

Adjusted selling, general, and administrative expenses

Adjusted selling, general, and administrative expenses, as we define it, is a non-GAAP measure. Adjusted selling, general, and administrative expenses excludes the impact of expenses related to benefit programs funded through rabbi trusts and stock-based compensation expense. Adjusted selling, general, and administrative expenses assist us in comparing our performance over various reporting periods on a consistent basis since it removes from our operating results the impact of items that do not reflect our core operations, both on a segment and consolidated basis. See "—Results of Operations" for a reconciliation of selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses.

Constant dollar currency

We report the results of our operations both on an as reported basis, as well as on a constant dollar basis.  Constant dollar currency, which is a non-GAAP measure, excludes the effects of movements in foreign currency exchange rates between comparative periods. We believe constant dollar analysis provides valuable information regarding our results as it removes currency fluctuations from our operating results. We calculate constant dollar

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currency by restating prior-period local currency financial results at the current period’s exchange rates. These adjusted amounts are then compared to our current period reported amounts to provide operationally driven variances in our results.

The charts below illustrate Adjusted EBITDA by segment for the three months ended March 31, 2017 and March 31, 2016:

*Consolidated Adjusted EBITDA for the three months ended March 31, 2017 included eliminations of $1 million and corporate and other Adjusted EBITDA of $(29) million.

**Consolidated Adjusted EBITDA for the three months ended March 31, 2016 included corporate and other Adjusted EBITDA of $(33) million.

The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to consolidated Adjusted EBITDA for the three months ended March 31, 2017 and March 31, 2016:

	Three Months Ended March 31,
	2017			2016			Change
Net income attributable to Hyatt Hotels Corporation	$	70		$	34		$	36		104.8	%
Interest expense	21			17			4			22.0	%
Provision for income taxes	41			16			25			158.7	%
Depreciation and amortization	91			81			10			12.7	%
EBITDA	223			148			75			50.8	%
Equity (earnings) losses from unconsolidated hospitality ventures	3			(2		)	5			222.1	%
Stock-based compensation expense	16			16			—			(2.0	)%
Other (income) loss, net	(40		)	4			(44		)	NM
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA	26			28			(2		)	(8.6	)%
Adjusted EBITDA	$	228		$	194		$	34		17.8	%

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Liquidity and Capital Resources

Overview

We finance our business primarily with existing cash, short-term investments, and cash generated from our operations. As part of our business strategy, we also recycle capital by using net proceeds from dispositions to support our acquisitions and new investment opportunities. When appropriate, we borrow cash under our revolving credit facility or from other third-party sources, and may also raise funds by issuing debt or equity securities as necessary. We maintain a cash investment policy that emphasizes preservation of capital. At March 31, 2017 and December 31, 2016, we had cash and cash equivalents and short-term investments of $426 million and $538 million, respectively. We believe that our cash position, short-term investments and cash from operations, together with borrowing capacity under our revolving credit facility and our access to the capital markets, will be adequate to meet all of our funding requirements and capital deployment objectives for the foreseeable future.

We may, from time to time, seek to retire or purchase additional amounts of our outstanding equity and/or debt securities through cash purchases and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise, including pursuant to a Rule 10b5-1 plan. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved may be material.

Recent Transactions Affecting our Liquidity and Capital Resources

During the three months ended March 31, 2017 and March 31, 2016, several transactions impacted our liquidity. See "—Sources and Uses of Cash."

Sources and Uses of Cash

	Three Months Ended March 31,
	2017			2016
Cash provided by (used in):
Operating activities	$	150		$	51
Investing activities	(94		)	(12		)
Financing activities	(165		)	264
Effect of exchange rate changes on cash	1			11
Net (decrease) increase in cash and cash equivalents	$	(108	)	$	314

Cash Flows from Operating Activities

Cash provided by operating activities increased $99 million for the three months endedMarch 31, 2017, compared to the three months endedMarch 31, 2016,primarily due to $94 million of interest income received upon the redemption of our Playa preferred shares.

Cash Flows from Investing Activities

During the three months ended March 31, 2017:

• We acquired Miraval for approximately $239 million, subject to working capital adjustments.

• Capital expenditures were $50 million (see "—Capital Expenditures").

• We invested $8 million in unconsolidated hospitality ventures.

• We received distributions of $196 million related to the redemption of our Playa preferred shares.

During the three months ended March 31, 2016:

• Capital expenditures were $38 million (see "—Capital Expenditures").

• We invested $15 million in unconsolidated hospitality ventures.

• We funded $12 million into escrow related to our acquisition of Thompson Miami Beach.

• We released $29 million from restricted cash related to the finalization from the Canada Revenue Agency in connection with the 2014 disposition of Park Hyatt Toronto.

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• We received distributions of $23 million from unconsolidated hospitality ventures.

Cash Flows from Financing Activities

During the three months ended March 31, 2017, we repurchased 5,480,636 shares of common stock at a weighted-average price of $52.48 per share for an aggregate purchase price of $288 million. Included in the repurchases are 4,596,822 shares repurchased under the 2017 ASR at a price of $52.21 per share for an aggregate purchase price of $240 million. At March 31, 2017, the remaining $60 million of shares under the 2017 ASR have not yet settled. During the three months endedMarch 31, 2016, we repurchased 1,527,750 shares of common stock for an aggregate purchase price of $63 million.

During the three months ended March 31, 2017, we drew $180 million on our revolving credit facility. During the three months ended March 31, 2016, we drew and subsequently repaid $30 million on our revolving credit facility.

During the three months ended March 31, 2017, the Miraval Venture issued $9 million of redeemable noncontrolling interest in preferred shares of a subsidiary in connection with our acquisition of Miraval.

No long-term debt was issued or redeemed in the three months endedMarch 31, 2017. During the three months ended March 31, 2016, we issued our 2026 Notes and received net proceeds of $396 million, after deducting discounts and offering expenses of approximately $4 million, and we repaid the senior secured term loan of $64 million related to Hyatt Regency Lost Pines Resort and Spa.

We define net debt as total debt less the total of cash and cash equivalents and short-term investments. We consider net debt and its components to be an important indicator of liquidity and a guiding measure of capital structure strategy. Net debt is a non-GAAP measure and may not be computed the same as similarly titled measures used by other companies. The following table provides a summary of our debt to capital ratios:

	March 31, 2017			December 31, 2016
Consolidated debt (1)	$	1,744		$	1,564
Stockholders’ equity	3,714			3,903
Total capital	5,458			5,467
Total debt to total capital	32.0		%	28.6		%
Consolidated debt (1)	1,744			1,564
Less: Cash and cash equivalents and short-term investments	426			538
Net consolidated debt	$	1,318		$	1,026
Net debt to total capital	24.1		%	18.8		%

(1) Excludes approximately $557 million and $745 million of our share of unconsolidated hospitality venture indebtedness at March 31, 2017 and December 31, 2016, respectively, substantially all of which is non-recourse to us and a portion of which we guarantee pursuant to separate agreements. The decrease from December 31, 2016 is primarily attributable to Playa, which is no longer an unconsolidated hospitality venture as discussed in Part I, Item 1 "Financial Statements—Note 4 to the Condensed Consolidated Financial Statements."

Capital Expenditures

We routinely make capital expenditures to enhance our business. We classify our capital expenditures into maintenance, enhancements to existing properties, and investment in new properties under development or recently opened. We have been and will continue to be prudent with respect to our capital spending, taking into account our cash flow from operations.

The following is a summary of our capital expenditures:

	March 31, 2017		March 31, 2016
Maintenance	$	13	$	11
Enhancements to existing properties	22		11
Investment in new properties under development or recently opened	15		16
Total capital expenditures	$	50	$	38

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The increase in enhancements to existing properties is driven by increased renovation activity at an international owned full service property and expenditures related to our new corporate office. Expenditures related to investments in new properties are primarily driven by construction spending for two select service hotels and one full service hotel under development in the United States, and investment spending for Grand Hyatt Rio de Janeiro and acquired Miraval properties.

Senior Notes

The table below sets forth the outstanding principal balance of our Senior Notes at March 31, 2017. Interest on the Senior Notes is payable semi-annually.

Description	Principal Amount
2019 Notes	$	196
2021 Notes	250
2023 Notes	350
2026 Notes	400
Total	$	1,196

We are in compliance with all applicable covenants under the indenture governing our Senior Notes at March 31, 2017.

Revolving Credit Facility

There was an outstanding balance on our revolving credit facility of $280 million and $100 million at March 31, 2017 and December 31, 2016, respectively. At March 31, 2017, we had available borrowing capacity of approximately $1.2 billion under our revolving credit facility, net of outstanding undrawn letters of credit.

We are in compliance with all applicable covenants under the revolving credit facility at March 31, 2017.

Letters of Credit

We issue letters of credit either under the revolving credit facility or directly with financial institutions. We had $236 million and $230 million in letters of credit issued directly with financial institutions outstanding at March 31, 2017 and December 31, 2016, respectively. These letters of credit had weighted-average fees of 98 basis points and a range of maturity of up to approximately four years at March 31, 2017.

Critical Accounting Policies and Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. We have discussed those estimates that we believe are critical and require the use of complex judgment in their application in our 2016 Form 10-K. Since the date of our 2016 Form 10-K, there have been no material changes to our critical accounting policies or the methodologies or assumptions we apply under them.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risk primarily from changes in interest rates and foreign currency exchange rates. In certain situations, we seek to reduce earnings and cash flow volatility associated with changes in interest rates and foreign currency exchange rates by entering into financial arrangements to provide a hedge against a portion of the risks associated with such volatility. We continue to have exposure to such risks to the extent they are not hedged. We enter into derivative financial arrangements to the extent they meet the objectives described above, and we do not use derivatives for trading or speculative purposes. At March 31, 2017, we were a party to hedging transactions, including the use of derivative financial instruments, as discussed below.

Interest Rate Risk

In the normal course of business, we are exposed to the impact of interest rate changes due to our borrowing activities. Our objective is to manage the risk of interest rate changes on the results of operations, cash flows, and the market value of our debt by creating an appropriate balance between our fixed and floating-rate debt. We enter into interest rate derivative transactions from time to time, including interest rate swaps, in order to maintain a level of exposure to interest rate variability that we deem acceptable. At March 31, 2017 and December 31, 2016, we did not hold any interest rate swap contracts.

The following table sets forth the contractual maturities and the total fair values at March 31, 2017 for our financial instruments materially affected by interest rate risk:

	Maturities by Period
	2017		2018		2019		2020		2021		Thereafter		Total Carrying Amount (1)			Total Fair Value
Fixed-rate debt	$	4	$	4	$	200	$	5	$	255	$	918	$	1,386		$	1,462
Average interest rate (2)													4.89		%
Floating-rate debt (3)	$	289	$	14	$	14	$	14	$	14	$	14	$	359		$	372
Average interest rate (2)													3.53		%

(1) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.

(2) Average interest rate as of March 31, 2017.

(3) Includes the Grand Hyatt Rio de Janeiro construction loan which had a 9.07% interest rate at March 31, 2017.

Foreign Currency Exposures and Exchange Rate Instruments

We transact business in various foreign currencies and utilize foreign currency forward contracts to offset our exposure associated with the fluctuations of certain foreign currencies. The U.S. dollar equivalents of the notional amounts of the outstanding forward contracts, the majority of which relate to intercompany transactions, with terms of less than one year, were $184 million and $204 million at March 31, 2017 and December 31, 2016, respectively.

We intend to offset the gains and losses related to our third-party debt, debt repayment guarantees, and intercompany transactions with gains or losses on our foreign currency forward contracts such that there is a negligible effect on net income. Our exposure to market risk has not materially changed from what we previously disclosed in our 2016 Form 10-K.

For the three months endedMarch 31, 2017 and March 31, 2016, the effect of these derivative instruments within other income (loss), net on our condensed consolidated statements of income were a loss of $5 million and an insignificant gain, respectively.

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Item 4. Controls and Procedures.

Disclosure Controls and Procedures.    We maintain a set of disclosure controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. In accordance with Rule 13a-15(b) of the Exchange Act, as of the end of the period covered by this quarterly report, an evaluation was carried out under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, of the effectiveness of our disclosure controls and procedures. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures, as of the end of the period covered by this quarterly report, were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to our management, including the Principal Executive Officer and Principal Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting.    There has been no change in our internal control over financial reporting during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.    Legal Proceedings.

We are involved in various claims and lawsuits arising in the normal course of business, including proceedings involving tort and other general liability claims, workers' compensation and other employee claims, intellectual property claims and claims related to our management of certain hotel properties. Most occurrences involving liability, claims of negligence and employees are covered by insurance with solvent insurance carriers. We recognize a liability when we believe the loss is probable and reasonably estimable. We currently believe that the ultimate outcome of such lawsuits and proceedings will not, individually or in the aggregate, have a material effect on our consolidated financial position, results of operations or liquidity.

Item 1A. Risk Factors.

At March 31, 2017, there have been no material changes from the risk factors previously disclosed in response to Item 1A. to Part I of our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

The following table sets forth information regarding our purchases of shares of Class A common stock during the quarter ended March 31, 2017:

	Total Number of Shares Purchased (1)	Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased under the Program
January 1 to January 31, 2017	267,532	$	55.12	267,532	$	341,969,508
February 1 to February 28, 2017	350,423	$	54.41	350,423	$	322,903,370
March 1 to March 31, 2017	4,862,681	$	52.19	4,862,681	$	9,119,281
Total	5,480,636	$	52.48	5,480,636

(1) On each of February 18, 2016 and December 13, 2016, we announced approvals of expansions of our share repurchase program pursuant to which we are authorized to purchase up to an additional $250 million of Class A and Class B common stock in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan. The repurchase program does not have an expiration date. At March 31, 2017, we had approximately $9 million remaining under our current share repurchase authorization. During the period, we entered into the 2017 ASR to repurchase $300 million of our Class A common stock. At March 31, 2017, there are $60 million of shares that have not yet settled. On May 3, 2017, our board of directors authorized the repurchase of up to an additional $500 million of the Company's Class A and Class B common stock. At May 4, 2017, we had approximately $509 million remaining under our current share repurchase authorization. See Note 18 for further details regarding the 2017 share repurchase plan.

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Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not Applicable.

Item 5.    Other Information.

On May 3, 2017, we filed a Certificate of Retirement with the Secretary of State of the State of Delaware to retire 539,370 shares of Class B common stock, $0.01 par value per share, of the Company (the "Class B Common Stock"). All 539,370 shares of Class B Common Stock were converted into shares of Class A common stock, $0.01 par value per share, of the Company (the "Class A Common Stock"). Our Amended and Restated Certificate of Incorporation requires that any shares of Class B Common Stock that are converted into shares of Class A Common Stock be retired and may not be reissued.

Effective upon filing, the Certificate of Retirement amended our Amended and Restated Certificate of Incorporation to reduce the total authorized number of shares of capital stock of the Company by 539,370 shares. The total number of authorized shares of the Company is now 1,432,318,251, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 422,318,251 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share. A copy of the Certificate of Retirement is attached as Exhibit 3.1 to this Quarterly Report on Form 10-Q.

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Item 6.    Exhibits.

Exhibit Number	Exhibit Description
3.1	Amended and Restated Certificate of Incorporation of Hyatt Hotels Corporation
3.2	Amended and Restated Bylaws of Hyatt Hotels Corporation (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K (File No. 001-34521) filed with the Securities and Exchange Commission on September 11, 2014)
10.1	Hyatt Hotels Corporation Executive Officer Severance and Change in Control Plan and Summary Plan Description (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-34521) filed with the Securities and Exchange Commission on March 22, 2017)
31.1	Certification of the Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of the Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Hyatt Hotels Corporation
Date:	May 4, 2017	By:	/s/ Mark S. Hoplamazian
			Mark S. Hoplamazian
			President and Chief Executive Officer
			(Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned, in his capacity as the principal financial officer of the registrant.

		Hyatt Hotels Corporation
Date:	May 4, 2017	By:	/s/ Patrick J. Grismer
			Patrick J. Grismer
			Executive Vice President, Chief Financial Officer
			(Principal Financial Officer)

45

EX-3.1

Exhibit 3.1

AMENDED & RESTATED

CERTIFICATE OF INCORPORATION

OF

HYATT HOTELS CORPORATION

_____________________________________________

(Under Sections 242 and 245 of the

Delaware General Corporation Law)

It is hereby certified that:

1. The name of the corporation (hereinafter called the "Corporation") is HYATT HOTELS CORPORATION.

2. The Certificate of Incorporation of the Corporation was originally filed under the name “Global Hyatt, Inc.” with the Secretary of State of the State of Delaware on August 4, 2004.

3. This Amended and Restated Certificate of Incorporation of the Corporation has been duly adopted by the Board of Directors and stockholders of the Corporation in accordance with Sections 242 and 245 of the General Corporation Law of the State of Delaware and by the written consent of its stockholders in accordance with Section 228 of the General Corporation Law of the State of Delaware.

4. The Certificate of Incorporation of the Corporation is hereby amended and restated in its entirety to read as follows:

ARTICLE I

NAME

The name of this corporation (the “Corporation”) is: Hyatt Hotels Corporation.

ARTICLE II

ADDRESS OF REGISTERED OFFICE;

NAME OF REGISTERED AGENT

The address of the Corporation's registered office in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington, County of New Castle, Delaware 19808. The name of the Corporation's registered agent at such address is Corporation Service Company.

ARTICLE III

PURPOSE

The purpose of the Corporation is to engage in any lawful activity for which corporations may be organized under the General Corporation Law of the State of Delaware, as amended (the “DGCL”).

ARTICLE IV

CAPITAL STOCK

Section 1. Authorized Shares. The total number of shares of stock which the Corporation is authorized to issue is 1,510,000,000 shares, of which 1,000,000,000 shares shall be shares of Class A Common Stock, par value $0.01 per share (the ”Class A Common Stock”), 500,000,000 shares shall be shares of Class B Common Stock, par value $0.01 per share (the “Class B Common Stock”, and together with the Class A Common Stock, the “Common Stock”), and 10,000,000 shares shall be shares of Preferred Stock, par value $0.01 per share (“Preferred Stock”).

Upon this Amended and Restated Certificate of Incorporation becoming effective pursuant to the DGCL (the "Effective Time"), each share of the Corporation's Common Stock, par value $0.01 per share, issued and outstanding immediately prior to the Effective Time (the “Old Common Stock”) (a) that is then held of record by any holder specified in the resolutions duly adopted by the Board of Directors on October 9, 2009 (the "Specified Holders") will automatically be reclassified into one share of Class A Common Stock and (b) that is then held of record by any holder other than a Specified Holder will automatically be reclassified into one share of Class B Common Stock. Each certificate that theretofore represented shares of Old Common Stock shall thereafter represent such number of shares of Class A Common Stock or Class B Common Stock, as applicable, into which the shares of Old Common Stock represented by such certificate have been reclassified.

Section 2. Common Stock. The Class A Common Stock and the Class B Common Stock shall have the following powers, designations, preferences and rights and qualifications, limitations and restrictions:

(a)    Voting Rights.

(i)    Except as otherwise provided herein or by applicable law, the holders of Class A Common Stock and Class B Common Stock shall at all times vote together as a single class on all matters (including election of directors) submitted to a vote of the stockholders of the Corporation.

(ii)    Each holder of Class A Common Stock shall be entitled to one vote for each share of Class A Common Stock held of record by such holder as of the applicable record date on any matter that is submitted to a vote of the stockholders of the Corporation.

(iii)    Each holder of Class B Common Stock shall be entitled to ten votes for each share of Class B Common Stock held of record by such holder as of the applicable record date on any matter that is submitted to a vote of the stockholders of the Corporation.

Notwithstanding the foregoing, except as otherwise required by applicable law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Amended and Restated Certificate of Incorporation (including any certificate filed with the Secretary of State establishing the terms of a series of Preferred Stock in accordance with Section 3 of this Article IV) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series of Preferred Stock are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to applicable law

or this Amended and Restated Certificate of Incorporation (including any certificate filed with the Secretary of State establishing the terms of a series of Preferred Stock in accordance with Section 3 of this Article IV).

