10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549 

Form 10-Q

 (Mark One)

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

For the quarterly period ended June 30, 2021

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.)

     150 North Riverside Plaza

     8th Floor, Chicago, Illinois                     60606

     (Address of Principal Executive Offices)                     (Zip Code)

(312) 750-1234

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, $0.01 par value	H	New York Stock Exchange

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  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).  Yes  ☒    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.

Large accelerated filer	☒	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  ☒

At July 30, 2021, there were 41,172,573 shares of the registrant's Class A common stock, $0.01 par value, outstanding and 60,623,918 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 JUNE 30, 2021

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	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	57
Item 4.	Controls and Procedures	58
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	59
Item 1A.	Risk Factors	59
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3.	Defaults Upon Senior Securities	59
Item 4.	Mine Safety Disclosures	59
Item 5.	Other Information	59
Item 6.	Exhibits	60
Signatures		61

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements.

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(In millions of dollars, except per share amounts)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
REVENUES:
Owned and leased hotels	$	191	$	19	$	295	$	342
Management, franchise, and other fees	93		20		156		128
Contra revenue	(9)		(7)		(17)		(13)
Net management, franchise, and other fees	84		13		139		115
Other revenues	22		3		41		38
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	366		215		626		748
Total revenues	663		250		1,101		1,243
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels	174		92		298		364
Depreciation and amortization	74		73		148		153
Other direct costs	24		7		47		41
Selling, general, and administrative	86		101		181		148
Costs incurred on behalf of managed and franchised properties	375		235		652		790
Direct and selling, general, and administrative expenses	733		508		1,326		1,496
Net gains and interest income from marketable securities held to fund rabbi trusts	24		49		36		1
Equity earnings (losses) from unconsolidated hospitality ventures	(34)		(23)		20		(25)
Interest expense	(42)		(35)		(83)		(52)
Gains on sales of real estate and other	105		—		105		8
Asset impairments	(2)		(49)		(2)		(52)
Other income (loss), net	25		(14)		37		(95)
INCOME (LOSS) BEFORE INCOME TAXES	6		(330)		(112)		(468)
BENEFIT (PROVISION) FOR INCOME TAXES	(15)		94		(201)		129
NET LOSS	(9)		(236)		(313)		(339)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—		—		—		—
NET LOSS ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$	(9)	$	(236)	$	(313)	$	(339)
LOSSES PER SHARE—Basic
Net loss	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Net loss attributable to Hyatt Hotels Corporation	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
LOSSES PER SHARE—Diluted
Net loss	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Net loss attributable to Hyatt Hotels Corporation	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)

See accompanying Notes to condensed consolidated financial statements.

1

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In millions of dollars)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Net loss	$	(9)	$	(236)	$	(313)	$	(339)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax benefit (provision) of $— for the three and six months ended June 30, 2021 and June 30,2020	17		19		(29)		(32)
Unrealized gains (losses) on available-for-sale debt securities, net of tax benefit (provision) of $— for the three and six months ended June 30, 2021 and June 30, 2020	—		—		(1)		—
Unrealized gains (losses) on derivative activity, net of tax benefit (provision) of $— for the three and six months ended June 30, 2021 and $— and $(9) for the three and six months ended June 30, 2020	2		(1)		4		(26)
Other comprehensive income (loss)	19		18		(26)		(58)
COMPREHENSIVE INCOME (LOSS)	10		(218)		(339)		(397)
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—		—		—		—
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$	10	$	(218)	$	(339)	$	(397)

See accompanying Notes to condensed consolidated financial statements.

2

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

	June 30, 2021		December 31, 2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	1,144	$	1,207
Restricted cash	18		11
Short-term investments	593		675
Receivables, net of allowances of $58 and $56 at June 30, 2021 and December 31, 2020, respectively	360		316
Inventories	9		9
Prepaids and other assets	64		64
Prepaid income taxes	286		281
Total current assets	2,474		2,563
Equity method investments	262		260
Property and equipment, net	3,121		3,126
Financing receivables, net of allowances of $120 and $114 at June 30, 2021 and December 31, 2020, respectively	26		29
Operating lease right-of-use assets	465		474
Goodwill	288		288
Intangibles, net	369		385
Deferred tax assets	16		207
Other assets	1,941		1,797
TOTAL ASSETS	$	8,962	$	9,129
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	260	$	260
Accounts payable	110		102
Accrued expenses and other current liabilities	198		200
Current contract liabilities	311		282
Accrued compensation and benefits	108		111
Current operating lease liabilities	30		29
Total current liabilities	1,017		984
Long-term debt	2,986		2,984
Long-term contract liabilities	667		659
Long-term operating lease liabilities	367		377
Other long-term liabilities	1,016		911
Total liabilities	6,053		5,915
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of June 30, 2021 and December 31, 2020	—		—
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 41,159,089 issued and outstanding at June 30, 2021, and Class B common stock, $0.01 par value per share, 392,618,330 shares authorized, 60,623,918 shares issued and outstanding at June 30, 2021. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 39,250,241 issued and outstanding at December 31, 2020, and Class B common stock, $0.01 par value per share, 394,033,330 shares authorized, 62,038,918 shares issued and outstanding at December 31, 2020	1		1
Additional paid-in capital	47		13
Retained earnings	3,076		3,389
Accumulated other comprehensive loss	(218)		(192)
Total stockholders' equity	2,906		3,211
Noncontrolling interests in consolidated subsidiaries	3		3
Total equity	2,909		3,214
TOTAL LIABILITIES AND EQUITY	$	8,962	$	9,129

See accompanying Notes to condensed consolidated financial statements.

3

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of dollars)

(Unaudited)

	Six Months Ended
	June 30, 2021		June 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(313)	$	(339)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	148		153
Gains on sales of real estate and other	(105)		(8)
Amortization of share awards	41		20
Amortization of operating lease right-of-use assets	14		16
Deferred income taxes	203		(53)
Asset impairments	2		52
Equity (earnings) losses from unconsolidated hospitality ventures	(20)		25
Contra revenue	17		13
Unrealized (gains) losses, net	(13)		44
Working capital changes and other	(32)		(253)
Net cash used in operating activities	(58)		(330)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments	(603)		(300)
Proceeds from marketable securities and short-term investments	663		307
Contributions to equity method and other investments	(24)		(47)
Return of equity method and other investments	25		2
Acquisitions, net of cash acquired	(230)		—
Capital expenditures	(37)		(88)
Issuance of financing receivables	(8)		(1)
Proceeds from sales of real estate, net of cash disposed	268		78
Other investing activities	(7)		5
Net cash provided by (used in) investing activities	47		(44)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt, net of issuance costs of $— and $10, respectively	—		1,290
Repayments of debt	(2)		(401)
Repurchases of common stock	—		(69)
Dividends paid	—		(20)
Other financing activities	(14)		(14)
Net cash provided by (used in) financing activities	(16)		786
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(7)		4
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(34)		416
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR	1,237		1,063
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD	$	1,203	$	1,479

See accompanying Notes to condensed consolidated financial statements.

Supplemental disclosure of cash flow information:

	June 30, 2021		June 30, 2020
Cash and cash equivalents	$	1,144	$	1,438
Restricted cash (1)	18		21
Restricted cash included in other assets (1)	41		20
Total cash, cash equivalents, and restricted cash	$	1,203	$	1,479
(1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements.

	Six Months Ended
	June 30, 2021		June 30, 2020
Cash paid during the period for interest	$	74	$	37
Cash paid during the period for income taxes, net	$	2	$	31
Cash paid for amounts included in the measurement of operating lease liabilities	$	18	$	22
Non-cash investing and financing activities are as follows:
Non-cash contributions to equity method and other investments (see Note 6, Note 12)	$	42	$	33
Change in accrued capital expenditures	$	1	$	4
Non-cash right-of-use assets obtained in exchange for operating lease liabilities (see Note 6)	$	12	$	5

See accompanying Notes to condensed consolidated financial statements.