(b)    Dividends and Distributions. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock outstanding at any time, the holders of Class A Common Stock and the holders of Class B Common Stock shall be entitled to share equally, on a per share basis, in such dividends and other distributions of cash, property or shares of stock of the Corporation as may be declared by the Board of Directors from time to time with respect to the Common Stock out of assets or funds of the Corporation legally available therefor; provided, however, that in the event that such dividend is paid in the form of Common Stock or rights to acquire Common Stock, the holders of Class A Common Stock shall receive shares of Class A Common Stock or rights to acquire shares of Class A Common Stock, as the case may be, and the holders of shares of Class B Common Stock shall receive shares of Class B Common Stock or rights to acquire shares of Class B Common Stock, as the case may be.

(c)    Liquidation, etc. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock outstanding at any time, in the event of a voluntary or involuntary liquidation, dissolution, distribution of assets or winding up of the Corporation, the holders of Class A Common Stock and the holders of Class B Common Stock shall be entitled to share equally, on a per share basis, in all assets of the Corporation of whatever kind available for distribution to the holders of Common Stock.

(d)    Subdivision or Combination. If the Corporation in any manner subdivides or combines the outstanding shares of one class of Common Stock, the outstanding shares of the other class of Common Stock will be subdivided or combined in the same manner.

(e)    Equal Status. Except as expressly provided in this Article IV, shares of Class A Common Stock and Class B Common Stock shall have the same rights and privileges and rank equally, share ratably and be identical in all respect as to all matters. In any merger, consolidation, reorganization or other business combination, the consideration received per share by the holders of the Class A Common Stock and the holders of the Class B Common Stock in such merger, consolidation, reorganization or other business combination shall be identical; provided, however, that if such consideration consists, in whole or in part, of shares of capital stock of, or other equity interests in, the Corporation or any other corporation, partnership, limited liability company or other entity, then the powers, designations, preferences and relative, common, participating, optional or other special rights and qualifications, limitations and restrictions of such shares of capital stock or other equity interests may differ to the extent that the powers, designations, preferences and relative, common, participating, optional or other special rights and qualifications, limitations and restrictions of the Class A Common Stock and Class B Common Stock differ as provided herein (including, without limitation, with respect to the voting rights and conversion provisions hereof); and providedfurther, that, if the holders of the Class A Common Stock or the holders of the Class B Common Stock are granted the right to elect to receive one of two or more alternative forms of consideration, the foregoing provision shall be deemed satisfied if holders of the other class are granted identical election rights. Any consideration to be paid to or received by holders of Class A Common Stock or holders of Class B Common Stock pursuant to any employment, consulting, severance, non-competition or other similar arrangement approved by the Board of Directors, or any duly authorized committee thereof, shall not be considered to be "consideration received per share" for purposes of the foregoing provision, regardless of whether such consideration is paid in connection with, or conditioned upon the completion of, such merger, consolidation, reorganization or other business combination.

(f)    Conversion.

(i)    As used in this Section 2(f), the following terms shall have the following meanings:

(1)    "2007 Investors" shall mean Madrone Capital, LLC, The Goldman Sachs Group, Inc. and Mori Building Capital Investment LLC, and their respective "Affiliates" (as defined in the 2007 Stockholders' Agreement).

(2)    "2007 Stockholders' Agreement" shall mean that certain Global Hyatt Corporation 2007 Stockholders' Agreement, dated as of August 28, 2007, by and among the Corporation and the 2007 Investors signatory thereto, as amended from time to time.

(3)    "Agreement Relating to Stock" shall mean that certain Agreement Relating to Stock, dated as of August 28, 2007, between and among each of Thomas J. Pritzker, Marshall E. Eisenberg and Karl J. Breyer, not individually but in their capacity as trustees, and the other parties signatory thereto, as amended from time to time.

(4)    "Foreign Global Hyatt Agreement" shall mean that certain Amended and Restated Foreign Global Hyatt Agreement, dated as of October 1, 2009, between and among the parties signatory thereto, as amended from time to time.

(5)    "Global Hyatt Agreement" shall mean that certain Amended and Restated Global Hyatt Agreement, dated as of October 1, 2009, between and among each of Thomas J. Pritzker, Marshall E. Eisenberg and Karl J. Breyer, not individually but in their capacity as trustees, and the other parties signatory thereto, as amended from time to time.

(6)    “Permitted Transfer” shall mean:

(a)    the Transfer of any share or shares of Class B Common Stock to one or more Permitted Transferees of the Registered Holder of such share or shares of Class B Common Stock, or to one or more other Registered Holders and/or Permitted Transferees of such other Registered Holders, or the subsequent Transfer of any share or shares of Class B Common Stock by any such transferee to the Registered Holder and/or one or more other Permitted Transferees of the Registered Holder; provided, however, that for so long as the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock, as applicable, remains in effect, any such Transfer of any share or shares of Class B Common Stock held by (i) any Person that is party to, or any other Person directly or indirectly controlled by any one or more Persons that are party to, or otherwise bound by (including Persons who execute a joinder to, and thereby become subject to the provisions of) the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock, as applicable, or (ii) with respect to the Foreign Global Hyatt Agreement, any Person directly or indirectly controlled by any one or more non-United States situs trusts which are for the benefit of one or more Pritzkers (even though such Person is not party to the Foreign Global Hyatt Agreement), shall not be a "Permitted Transfer" within the meaning of this Section 2(f)(i)(6)(a) unless, in connection with such Transfer, the transferee (and, in the case of a transferee that is a trust, the requisite number of trustees necessary to bind the trust) (to the extent not already party thereto) executes a joinder to, and thereby becomes subject to the provisions of, as applicable, the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock;

(b)    the grant of a revocable proxy to an officer or officers or a director or directors of the Corporation at the request of the Board of Directors in connection with actions to be taken at an annual or special meeting of stockholders;

(c)    the pledge of a share or shares of Class B Common Stock that creates a security interest in such pledged share or shares pursuant to a bona fide loan or indebtedness transaction, in each case with a third party lender that makes such loan in the ordinary course of its business, so long as the Registered Holder of such pledged share or shares or one or more Permitted Transferees of the Registered Holder continue to exercise exclusive Voting Control over such pledged share or shares; provided, however, that a foreclosure on such pledged share or shares or other action that would result in a Transfer of such pledged share or shares to the pledgee shall not be a "Permitted Transfer" within the meaning of this Section 2(f)(i)(6)(c);

(d)    the Transfer of any share or shares of Class B Common Stock held by any Registered Holder that is a 2007 Investor, to any Affiliate of such Registered Holder to the extent that a Transfer to such Affiliate is permitted by, and completed solely in accordance with the terms and conditions of, the 2007 Stockholders' Agreement; provided, however, that such Transfer by a 2007 Investor shall not be a "Permitted Transfer" within the meaning of this Section 2(f)(i)(6)(d) unless, in connection with such Transfer, the transferee (to the extent not already party thereto) executes a joinder to, and thereby becomes subject to the provisions of, the 2007 Stockholders' Agreement;

(e)    the existence or creation of a power of appointment or authority that may be exercised with respect to a share or shares of Class B Common Stock held by a trust; provided,

however, that the Transfer of such share or shares of Class B Common Stock upon the exercise of such power of appointment or authority shall not be a "Permitted Transfer" within the meaning of this Section 2(f)(i)(6)(e); and

(f)    any Transfer approved in advance by the Board of Directors, or a majority of the independent directors serving thereon, upon a determination that such Transfer is consistent with the purposes of the foregoing provisions of this definition of "Permitted Transfer", so long as such Transfer otherwise complies with the provisions of Sections 2(f)(i)(6)(a) or 2(f)(i)(6)(d) of this Article IV, as applicable, requiring transferees (to the extent not already party thereto) to execute joinders to, and thereby become subject to the provisions of, the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock, as applicable.

For the avoidance of doubt, the direct Transfer of any share or shares of Class B Common Stock by a Registered Holder to any other Person shall qualify as a "Permitted Transfer" within the meaning of this Section 2(f)(i)(6), if such Transfer could have been completed indirectly through one or more transactions involving more than one Transfer, so long as each Transfer in such transaction or transactions would otherwise have qualified as a "Permitted Transfer" within the meaning of this Section 2(f)(i)(6). For the further avoidance of doubt, a Transfer may qualify as a “Permitted Transfer” within the meaning of this Section 2(f)(i)(6) under any one or more than one of the clauses of this Section 2(f)(i)(6) as may be applicable to such Transfer, without regard to any proviso in, or requirement of, any other clause(s) of this Section 2(f)(i)(6).

(7)    “Permitted Transferee” shall mean:

(a)    with respect to any Pritzker:

(i) one or more other Pritzkers; and

(ii) the Pritzker Foundation, and/or any of the eleven private charitable foundations to which the Pritzker Foundation transferred a portion of its assets in September 2002, so long as a majority of the board of directors or similar governing body of such private charitable foundation is comprised of Pritzkers;

(b)    with respect to any natural person:

(i) his or her lineal descendants who are Pritzkers (such persons are referred to as a person's "Related Persons");

(ii) a trust or trusts for the sole current benefit of such natural person and/or one or more of such natural person's Related Persons; provided, however, that a trust shall qualify as a "Permitted Transferee" notwithstanding that a remainder interest in such trust is for the benefit of any Person other than such natural person and/or one or more of such natural person's Related Persons, until such time as such trust is for the current benefit of such Person;

(iii) one or more corporations, partnerships, limited liability companies or other entities so long as all of the equity interests in such entities are owned, directly or indirectly, by such natural person and/or one or more of such natural person's Related Persons, and such natural person and/or one or more of such natural person's Related Persons have sole dispositive power and exclusive Voting Control with respect to the shares of Class B Common Stock held by such corporation, partnership, limited liability company or other entity; and

(iv) the guardian or conservator of any such natural person who has been adjudged disabled, incapacitated, incompetent or otherwise unable to manage his or her own affairs by a court of competent jurisdiction, in such guardian's or conservator's capacity as such, and/or the executor, administrator or personal representative of the estate of any such Registered Holder who is deceased, in such executor's, administrator's or personal representative's capacity as such;

(c)    with respect to any trust:

(i) one or more current beneficiaries of such trust who are Pritzkers, any Permitted Transferee of any such current beneficiary and/or any appointee of a power of appointment

exercised with respect to such trust, if such appointee is a Pritzker; provided, however, that any Person holding a remainder interest in such trust shall not be a “Permitted Transferee” of such trust unless such Person is a Pritzker or a Permitted Transferee of any current beneficiary who is a Pritzker;

(ii) any other trust so long as the current beneficiaries of such other trust are Pritzkers, and/or any other trust for the benefit of an appointee of a power of appointment exercised with respect to such trust, if such appointee is a Pritzker; provided, however, that such other trust shall qualify as a "Permitted Transferee" notwithstanding that a remainder interest in such other trust is for the benefit of any Person other than a Pritzker until such time as such other trust is for the current benefit of such Person;

(iii) any current trustee or trustees of such trust in the capacity as trustee of such trust, and any successor trustee or trustees in the capacity as trustee of such trust; and

(iv) one or more corporations, partnerships, limited liability companies or other entities so long as all of the equity interests in such entities are owned, directly or indirectly, by such trust and/or one or more Permitted Transferees of such trust, and such trust and/or one or more Permitted Transferees of such trust have sole dispositive power and exclusive Voting Control with respect to the shares of Class B Common Stock held by such corporation, partnership, limited liability company or other entity;

(d)    with respect to any corporation, partnership, limited liability company or other entity (a “Corporate Person”), other than the 2007 Investors:

(i) the shareholders, partners, members or other equity holders of such Corporate Person, as applicable, who are Pritzkers, in accordance with their respective rights and interests therein, and/or any Permitted Transferee of any such shareholders, partners, members or other equity holders;

(ii) any other corporation, partnership, limited liability company or other entity so long as all of the equity interests in such other corporation, partnership, limited liability company or other entity are owned, directly or indirectly, by such Corporate Person and/or one or more Permitted Transferees of such Corporate Person, and such Corporate Person and/or one or more Permitted Transferees of such Corporate Person has sole dispositive power and exclusive Voting Control with respect to the shares of Class B Common Stock held by such other corporation, partnership, limited liability company or other entity; and

(iii) any other corporation, partnership, limited liability company or other entity so long as such other corporation, partnership, limited liability company or other entity owns, directly or indirectly, all of the equity interests of such Corporate Person, and such other corporation, partnership, limited liability company or other entity has sole dispositive power and exclusive Voting Control with respect to the equity interests of such Corporate Person;

(e)    with respect to any bankrupt or insolvent Person, the trustee or receiver of the estate of such bankrupt or insolvent Person, in such trustee's or receiver's capacity as such; and

(f)    with respect to any Person that holds Class B Common Stock as the guardian or conservator of any Person who has been adjudged disabled, incapacitated, incompetent or otherwise unable to manage his or her own affairs, or as the executor, administrator or personal representative of the estate of any deceased Person, or as the trustee or receiver of the estate of a bankrupt or insolvent Person, (i) any Permitted Transferee of such disabled, incapacitated, incompetent, deceased, bankrupt or insolvent Person or (ii) in the event that such disabled, incapacitated, incompetent, deceased, bankrupt or insolvent Person is a 2007 Investor, an Affiliate of such 2007 Investor.

For the avoidance of doubt, the “Permitted Transferees” of any Person within the meaning of this Section 2(f)(i)(7) may be determined under any one or more than one of the clauses of this Section 2(f)(i)(7), if such clauses are applicable to such Person. For the further avoidance of doubt, references to a "trust" shall mean the trust or the trustee or trustees of such trust acting in such capacity, as the context may require.

With respect to a share or shares of Class B Common Stock held by a 2007 Investor, following the "Restriction Expiration Date" (as defined in the 2007 Stockholders' Agreement), the "Permitted Transferee" of any 2007 Investor shall be determined for purposes of Sections 2(f)(i)(7)(b) and 2(f)(i)(7)(c) of this Article IV without regard to any references to Pritzkers contained therein.

(8)    “Person” shall mean any natural person, trust, corporation, partnership, limited liability company or other entity.

(9)    “Pritzker” shall mean the Pritzker family members, who are the lineal descendants of Nicholas J. Pritzker, deceased, and spouses or surviving spouses of such descendants, any trust that is a Permitted Transferee of any of the foregoing, and any other Person that is a Permitted Transferee of any of the foregoing.

(10)    “Registered Holder” shall mean (a) the registered holder of any share or shares of Class B Common Stock immediately prior to the consummation of the initial public offering of shares of Class A Common Stock (the “IPO”), (b) the initial registered holder of any share or shares of Class B Common Stock that are originally issued by the Corporation after the consummation of the IPO, and (c) any Person that becomes the registered holder of any share or shares of Class B Common Stock as a result of a Permitted Transfer in accordance with this Section 2(f).

(11)    “Transfer” of a share or shares of Class B Common Stock shall mean any direct or indirect sale, exchange, assignment, transfer, conveyance, gift, hypothecation or other transfer or disposition (including, without limitation, the granting or exercise of a power of appointment or a proxy, attorney in fact, power of attorney or otherwise) of such share or shares or any legal or beneficial interest in such share or shares, whether or not for value and whether voluntary or involuntary or by operation of law. A “Transfer” shall include, without limitation, a transfer of a share or shares of Class B Common Stock to a broker or other nominee (regardless of whether or not there is a corresponding change in beneficial ownership), and the transfer of, or entering into any agreement, arrangement or understanding with respect to, Voting Control over a share or shares of Class B Common Stock. Any sale, exchange, assignment, transfer, conveyance, gift, hypothecation or other transfer or disposition by any Person that is not a Pritzker (other than a 2007 Investor) of less than 5%of the equity interests of any other Person that holds shares of Class B Common Stock, shall not be deemed to result in a “Transfer” of such shares of Class B Common Stock within the meaning of this Section (2)(f)(i)(11). In addition, the existence of, the joinder of any Person to and agreement to become subject to the provisions of, or the voting of shares of Class B Common Stock in accordance with, the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock, shall not be deemed to result in a "Transfer" of shares of Class B Common Stock within the meaning of this Section (2)(f)(i)(11).

(12)    “Voting Control” shall mean, with respect to a share or shares of Class B Common Stock, the power, whether exclusive or shared, revocable or irrevocable, to vote or direct the voting of such share or shares of Class B Common Stock, by proxy, voting agreement or otherwise.

(ii) Each share of Class B Common Stock shall be convertible into one fully paid and non-assessable share of Class A Common Stock at the option of the holder thereof at any time, and from time to time, upon written notice to the transfer agent of the Corporation.

(iii) Subject to Section 2(f)(vii) of this Article IV, a share of Class B Common Stock shall automatically, without any further action on the part of the Corporation, any holder of Class B Common Stock or any other party, convert into one fully paid and non-assessable share of Class A Common Stock upon a Transfer of such share, other than a Permitted Transfer; provided, however, that each share of Class B Common Stock transferred to a Permitted Transferee or an Affiliate of a 2007 Investor pursuant to a Permitted Transfer shall automatically convert into one fully paid and non-assessable share of Class A Common Stock if any event occurs, or any state of facts arises or exists, that causes such Person to no longer qualify, as applicable, as a "Permitted Transferee" within the meaning of Section 2(f)(i)(7) of this Article IV or as an "Affiliate" of such 2007 Investor as defined in Section 2(f)(i)(1) of this Article IV.

(iv)    For so long as the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock, as applicable, remains in effect, each share of Class B Common Stock held by (a) any trust that is party to, or any other Person directly or indirectly controlled by any one or more trusts that are party to, or otherwise bound by (including any trust who executes, or whose trustees execute, a joinder to, and thereby become subject to the provisions of) the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock, as applicable, or (b) with respect to the Foreign Global Hyatt Agreement, any Person directly or indirectly controlled by any one or more non-United States situs trusts which are for the benefit of one or more Pritzkers (even though such Person is

not party to the Foreign Global Hyatt Agreement), shall automatically, without any further action on the part of the Corporation, any holder of Class B Common Stock or any other party, convert into one fully paid and non-assessable share of Class A Common Stock upon any change in the trustees of any such trust that is a Pritzker (in the case of clause (a)) or any such non-United States situs trusts that are Pritzkers (in the case of clause (b)) unless, in connection therewith, the requisite number of trustees necessary to bind such trust (to the extent not already party thereto) execute a joinder to, and thereby become subject to the provisions of, as applicable, the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock.

(v) Each share of Class B Common Stock shall automatically, without any further action on the part of the Corporation, any holder of Class B Common Stock or any other party, convert into one fully paid and non-assessable share of Class A Common Stock if, as of the record date for determining the stockholders entitled to vote at any annual or special meeting of the stockholders of the Corporation, the aggregate number of shares of Common Stock owned, directly or indirectly, by the Registered Holders is less than fifteen percent of the aggregate number of outstanding shares of Common Stock.

(vi) The Board of Directors, or any duly authorized committee thereof, may, from time to time, establish such policies and procedures relating to the conversion of a share or shares of Class B Common Stock into a share or shares of Class A Common Stock and the general administration of this dual class common stock structure, including the issuance of stock certificates with respect thereto, as it may deem necessary or advisable, and may request or require that holders of a share or shares of Class B Common Stock furnish affidavits or other proof to the Corporation as it may deem necessary or advisable to verify the ownership of such share or shares of Class B Common Stock and to confirm that an automatic conversion into a share or shares of Class A Common Stock has not occurred. If the Board of Directors, or a duly authorized committee thereof, determines that a share or shares of Class B Common Stock have been inadvertently Transferred in a Transfer that is not a Permitted Transfer, or any other event shall have occurred, or any state of facts arisen or come into existence, that would inadvertently cause the automatic conversion of such shares into Class A Common Stock pursuant to Section 2(f)(iii) of this Article IV, and the Registered Holder shall have cured or shall promptly cure such inadvertent Transfer or the event or state of facts that would inadvertently cause such automatic conversion, then the Board of Directors, or a duly authorized committee thereof, may determine that such share or shares of Class B Common Stock shall not have been automatically converted into Class A Common Stock pursuant to Section 2(f)(iii) of this Article IV.