4

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(In millions except share and per share amounts)

(Unaudited)

	Common Shares Outstanding		Common Stock Amount				Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests in Consolidated Subsidiaries		Total
	Class	Class	Class		Class
	A	B	A		B
BALANCE—January 1, 2020	36,109,179	65,463,274	$	1	$	—	$	—	$	4,169	$	(209)	$	5	$	3,966
Total comprehensive loss	—	—	—		—		—		(103)		(76)		—		(179)
Noncontrolling interests	—	—	—		—		—		—		—		(2)		(2)
Repurchase of common stock	(827,643)	—	—		—		(12)		(57)		—		—		(69)
Employee stock plan issuance	16,654	—	—		—		1		—		—		—		1
Share-based payment activity	271,863	—	—		—		11		—		—		—		11
Cash dividends of $0.20 per share (see Note 13)	—	—	—		—		—		(20)		—		—		(20)
BALANCE—March 31, 2020	35,570,053	65,463,274	1		—		—		3,989		(285)		3		3,708
Total comprehensive loss	—	—	—		—		—		(236)		18		—		(218)
Employee stock plan issuance	35,338	—	—		—		2		—		—		—		2
Share-based payment activity	74,047	—	—		—		1		—		—		—		1
Class share conversions	2,435,243	(2,435,243)	—		—		—		—		—		—		—
BALANCE—June 30, 2020	38,114,681	63,028,031	$	1	$	—	$	3	$	3,753	$	(267)	$	3	$	3,493
BALANCE—January 1, 2021	39,250,241	62,038,918	$	1	$	—	$	13	$	3,389	$	(192)	$	3	$	3,214
Total comprehensive loss	—	—	—		—		—		(304)		(45)		—		(349)
Employee stock plan issuance	10,992	—	—		—		1		—		—		—		1
Class share conversions	800,169	(800,169)	—		—		—		—		—		—		—
Share-based payment activity	462,103	—	—		—		22		—		—		—		22
BALANCE—March 31, 2021	40,523,505	61,238,749	1		—		36		3,085		(237)		3		2,888
Total comprehensive income	—	—	—		—		—		(9)		19		—		10
Directors compensation	—	—	—		—		2		—		—		—		2
Employee stock plan issuance	9,603	—	—		—		1		—		—		—		1
Class share conversions	614,831	(614,831)	—		—		—		—		—		—		—
Share-based payment activity	11,150	—	—		—		8		—		—		—		8
BALANCE—June 30, 2021	41,159,089	60,623,918	$	1	$	—	$	47	$	3,076	$	(218)	$	3	$	2,909

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") provides hospitality and other services on a worldwide basis through the operation, management, franchising, ownership, development, and licensing of hospitality businesses. We operate, manage, franchise, own, lease, develop, license, or provide services to a portfolio of properties. At June 30, 2021, (i) we operated or franchised 493 full service hotels, comprising 166,576 rooms throughout the world, (ii) we operated or franchised 519 select service hotels, comprising 74,827 rooms, of which 437 hotels are located in the United States, and (iii) our portfolio included 8 franchised all-inclusive Hyatt-branded resorts, comprising 3,153 rooms. At June 30, 2021, our portfolio of properties operated in 68 countries around the world. Additionally, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other tradenames or marks owned by such hotel or licensed by third parties.

As used in these Notes and throughout this Quarterly Report on Form 10-Q, (i) the terms "Hyatt," "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries, (ii) the term "hotel portfolio" refers to our full service hotels, including our wellness resorts, and our select service hotels, (iii) the terms "properties," "portfolio of properties," or "property portfolio" refer to our hotel portfolio; all-inclusive resorts; and residential, vacation, and condominium ownership units that we operate, manage, franchise, own, lease, develop, license, or to which we provide services or license our trademarks, including under the Park Hyatt, Miraval, Grand Hyatt, Alila, Andaz, The Unbound Collection by Hyatt, Destination by Hyatt, Hyatt Regency, Hyatt, Hyatt Ziva, Hyatt Zilara, Thompson Hotels, Hyatt Centric, Caption by Hyatt, JdV by Hyatt, Hyatt House, Hyatt Place, tommie, UrCove, and Hyatt Residences Club brands, and (iv) the term "hospitality ventures" refers to entities in the hospitality industry in which we own less than a 100% equity interest.

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, 2020 (the "2020 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.

Impact of the COVID-19 Pandemic

The COVID-19 pandemic and related travel restrictions and containment efforts have had a significant impact on the travel industry and, as a result, on our business. The impact began in the first quarter of 2020 and has continued in 2021. As a result, our financial results for the current interim period, and for the foreseeable future, are not comparable to past performance or indicative of long-term future performance.

The extent, duration, and magnitude of the COVID-19 pandemic's effects will depend on various factors, all of which are highly uncertain and difficult to predict, including, but not limited to, the impact of the pandemic on global and regional economies, travel, and economic activity; actions taken by governments, businesses, and individuals in response to the pandemic, any additional resurgence, or COVID-19 variants; and the distribution and broad acceptance of COVID-19 vaccines.

We are required to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying Notes. Our estimates and assumptions are subject to inherent risk and uncertainty due to the ongoing impact of the COVID-19 pandemic, and actual results could differ materially from our estimated amounts.

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2.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Future Adoption of Accounting Standards

Reference Rate Reform—In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London Inter-bank Offered Rate for deposits of U.S. dollars ("LIBOR") or another reference rate expected to be discontinued by June 30, 2023 because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04.

3.    REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated Revenues

The following tables present our revenues disaggregated by the nature of the product or service:

	Three Months Ended June 30, 2021
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	117	$	—	$	—	$	—	$	—	$	(3)	$	114
Food and beverage	43		—		—		—		—		—		43
Other	34		—		—		—		—		—		34
Owned and leased hotels	194		—		—		—		—		(3)		191
Base management fees	—		30		9		3		—		(6)		36
Incentive management fees	—		4		6		3		—		(1)		12
Franchise fees	—		28		1		—		—		—		29
Other fees	—		4		4		—		8		—		16
Management, franchise, and other fees	—		66		20		6		8		(7)		93
Contra revenue	—		(5)		(1)		(3)		—		—		(9)
Net management, franchise, and other fees	—		61		19		3		8		(7)		84
Other revenues	—		19		—		—		3		—		22
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		327		24		15		—		—		366
Total	$	194	$	407	$	43	$	18	$	11	$	(10)	$	663

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	Six Months Ended June 30, 2021
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	179	$	—	$	—	$	—	$	—	$	(6)	$	173
Food and beverage	63		—		—		—		—		—		63
Other	59		—		—		—		—		—		59
Owned and leased hotels	301		—		—		—		—		(6)		295
Base management fees	—		46		17		6		—		(9)		60
Incentive management fees	—		5		11		5		—		(1)		20
Franchise fees	—		45		1		—		—		—		46
Other fees	—		8		6		2		14		—		30
Management, franchise, and other fees	—		104		35		13		14		(10)		156
Contra revenue	—		(9)		(2)		(6)		—		—		(17)
Net management, franchise, and other fees	—		95		33		7		14		(10)		139
Other revenues	—		36		—		—		5		—		41
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		554		44		28		—		—		626
Total	$	301	$	685	$	77	$	35	$	19	$	(16)	$	1,101

	Three Months Ended June 30, 2020
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	8	$	—	$	—	$	—	$	—	$	(1)	$	7
Food and beverage	3		—		—		—		—		—		3
Other	9		—		—		—		—		—		9
Owned and leased hotels	20		—		—		—		—		(1)		19
Base management fees	—		4		3		1		—		—		8
Incentive management fees	—		(3)		—		—		—		1		(2)
Franchise fees	—		5		1		—		—		—		6
Other fees	—		2		2		1		3		—		8
Management, franchise, and other fees	—		8		6		2		3		1		20
Contra revenue	—		(4)		(1)		(2)		—		—		(7)
Net management, franchise, and other fees	—		4		5		—		3		1		13
Other revenues	—		2		—		—		1		—		3
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		186		17		12		—		—		215
Total	$	20	$	192	$	22	$	12	$	4	$	—	$	250