(vii) In the event of a conversion of a share or shares of Class B Common Stock into a share or shares of Class A Common Stock pursuant to this Section 2, such conversion shall be deemed to have been made (a) in the event of a voluntary conversion pursuant to Section 2(f)(ii) of this Article IV, at the close of business on the business day on which written notice of such voluntary conversion is received by the transfer agent of the Corporation, (b) in the event of an automatic conversion upon a Transfer or if any other event occurs, or any state of facts arises or exists, that would cause an automatic conversion pursuant to Section 2(f)(iii) of this Article IV, at the time that the Transfer of such share or shares occurred or at the time that such other event occurred, or state of facts arose, as applicable, (c) in the event of an automatic conversion of shares upon the failure of the new trustee or trustees to assume the obligations under, as applicable, the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock, at the time such new trustee or trustees become such, and (d) in the event of an automatic conversion of all shares of Class B Common Stock pursuant to Section 2(f)(v) of this Article IV, at the close of business on the record date on which the Registered Holders own less than the requisite percentage of outstanding shares of Common Stock. Upon any conversion of a share or shares of Class B Common Stock to a share or shares of Class A Common Stock, subject only to rights to receive any dividends or other distributions payable in respect of such share or shares of Class B Common Stock with a record date prior to the date of such conversion, all rights of the holder of a share or shares of Class B Common Stock shall cease and such Person shall be treated for all purposes as having become the registered holder of such share or shares of Class A Common Stock. Shares of Class B Common Stock that are converted into shares of Class A Common Stock as provided in this Section 2 shall be retired and may not be reissued.

    (g)    Reservation of Stock. The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the shares of Class B Common Stock, such number of its shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Class B Common Stock into shares of Class A Common Stock.

(h)    Limitation on Future Issuance. Except as otherwise provided in or contemplated by Sections 2(b), 2(d) or 2(e) of this Article IV, the Corporation shall not issue additional shares of Class B Common Stock after the Effective Time.

Section 3. Preferred Stock. The Board of Directors is authorized, subject to limitations prescribed by law, to provide by resolution or resolutions for the issuance of a share or shares of Preferred Stock in one or more series and, by filing a certificate of designation pursuant to the DGCL setting forth a copy of such resolution or resolutions, to establish from time to time the number of shares to be included in each such series, and to fix the designation, powers, preferences, and rights of the shares of each such series and the qualifications, limitations, and restrictions thereof. The authority of the Board of Directors with respect to the Preferred Stock and any series shall include, but not be limited to, determination of the following:

(a)    the number of shares constituting any series and the distinctive designation of that series;

(b)    the dividend rate on the shares of any series, whether dividends shall be cumulative and, if so, from which date or dates, and the relative rights of priority, if any, of payment of dividends on shares of that series;

    (c)    whether any series shall have voting rights, in addition to the voting rights provided by applicable law, and, if so, the number of votes per share and the terms and conditions of such voting rights;

(d)    whether any series shall have conversion privileges and, if so, the terms and conditions of conversion, including provision for adjustment of the conversion rate upon such events as the Board of Directors shall determine;

(e)    whether the shares of any series shall be redeemable and, if so, the terms and conditions of such redemption, including the date or dates upon or after which they shall be redeemable and the amount per share payable in case of redemption, which amount may vary under different conditions and at different redemption dates;

(f)    whether any series shall have a sinking fund for the redemption or purchase of shares of that series, and, if so, the terms and amount of such sinking fund;

(g)    the rights of the shares of any series in the event of voluntary or involuntary dissolution or winding up of the Corporation, and the relative rights of priority, if any, of payment of shares of that series; and

(h)    any other powers, preferences, rights, qualifications, limitations, and restrictions of any series.

Notwithstanding the provisions of Section 242(b)(2) of the DGCL, the number of authorized shares of Preferred Stock and Common Stock may, without a class or series vote, be increased or decreased (but not below the number of shares thereof then outstanding) from time to time by the affirmative vote of the holders of at least a majority of the voting power of the Corporation's then outstanding capital stock, voting together as a single class.

ARTICLE V

BOARD OF DIRECTORS

Section 1. Powers of the Board. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. In addition to the powers and authority expressly conferred upon them by applicable law or by this Amended and Restated Certificate of Incorporation or the Bylaws of the Corporation, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation.

Section 2. Classification of the Board. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock with respect to any directors elected (or to be elected) by the holders of such series, effective upon the Effective Time, the directors of the Corporation shall be divided into three classes as nearly equal in size as is practicable, hereby designated Class I, Class II and Class III. The Board of Directors may assign members of the Board of Directors already in office to such classes as of the Effective

Time. The term of office of the initial Class I directors shall expire at the first regularly-scheduled annual meeting of the stockholders following the Effective Time; the term of office of the initial Class II directors shall expire at the second annual meeting of the stockholders following the Effective Time; and the term of office of the initial Class III directors shall expire at the third annual meeting of the stockholders following the Effective Time. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock with respect to any directors elected (or to be elected) by the holders of such series, at each annual meeting of stockholders, commencing with the first regularly-scheduled annual meeting of stockholders following the Effective Time, each of the successors elected to replace the directors of a class whose term shall have expired at such annual meeting shall be elected to hold office until the third annual meeting next succeeding his or her election and until his or her respective successor shall have been duly elected and qualified.

Section 3. Number of Directors. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock with respect to any directors elected (or to be elected) by the holders of such series, (a) the total number of directors constituting the entire Board of Directors shall consist of not less than five nor more than fifteen members, with the precise number of directors to be determined from time to time exclusively by a vote of a majority of the entire Board of Directors, and (b) if the number of directors is changed, any increase or decrease shall be apportioned among such classes of directors in such manner as the Board of Directors shall determine so as to maintain the number of directors in each class as nearly equal as possible, but in no case will a decrease in the number of directors shorten the term of any incumbent director.

Section 4. Removal of Directors. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock with respect to any directors elected by the holders of such series and except as otherwise required by applicable law, any or all of the directors of the Corporation may be removed from office only for cause and only by the affirmative vote of the holders of at least a majority of the voting power of the Corporation's then outstanding capital stock entitled to vote generally in the election of directors, voting together as a single class.

Section 5. Vacancies. Except as may be provided in a resolution or resolutions providing for any series of Preferred Stock with respect to any directors elected (or to be elected) by the holders of such series, any vacancies in the Board of Directors for any reason and any newly created directorships resulting by reason of any increase in the number of directors may be filled only by the Board of Directors (and not by the stockholders), acting by majority of the remaining directors then in office, although less than a quorum, or by a sole remaining director, and any directors so appointed shall hold office until the next election of the class of directors to which such directors have been appointed and until their successors are elected and qualified.

Section 6. Bylaws. The Board of Directors shall have the power to adopt, amend, alter, change or repeal any and all Bylaws of the Corporation. In addition, the stockholders of the Corporation may adopt, amend, alter, change or repeal any and all Bylaws of the Corporation by the affirmative vote of the holders of at least eighty percent of the voting power of the Corporation's then outstanding capital stock entitled to vote, voting together as a single class (notwithstanding the fact that a lesser percentage may be specified by applicable law).

Section 7. Elections of Directors. Elections of directors need not be by ballot unless the Bylaws of the Corporation shall so provide.

Section 8. Officers. Except as otherwise expressly delegated by resolution of the Board of Directors, the Board of Directors shall have the exclusive power and authority to appoint and remove officers of the Corporation.

ARTICLE VI

STOCKHOLDERS

Section 1. Actions by Consent. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock, any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual or special meeting of such stockholders and may not be effected by any written consent in lieu of a meeting by such stockholders.

Section 2. Special Meetings of Stockholders. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock, special meetings of stockholders of the

Corporation may be called only by the Chairman of the Board of Directors or by the Secretary upon direction of the Board of Directors pursuant to a resolution adopted by a majority of the entire Board of Directors.

ARTICLE VII

DIRECTOR LIABILITY

A director of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as it presently exists or may hereafter be amended. Any amendment, modification or repeal of the foregoing sentence shall not adversely affect any right arising prior to the time of such amendment, modification or repeal.

ARTICLE VIII

INDEMNIFICATION

Section 1. Right of Indemnification. The Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person (a “Covered Person”) who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, except as otherwise provided in Section 3 of this Article VIII, the Corporation shall be required to indemnify a Covered Person in connection with a Proceeding (or part thereof) commenced by such Covered Person only if the commencement of such Proceeding (or part thereof) by the Covered Person was authorized in the specific case by the Board of Directors.

Section 2. Prepayment of Expenses. The Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys' fees) incurred by a Covered Person in defending any Proceeding in advance of its final disposition, provided, however, that, to the extent required by law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be ultimately determined that the Covered Person is not entitled to be indemnified under this Article VIII or otherwise.

Section 3. Claims. If a claim for indemnification (following the final disposition of the Proceeding with respect to which indemnification is sought, including any settlement of such Proceeding) or advancement of expenses under this Article VIII is not paid in full within thirty days after a written claim therefor by the Covered Person has been received by the Corporation, the Covered Person may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim to the fullest extent permitted by applicable law. In any such action the Corporation shall have the burden of proving that the Covered Person is not entitled to the requested indemnification or advancement of expenses under this Article VIII and applicable law.

Section 4. Non-exclusivity of Rights. The rights conferred on any Covered Person by this Article VIII shall not be exclusive of any other rights which such Covered Person may have or hereafter acquire under any statute, any other provision of this Amended and Restated Certificate of Incorporation, the Bylaws of the Corporation, or any agreement, vote of stockholders or disinterested directors or otherwise.

Section 5. Amendment or Repeal. Any right to indemnification or to advancement of expenses of any Covered Person arising hereunder shall not be eliminated or impaired by an amendment to or repeal of this Article VIII after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought.

Section 6. Other Indemnification and Advancement of Expenses. This Article VIII shall not limit the right of the Corporation, to the extent and in the manner permitted by law, to indemnify and to advance expenses to persons other than Covered Persons when and as authorized by appropriate corporate action.

ARTICLE IX

SECTION 203

The Corporation elects not to be governed by Section 203 of the DGCL.

ARTICLE X

AMENDMENT

The Corporation hereby reserves the right to amend, alter, change or repeal any provision contained in this Amended and Restated Certificate of Incorporation in any manner permitted by the DGCL and all rights and powers conferred upon stockholders and/or directors herein are granted subject to this reservation. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock, any such amendment, alteration, change or repeal shall require the affirmative vote of both (a) sixty-six and 2/3rds percent of the entire Board of Directors and (b) eighty percent of the voting power of the Corporation's then outstanding capital stock entitled to vote, voting together as a single class (notwithstanding the fact that a lesser percentage may be specified by applicable law). Any vote of stockholders required by this Article X shall be in addition to any other vote that may be required by applicable law, the Bylaws of the Corporation or any agreement with a national securities exchange or otherwise.

IN WITNESS WHEREOF, Hyatt Hotels Corporation has caused this Amended and Restated Certificate of Incorporation to be executed by its duly authorized officer this 4th day of November, 2009

HYATT HOTELS CORPORATION
By:	/s/ Harmit J. Singh
	Harmit J. Singh
	Chief Financial Officer

CERTIFICATE OF RETIREMENT

OF

38,000,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuantto Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the "Corporation"), HEREBY CERTIFIES as follows:

1.38,000,000 outstanding shares of Class B Common Stock, par value $0.01 per share ("Class B Common Stock"), of the Corporation have been converted into 38,000,000 shares of Class A Common Stock, par value $0.01 per share ("Class A Common Stock"), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009 provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 38,000,000 shares of Class B Common Stock that converted into 38,000,000 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the effective date of the filing of this Certificate of Retirement, the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 38,000,000 shares, such that the total number of authorized shares of the Corporation shall be 1,472,000,000, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 462,000,000 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 11th day of December, 2009.

HYATT HOTELS CORPORATION
By:	/s/ Susan T. Smith
	Susan T. Smith
	General Counsel, Senior Vice President and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

539,588 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the "Corporation"), HEREBY CERTIFIES as follows:

1.539,588 outstanding shares of Class B Common Stock, par value $0.01 per share ("Class B Common Stock"), of the Corporation have been converted into 539,588 shares of Class A Common Stock, par value $0.01 per share ("Class A Common Stock"), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended by a certificate of retirement of 38,000,000 shares of Class B Common Stock filed with the Secretary of State of the State of Delaware on December 11, 2009, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 539,588 shares of Class B Common Stock that converted into 539,588 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the effective date of the filing of this Certificate of Retirement, the Certificate of Incorporation of the Corporation shall be further amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 539,588 shares, such that the total number of authorized shares of the Corporation shall be 1,471,460,412, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 461,460,412 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

- 1 -

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 14th day of September, 2010.

HYATT HOTELS CORPORATION
By:	/s/ Harmit J. Singh
	Harmit J. Singh
	Executive Vice President, Chief Financial Officer

-2-

CERTIFICATE OF RETIREMENT

OF

8,987,695 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the "Corporation"), HEREBY CERTIFIES as follows:

1.8,987,695 outstanding shares of Class B Common Stock, par value $0.01 per share ("Class B Common Stock"), of the Corporation have been converted into 8,987,695 shares of Class A Common Stock, par value $0.01 per share ("Class A Common Stock"), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 8,987,695 shares of Class B Common Stock that converted into 8,987,695 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filingof this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 8,987,695 shares, such that the total number of authorized shares of the Corporation shall be 1,462,472,717, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 452,472,717 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

-1-

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 18th day of May, 2011.

HYATT HOTELS CORPORATION
By:	/s/ Rena Hozore Reiss
	Rena Hozore Reiss
	Executive Vice President, General Counsel and Secretary

-2-

CERTIFICATE OF RETIREMENT

OF

863,721 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the "Corporation"), HEREBY CERTIFIES as follows:

1.863,721 outstanding shares of Class B Common Stock, par value $0.01 per share ("Class B Common Stock"), of the Corporation have been converted into 863,721 shares of Class A Common Stock, par value $0.01 per share ("Class A Common Stock"), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 863,721 shares of Class B Common Stock that converted into 863,721 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 863,721 shares, such that the total number of authorized shares of the Corporation shall be 1,461,608,996, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 451,608,996 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 14th day of February, 2012.

HYATT HOTELS CORPORATION
By:	/s/ Rena Hozore Reiss
	Rena Hozore Reiss
	Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

1,000,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the "Corporation"), HEREBY CERTIFIES as follows:

1.1,000,000 outstanding shares of Class B Common Stock, par value $0.01 per share ("Class B Common Stock"), of the Corporation have been converted into 1,000,000 shares of Class A Common Stock, par value $0.01 per share ("Class A Common Stock"), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,000,000 shares of Class B Common Stock that converted into 1,000,000 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,000,000 shares, such that the total number of authorized shares of the Corporation shall be 1,461,472,717, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 451,472,717 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 27th day of September, 2012.

HYATT HOTELS CORPORATION
By:	/s/ Rena Hozore Reiss
	Rena Hozore Reiss
	Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

1,623,529 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the "Corporation"), HEREBY CERTIFIES as follows:

1.1,623,529 outstanding shares of Class B Common Stock, par value $0.01 per share ("Class B Common Stock"), of the Corporation have been converted into 1,623,529 shares of Class A Common Stock, par value $0.01 per share ("Class A CommonStock"), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,623,529 shares of Class B Common Stock that converted into 1,623,529 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,623,529 shares, such that the total number of authorized shares of the Corporation shall be 1,458,985,467, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 448,985,467 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

- 1 -

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 13 day of December, 2012.

HYATT HOTELS CORPORATION
By:	/s/ Rena Hozore Reiss
	Rena Hozore Reiss
	Executive Vice President, General Counsel and Secretary

-2-

CERTIFICATE OF RETIREMENT

OF

1,556,713 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.1,556,713 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 1,556,713 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,556,713 shares of Class B Common Stock that converted into 1,556,713 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,556,713 shares, such that the total number of authorized shares of the Corporation shall be 1,457,428,754, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 447,428,754 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 12th day of February, 2013.

HYATT HOTELS CORPORATION
By:	/s/ Rena Hozore Reiss
	Rena Hozore Reiss
	Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

1,498,019 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.1,498,019 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 1,498,019 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,498,019 shares of Class B Common Stock that converted into 1,498,019 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,498,019 shares, such that the total number of authorized shares of the Corporation shall be 1,455,930,735, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 445,930,735 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 10th day of May, 2013.

HYATT HOTELS CORPORATION
By:	/s/ Rena Hozore Reiss
	Rena Hozore Reiss
	Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

295,072 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.295,072 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 295,072 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 295,072 shares of Class B Common Stock that converted into 295,072 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 295,072 shares, such that the total number of authorized shares of the Corporation shall be 1,455,635,663, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 445,635,663 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

- 1 -

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 30th day of May, 2013.

HYATT HOTELS CORPORATION
By:	/s/ Rena Hozore Reiss
	Rena Hozore Reiss
	Executive Vice President, General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,113,788 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.1,113,788 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 1,113,788 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,113,788 shares of Class B Common Stock that converted into 1,113,788 shares of Class A Common Stock.

Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,113,788 shares, such that the total number of authorized shares of the Corporation shall be 1,454,521,875, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 444,521,875 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 13th day of June, 2013.

HYATT HOTELS CORPORATION
By:	/s/ Rena Hozore Reiss
	Rena Hozore Reiss
	Executive Vice President, General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,122,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.1,122,000 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 1,122,000 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,122,000 shares of Class B Common Stock that converted into 1,122,000 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,122,000 shares, such that the total number of authorized shares of the Corporation shall be 1,453,399,875, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 443,399,875 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 5th day of November, 2014.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Rena Hozore Reiss

Executive Vice President, General

- 2 -

CERTIFICATE OF RETIREMENT

OF

750,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.750,000 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 750,000 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 750,000 shares of Class B Common Stock that converted into 750,000 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 750,000 shares, such that the total number of authorized shares of the Corporation shall be 1,452,649,875, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 442,649,875 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 25th day of February, 2015.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,026,501 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.1,026,501 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 1,026,501 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,026,501 shares of Class B Common Stock that converted into 1,026,501 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,026,501 shares, such that the total number of authorized shares of the Corporation shall be 1,451,623,374, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 441,623,374 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 13th day of May, 2015.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,881,636 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.1,881,636 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 1,881,636 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,881,636 shares of Class B Common Stock that converted into 1,881,636 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,881,636 shares, such that the total number of authorized shares of the Corporation shall be 1,449,741,738, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 439,741,738 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 22nd day of August, 2016.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

500,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.500,000 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 500,000 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 500,000 shares of Class B Common Stock that converted into 500,000 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 500,000 shares, such that the total number of authorized shares of the Corporation shall be 1,449,241,738, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 439,241,738 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 1^st day of November, 2016.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

10,187,641 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.10,187,641 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 10,187,641 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 10,187,641 shares of Class B Common Stock that converted into 10,187,641 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 10,187,641 shares, such that the total number of authorized shares of the Corporation shall be 1,439,054,097, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 429,054,097 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 4th day of November, 2016.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

4,500,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.4,500,000 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 4,500,000 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 4,500,000 shares of Class B Common Stock that converted into 4,500,000 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 4,500,000 shares, such that the total number of authorized shares of the Corporation shall be 1,434,554,097, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 424,554,097 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 8th day of December, 2016.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,696,476 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.1,696,476 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 1,696,476 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,696,476 shares of Class B Common Stock that converted into 1,696,476 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,696,476 shares, such that the total number of authorized shares of the Corporation shall be 1,432,857,621, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 422,857,621 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 21^st day of December, 2016.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

539,370 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

Hyatt Hotels Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), HEREBY CERTIFIES as follows:

1.539,370 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 539,370 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

2.The Amended and Restated Certificate of Incorporation of the Corporation filed with the Secretary of State of the State of Delaware on November 4, 2009, as amended, provides that any shares of Class B Common Stock which are converted into shares of Class A Common Stock shall be retired and may not be reissued by the Corporation.

3.The Board of Directors of the Corporation has adopted resolutions retiring the 539,370 shares of Class B Common Stock that converted into 539,370 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 539,370 shares, such that the total number of authorized shares of the Corporation shall be 1,432,318,251, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 422,318,251 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 3rd day of May, 2017.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark S. Hoplamazian, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Hyatt Hotels Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 4, 2017	/s/ Mark S. Hoplamazian
	Mark S. Hoplamazian
	President and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Patrick J. Grismer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Hyatt Hotels Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 4, 2017	/s/ Patrick J. Grismer
	Patrick J. Grismer
	Executive Vice President, Chief Financial Officer
	(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hyatt Hotels Corporation (the “Company”) on Form 10-Q for the quarter ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 4, 2017	/s/ Mark S. Hoplamazian
	Mark S. Hoplamazian
	President and Chief Executive Officer
	(Principal Executive Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as a part of this report or on a separate disclosure document.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hyatt Hotels Corporation (the “Company”) on Form 10-Q for the quarter ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer's knowledge:

(1)    The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)    The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 4, 2017	/s/ Patrick J. Grismer
	Patrick J. Grismer
	Executive Vice President, Chief Financial Officer
	(Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as a part of this report or on a separate disclosure document.

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document Information
Entity Registrant Name	Hyatt Hotels Corp
Entity Central Index Key	0001468174
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Trading Symbol	h
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		35,162,851
Common Class B
Document Information
Entity Common Stock, Shares Outstanding		90,323,839

XML

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES:
Owned and leased hotels	$ 572	$ 516
Management and franchise fees	122	107
Other revenues	22	9
Other revenues from managed properties	471	457
Total revenues	1,187	1,089
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels	427	389
Depreciation and amortization	91	81
Other direct costs	19	6
Selling, general, and administrative	99	88
Other costs from managed properties	471	457
Direct and selling, general, and administrative expenses	1,107	1,021
Net gains and interest income from marketable securities held to fund operating programs	15	1
Equity earnings (losses) from unconsolidated hospitality ventures	(3)	2
Interest expense	(21)	(17)
Other income (loss), net	40	(4)
INCOME BEFORE INCOME TAXES	111	50
PROVISION FOR INCOME TAXES	(41)	(16)
NET INCOME	70	34
NET INCOME AND ACCRETION ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 70	$ 34
EARNINGS PER SHARE—Basic
Net income - Basic (in dollars per share)	$ 0.54	$ 0.25
Net income attributable to Hyatt Hotels Corporation - Basic (in dollars per share)	0.54	0.25
EARNINGS PER SHARE—Diluted
Net income - Diluted (in dollars per share)	0.54	0.25
Net income attributable to Hyatt Hotels Corporation - Diluted (in dollars per share)	$ 0.54	$ 0.25

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 70	$ 34
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax expense of $- for the three months ended March 31, 2017 and March 31, 2016	41	24
Unrealized gains (losses) on available-for-sale securities, net of tax expense (benefit) of $21 and $(3) for the three months ended March 31, 2017 and March 31, 2016, respectively	34	(4)
Other comprehensive income	75	20
COMPREHENSIVE INCOME	145	54
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 145	$ 54

XML

Condensed Consolidated Statements of Comprehensive Income Parentheticals - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax (benefit) expense	$ 0	$ 0
Unrealized gains (losses) on available-for-sale securities, tax (benefit) expense	$ 21	$ (3)

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 374	$ 482
Restricted cash	64	76
Short-term investments	52	56
Receivables, net of allowances of $18 at March 31, 2017 and December 31, 2016	367	304
Inventories	16	28
Prepaids and other assets	157	153
Prepaid income taxes	18	40
Total current assets	1,048	1,139
Investments	169	186
Property and equipment, net	4,472	4,270
Financing receivables, net of allowances	19	19
Goodwill	147	125
Intangibles, net	658	599
Deferred tax assets	303	313
Other assets	947	1,098
TOTAL ASSETS	7,763	7,749
CURRENT LIABILITIES:
Current maturities of long-term debt	299	119
Accounts payable	155	162
Accrued expenses and other current liabilities	552	514
Accrued compensation and benefits	103	129
Total current liabilities	1,109	924
Long-term debt	1,445	1,445
Other long-term liabilities	1,480	1,472
Total liabilities	4,034	3,841
Commitments and contingencies
Redeemable noncontrolling interest in preferred shares of a subsidiary	9	0
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at March 31, 2017 and December 31, 2016	0	0
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 35,137,361 issued and outstanding at March 31, 2017, and Class B common stock, $0.01 par value per share, 422,857,621 shares authorized, 90,323,839 shares issued and outstanding at March 31, 2017. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 39,952,061 issued and outstanding at December 31, 2016, and Class B common stock, $0.01 par value per share, 422,857,621 shares authorized, 90,863,20	1	1
Additional paid-in capital	1,352	1,686
Retained earnings	2,563	2,493
Accumulated other comprehensive loss	(202)	(277)
Total stockholders’ equity	3,714	3,903
Noncontrolling interests in consolidated subsidiaries	6	5
Total equity	3,720	3,908
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY	$ 7,763	$ 7,749

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Condensed Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts receivable, current	$ 18	$ 18
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares, outstanding (in shares)	35,137,361	39,952,061
Common stock, shares, issued (in shares)	35,137,361	39,952,061
Common Class B
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	422,857,621	442,857,621
Common stock, shares, outstanding (in shares)	90,323,839	90,863,209
Common stock, shares, issued (in shares)	90,323,839	90,863,209

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 70	$ 34
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	91	81
Deferred income taxes	(16)	(1)
Realized losses from marketable securities	40	0
Working capital changes and other	(35)	(63)
Net cash provided by operating activities	150	51
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments	(111)	(85)
Proceeds from marketable securities and short-term investments	119	83
Contributions to investments	(8)	(15)
Return of investments	200	23
Acquisitions, net of cash acquired	(245)	0
Capital expenditures	(50)	(38)
Sales proceeds transferred from escrow to cash and cash equivalents	0	29
Other investing activities	1	(9)
Net cash used in investing activities	(94)	(12)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt, net of issuance costs of $- and $4, respectively	180	426
Repayments of long-term debt	(3)	(95)
Repurchase of common stock	(348)	(63)
Proceeds from redeemable noncontrolling interest in preferred shares of a subsidiary	9	0
Other financing activities	(3)	(4)
Net cash (used in) provided by financing activities	(165)	264
EFFECT OF EXCHANGE RATE CHANGES ON CASH	1	11
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(108)	314
CASH AND CASH EQUIVALENTS—BEGINNING OF YEAR	482	457
CASH AND CASH EQUIVALENTS—END OF PERIOD	374	771
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	37	33
Cash paid during the period for income taxes	10	16
Non-cash investing and financing activities are as follows:
Change in accrued capital expenditures	$ 17	$ 4

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Condensed Consolidated Statements of Cash Flows Condensed Consolidated Statements of Cash Flows Parentheticals - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Cash Flows [Abstract]
Debt Issuance Cost	$ 0	$ 4

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Organization

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

ORGANIZATION

Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") provide hospitality services on a worldwide basis through the development, ownership, operation, management, franchising and licensing of hospitality related businesses. We develop, own, operate, manage, franchise, license or provide services to a portfolio of properties consisting of full service hotels, select service hotels, resorts and other properties, including timeshare, fractional and other forms of residential or vacation properties. At March 31, 2017, (i) we operated or franchised 318 full service hotels, comprising 123,684 rooms throughout the world, (ii) we operated or franchised 346 select service hotels, comprising 48,577 rooms, of which 316 hotels are located in the United States, and (iii) our portfolio of properties included 6 franchised all inclusive Hyatt-branded resorts, comprising 2,401 rooms, and 3 owned destination wellness resorts, comprising 386 rooms. At March 31, 2017, our portfolio of properties operated in 56 countries around the world.

As used in these Notes and throughout this Quarterly Report on Form 10-Q, (i) the terms "Company," "we," "us" or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries and (ii) the term "portfolio of properties" refers to hotels and other properties or residential ownership units that we develop, own, operate, manage, franchise, license or provide services to, including under our Park Hyatt, Miraval, Grand Hyatt, Hyatt Regency, Hyatt, Andaz, Hyatt Centric, The Unbound Collection by Hyatt, Hyatt Place, Hyatt House, Hyatt Ziva, Hyatt Zilara and Hyatt Residence Club brands.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the "2016 Form 10-K").

We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary.

Management believes the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods.

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Recently Issued Accounting Pronouncements

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Recently Issued Accounting Pronouncements

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Adopted Accounting Standards—In March 2016, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for interim periods and fiscal years beginning after December 15, 2016. We adopted ASU 2016-09 on January 1, 2017, which resulted in recognition of excess tax benefits from share-based payment transactions on the condensed consolidated statements of income and within operating activities on the condensed consolidated statements of cash flows, on a prospective basis. ASU 2016-09 did not materially impact our condensed consolidated financial statements and prior periods have not been adjusted.

Future Adoption of Accounting Standards—In May 2014, the FASB released Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and provides a single, comprehensive revenue recognition model for contracts with customers. In August 2015, the FASB released Accounting Standards Update No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 delays the effective date of ASU 2014-09 by one year, making it effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted as of the original effective date under ASU 2014-09.

The standard permits the use of either the full retrospective or modified retrospective (cumulative effect) transition method. We currently expect to adopt ASU 2014-09 utilizing the full retrospective transition method on January 1, 2018.

While we continue to evaluate possible impacts on our condensed consolidated financial statements, ASU 2014-09 is expected to impact either the amount or timing of revenue recognition as follows:

•Under existing guidance, gains on sales of real estate when we maintain substantial continuing involvement are deferred and amortized into management and franchise fees revenues. Upon adoption of ASU 2014-09, gains on sales of real estate will be recognized when control of the property transfers to the buyer. We expect any remaining unamortized deferred gains as of our date of adoption will be included as an adjustment to retained earnings. For the three months ended March 31, 2017 and March 31, 2016, Hyatt recognized $5 million of management fee revenues related to the amortization of these deferred gains.

•Under existing guidance, amortization of certain management and franchise agreement intangibles is recorded within depreciation and amortization on our condensed consolidated statements of income. Upon adoption of ASU 2014-09, certain management and franchise agreement intangibles may meet the definition of consideration paid to a customer and therefore, would be recorded as contra-revenue within management and franchise fee revenues in our condensed consolidated statements of income.

•Under existing guidance, incentive fees are recognized in the amount that would be due as if the contract were to terminate at that time. Under ASU 2014-09, variable consideration is included in the transaction price only if it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur when the uncertainty associated with the variable consideration is subsequently resolved. This may result in a different pattern of recognition for incentive fees for certain contracts. We do not anticipate a material impact to incentive fees on a full year basis.

•Under existing guidance, franchise application fees are recognized at a point in time. Upon adoption of ASU 2014-09, initial franchise application fees will be recognized over time.

We do not expect the standard to materially affect the amount or timing of revenue recognition for royalty fees from our franchised properties or base management fees from our managed properties. We are continuing to evaluate other possible impacts to our condensed consolidated financial statements, including the impact related to our loyalty program.

In January 2016, the FASB released Accounting Standards Update No. 2016-01 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting for equity investments and financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The provisions of ASU 2016-01 are effective for interim periods and fiscal years beginning after December 15, 2017. Upon adoption, the unrealized gains (losses) on available-for-sale ("AFS") equity securities reported in accumulated other comprehensive loss at December 31, 2017 will be reclassified to retained earnings, and any subsequent changes in fair value will be recognized in net income on our condensed consolidated statements of income. We are currently evaluating the impacts of adopting ASU 2016-01. 

In February 2016, the FASB released Accounting Standards Update No. 2016-02 ("ASU 2016-02"), Leases (Topic 842). ASU 2016-02 requires lessees to record lease contracts on the balance sheet by recognizing a right-of-use asset and lease liability. The provisions of ASU 2016-02 are effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-02.

In June 2016, the FASB released Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a current expected credit loss model, which requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. ASU 2016-13 also requires credit losses relating to AFS debt securities to be recorded through an allowance for credit losses. The provisions of ASU 2016-13 are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-13.

In October 2016, the FASB released Accounting Standards Update No. 2016-16 (“ASU 2016-16”), Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The provisions of ASU 2016-16 are effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted. ASU 2016-16 requires an entity to adopt the amendments on a modified retrospective basis, recognizing the effects in retained earnings as of the beginning of the year of adoption. Upon adoption, we do not expect ASU 2016-16 to have a material impact on our condensed consolidated financial statements.

In January 2017, the FASB released Accounting Standards Update No. 2017-01 (“ASU 2017-01”), Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The provisions of ASU 2017-01 are effective for interim periods and fiscal years beginning after December 15, 2017. We are currently evaluating the impact of adopting ASU 2017-01.

In January 2017, the FASB released Accounting Standards Update No. 2017-04 (“ASU 2017-04”), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates Step 2 from the impairment test which requires entities to determine the implied fair value of goodwill to measure if any impairment charge is necessary. Instead, entities will record an impairment charge based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The provisions of ASU 2017-04 are effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2017-04.

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Equity and Cost Method Investments

3 Months Ended

Mar. 31, 2017

Equity And Cost Method Investments [Abstract]

Equity And Cost Method Investments

    EQUITY AND COST METHOD INVESTMENTS

	March 31, 2017		December 31, 2016
Equity method investments	$	163	$	180
Cost method investments	6		6
Total investments	$	169	$	186

During the three months endedMarch 31, 2017, an unconsolidated hospitality venture, which is classified as an equity method investment within our owned and leased hotels segment, sold a Hyatt Place hotel. We received proceeds of $4 million and recorded a gain of $2 million in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income.

The following table presents summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:

	Three Months Ended March 31,
	2017			2016
Total revenues	$	274		$	284
Gross operating profit	78			70
Income (loss) from continuing operations	(18		)	20
Net income (loss)	(18		)	20

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Marketable Securities

3 Months Ended

Mar. 31, 2017

Marketable Securities [Abstract]

Marketable Securities

MARKETABLE SECURITIES

We hold marketable securities to fund certain operating programs and for investment purposes. We periodically transfer cash and cash equivalents to time deposits, highly liquid and transparent commercial paper, corporate notes and bonds, U.S. government obligations and obligations of other government agencies for investment purposes.

Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:

	March 31, 2017			December 31, 2016
Marketable securities held to fund our loyalty program	$	397		$	394
Marketable securities held to fund deferred compensation plans held in rabbi trusts (Note 9)	364			352
Marketable securities held to fund our captive insurance companies	72			65
Total marketable securities held to fund operating programs	$	833		$	811
Less current portion of marketable securities held to fund operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets	(123		)	(109		)
Marketable securities held to fund operating programs included in other assets	$	710		$	702

Net gains and interest income from marketable securities held to fund operating programs on the condensed consolidated statements of income included realized and unrealized gains and losses and interest income related to the following:

	Three Months Ended March 31,
	2017		2016
Loyalty program	$	—	$	1
Deferred compensation plans held in rabbi trusts	15		—
Total net gains and interest income from marketable securities held to fund operating programs	$	15	$	1

Our captive insurance companies hold marketable securities which are classified as AFS and are invested in U.S. government agencies, time deposits and corporate debt securities. We classify these investments as current or long-term, based on their contractual maturity dates, which range from 2017 through 2021.

Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:

	March 31, 2017			December 31, 2016
Interest bearing money market funds	$	56		$	106
Time deposits	45			45
Preferred shares	—			290
Common shares	126			—
Total marketable securities held for investment purposes	$	227		$	441
Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(101		)	(151		)
Marketable securities held for investment purposes included in other assets	$	126		$	290

Fair Value—We measured the following financial assets at fair value on a recurring basis:

	March 31, 2017		Cash and cash equivalents		Short-term investments		Prepaids and other assets		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest bearing money market funds	$	72	$	72	$	—	$	—	$	—
Mutual funds	364		—		—		—		364
Common shares	126		—		—		—		126
Level Two - Significant Other Observable Inputs
Time deposits	58		—		46		—		12
U.S. government obligations	148		—		—		38		110
U.S. government agencies	48		—		4		8		36
Corporate debt securities	182		—		2		38		142
Mortgage-backed securities	19		—		—		5		14
Asset-backed securities	40		—		—		10		30
Municipal and provincial notes and bonds	3		—		—		1		2
Total	$	1,060	$	72	$	52	$	100	$	836

	December 31, 2016		Cash and cash equivalents		Short-term investments		Prepaids and other assets		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest bearing money market funds	$	114	$	114	$	—	$	—	$	—
Mutual funds	352		—		—		—		352
Level Two - Significant Other Observable Inputs
Time deposits	59		—		46		—		13
U.S. government obligations	142		—		—		33		109
U.S. government agencies	53		—		9		8		36
Corporate debt securities	181		—		1		35		145
Mortgage-backed securities	22		—		—		5		17
Asset-backed securities	34		—		—		8		26
Municipal and provincial notes and bonds	5		—		—		1		4
Level Three - Significant Unobservable Inputs
Preferred shares	290		—		—		—		290
Total	$	1,252	$	114	$	56	$	90	$	992

During the three months ended March 31, 2017 and March 31, 2016, there were no transfers between levels of the fair value hierarchy. We currently do not have non-financial assets or non-financial liabilities required to be measured at fair value on a recurring basis.

Preferred shares—During the year ended December 31, 2013, we invested $271 million in Playa Hotels & Resorts B.V. ("Playa") for convertible redeemable preferred shares which were classified as an AFS debt security. The fair value of the preferred shares was: 

	2017			2016
Fair value at January 1	$	290		$	335
Gross unrealized losses	(54		)	(7		)
Realized losses	(40		)	—
Interest income	94			—
Cash redemption	(290		)	—
Fair value at March 31	$	—		$	328

In March 2017, Playa completed a business combination with Pace Holdings Corporation ("Pace"), and our preferred shares plus accrued and unpaid paid in kind ("PIK") dividends were redeemed in full for $290 million. Upon redemption, we recorded $94 million of interest income and $40 million of realized losses in other income (loss), net on our condensed consolidated statements of income. The realized losses were the result of a difference between the fair value of the initial investment and the contractual redemption price of $8.40 per share.

Common shares—Prior to the Playa business combination, we accounted for our common share investment in Playa as an equity method investment. As a result of the Playa business combination, Playa Hotels & Resorts N.V. is now publicly traded on the NASDAQ and our ownership percentage was diluted to 11.57%. As we no longer have the ability to significantly influence Playa, our investment was recharacterized as an AFS equity security in March 2017. The remeasurement of our investment at fair value resulted in unrealized gains recorded in other comprehensive income of $109 million at March 31, 2017. The fair value of the common shares is classified as Level One in the fair value hierarchy as we are able to obtain market available pricing information. Our investment is re-measured quarterly at fair value through accumulated other comprehensive loss on the condensed consolidated balance sheets. In conjunction with the Playa business combination, we also received 1,738,806 of founders’ warrants to purchase 579,602 additional shares of Playa’s common stock and 237,110 of earn-out warrants. The warrants were recorded at a fair value of $5 million within other assets on the condensed consolidated balance sheets at March 31, 2017.

Held-to-Maturity Debt Securities—At March 31, 2017 and December 31, 2016, we had investments in held-to-maturity ("HTM") debt securities of $27 million, which are investments in third-party entities that own certain of our hotels. The amortized costs of our investments approximate fair value and are classified as Level Three in the fair value hierarchy. The securities are mandatorily redeemable between 2020 and 2025.

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Financing Receivables

3 Months Ended

Mar. 31, 2017

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Financing Receivables

FINANCING RECEIVABLES

	March 31, 2017			December 31, 2016
Unsecured financing to hotel owners	$	122		$	119
Less allowance for losses	(103		)	(100		)
Total long-term financing receivables, net	$	19		$	19

Allowance for Losses and Impairments—The following table summarizes the activity in our financing receivables allowance:

	2017		2016
Allowance at January 1	$	100	$	98
Provisions	2		1
Other Adjustments	1		1
Allowance at March 31	$	103	$	100

Credit Monitoring—Our unsecured financing receivables were as follows:

	March 31, 2017
	Gross Loan Balance (Principal and Interest)		Related Allowance			Net Financing Receivables		Gross Receivables on Non-Accrual Status
Loans	$	13	$	—		$	13	$	—
Impaired loans (1)	58		(58		)	—		58
Total loans	71		(58		)	13		58
Other financing arrangements	51		(45		)	6		45
Total unsecured financing receivables	$	122	$	(103	)	$	19	$	103

(1) The unpaid principal balance was $44 million and the average recorded loan balance was $57 million at March 31, 2017.