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	Six Months Ended June 30, 2020
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	193	$	—	$	—	$	—	$	—	$	(8)	$	185
Food and beverage	108		—		—		—		—		—		108
Other	49		—		—		—		—		—		49
Owned and leased hotels	350		—		—		—		—		(8)		342
Base management fees	—		48		9		8		—		(10)		55
Incentive management fees	—		1		3		2		—		—		6
Franchise fees	—		32		1		—		—		—		33
Other fees	—		11		12		2		9		—		34
Management, franchise, and other fees	—		92		25		12		9		(10)		128
Contra revenue	—		(8)		(2)		(3)		—		—		(13)
Net management, franchise, and other fees	—		84		23		9		9		(10)		115
Other revenues	—		29		—		—		9		—		38
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		670		44		32		2		—		748
Total	$	350	$	783	$	67	$	41	$	20	$	(18)	$	1,243

Contract Balances

Our contract assets, included in receivables, net on our condensed consolidated balance sheets, were $1 million and insignificant at June 30, 2021 and December 31, 2020, respectively. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant at year end.

Contract liabilities were comprised of the following:

	June 30, 2021		December 31, 2020
Deferred revenue related to the loyalty program	$	774	$	733
Advanced deposits	68		44
Initial fees received from franchise owners	41		41
Deferred revenue related to insurance programs	17		47
Other deferred revenue	78		76
Total contract liabilities	$	978	$	941

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The following table summarizes the activity in our contract liabilities:

	2021		2020
Beginning balance, January 1	$	941	$	920
Cash received and other	105		246
Revenue recognized	(86)		(262)
Ending balance, March 31	$	960	$	904
Cash received and other	133		65
Revenue recognized	(115)		(74)
Ending balance, June 30	$	978	$	895

Revenue recognized during the three months ended June 30, 2021 and June 30, 2020 included in the contract liabilities balance at the beginning of each year was $78 million and $21 million, respectively. Revenue recognized during the six months ended June 30, 2021 and June 30, 2020 included in the contract liabilities balance at the beginning of the year was $147 million and $158 million, respectively. This revenue primarily relates to the loyalty program, which is recognized net of redemption reimbursements paid to third parties.

Revenue Allocated to Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $120 million at June 30, 2021, of which we expect to recognize approximately 15% of the revenue over the next 12 months and the remainder thereafter.

4.    DEBT AND EQUITY SECURITIES

Equity Method Investments

Equity method investments were $262 million and $260 million at June 30, 2021 and December 31, 2020, respectively.

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Total revenues	$	51	$	67	$	82	$	184
Gross operating profit (loss)	1		11		(5)		45
Loss from continuing operations	(43)		(79)		(86)		(86)
Net loss	(43)		(79)		(86)		(86)

During the three and six months ended June 30, 2021, we received $17 million of proceeds related to sales activity of certain equity method investments and recognized an insignificant net loss in equity earnings (losses) from unconsolidated hospitality ventures within the owned and leased hotels segment on our condensed consolidated statements of income (loss).

During the six months ended June 30, 2021, we purchased our partner's interest in the entities that own Grand Hyatt São Paulo for $6 million of cash, and we repaid the $78 million third-party mortgage loan on the property. We recognized a $69 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss) (see Note 6).

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Marketable Securities

We hold marketable securities with readily determinable fair values to fund certain operating programs and for investment purposes. We periodically transfer available cash and cash equivalents to purchase marketable securities for investment purposes.