	December 31, 2016
	Gross Loan Balance (Principal and Interest)		Related Allowance			Net Financing Receivables		Gross Receivables on Non-Accrual Status
Loans	$	13	$	—		$	13	$	—
Impaired loans (2)	56		(56		)	—		56
Total loans	69		(56		)	13		56
Other financing arrangements	50		(44		)	6		44
Total unsecured financing receivables	$	119	$	(100	)	$	19	$	100

(2) The unpaid principal balance was $43 million and the average recorded loan balance was $57 million at December 31, 2016.

Fair Value—We estimated the fair value of financing receivables, which are classified as Level Three in the fair value hierarchy, to be approximately $19 million at March 31, 2017 and December 31, 2016.

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Acquisitions

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

Miraval—During the three months ended March 31, 2017, we acquired Miraval Group from an unrelated third party. The transaction included the Miraval Life in Balance Spa brand, Miraval Arizona Resort & Spa in Tucson, Arizona, Travaasa Resort in Austin, Texas, and the option to acquire Cranwell Spa & Golf Resort ("Cranwell") in Lenox, Massachusetts. We subsequently exercised our option and acquired approximately 95% of Cranwell during the three months ended March 31, 2017. These transactions are collectively referred to as "Miraval." Total cash consideration for Miraval was $239 million, subject to working capital adjustments.

The following table summarizes the fair value of the identifiable net assets acquired in the acquisition of Miraval, which is recorded within corporate and other:

Current assets, net of cash acquired	$	4
Property and equipment	173
Indefinite-lived intangibles (1)	37
Management agreement intangibles (2)	14
Goodwill (3)	20
Other definite-lived intangibles (4)	7
Total assets	$	255
Current liabilities	$	11
Deferred income tax liability	6
Total liabilities	17
Total net assets acquired attributable to Hyatt Hotels Corporation	238
Total net assets acquired attributable to noncontrolling interests	1
Total net assets acquired	$	239

(1) Includes an intangible attributable to the Miraval brand.

(2) Amortized over a useful life of 20 years.

(3) The goodwill, of which $8 million is deductible for tax purposes, is attributable to Miraval's reputation as a renowned provider of wellness and mindfulness experiences, the extension of the Hyatt brand beyond traditional hotel stays, and the establishment of deferred tax liabilities.

(4) Amortized over useful lives ranging from two to seven years.

Redeemable noncontrolling interest in preferred shares of a subsidiary—In conjunction with the acquisition of Miraval, a consolidated hospitality venture for which we are the managing member (the "Miraval Venture") issued $9 million of redeemable preferred shares to unrelated third-party investors. The preferred shares are non-voting, except as required by applicable law and certain contractual approval rights, and have liquidation preference over all other classes of securities within the Miraval Venture. The redeemable preferred shares earn a return of 12% and a redemption premium that increases over time depending on the length of time the redeemable preferred shares are outstanding. The preferred shares are redeemable at various time periods at the option of the Miraval Venture starting 12 months from the date of issuance. If not redeemed by the Miraval Venture prior to the two-year anniversary, the preferred shareholders have the option to require redemption of all preferred shares outstanding. The preferred shares are also redeemable upon the occurrence of certain change-in-control events. Under the current terms, the shares are classified as a redeemable noncontrolling interest in preferred shares of a subsidiary, which are presented between liabilities and equity on our condensed consolidated balance sheets and carried at the current redemption value.

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Intangibles, Net

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles, Net

INTANGIBLES, NET

	March 31, 2017			Weighted- Average Useful Lives in Years	December 31, 2016
Management and franchise agreement intangibles	$	611		25	$	589
Lease related intangibles	117			111	115
Brand and other indefinite-lived intangibles	53			—	16
Advanced bookings intangibles	12			6	11
Other definite-lived intangibles	12			11	6
	805				737
Accumulated amortization	(147		)		(138		)
Intangibles, net	$	658			$	599

Amortization expense relating to intangible assets was as follows:

	Three Months Ended March 31,
	2017		2016
Amortization expense	$	7	$	7

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Debt

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Debt

DEBT

Long-term debt, net of current maturities was $1,445 million at March 31, 2017 and December 31, 2016.

Revolving Credit Facility—During the three months ended March 31, 2017, we borrowed $180 million on our revolving credit facility at a weighted-average interest rate of 1.89%. At March 31, 2017 and December 31, 2016, we had $280 million and $100 million outstanding, respectively. At March 31, 2017, we had $1.2 billion available on our revolving credit facility.

Fair Value—We estimated the fair value of debt, excluding capital leases, which consists of $196 million of 6.875% senior notes due 2019 (the "2019 Notes"), $250 million of 5.375% senior notes due 2021 (the "2021 Notes"), $350 million of 3.375% senior notes due 2023 (the "2023 Notes") and $400 million of 4.850% senior notes due 2026 (the "2026 Notes"), collectively referred to as the Senior Notes, and other long-term debt. Our Senior Notes and bonds are classified as Level Two due to the use and weighting of multiple market inputs in the final price of the security. We estimated the fair value of other debt instruments using a discounted cash flow analysis based on current market inputs for similar types of arrangements. Based upon the lack of availability of market data, we have classified our revolving credit facility and other debt as Level Three. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. Fluctuations in these assumptions will result in different estimates of fair value.

We had the following debt balances, excluding capital lease obligations:

	March 31, 2017
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level One)		Significant Other Observable Inputs (Level Two)		Significant Unobservable Inputs (Level Three)
Debt (1)	$	1,745	$	1,834	$	—	$	1,462	$	372

(1) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.

	December 31, 2016
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level One)		Significant Other Observable Inputs (Level Two)		Significant Unobservable Inputs (Level Three)
Debt (2)	$	1,565	$	1,642	$	—	$	1,450	$	192

(2) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.

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Liabilities

3 Months Ended

Mar. 31, 2017

Other Liabilities [Abstract]

Liabilities

LIABILITIES

	March 31, 2017		December 31, 2016
Deferred compensation plans	$	364	$	352
Deferred gains on sales of hotel properties	357		363
Loyalty program liability	288		296
Guarantee liabilities (Note 11)	118		124
Other	353		337
Total other long-term liabilities	$	1,480	$	1,472

Accrued expenses and other current liabilities included $143 million and $139 million of liabilities related to our loyalty program at March 31, 2017 and December 31, 2016, respectively.

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Income Taxes

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The effective income tax rates for the three months ended March 31, 2017 and March 31, 2016, were 36.8% and 31.7%, respectively. Our effective tax rates increased for the three months ended March 31, 2017 compared to the three months ended March 31, 2016, primarily due to the impact of certain foreign unconsolidated hospitality venture losses not benefited in 2017.

Unrecognized tax benefits were $89 million and $86 million at March 31, 2017 and December 31, 2016, respectively, of which $9 million and $5 million, respectively, would impact the effective tax rates if recognized.

During the first quarter of 2017, the Internal Revenue Service ("IRS") issued a “Notice of Deficiency” for our 2009 through 2011 tax years. We disagree with the IRS’s assessment as it relates to the inclusion of loyalty program contributions as taxable income to the Company. In the second quarter of 2017, we intend to file a petition with the United States Tax Court for redetermination of the tax liability asserted by the IRS related to our loyalty program. If the IRS’s position is upheld, it would result in an income tax liability of $118 million (including $25 million of estimated interest, net of federal tax benefit) for the years under audit that would be primarily offset by a deferred tax asset, and therefore, only the related interest would have an impact on the effective tax rate if recognized. We believe we have adequate tax reserves in connection with this matter.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, we enter into various commitments, guarantees, surety bonds, and letter of credit agreements, which are discussed below:

Commitments—At March 31, 2017, we are committed, under certain conditions, to lend or invest up to $433 million, net of any related letters of credit, in various business ventures.

Performance Guarantees—Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels.

Our most significant performance guarantee relates to four managed hotels in France that we began managing in the second quarter of 2013 ("the four managed hotels in France"), which has a term of seven years, with approximately three and one-quarter years remaining. This guarantee has a maximum cap, but does not have an annual cap. The remaining maximum exposure related to our performance guarantees at March 31, 2017 was $349 million, of which €293 million ($312 million using exchange rates at March 31, 2017) related to the four managed hotels in France.

We had total net performance guarantee liabilities of $77 million and $79 million at March 31, 2017 and December 31, 2016, which included $52 million and $55 million recorded in other long-term liabilities, $26 million and $24 million in accrued expenses and other current liabilities, and $1 million and $0 in receivables on our condensed consolidated balance sheets, respectively. Our total performance guarantee liabilities are comprised of the fair value of the guarantee obligation liabilities recorded upon inception, net of amortization and any separate contingent liabilities, net of cash payments. Performance guarantee expense or income and income from amortization of the guarantee obligation liabilities are recorded in other income (loss), net on the condensed consolidated statements of income, see Note 17.

	The Four Managed Hotels in France						Other Performance Guarantees						All Performance Guarantees
	2017			2016			2017			2016			2017			2016
Beginning balance, January 1	$	66		$	93		$	13		$	4		$	79		$	97
Amortization of initial guarantee obligation liability into income	(3		)	(8		)	(1		)	—			(4		)	(8		)
Performance guarantee expense, net	26			19			—			—			26			19
Net payments during the period	(22		)	(14		)	(4		)	(1		)	(26		)	(15		)
Foreign currency exchange, net	2			4			—			—			2			4
Ending balance, March 31	$	69		$	94		$	8		$	3		$	77		$	97

Additionally, we enter into certain management contracts where we have the right, but not an obligation, to make payments to certain hotel owners if their hotels do not achieve specified levels of operating profit. If we choose not to fund the shortfall, the hotel owner has the option to terminate the management contract. At March 31, 2017 and December 31, 2016, there were no amounts recorded on our condensed consolidated balance sheets related to these performance test clauses.

Debt Repayment Guarantees—We enter into various debt repayment guarantees related to our unconsolidated hospitality ventures and certain managed or franchised hotels. Typically, we enter into debt repayment guarantees in order to assist hotel owners in obtaining third-party financing or to obtain more favorable borrowing terms. Included within debt repayment guarantees are the following:

Property Description	Maximum Potential Future Payments		Maximum Exposure Net of Recoverability from Third Parties		Other Long-term Liabilities recorded at March 31, 2017		Other Long-term Liabilities recorded at December 31, 2016		Year of Guarantee Expiration
Hotel property in Washington State(1), (3), (4), (5)	$	215	$	—	$	33	$	35	2020
Hotel properties in India (2), (3)	185		185		21		21		2020
Hotel property in Brazil (1)	80		40		3		3		2020
Hotel property in Minnesota	25		25		2		2		2021
Hotel property in Arizona (1), (4)	25		—		2		2		2019
Hotel properties in California (1)	21		8		5		6		2020
Other (1)	24		8		—		—		2017
Total	$	575	$	266	$	66	$	69

(1) We have agreements with our unconsolidated hospitality venture partner, the respective hotel owners or other third parties to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash, financing receivable, or HTM debt security.

(2) Debt repayment guarantee is denominated in Indian rupees and translated using exchange rates at March 31, 2017. We have the contractual right to recover amounts funded from the unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be $93 million, taking into account our partner’s 50% ownership interest in the unconsolidated hospitality venture.

(3) Under certain events or conditions, we have the right to force the sale of the property(ies) in order to recover amounts funded.

(4) If certain funding thresholds are met or if certain events occur, we have the ability to assume control of the property.

(5) We are subject to a completion guarantee whereby the parties agree to substantially complete the construction of the project by a specified date. In the event of default, we are obligated to complete construction using the funds available from the outstanding loan. Any additional funds paid by us are subject to recovery through a HTM debt security.

At March 31, 2017, the hotel owners are current on their debt service obligations.

Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be $229 million and $231 million at March 31, 2017 and December 31, 2016, respectively. Due to the lack of readily available market data, we have classified our guarantees as Level Three in the fair value hierarchy.

Insurance—We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through U.S. based and licensed captive insurance companies that are wholly owned subsidiaries of Hyatt and generally insure our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Losses estimated to be paid within 12 months are $32 million and $30 million at March 31, 2017 and December 31, 2016, respectively, and are classified within accrued expenses and other current liabilities on our condensed consolidated balance sheets, while losses expected to be payable in future periods are $63 million and $62 million at March 31, 2017 and December 31, 2016, respectively, and are included in other long-term liabilities on our condensed consolidated balance sheets. At March 31, 2017, standby letters of credit of $7 million were issued to provide collateral for the estimated claims, which are guaranteed by us. For further discussion, see the "—Letters of Credit" section of this Note.

Collective Bargaining Agreements—At March 31, 2017, approximately 25% of our U.S. based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment and orderly settlement of labor disputes. Certain employees are covered by union sponsored multi-employer pension and health plans pursuant to agreements between us and various unions. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good.

Surety Bonds—Surety bonds issued on our behalf were $25 million at March 31, 2017 and primarily relate to workers’ compensation, taxes, licenses and utilities related to our lodging operations.

Letters of Credit—Letters of credit outstanding on our behalf at March 31, 2017 were $236 million, which relate to our ongoing operations and securitization of our performance under our debt repayment guarantee associated with the hotel properties in India, which is only called upon if we default on our guarantee. The letters of credit outstanding do not reduce the available capacity under our revolving credit facility.

Capital Expenditures—As part of our ongoing business operations, significant expenditures are required to complete renovation projects that have been approved.

Other—We act as general partner of various partnerships owning hotel properties subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof.

In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed hotels, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture owners.

We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under the current insurance programs, subject to deductibles. We recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation will have a material effect on our condensed consolidated financial statements.

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Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Equity

EQUITY

	Stockholders’ equity			Noncontrolling interests in consolidated subsidiaries		Total equity
Balance at January 1, 2017	$	3,903		$	5	$	3,908
Net income	70			—		70
Other comprehensive income	75			—		75
Contributions from noncontrolling interests	—			1		1
Repurchase of common stock	(348		)	—		(348		)
Employee stock plan issuance	1			—		1
Share-based payment activity	13			—		13
Balance at March 31, 2017	$	3,714		$	6	$	3,720
	Stockholders’ equity			Noncontrolling interests in consolidated subsidiaries		Total equity
Balance at January 1, 2016	$	3,991		$	4	$	3,995
Net income	34			—		34
Other comprehensive income	20			—		20
Repurchase of common stock	(63		)	—		(63		)
Employee stock plan issuance	1			—		1
Share-based payment activity	13			—		13
Balance at March 31, 2016	$	3,996		$	4	$	4,000

Accumulated Other Comprehensive Loss—

	Balance at January 1, 2017			Current period other comprehensive income before reclassification			Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2017
Foreign currency translation adjustments	$	(299	)	$	41		$	—	$	(258	)
Unrealized gains on AFS securities	33			34			—		67
Unrecognized pension cost	(7		)	—			—		(7		)
Unrealized losses on derivative instruments	(4		)	—			—		(4		)
Accumulated other comprehensive income (loss)	$	(277	)	$	75		$	—	$	(202	)
	Balance at January 1, 2016			Current period other comprehensive income (loss) before reclassification			Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2016
Foreign currency translation adjustments	$	(257	)	$	24		$	—	$	(233	)
Unrealized gains (losses) on AFS securities	39			(4		)	—		35
Unrecognized pension cost	(7		)	—			—		(7		)
Unrealized losses on derivative instruments	(5		)	—			—		(5		)
Accumulated other comprehensive income (loss)	$	(230	)	$	20		$	—	$	(210	)

Share Repurchases—During 2016 and 2015, our board of directors authorized the repurchase of up to $500 million and $400 million, respectively, of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices we deem appropriate and subject to market conditions, applicable law and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A common stock and our Class B common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. On May 3, 2017, our board of directors authorized the repurchase of up to an additional $500 million of our common stock. See Note 18 for further details regarding the 2017 share repurchase plan.

In March 2017, we entered into an accelerated share repurchase program ("2017 ASR") with a third-party financial institution. Under the 2017 ASR agreement, we paid $300 million and received an initial delivery of 4,596,822 shares, which were repurchased at a price of $52.21 per share. This initial delivery of shares represents the minimum number of shares that we may receive under the agreement and was accounted for as a reduction to stockholders’ equity on the condensed consolidated balance sheets. Upon settlement of the 2017 ASR in a future period, the total number of shares ultimately delivered is determined based on the volume-weighted-average price of our common stock during that period. The remaining shares yet to be delivered, totaling $60 million, are accounted for as an equity-classified forward contract. The initial delivery of shares resulted in a reduction in the weighted-average common shares calculation for basic and diluted earnings per share. See Note 16.

During the three months ended March 31, 2017, we repurchased 5,480,636 shares, including shares repurchased pursuant to the 2017 ASR. The shares of common stock were repurchased at a weighted-average price of $52.48 per share for an aggregate purchase price of $288 million, excluding related insignificant expenses. Total shares repurchased during the three months ended March 31, 2017 represented approximately 4% of our total shares of common stock outstanding at December 31, 2016.

During the three months ended March 31, 2016, we repurchased 1,527,750 shares. The shares of common stock were repurchased at a weighted-average price of $41.37 per share for an aggregate purchase price of $63 million, excluding related insignificant expenses. The shares repurchased during the three months ended March 31, 2016 represented approximately 1% of our total shares of common stock outstanding at December 31, 2015.

The shares of Class A common stock repurchased on the open market were retired and returned to the status of authorized and unissued shares. At March 31, 2017, we had $9 million remaining under the share repurchase authorization.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Share-based Compensation [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

As part of our Long-Term Incentive Plan ("LTIP"), we award Stock Appreciation Rights ("SARs"), Restricted Stock Units ("RSUs"), Performance Share Units ("PSUs") and Performance Vesting Restricted Stock ("PSs") to certain employees. Compensation expense and unearned compensation presented below exclude amounts related to employees of our managed hotels and other employees whose payroll is reimbursed, as this expense has been and will continue to be reimbursed by our third-party hotel owners and is recorded in other revenues from managed properties and other costs from managed properties on our condensed consolidated statements of income. Stock-based compensation expense included in selling, general, and administrative expense on our condensed consolidated statements of income related to these awards was as follows:

	Three Months Ended March 31,
	2017		2016
SARs	$	8	$	7
RSUs	8		8
PSUs and PSs	—		1
Total stock-based compensation recorded within selling, general, and administrative expenses	$	16	$	16

SARs—During the three months ended March 31, 2017, we granted 605,601 SARs to employees with a weighted-average grant date fair value of $16.35.

RSUs— During the three months ended March 31, 2017, we granted 416,215 RSUs to employees with a weighted-average grant date fair value of $52.65.

PSUs and PSs—During the three months ended March 31, 2017, we granted a total of 102,115 PSUs to our executive officers, with a weighted-average grant date fair value of $52.65. The performance period applicable to such PSUs is a three year period beginning January 1, 2017 and ending December 31, 2019. During the three months ended March 31, 2017, we did not grant any PSs under our LTIP.

Our total unearned compensation for our stock-based compensation programs at March 31, 2017 was $8 million for SARs, $24 million for RSUs and $8 million for PSUs and PSs, which will primarily be recorded to compensation expense over the next three years with respect to SARs and RSUs, and over the next two years with respect to PSUs and PSs.

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Related-Party Transactions

3 Months Ended

Mar. 31, 2017

Related Party Transactions [Abstract]

Related-Party Transactions

    RELATED-PARTY TRANSACTIONS

In addition to those included elsewhere in the Notes to the condensed consolidated financial statements, related-party transactions entered into by us are summarized as follows:

Leases—Our corporate headquarters have been located at the Hyatt Center in Chicago, Illinois, since 2005. A subsidiary of the Company holds a master lease for a portion of the Hyatt Center and has entered into sublease agreements with certain related parties. Future expected sublease income for this space from related parties is $3 million.

Equity Method Investments—We have equity method investments in entities that own properties for which we receive management or franchise fees. We recorded fees of $6 million for the three months ended March 31, 2017 and March 31, 2016. At March 31, 2017 and December 31, 2016, we had receivables due from these properties of $7 million. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 11) to these entities. During the three months ended March 31, 2017 and March 31, 2016, we recorded fees related to these guarantees of $1 million. Our ownership interest in these unconsolidated hospitality ventures generally varies from 24% to 70%.

Class B Share Conversion—During the three months ended March 31, 2017, 539,370 shares of Class B common stock were converted on a share-for-share basis into shares of our Class A common stock, $0.01 par value per share. The shares of Class B common stock that were converted into shares of Class A common stock were retired subsequent to March 31, 2017, thereby reducing the shares of Class B common stock authorized and outstanding.

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Segment Information

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is our President and Chief Executive Officer. We define our reportable segments as follows:

• Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions at our owned and leased hotels related to our co-branded credit card, which are eliminated in consolidation.

• Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.

• ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as Greater China, Australia, South Korea, Japan and Micronesia. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.

• EAME/SW Asia management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia and Nepal. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.

Our chief operating decision maker evaluates performance based on each segment’s revenue and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude interest expense; provision for income taxes; depreciation and amortization; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense and other income (loss), net.

The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, results related to Miraval, license fees related to Hyatt Residence Club and results related to our co-branded credit card.

	Three Months Ended March 31,
	2017			2016
Owned and leased hotels
Owned and leased hotels revenues	$	558		$	516
Other revenues	13			—
Intersegment revenues (a)	2			—
Adjusted EBITDA	143			131
Depreciation and amortization	74			68
Americas management and franchising
Management and franchise fees revenues	104			91
Other revenues from managed properties	428			421
Intersegment revenues (a)	22			20
Adjusted EBITDA	90			76
Depreciation and amortization	5			5
ASPAC management and franchising
Management and franchise fees revenues	25			22
Other revenues from managed properties	26			21
Intersegment revenues (a)	—			—
Adjusted EBITDA	15			12
Depreciation and amortization	—			—
EAME/SW Asia management and franchising
Management and franchise fees revenues	16			16
Other revenues from managed properties	17			15
Intersegment revenues (a)	2			2
Adjusted EBITDA	8			8
Depreciation and amortization	1			1
Corporate and other
Revenues	26			9
Adjusted EBITDA	(29		)	(33		)
Depreciation and amortization	11			7
Eliminations
Revenues (a)	(26		)	(22		)
Adjusted EBITDA (b)	1			—
Depreciation and amortization	—			—
TOTAL
Revenues	$	1,187		$	1,089
Adjusted EBITDA	228			194
Depreciation and amortization	91			81

(a) Intersegment revenues are included in the management and franchise fees revenues and owned and leased hotels revenues and are eliminated in Eliminations.

(b) Adjusted EBITDA elimination includes expenses recorded by our owned and leased hotels related to billings for depreciation on technology-related capital assets.

The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA: 

	Three Months Ended March 31,
	2017			2016
Net income attributable to Hyatt Hotels Corporation	$	70		$	34
Interest expense	21			17
Provision for income taxes	41			16
Depreciation and amortization	91			81
EBITDA	223			148
Equity (earnings) losses from unconsolidated hospitality ventures	3			(2		)
Stock-based compensation expense (see Note 13)	16			16
Other (income) loss, net (see Note 17)	(40		)	4
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA	26			28
Adjusted EBITDA	$	228		$	194

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Earnings Per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows:

	Three Months Ended March 31,
	2017		2016
Numerator:
Net income	$	70	$	34
Net income and accretion attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	70	$	34
Denominator:
Basic weighted average shares outstanding	129,746,644		135,128,860
Share-based compensation	1,250,891		796,029
Diluted weighted average shares outstanding	130,997,535		135,924,889
Basic Earnings Per Share:
Net income	$	0.54	$	0.25
Net income and accretion attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	0.54	$	0.25
Diluted Earnings Per Share:
Net income	$	0.54	$	0.25
Net income and accretion attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	0.54	$	0.25

The computations of diluted net income per share for the three months ended March 31, 2017 and March 31, 2016 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs, RSUs and an equity-classified forward contract because they are anti-dilutive.

	Three Months Ended March 31,
	2017	2016
SARs	39,200	—
RSUs	—	12,000
Equity-classified forward contract under the 2017 ASR	26,800	—

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Other Income (Loss), Net

3 Months Ended

Mar. 31, 2017

Other Income and Expenses [Abstract]

Other Income (Loss), Net

OTHER INCOME (LOSS), NET

	Three Months Ended March 31,
	2017			2016
Interest income (Note 4)	$	95		$	1
Depreciation recovery	6			5
Performance guarantee liability amortization (Note 11)	4			8
Performance guarantee expense, net (Note 11)	(26		)	(19		)
Realized losses (Note 4)	(40		)	—
Other	1			1
Other income (loss), net	$	40		$	(4	)

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Subsequent Event

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

On May 3, 2017, our board of directors authorized the repurchase of up to an additional $500 million of our common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices we deem appropriate and subject to market conditions, applicable law and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A common stock and our Class B common stock. The common stock repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. At May 4, 2017, we had approximately $509 million remaining under our current share repurchase authorization.

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Recently Issued Accounting Pronouncements (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Basis of Accounting

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements.

Principles of Consolidation

We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary.

Recently Issued Account Pronouncements

Adopted Accounting Standards—In March 2016, the Financial Accounting Standards Board ("FASB") released Accounting Standards Update No. 2016-09 (“ASU 2016-09”), Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The provisions of ASU 2016-09 are effective for interim periods and fiscal years beginning after December 15, 2016. We adopted ASU 2016-09 on January 1, 2017, which resulted in recognition of excess tax benefits from share-based payment transactions on the condensed consolidated statements of income and within operating activities on the condensed consolidated statements of cash flows, on a prospective basis. ASU 2016-09 did not materially impact our condensed consolidated financial statements and prior periods have not been adjusted.

Future Adoption of Accounting Standards—In May 2014, the FASB released Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and provides a single, comprehensive revenue recognition model for contracts with customers. In August 2015, the FASB released Accounting Standards Update No. 2015-14 ("ASU 2015-14"), Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU 2015-14 delays the effective date of ASU 2014-09 by one year, making it effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted as of the original effective date under ASU 2014-09.

The standard permits the use of either the full retrospective or modified retrospective (cumulative effect) transition method. We currently expect to adopt ASU 2014-09 utilizing the full retrospective transition method on January 1, 2018.

While we continue to evaluate possible impacts on our condensed consolidated financial statements, ASU 2014-09 is expected to impact either the amount or timing of revenue recognition as follows:

•Under existing guidance, gains on sales of real estate when we maintain substantial continuing involvement are deferred and amortized into management and franchise fees revenues. Upon adoption of ASU 2014-09, gains on sales of real estate will be recognized when control of the property transfers to the buyer. We expect any remaining unamortized deferred gains as of our date of adoption will be included as an adjustment to retained earnings. For the three months ended March 31, 2017 and March 31, 2016, Hyatt recognized $5 million of management fee revenues related to the amortization of these deferred gains.

•Under existing guidance, amortization of certain management and franchise agreement intangibles is recorded within depreciation and amortization on our condensed consolidated statements of income. Upon adoption of ASU 2014-09, certain management and franchise agreement intangibles may meet the definition of consideration paid to a customer and therefore, would be recorded as contra-revenue within management and franchise fee revenues in our condensed consolidated statements of income.

•Under existing guidance, incentive fees are recognized in the amount that would be due as if the contract were to terminate at that time. Under ASU 2014-09, variable consideration is included in the transaction price only if it is probable that a significant reversal in the cumulative amount of revenue recognized would not occur when the uncertainty associated with the variable consideration is subsequently resolved. This may result in a different pattern of recognition for incentive fees for certain contracts. We do not anticipate a material impact to incentive fees on a full year basis.

•Under existing guidance, franchise application fees are recognized at a point in time. Upon adoption of ASU 2014-09, initial franchise application fees will be recognized over time.

We do not expect the standard to materially affect the amount or timing of revenue recognition for royalty fees from our franchised properties or base management fees from our managed properties. We are continuing to evaluate other possible impacts to our condensed consolidated financial statements, including the impact related to our loyalty program.

In January 2016, the FASB released Accounting Standards Update No. 2016-01 ("ASU 2016-01"), Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 revises the accounting for equity investments and financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. The provisions of ASU 2016-01 are effective for interim periods and fiscal years beginning after December 15, 2017. Upon adoption, the unrealized gains (losses) on available-for-sale ("AFS") equity securities reported in accumulated other comprehensive loss at December 31, 2017 will be reclassified to retained earnings, and any subsequent changes in fair value will be recognized in net income on our condensed consolidated statements of income. We are currently evaluating the impacts of adopting ASU 2016-01. 

In February 2016, the FASB released Accounting Standards Update No. 2016-02 ("ASU 2016-02"), Leases (Topic 842). ASU 2016-02 requires lessees to record lease contracts on the balance sheet by recognizing a right-of-use asset and lease liability. The provisions of ASU 2016-02 are effective for interim periods and fiscal years beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-02.

In June 2016, the FASB released Accounting Standards Update No. 2016-13 ("ASU 2016-13"), Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the existing impairment model for most financial assets from an incurred loss impairment model to a current expected credit loss model, which requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. ASU 2016-13 also requires credit losses relating to AFS debt securities to be recorded through an allowance for credit losses. The provisions of ASU 2016-13 are effective for interim periods and fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2016-13.

In October 2016, the FASB released Accounting Standards Update No. 2016-16 (“ASU 2016-16”), Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. ASU 2016-16 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The provisions of ASU 2016-16 are effective for interim periods and fiscal years beginning after December 15, 2017, with early adoption permitted. ASU 2016-16 requires an entity to adopt the amendments on a modified retrospective basis, recognizing the effects in retained earnings as of the beginning of the year of adoption. Upon adoption, we do not expect ASU 2016-16 to have a material impact on our condensed consolidated financial statements.

In January 2017, the FASB released Accounting Standards Update No. 2017-01 (“ASU 2017-01”), Business Combinations (Topic 805): Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The provisions of ASU 2017-01 are effective for interim periods and fiscal years beginning after December 15, 2017. We are currently evaluating the impact of adopting ASU 2017-01.

In January 2017, the FASB released Accounting Standards Update No. 2017-04 (“ASU 2017-04”), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates Step 2 from the impairment test which requires entities to determine the implied fair value of goodwill to measure if any impairment charge is necessary. Instead, entities will record an impairment charge based on the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The provisions of ASU 2017-04 are effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2017-04.

Self Insurance

We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through U.S. based and licensed captive insurance companies that are wholly owned subsidiaries of Hyatt and generally insure our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses.

Commitments and Contingencies Other

We act as general partner of various partnerships owning hotel properties subject to mortgage indebtedness. These mortgage agreements generally limit the lender’s recourse to security interests in assets financed and/or other assets of the partnership(s) and/or the general partner(s) thereof.

In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed hotels, we may provide standard indemnifications to the lender for loss, liability or damage occurring as a result of our actions or actions of the other unconsolidated hospitality venture owners.

We are subject, from time to time, to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual obligations. Many of these claims are covered under the current insurance programs, subject to deductibles. We recognize a liability associated with commitments and contingencies when a loss is probable and reasonably estimable. Although the ultimate liability for these matters cannot be determined at this point, based on information currently available, we do not expect the ultimate resolution of such claims and litigation will have a material effect on our condensed consolidated financial statements.

Segment Reporting

Our reportable segments are components of the business which are managed discretely and for which discrete financial information is reviewed regularly by the chief operating decision maker to assess performance and make decisions regarding the allocation of resources. Our chief operating decision maker is our President and Chief Executive Officer. We define our reportable segments as follows:

• Owned and leased hotels—This segment derives its earnings from owned and leased hotel properties located predominantly in the United States but also in certain international locations and for purposes of segment Adjusted EBITDA, includes our pro rata share of the Adjusted EBITDA of our unconsolidated hospitality ventures, based on our ownership percentage of each venture. Adjusted EBITDA includes intercompany expenses related to management fees paid to the Company's management and franchising segments, which are eliminated in consolidation. Intersegment revenues relate to promotional award redemptions at our owned and leased hotels related to our co-branded credit card, which are eliminated in consolidation.

• Americas management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in the United States, Latin America, Canada and the Caribbean. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to payroll costs at managed properties where the Company is the employer. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.

• ASPAC management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Southeast Asia, as well as Greater China, Australia, South Korea, Japan and Micronesia. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.

• EAME/SW Asia management and franchising—This segment derives its earnings primarily from a combination of hotel management and licensing of our portfolio of brands to franchisees located in Europe, Africa, the Middle East, India, Central Asia and Nepal. This segment’s revenues also include the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin. These costs relate primarily to reservations, marketing and technology costs. These revenues and costs are recorded within other revenues from managed properties and other costs from managed properties, respectively. The intersegment revenues relate to management fees earned from the Company’s owned hotels, which are eliminated in consolidation.

Our chief operating decision maker evaluates performance based on each segment’s revenue and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated hospitality ventures Adjusted EBITDA based on our ownership percentage of each venture, adjusted to exclude interest expense; provision for income taxes; depreciation and amortization; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense and other income (loss), net.

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Equity and Cost Method Investments (Tables)

3 Months Ended

Mar. 31, 2017

Equity And Cost Method Investments [Abstract]

Equity and Cost Method Investment Balances

	March 31, 2017		December 31, 2016
Equity method investments	$	163	$	180
Cost method investments	6		6
Total investments	$	169	$	186

Summarized Financial Information

The following table presents summarized financial information for all unconsolidated hospitality ventures in which we hold an investment accounted for under the equity method:

	Three Months Ended March 31,
	2017			2016
Total revenues	$	274		$	284
Gross operating profit	78			70
Income (loss) from continuing operations	(18		)	20
Net income (loss)	(18		)	20

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Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2017

Marketable Securities [Abstract]

Marketable Securities Held to Fund Operating Programs

Marketable securities held to fund operating programs, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:

	March 31, 2017			December 31, 2016
Marketable securities held to fund our loyalty program	$	397		$	394
Marketable securities held to fund deferred compensation plans held in rabbi trusts (Note 9)	364			352
Marketable securities held to fund our captive insurance companies	72			65
Total marketable securities held to fund operating programs	$	833		$	811
Less current portion of marketable securities held to fund operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets	(123		)	(109		)
Marketable securities held to fund operating programs included in other assets	$	710		$	702

Net Gains (Losses) and Interest Income from Marketable Securities Held to Fund Operating Programs

Net gains and interest income from marketable securities held to fund operating programs on the condensed consolidated statements of income included realized and unrealized gains and losses and interest income related to the following:

	Three Months Ended March 31,
	2017		2016
Loyalty program	$	—	$	1
Deferred compensation plans held in rabbi trusts	15		—
Total net gains and interest income from marketable securities held to fund operating programs	$	15	$	1

Marketable Securities Held for Investment Purposes

Marketable securities held for investment purposes, which are recorded at fair value and included on the condensed consolidated balance sheets, were as follows:

	March 31, 2017			December 31, 2016
Interest bearing money market funds	$	56		$	106
Time deposits	45			45
Preferred shares	—			290
Common shares	126			—
Total marketable securities held for investment purposes	$	227		$	441
Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(101		)	(151		)
Marketable securities held for investment purposes included in other assets	$	126		$	290

Assets and Liabilities Measured at Fair Value on a Recurring Basis

We measured the following financial assets at fair value on a recurring basis:

	March 31, 2017		Cash and cash equivalents		Short-term investments		Prepaids and other assets		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest bearing money market funds	$	72	$	72	$	—	$	—	$	—
Mutual funds	364		—		—		—		364
Common shares	126		—		—		—		126
Level Two - Significant Other Observable Inputs
Time deposits	58		—		46		—		12
U.S. government obligations	148		—		—		38		110
U.S. government agencies	48		—		4		8		36
Corporate debt securities	182		—		2		38		142
Mortgage-backed securities	19		—		—		5		14
Asset-backed securities	40		—		—		10		30
Municipal and provincial notes and bonds	3		—		—		1		2
Total	$	1,060	$	72	$	52	$	100	$	836

	December 31, 2016		Cash and cash equivalents		Short-term investments		Prepaids and other assets		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest bearing money market funds	$	114	$	114	$	—	$	—	$	—
Mutual funds	352		—		—		—		352
Level Two - Significant Other Observable Inputs
Time deposits	59		—		46		—		13
U.S. government obligations	142		—		—		33		109
U.S. government agencies	53		—		9		8		36
Corporate debt securities	181		—		1		35		145
Mortgage-backed securities	22		—		—		5		17
Asset-backed securities	34		—		—		8		26
Municipal and provincial notes and bonds	5		—		—		1		4
Level Three - Significant Unobservable Inputs
Preferred shares	290		—		—		—		290
Total	$	1,252	$	114	$	56	$	90	$	992

Investments Classified as Available For Sale

The fair value of the preferred shares was: 

	2017			2016
Fair value at January 1	$	290		$	335
Gross unrealized losses	(54		)	(7		)
Realized losses	(40		)	—
Interest income	94			—
Cash redemption	(290		)	—
Fair value at March 31	$	—		$	328

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Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2017

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Financing Receivables

	March 31, 2017			December 31, 2016
Unsecured financing to hotel owners	$	122		$	119
Less allowance for losses	(103		)	(100		)
Total long-term financing receivables, net	$	19		$	19

Allowance for Losses and Impairments

The following table summarizes the activity in our financing receivables allowance:

	2017		2016
Allowance at January 1	$	100	$	98
Provisions	2		1
Other Adjustments	1		1
Allowance at March 31	$	103	$	100

Credit Monitoring

Our unsecured financing receivables were as follows:

	March 31, 2017
	Gross Loan Balance (Principal and Interest)		Related Allowance			Net Financing Receivables		Gross Receivables on Non-Accrual Status
Loans	$	13	$	—		$	13	$	—
Impaired loans (1)	58		(58		)	—		58
Total loans	71		(58		)	13		58
Other financing arrangements	51		(45		)	6		45
Total unsecured financing receivables	$	122	$	(103	)	$	19	$	103

(1) The unpaid principal balance was $44 million and the average recorded loan balance was $57 million at March 31, 2017.

	December 31, 2016
	Gross Loan Balance (Principal and Interest)		Related Allowance			Net Financing Receivables		Gross Receivables on Non-Accrual Status
Loans	$	13	$	—		$	13	$	—
Impaired loans (2)	56		(56		)	—		56
Total loans	69		(56		)	13		56
Other financing arrangements	50		(44		)	6		44
Total unsecured financing receivables	$	119	$	(100	)	$	19	$	100

(2) The unpaid principal balance was $43 million and the average recorded loan balance was $57 million at December 31, 2016

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Acquisitions Acquisitions (Tables)

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of the identifiable net assets acquired in the acquisition of Miraval, which is recorded within corporate and other:

Current assets, net of cash acquired	$	4
Property and equipment	173
Indefinite-lived intangibles (1)	37
Management agreement intangibles (2)	14
Goodwill (3)	20
Other definite-lived intangibles (4)	7
Total assets	$	255
Current liabilities	$	11
Deferred income tax liability	6
Total liabilities	17
Total net assets acquired attributable to Hyatt Hotels Corporation	238
Total net assets acquired attributable to noncontrolling interests	1
Total net assets acquired	$	239

(1) Includes an intangible attributable to the Miraval brand.

(2) Amortized over a useful life of 20 years.

(3) The goodwill, of which $8 million is deductible for tax purposes, is attributable to Miraval's reputation as a renowned provider of wellness and mindfulness experiences, the extension of the Hyatt brand beyond traditional hotel stays, and the establishment of deferred tax liabilities.

(4) Amortized over useful lives ranging from two to seven years.

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Intangibles, Net (Tables)

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

	March 31, 2017			Weighted- Average Useful Lives in Years	December 31, 2016
Management and franchise agreement intangibles	$	611		25	$	589
Lease related intangibles	117			111	115
Brand and other indefinite-lived intangibles	53			—	16
Advanced bookings intangibles	12			6	11
Other definite-lived intangibles	12			11	6
	805				737
Accumulated amortization	(147		)		(138		)
Intangibles, net	$	658			$	599

Schedule of Indefinite-Lived Intangible Assets

	March 31, 2017			Weighted- Average Useful Lives in Years	December 31, 2016
Management and franchise agreement intangibles	$	611		25	$	589
Lease related intangibles	117			111	115
Brand and other indefinite-lived intangibles	53			—	16
Advanced bookings intangibles	12			6	11
Other definite-lived intangibles	12			11	6
	805				737
Accumulated amortization	(147		)		(138		)
Intangibles, net	$	658			$	599

Schedule of Intangible Assets Amortization Expense

Amortization expense relating to intangible assets was as follows:

	Three Months Ended March 31,
	2017		2016
Amortization expense	$	7	$	7

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Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Fair Value, by Balance Sheet Grouping

We had the following debt balances, excluding capital lease obligations:

	March 31, 2017
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level One)		Significant Other Observable Inputs (Level Two)		Significant Unobservable Inputs (Level Three)
Debt (1)	$	1,745	$	1,834	$	—	$	1,462	$	372

(1) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.

	December 31, 2016
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level One)		Significant Other Observable Inputs (Level Two)		Significant Unobservable Inputs (Level Three)
Debt (2)	$	1,565	$	1,642	$	—	$	1,450	$	192

(2) Excludes capital lease obligations of $15 million and unamortized discounts and deferred financing fees of $16 million.

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Liabilities (Tables)

3 Months Ended

Mar. 31, 2017

Other Liabilities [Abstract]

Liabilities

	March 31, 2017		December 31, 2016
Deferred compensation plans	$	364	$	352
Deferred gains on sales of hotel properties	357		363
Loyalty program liability	288		296
Guarantee liabilities (Note 11)	118		124
Other	353		337
Total other long-term liabilities	$	1,480	$	1,472

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantor Obligations

	The Four Managed Hotels in France						Other Performance Guarantees						All Performance Guarantees
	2017			2016			2017			2016			2017			2016
Beginning balance, January 1	$	66		$	93		$	13		$	4		$	79		$	97
Amortization of initial guarantee obligation liability into income	(3		)	(8		)	(1		)	—			(4		)	(8		)
Performance guarantee expense, net	26			19			—			—			26			19
Net payments during the period	(22		)	(14		)	(4		)	(1		)	(26		)	(15		)
Foreign currency exchange, net	2			4			—			—			2			4
Ending balance, March 31	$	69		$	94		$	8		$	3		$	77		$	97

Debt Repayment Guarantees

Included within debt repayment guarantees are the following:

Property Description	Maximum Potential Future Payments		Maximum Exposure Net of Recoverability from Third Parties		Other Long-term Liabilities recorded at March 31, 2017		Other Long-term Liabilities recorded at December 31, 2016		Year of Guarantee Expiration
Hotel property in Washington State(1), (3), (4), (5)	$	215	$	—	$	33	$	35	2020
Hotel properties in India (2), (3)	185		185		21		21		2020
Hotel property in Brazil (1)	80		40		3		3		2020
Hotel property in Minnesota	25		25		2		2		2021
Hotel property in Arizona (1), (4)	25		—		2		2		2019
Hotel properties in California (1)	21		8		5		6		2020
Other (1)	24		8		—		—		2017
Total	$	575	$	266	$	66	$	69

(1) We have agreements with our unconsolidated hospitality venture partner, the respective hotel owners or other third parties to recover certain amounts funded under the debt repayment guarantee; the recoverability mechanism may be in the form of cash, financing receivable, or HTM debt security.

(2) Debt repayment guarantee is denominated in Indian rupees and translated using exchange rates at March 31, 2017. We have the contractual right to recover amounts funded from the unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be $93 million, taking into account our partner’s 50% ownership interest in the unconsolidated hospitality venture.

(3) Under certain events or conditions, we have the right to force the sale of the property(ies) in order to recover amounts funded.

(4) If certain funding thresholds are met or if certain events occur, we have the ability to assume control of the property.

(5) We are subject to a completion guarantee whereby the parties agree to substantially complete the construction of the project by a specified date. In the event of default, we are obligated to complete construction using the funds available from the outstanding loan. Any additional funds paid by us are subject to recovery through a HTM debt security.

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Equity (Tables)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Equity and Noncontrolling Interests

	Stockholders’ equity			Noncontrolling interests in consolidated subsidiaries		Total equity
Balance at January 1, 2017	$	3,903		$	5	$	3,908
Net income	70			—		70
Other comprehensive income	75			—		75
Contributions from noncontrolling interests	—			1		1
Repurchase of common stock	(348		)	—		(348		)
Employee stock plan issuance	1			—		1
Share-based payment activity	13			—		13
Balance at March 31, 2017	$	3,714		$	6	$	3,720
	Stockholders’ equity			Noncontrolling interests in consolidated subsidiaries		Total equity
Balance at January 1, 2016	$	3,991		$	4	$	3,995
Net income	34			—		34
Other comprehensive income	20			—		20
Repurchase of common stock	(63		)	—		(63		)
Employee stock plan issuance	1			—		1
Share-based payment activity	13			—		13
Balance at March 31, 2016	$	3,996		$	4	$	4,000

Accumulated Other Comprehensive Loss

	Balance at January 1, 2017			Current period other comprehensive income before reclassification			Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2017
Foreign currency translation adjustments	$	(299	)	$	41		$	—	$	(258	)
Unrealized gains on AFS securities	33			34			—		67
Unrecognized pension cost	(7		)	—			—		(7		)
Unrealized losses on derivative instruments	(4		)	—			—		(4		)
Accumulated other comprehensive income (loss)	$	(277	)	$	75		$	—	$	(202	)
	Balance at January 1, 2016			Current period other comprehensive income (loss) before reclassification			Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2016
Foreign currency translation adjustments	$	(257	)	$	24		$	—	$	(233	)
Unrealized gains (losses) on AFS securities	39			(4		)	—		35
Unrecognized pension cost	(7		)	—			—		(7		)
Unrealized losses on derivative instruments	(5		)	—			—		(5		)
Accumulated other comprehensive income (loss)	$	(230	)	$	20		$	—	$	(210	)

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Share-based Compensation [Abstract]

Compensation Expense Related to Long-Term Incentive Plan

Stock-based compensation expense included in selling, general, and administrative expense on our condensed consolidated statements of income related to these awards was as follows:

	Three Months Ended March 31,
	2017		2016
SARs	$	8	$	7
RSUs	8		8
PSUs and PSs	—		1
Total stock-based compensation recorded within selling, general, and administrative expenses	$	16	$	16

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Summarized Consolidated Financial Information by Segment

The table below shows summarized consolidated financial information by segment. Included within corporate and other are unallocated corporate expenses, results related to Miraval, license fees related to Hyatt Residence Club and results related to our co-branded credit card.

	Three Months Ended March 31,
	2017			2016
Owned and leased hotels
Owned and leased hotels revenues	$	558		$	516
Other revenues	13			—
Intersegment revenues (a)	2			—
Adjusted EBITDA	143			131
Depreciation and amortization	74			68
Americas management and franchising
Management and franchise fees revenues	104			91
Other revenues from managed properties	428			421
Intersegment revenues (a)	22			20
Adjusted EBITDA	90			76
Depreciation and amortization	5			5
ASPAC management and franchising
Management and franchise fees revenues	25			22
Other revenues from managed properties	26			21
Intersegment revenues (a)	—			—
Adjusted EBITDA	15			12
Depreciation and amortization	—			—
EAME/SW Asia management and franchising
Management and franchise fees revenues	16			16
Other revenues from managed properties	17			15
Intersegment revenues (a)	2			2
Adjusted EBITDA	8			8
Depreciation and amortization	1			1
Corporate and other
Revenues	26			9
Adjusted EBITDA	(29		)	(33		)
Depreciation and amortization	11			7
Eliminations
Revenues (a)	(26		)	(22		)
Adjusted EBITDA (b)	1			—
Depreciation and amortization	—			—
TOTAL
Revenues	$	1,187		$	1,089
Adjusted EBITDA	228			194
Depreciation and amortization	91			81

(a) Intersegment revenues are included in the management and franchise fees revenues and owned and leased hotels revenues and are eliminated in Eliminations.

(b) Adjusted EBITDA elimination includes expenses recorded by our owned and leased hotels related to billings for depreciation on technology-related capital assets.

Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels Corporation

The table below provides a reconciliation of our net income attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA: 

	Three Months Ended March 31,
	2017			2016
Net income attributable to Hyatt Hotels Corporation	$	70		$	34
Interest expense	21			17
Provision for income taxes	41			16
Depreciation and amortization	91			81
EBITDA	223			148
Equity (earnings) losses from unconsolidated hospitality ventures	3			(2		)
Stock-based compensation expense (see Note 13)	16			16
Other (income) loss, net (see Note 17)	(40		)	4
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA	26			28
Adjusted EBITDA	$	228		$	194

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Schedule of the Calculation of Basic and Diluted Earnings Per Share

The calculation of basic and diluted earnings per share, including a reconciliation of the numerator and denominator, are as follows:

	Three Months Ended March 31,
	2017		2016
Numerator:
Net income	$	70	$	34
Net income and accretion attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	70	$	34
Denominator:
Basic weighted average shares outstanding	129,746,644		135,128,860
Share-based compensation	1,250,891		796,029
Diluted weighted average shares outstanding	130,997,535		135,924,889
Basic Earnings Per Share:
Net income	$	0.54	$	0.25
Net income and accretion attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	0.54	$	0.25
Diluted Earnings Per Share:
Net income	$	0.54	$	0.25
Net income and accretion attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	0.54	$	0.25

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The computations of diluted net income per share for the three months ended March 31, 2017 and March 31, 2016 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs, RSUs and an equity-classified forward contract because they are anti-dilutive.

	Three Months Ended March 31,
	2017	2016
SARs	39,200	—
RSUs	—	12,000
Equity-classified forward contract under the 2017 ASR	26,800	—

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Other Income (Loss), Net (Tables)

3 Months Ended

Mar. 31, 2017

Other Income and Expenses [Abstract]

Other Income (Loss), Net

	Three Months Ended March 31,
	2017			2016
Interest income (Note 4)	$	95		$	1
Depreciation recovery	6			5
Performance guarantee liability amortization (Note 11)	4			8
Performance guarantee expense, net (Note 11)	(26		)	(19		)
Realized losses (Note 4)	(40		)	—
Other	1			1
Other income (loss), net	$	40		$	(4	)

XML

Organization (Details)	Mar. 31, 2017 Hotels Countries Rooms
Organization
Number of countries in which entity operates (number of countries) | Countries	56
Full Service
Organization
Number of hotels operated or franchised (number of hotels)	318
Number of rooms operated or franchised (number of rooms) | Rooms	123,684
Select Service
Organization
Number of hotels operated or franchised (number of hotels)	346
Number of rooms operated or franchised (number of rooms) | Rooms	48,577
Select Service | United States
Organization
Number of hotels operated or franchised (number of hotels)	316
All inclusive
Organization
Number of hotels operated or franchised (number of hotels)	6
Number of rooms operated or franchised (number of rooms) | Rooms	2,401
Wellness Resorts
Organization
Number of hotels operated or franchised (number of hotels)	3
Number of rooms operated or franchised (number of rooms) | Rooms	386

XML

Recently Issued Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle
Management fee revenues	$ 5	$ 5

XML

Equity and Cost Method Investments (Equity And Cost Method Investment Balances) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Equity And Cost Method Investments [Abstract]
Equity method investments	$ 163	$ 180
Cost method investments	6	6
Total investments	$ 169	$ 186

XML

Equity and Cost Method Investments (Narrative) (Details) - Hyatt Place Hotel $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investment, net sales proceeds	$ 4
Equity method investment, realized gain on sale	$ 2

XML

Equity and Cost Method Investments (Summarized Financial Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity And Cost Method Investments [Abstract]
Total revenues	$ 274	$ 284
Gross operating profit	78	70
Income (loss) from continuing operations	(18)	20
Net income (loss)	$ (18)	$ 20

XML

Marketable Securities (Marketable Securities Held to Fund Operating Programs) (Details) - Held for operating programs - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Schedule of Investments
Total marketable securities	$ 833	$ 811
Less current portion of marketable securities held to fund operating programs included in cash and cash equivalents, short-term investments, and prepaids and other assets	(123)	(109)
Marketable securities held to fund operating programs included in other assets	710	702
Loyalty Program
Schedule of Investments
Total marketable securities	397	394
Deferred compensation plans held in rabbi trusts
Schedule of Investments
Total marketable securities	364	352
Captive insurance companies
Schedule of Investments
Total marketable securities	$ 72	$ 65

XML

Marketable Securities (Gain on Investments Held to Fund Operating Programs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gain on Investments
Net gains and interest income from marketable securities held to fund operating programs	$ 15	$ 1
Loyalty Program
Gain on Investments
Net gains and interest income from marketable securities held to fund operating programs	0	1
Deferred compensation plans held in rabbi trusts
Gain on Investments
Net gains and interest income from marketable securities held to fund operating programs	$ 15	$ 0

XML

Marketable Securities (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Redeemable convertible preferred shares redemption, interest income		$ 95	$ 1
Realized losses		40	0
Held-to-maturity securities	$ 27	27		$ 27
Playa Hotels & Resorts B.V. | Preferred shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale securities, amortized cost basis					$ 271
Proceeds from redemption of preferred shares	290	290	0
Redeemable convertible preferred shares redemption, interest income	94	94	0
Realized losses	$ 40	$ 40	$ 0
Redeemable convertible preferred shares redemption, price per share (in dollars per share)	$ 8.40	$ 8.40
Playa Hotels & Resorts B.V. | Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Common shares		11.57%
Increase in AOCI		$ 109
Pace Holdings Corporation | Playa Hotels & Resorts B.V.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of warrants received (in shares)	1,738,806	1,738,806
Warrants received, common share conversion (in shares)	579,602	579,602
Warrants received, warrant earn-out conversion (in shares)	237,110	237,110
Warrants | Pace Holdings Corporation | Other assets | Playa Hotels & Resorts B.V.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Founders' warrants	$ 5	$ 5

XML

Marketable Securities (Marketable Securities Held for Investment Purposes) (Details) - Held for Investment Purposes - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Schedule of Investments
Interest bearing money market funds	$ 56	$ 106
Time deposits	45	45
Preferred shares	0	290
Common shares	126	0
Total marketable securities	227	441
Less current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(101)	(151)
Marketable securities held for investment purposes included in other assets	$ 126	$ 290

XML

Marketable Securities (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	$ 1,060	$ 1,252
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	72	114
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	52	56
Prepaids and other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	100	90
Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	836	992
Level One - Quoted Prices in Active Markets for Identical Assets | Interest bearing money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	72	114
Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	364	352
Level One - Quoted Prices in Active Markets for Identical Assets | Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	126
Level One - Quoted Prices in Active Markets for Identical Assets | Cash and cash equivalents | Interest bearing money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	72	114
Level One - Quoted Prices in Active Markets for Identical Assets | Cash and cash equivalents | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level One - Quoted Prices in Active Markets for Identical Assets | Cash and cash equivalents | Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0
Level One - Quoted Prices in Active Markets for Identical Assets | Short-term investments | Interest bearing money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level One - Quoted Prices in Active Markets for Identical Assets | Short-term investments | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level One - Quoted Prices in Active Markets for Identical Assets | Short-term investments | Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0
Level One - Quoted Prices in Active Markets for Identical Assets | Prepaids and other assets | Interest bearing money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level One - Quoted Prices in Active Markets for Identical Assets | Prepaids and other assets | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level One - Quoted Prices in Active Markets for Identical Assets | Prepaids and other assets | Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0
Level One - Quoted Prices in Active Markets for Identical Assets | Other assets | Interest bearing money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level One - Quoted Prices in Active Markets for Identical Assets | Other assets | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	364	352
Level One - Quoted Prices in Active Markets for Identical Assets | Other assets | Common shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	126
Level Two - Significant Other Observable Inputs | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	58	59
Level Two - Significant Other Observable Inputs | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	148	142
Level Two - Significant Other Observable Inputs | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	48	53
Level Two - Significant Other Observable Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	182	181
Level Two - Significant Other Observable Inputs | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	19	22
Level Two - Significant Other Observable Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	40	34
Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	3	5
Level Two - Significant Other Observable Inputs | Cash and cash equivalents | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Cash and cash equivalents | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Cash and cash equivalents | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Cash and cash equivalents | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Cash and cash equivalents | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Cash and cash equivalents | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Cash and cash equivalents | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Short-term investments | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	46	46
Level Two - Significant Other Observable Inputs | Short-term investments | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Short-term investments | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	4	9
Level Two - Significant Other Observable Inputs | Short-term investments | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	2	1
Level Two - Significant Other Observable Inputs | Short-term investments | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Short-term investments | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Short-term investments | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Prepaids and other assets | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	0	0
Level Two - Significant Other Observable Inputs | Prepaids and other assets | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	38	33
Level Two - Significant Other Observable Inputs | Prepaids and other assets | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	8	8
Level Two - Significant Other Observable Inputs | Prepaids and other assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	38	35
Level Two - Significant Other Observable Inputs | Prepaids and other assets | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	5	5
Level Two - Significant Other Observable Inputs | Prepaids and other assets | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	10	8
Level Two - Significant Other Observable Inputs | Prepaids and other assets | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	1	1
Level Two - Significant Other Observable Inputs | Other assets | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	12	13
Level Two - Significant Other Observable Inputs | Other assets | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	110	109
Level Two - Significant Other Observable Inputs | Other assets | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	36	36
Level Two - Significant Other Observable Inputs | Other assets | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	142	145
Level Two - Significant Other Observable Inputs | Other assets | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	14	17
Level Two - Significant Other Observable Inputs | Other assets | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	30	26
Level Two - Significant Other Observable Inputs | Other assets | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	$ 2	4
Level Three - Significant Unobservable Inputs | Preferred shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure		290
Level Three - Significant Unobservable Inputs | Cash and cash equivalents | Preferred shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure		0
Level Three - Significant Unobservable Inputs | Short-term investments | Preferred shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure		0
Level Three - Significant Unobservable Inputs | Prepaids and other assets | Preferred shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure		0
Level Three - Significant Unobservable Inputs | Other assets | Preferred shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure		$ 290

XML

Marketable Securities (Investments Classified as Available for Sale) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Realized losses		$ (40)	$ 0
Interest income		95	1
Playa Hotels & Resorts B.V. | Preferred shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value beginning balance		290	335
Gross unrealized losses		(54)	(7)
Realized losses	$ (40)	(40)	0
Interest income	94	94	0
Cash redemption	(290)	(290)	0
Fair value ending balance	$ 0	$ 0	$ 328

XML

Financing Receivables (Schedule Of Financing Receivables) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable
Total long-term financing receivables, net	$ 19	$ 19
Unsecured Financing
Accounts, Notes, Loans and Financing Receivable
Unsecured financing to hotel owners	122	119
Less allowance for losses	(103)	(100)	$ (100)	$ (98)
Total long-term financing receivables, net	$ 19	$ 19

XML

Financing Receivables (Allowance for Losses and Impairments) (Details) - Unsecured Financing - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Allowance for Losses and Impairments
Allowance beginning Balance	$ 100	$ 98
Provisions	2	1
Other Adjustments	1	1
Allowance ending Balance	$ 103	$ 100

XML

Financing Receivables (Credit Monitoring) (Details) - Unsecured Financing - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Unsecured Financing Receivables
Gross Loan Balance (Principal and Interest)	$ 122	$ 119
Related Allowance	(103)	(100)	$ (100)	$ (98)
Net Financing Receivables	19	19
Gross Receivables on Non-Accrual Status	103	100
Loans
Unsecured Financing Receivables
Gross Loan Balance (Principal and Interest)	13	13
Related Allowance	0	0
Net Financing Receivables	13	13
Gross Receivables on Non-Accrual Status	0	0
Impaired loans
Unsecured Financing Receivables
Impaired Loans	58	56
Impaired loans, allowance	(58)	(56)
Net Financing Receivables	0	0
Gross Receivables on Non-Accrual Status	58	56
Impaired financing receivable, unpaid principal balance	44	43
Impaired financing receivable, average recorded investment	57	57
Total loans
Unsecured Financing Receivables
Gross Loan Balance (Principal and Interest)	71	69
Related Allowance	(58)	(56)
Net Financing Receivables	13	13
Gross Receivables on Non-Accrual Status	58	56
Other financing arrangements
Unsecured Financing Receivables
Gross Loan Balance (Principal and Interest)	51	50
Related Allowance	(45)	(44)
Net Financing Receivables	6	6
Gross Receivables on Non-Accrual Status	$ 45	$ 44

XML

Financing Receivables (Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Level three financing receivables	$ 19	$ 19

XML

Acquisitions (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Business Acquisition
Payments to acquire business, net of cash acquired	$ 245	$ 0
Redeemable preferred shares issued during period	9		$ 0
Miraval Group
Business Acquisition
Payments to acquire business, net of cash acquired	239
Redeemable preferred shares issued during period	$ 9
Redeemable preferred shares, preferred return	12.00%
Redeemable preferred shares, option to require redemption, term	2 years
Cranwell Spa and Golf Resort
Business Acquisition
Business combination, percent acquired	95.00%
Minimum | Miraval Group
Business Acquisition
Redeemable preferred shares, redemption term	12 months

XML

Acquisitions (Schedule of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Business Acquisition
Goodwill	$ 147	$ 125
Miraval Group
Business Acquisition
Current assets, net of cash acquired	4
Property and equipment	173
Indefinite-lived intangible	37
Goodwill	20
Total assets	255
Current liabilities	11
Deferred income tax liability	6
Total liabilities	17
Total net assets acquired attributable to Hyatt Hotels Corporation	238
Total net assets acquired attributable to noncontrolling interests	1
Total net assets acquired	239
Goodwill expected tax deductible amount	8
Management Agreement | Miraval Group
Business Acquisition
Definite-lived intangibles	$ 14
Weighted-average useful life	20 years
Other definite-lived intangibles
Business Acquisition
Weighted-average useful life	11 years
Other definite-lived intangibles | Miraval Group
Business Acquisition
Definite-lived intangibles	$ 7
Minimum | Other definite-lived intangibles | Miraval Group
Business Acquisition
Weighted-average useful life	2 years
Maximum | Other definite-lived intangibles | Miraval Group
Business Acquisition
Weighted-average useful life	7 years

XML

Intangibles, Net (Intangible Assets Table) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Schedule of Intangible Asset by Major Class
Intangible assets, gross	$ 805	$ 737
Accumulated amortization	(147)	(138)
Intangibles, net	658	599
Management and franchise agreement intangibles
Schedule of Intangible Asset by Major Class
Management and franchise agreement intangibles	$ 611	589
Weighted- Average Useful Lives in Years	25 years
Lease related intangibles
Schedule of Intangible Asset by Major Class
Lease related intangibles	$ 117	115
Weighted- Average Useful Lives in Years	111 years
Advanced bookings intangibles
Schedule of Intangible Asset by Major Class
Advanced bookings intangibles	$ 12	11
Weighted- Average Useful Lives in Years	6 years
Other definite-lived intangibles
Schedule of Intangible Asset by Major Class
Other definite-lived intangibles	$ 12	6
Weighted- Average Useful Lives in Years	11 years
Brand and other indefinite-lived intangibles
Schedule of Intangible Asset by Major Class
Brand and other indefinite-lived intangibles	$ 53	$ 16

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Intangibles, Net (Amortization Expense Table) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 7	$ 7

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Debt (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument
Long-term debt, net of current maturities	$ 1,445	$ 1,445
Revolving Credit Facility
Debt Instrument
Proceeds from revolving credit facility during period	$ 180
Revolving credit facility, weighted average interest rate	1.89%
Line of credit outstanding	$ 280	$ 100
Revolving credit facility, remaining borrowing capacity	1,200
2019 Notes
Debt Instrument
Senior notes	$ 196
Debt instrument, interest rate, stated percentage	6.875%
2021 Notes
Debt Instrument
Senior notes	$ 250
Debt instrument, interest rate, stated percentage	5.375%
2023 Notes
Debt Instrument
Senior notes	$ 350
Debt instrument, interest rate, stated percentage	3.375%
2026 Notes
Debt Instrument
Senior notes	$ 400
Debt instrument, interest rate, stated percentage	4.85%

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Debt (Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument
Debt, excluding capital lease obligations, carrying value	$ 1,745	$ 1,565
Debt, excluding capital lease obligations, fair value	1,834	1,642
Capital lease obligations	15	15
Unamortized discount and deferred financing fees	(16)	(16)
Quoted Prices in Active Markets for Identical Assets (Level One)
Debt Instrument
Debt, excluding capital lease obligations, fair value	0	0
Significant Other Observable Inputs (Level Two)
Debt Instrument
Debt, excluding capital lease obligations, fair value	1,462	1,450
Significant Unobservable Inputs (Level Three)
Debt Instrument
Debt, excluding capital lease obligations, fair value	$ 372	$ 192

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Liabilities (Liabilities Table) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities [Abstract]
Deferred compensation plans	$ 364	$ 352
Deferred gains on sales of hotel properties	357	363
Loyalty program liability	288	296
Guarantee liabilities	118	124
Other	353	337
Total other long-term liabilities	$ 1,480	$ 1,472

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Liabilities (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities
Accrued expenses and other current liabilities	$ 552	$ 514
Loyalty Program
Other Liabilities
Accrued expenses and other current liabilities	$ 143	$ 139

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Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	36.80%	31.70%
Total unrecognized tax benefits	$ 89		$ 86
Amount of unrecognized tax benefits that would affect the tax rate if recognized	9		$ 5
Estimated income tax liability based on taxing authority’s assessment	118
Possible income tax liability increase	$ 25

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Commitments and Contingencies (Guarantees And Commitments Narrative) (Details) € in Millions	3 Months Ended
	Mar. 31, 2017 EUR (€)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Loss Contingencies
Commitment to loan or investment		$ 433,000,000
Performance Guarantee
Loss Contingencies
Remaining maximum exposure		349,000,000
Guarantor obligations, liability (asset), current carrying value		77,000,000	$ 79,000,000	$ 97,000,000	$ 97,000,000
Performance Test Clause Guarantee
Loss Contingencies
Guarantor obligations, liability (asset), current carrying value		0	0
Debt Repayment Guarantees
Loss Contingencies
Remaining maximum exposure		575,000,000
Hotel properties in India | Debt Repayment Guarantees
Loss Contingencies
Remaining maximum exposure		185,000,000
The Four Managed Hotels in France | Performance Guarantee
Loss Contingencies
Performance guarantee term	7 years
Remaining performance guarantee term	3 years 3 months
Remaining maximum exposure	€ 293	312,000,000
Guarantor obligations, liability (asset), current carrying value		69,000,000	66,000,000	$ 94,000,000	$ 93,000,000
Other long-term liabilities | Performance Guarantee
Loss Contingencies
Guarantor obligations, liability (asset), current carrying value		52,000,000	55,000,000
Accrued expenses and other current liabilitiess | Performance Guarantee
Loss Contingencies
Guarantor obligations, liability (asset), current carrying value		26,000,000	24,000,000
Receivables | Performance Guarantee
Loss Contingencies
Guarantor obligations, liability (asset), current carrying value		$ (1,000,000)	$ 0

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Commitments and Contingencies (Schedule of Guarantor Obligations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Guarantor Obligations
Amortization of initial guarantee obligation liability into income	$ (4)	$ (8)
Performance guarantee expense, net	26	19
Performance Guarantee
Guarantor Obligations
Beginning Balance	79	97
Amortization of initial guarantee obligation liability into income	(4)	(8)
Performance guarantee expense, net	26	19
Net payments during the period	(26)	(15)
Foreign currency exchange, net	2	4
Ending Balance	77	97
The Four Managed Hotels in France | Performance Guarantee
Guarantor Obligations
Beginning Balance	66	93
Amortization of initial guarantee obligation liability into income	(3)	(8)
Performance guarantee expense, net	26	19
Net payments during the period	(22)	(14)
Foreign currency exchange, net	2	4
Ending Balance	69	94
Other Performance Guarantees | Performance Guarantee
Guarantor Obligations
Beginning Balance	13	4
Amortization of initial guarantee obligation liability into income	(1)	0
Performance guarantee expense, net	0	0
Net payments during the period	(4)	(1)
Foreign currency exchange, net	0	0
Ending Balance	$ 8	$ 3

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Commitments and Contingencies (Debt Guarantees Table) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Loss Contingencies
Guarantor obligations, carrying value, noncurrent	$ 118	$ 124
Debt Repayment Guarantees
Loss Contingencies
Maximum Potential Future Payments	575
Maximum Exposure Net of Recoverability from Third Parties	266
Guarantor obligations, carrying value, noncurrent	66	69
Debt Repayment Guarantees | Hotel property in Washington State
Loss Contingencies
Maximum Potential Future Payments	215
Maximum Exposure Net of Recoverability from Third Parties	0
Guarantor obligations, carrying value, noncurrent	33	35
Debt Repayment Guarantees | Hotel properties in India
Loss Contingencies
Maximum Potential Future Payments	185
Maximum Exposure Net of Recoverability from Third Parties	185
Guarantor obligations, carrying value, noncurrent	21	21
Debt Repayment Guarantees | Hotel property in Brazil
Loss Contingencies
Maximum Potential Future Payments	80
Maximum Exposure Net of Recoverability from Third Parties	40
Guarantor obligations, carrying value, noncurrent	3	3
Debt Repayment Guarantees | Hotel property in Minnesota
Loss Contingencies
Maximum Potential Future Payments	25
Maximum Exposure Net of Recoverability from Third Parties	25
Guarantor obligations, carrying value, noncurrent	2	2
Debt Repayment Guarantees | Hotel property in Arizona
Loss Contingencies
Maximum Potential Future Payments	25
Maximum Exposure Net of Recoverability from Third Parties	0
Guarantor obligations, carrying value, noncurrent	2	2
Debt Repayment Guarantees | Hotel Properties in California
Loss Contingencies
Maximum Potential Future Payments	21
Maximum Exposure Net of Recoverability from Third Parties	8
Guarantor obligations, carrying value, noncurrent	5	6
Debt Repayment Guarantees | Other
Loss Contingencies
Maximum Potential Future Payments	24
Maximum Exposure Net of Recoverability from Third Parties	8
Guarantor obligations, carrying value, noncurrent	0	$ 0
Joint Venture | Debt Repayment Guarantees | Hotel properties in India
Loss Contingencies
Maximum Exposure Net of Recoverability from Third Parties	$ 93
Equity method investment, ownership percentage	50.00%

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Commitments and Contingencies (Guarantee Liabilities Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Guarantor Obligations
Guarantees, fair value disclosure	$ 229	$ 231

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Commitments and Contingencies (Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters of Credit Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Loss Contingencies
Self insurance reserve, current	$ 32	$ 30
Self insurance reserve, noncurrent	63	$ 62
Surety bonds	$ 25
United States
Loss Contingencies
Multiemployer plans, collective-bargaining arrangement, percentage of participants	25.00%
Letter of Credit
Loss Contingencies
Letters of credit outstanding, amount	$ 236
Letter of Credit | Self Insurance Collateral
Loss Contingencies
Letters of credit outstanding, amount	$ 7

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Equity (Schedule of Stockholders' Equity and Noncontrolling Interests) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity Roll Forward
Beginning balance	$ 3,908	$ 3,995
Net income	70	34
Other comprehensive income	75	20
Contributions from noncontrolling interests	1
Repurchase of common stock	(348)	(63)
Employee stock plan issuance	1	1
Share-based payment activity	13	13
Ending balance	3,720	4,000
Stockholders’ equity
Equity Roll Forward
Beginning balance	3,903	3,991
Net income	70	34
Other comprehensive income	75	20
Contributions from noncontrolling interests	0
Repurchase of common stock	(348)	(63)
Employee stock plan issuance	1	1
Share-based payment activity	13	13
Ending balance	3,714	3,996
Noncontrolling interests in consolidated subsidiaries
Equity Roll Forward
Beginning balance	5	4
Net income	0	0
Other comprehensive income	0	0
Contributions from noncontrolling interests	1
Repurchase of common stock	0	0
Employee stock plan issuance	0	0
Share-based payment activity	0	0
Ending balance	$ 6	$ 4

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Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Increase (Decrease) in AOCI
Beginning balance	$ 3,908	$ 3,995
Ending balance	3,720	4,000
Foreign currency translation adjustments
Increase (Decrease) in AOCI
Beginning balance	(299)	(257)
Current period other comprehensive income before reclassification	41	24
Amount reclassified from accumulated other comprehensive loss	0	0
Ending balance	(258)	(233)
Unrealized gains on AFS securities
Increase (Decrease) in AOCI
Beginning balance	33	39
Current period other comprehensive income before reclassification	34	(4)
Amount reclassified from accumulated other comprehensive loss	0	0
Ending balance	67	35
Unrecognized pension cost
Increase (Decrease) in AOCI
Beginning balance	(7)	(7)
Current period other comprehensive income before reclassification	0	0
Amount reclassified from accumulated other comprehensive loss	0	0
Ending balance	(7)	(7)
Unrealized losses on derivative instruments
Increase (Decrease) in AOCI
Beginning balance	(4)	(5)
Current period other comprehensive income before reclassification	0	0
Amount reclassified from accumulated other comprehensive loss	0	0
Ending balance	(4)	(5)
Accumulated other comprehensive income (loss)
Increase (Decrease) in AOCI
Beginning balance	(277)	(230)
Current period other comprehensive income before reclassification	75	20
Amount reclassified from accumulated other comprehensive loss	0	0
Ending balance	$ (202)	$ (210)

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Equity (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	May 04, 2017	May 03, 2017	Dec. 31, 2016	Dec. 31, 2015
Share Repurchase
Stock repurchase program, authorized amount					$ 500,000,000	$ 400,000,000
Stock repurchased and retired during period (in shares)	5,480,636	1,527,750
Stock repurchase program, remaining authorized repurchase amount	$ 9,000,000
Stock repurchased and retired during period	348,000,000	$ 63,000,000
Stock repurchased and retired during period	$ 288,000,000
Percent of stock outstanding repurchased during period	4.00%	1.00%
Weighted Average
Share Repurchase
Stock repurchased and retired during period (in dollars per share)	$ 52.48	$ 41.37
Accelerated Share Repurchase Program
Share Repurchase
Payment for shares repurchased under ASR agreement	$ 300,000,000
Stock repurchased and retired during period (in shares)	4,596,822
Shares repurchased under ASR agreement (in dollars per share)	$ 52.21
Stock repurchase program, remaining authorized repurchase amount	$ 60,000,000
Subsequent Event
Share Repurchase
Stock repurchase program, authorized amount				$ 500,000,000
Stock repurchase program, remaining authorized repurchase amount			$ 509,000,000

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Stock-Based Compensation (Compensation Expense Related To Long-Term Incentive Plan) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 16	$ 16
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	8	7
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	8	8
PSUs and PSs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 0	$ 1

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Stock-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares shares
Stock Appreciation Rights (SARS)
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	605,601
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ / shares	$ 16.35
Total unearned compensation | $	$ 8
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	416,215
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ / shares	$ 52.65
Total unearned compensation | $	$ 24
Performance Shares (PSUs and PSSs)
Share-based Compensation Arrangement by Share-based Payment Award
Total unearned compensation | $	$ 8
Amortization period, deferred compensation expense (years)	2 years
Performance Shares (PSUs and PSSs) | Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	102,115
Grants in period, weighted-average fair value at grant date (in dollars per share) | $ / shares	$ 52.65
Performance period (in years)	3 years
Performance Shares (PSUs and PSSs) | Performance Share (PSs)
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	0
SARs and RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Amortization period, deferred compensation expense (years)	3 years

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Related-Party Transactions (Leases Narrative) (Details) $ in Millions	Mar. 31, 2017 USD ($)
Related Party
Related Party Transaction
Future sublease income	$ 3

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Related-Party Transactions (Equity Method Investments Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction
Management and franchise fees	$ 122	$ 107
Equity Method Investee
Related Party Transaction
Management and franchise fees	6	6
Due (to) from related parties	7		$ 7
Guarantee fees	$ 1	$ 1
Minimum
Related Party Transaction
Equity method investment, ownership percentage	24.00%
Maximum
Related Party Transaction
Equity method investment, ownership percentage	70.00%

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Related-Party Transactions (Share Conversion Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Common Class B
Related Party Transaction
Conversion of stock, shares converted (in shares)	539,370
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common Class A
Related Party Transaction
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01

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Segment Information (Summarized Consolidated Financial Information by Segment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information
Owned and leased hotels revenues	$ 572	$ 516
Management and franchise fees revenues	122	107
Other revenues from managed properties	471	457
Other revenues	22	9
Revenues	1,187	1,089
Adjusted EBITDA	228	194
Depreciation and amortization	91	81
Operating Segments | Owned and leased hotels
Segment Reporting Information
Owned and leased hotels revenues	558	516
Other revenues	13	0
Adjusted EBITDA	143	131
Depreciation and amortization	74	68
Operating Segments | Americas management and franchising
Segment Reporting Information
Management and franchise fees revenues	104	91
Other revenues from managed properties	428	421
Adjusted EBITDA	90	76
Depreciation and amortization	5	5
Operating Segments | ASPAC management and franchising
Segment Reporting Information
Management and franchise fees revenues	25	22
Other revenues from managed properties	26	21
Adjusted EBITDA	15	12
Depreciation and amortization	0	0
Operating Segments | EAME/SW Asia management and franchising
Segment Reporting Information
Management and franchise fees revenues	16	16
Other revenues from managed properties	17	15
Adjusted EBITDA	8	8
Depreciation and amortization	1	1
Intersegment eliminations
Segment Reporting Information
Revenues	(26)	(22)
Adjusted EBITDA	1	0
Depreciation and amortization	0	0
Intersegment eliminations | Owned and leased hotels
Segment Reporting Information
Revenues	2	0
Intersegment eliminations | Americas management and franchising
Segment Reporting Information
Revenues	22	20
Intersegment eliminations | ASPAC management and franchising
Segment Reporting Information
Revenues	0	0
Intersegment eliminations | EAME/SW Asia management and franchising
Segment Reporting Information
Revenues	2	2
Corporate and other
Segment Reporting Information
Revenues	26	9
Adjusted EBITDA	(29)	(33)
Depreciation and amortization	$ 11	$ 7

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Segment Information (Reconciliation of Net Income attributable to Hyatt Hotels Corporation to EBITDA and a Reconciliation of EBITDA to Consolidated Adjusted EBITDA) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting [Abstract]
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 70	$ 34
Interest expense	21	17
Provision for income taxes	41	16
Depreciation and amortization	91	81
EBITDA	223	148
Equity (earnings) losses from unconsolidated hospitality ventures	3	(2)
Stock-based compensation expense	16	16
Other (income) loss, net	(40)	4
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA	26	28
Adjusted EBITDA	$ 228	$ 194

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Earnings Per Share (Schedule of the Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 70	$ 34
Net income and accretion attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 70	$ 34
Denominator:
Basic weighted average shares outstanding (in shares)	129,746,644	135,128,860
Share-based compensation (in shares)	1,250,891	796,029
Diluted weighted average shares outstanding (in shares)	130,997,535	135,924,889
Basic Earnings Per Share:
Net income - Basic (in dollars per share)	$ 0.54	$ 0.25
Net income and accretion attributable to noncontrolling interests - Basic (in dollars per share)	(0.00)	(0.00)
Net income attributable to Hyatt Hotels Corporation - Basic (in dollars per share)	0.54	0.25
Diluted Earnings Per Share:
Net income - Diluted (in dollars per share)	0.54	0.25
Net income and accretion attributable to noncontrolling interests - Diluted (in dollars per share)	(0.00)	(0.00)
Net income attributable to Hyatt Hotels Corporation - Diluted (in dollars per share)	$ 0.54	$ 0.25

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Earnings Per Share (Anti-dilutive Shares Issued) (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock Appreciation Rights (SARS)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	39,200	0
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	0	12,000
Equity-classified Forward Contract
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	26,800	0

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Other Income (Loss), Net (Reconciliation of Components in Other Income (Loss), Net) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Interest income	$ 95	$ 1
Depreciation recovery	6	5
Performance guarantee liability amortization	4	8
Performance guarantee expense, net	(26)	(19)
Realized losses	(40)	0
Other	1	1
Other income (loss), net	$ 40	$ (4)

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Subsequent Event (Details) - USD ($)	May 04, 2017	May 03, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Stock repurchase program, authorized amount				$ 500,000,000	$ 400,000,000
Stock repurchase program, remaining authorized repurchase amount			$ 9,000,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount		$ 500,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 509,000,000