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

	June 30, 2021		December 31, 2020
Loyalty program (Note 8)	$	582	$	567
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	555		511
Captive insurance company (Note 8)	200		226
Total marketable securities held to fund operating programs	$	1,337	$	1,304
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(203)		(238)
Marketable securities held to fund operating programs included in other assets	$	1,134	$	1,066

Marketable securities held to fund operating programs include $118 million and $82 million of available-for-sale ("AFS") debt securities at June 30, 2021 and December 31, 2020, respectively, with contractual maturity dates ranging from 2021 through 2069. The fair value of our AFS debt securities approximates amortized cost. Additionally, marketable securities held to fund operating programs include $87 million and $70 million of equity securities with a readily determinable fair value at June 30, 2021 and December 31, 2020, respectively.

Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our condensed consolidated financial statements were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	20	$	45	$	23	$	(5)
Other income (loss), net (Note 18)	4		12		(5)		14
Other comprehensive loss (Note 13)	—		—		(1)		—
Realized gains, net
Net gains and interest income from marketable securities held to fund rabbi trusts	$	4	$	4	$	13	$	6
Other income (loss), net (Note 18)	—		3		—		4

Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our condensed consolidated balance sheets, were as follows:

	June 30, 2021		December 31, 2020
Time deposits	$	586	$	657
Interest-bearing money market funds	117		107
Common shares in Playa N.V. (Note 8)	90		72
Total marketable securities held for investment purposes	$	793	$	836
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(703)		(764)
Marketable securities held for investment purposes included in other assets	$	90	$	72

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We hold common shares in Playa Hotels & Resorts N.V. ("Playa N.V.") which are accounted for as an equity security with a readily determinable fair value as we do not have the ability to significantly influence the operations of the entity. We did not sell any shares of common stock during the six months ended June 30, 2021 or June 30, 2020. Net unrealized gains (losses) recognized on our condensed consolidated statements of income (loss) were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Other income (loss), net (Note 18)	$	1	$	23	$	18	$	(58)

Fair Value—We measure marketable securities held to fund operating programs and held for investment purposes at fair value on a recurring basis:

	June 30, 2021		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	313	$	313	$	—	$	—
Mutual funds	642		—		—		642
Common shares in Playa N.V.	90		—		—		90
Level Two - Significant Other Observable Inputs
Time deposits	592		—		587		5
U.S. government obligations	215		—		—		215
U.S. government agencies	63		—		—		63
Corporate debt securities	152		—		6		146
Mortgage-backed securities	24		—		—		24
Asset-backed securities	32		—		—		32
Municipal and provincial notes and bonds	7		—		—		7
Total	$	2,130	$	313	$	593	$	1,224

	December 31, 2020		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	327	$	327	$	—	$	—
Mutual funds	581		—		—		581
Common shares in Playa N.V.	72		—		—		72
Level Two - Significant Other Observable Inputs
Time deposits	662		—		659		3
U.S. government obligations	208		—		3		205
U.S. government agencies	65		—		—		65
Corporate debt securities	159		—		13		146
Mortgage-backed securities	24		—		—		24
Asset-backed securities	35		—		—		35
Municipal and provincial notes and bonds	7		—		—		7
Total	$	2,140	$	327	$	675	$	1,138

During the three and six months ended June 30, 2021 and June 30, 2020, there were no transfers between levels of the fair value hierarchy. We 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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Other Investments

HTM Debt Securities—We hold investments in held-to-maturity ("HTM") debt securities, which are investments in third-party entities that own or are developing certain of our hotels. The securities are mandatorily redeemable between 2021 and 2027. At June 30, 2021 and December 31, 2020, HTM debt securities recorded within other assets on our condensed consolidated balance sheets were as follows:

	June 30, 2021		December 31, 2020
HTM debt securities	$	97	$	102
Less: allowance for credit losses	(29)		(21)
Total HTM debt securities, net of allowances	$	68	$	81

The following table summarizes the activity in our HTM debt security allowance for credit losses:

	2021		2020
Allowance at January 1	$	21	$	12
Credit losses (a)	1		3
Allowance at March 31	$	22	$	15
Credit losses (a)	7		1
Allowance at June 30	$	29	$	16
(a) Credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18).

We estimated the fair value of HTM debt securities to be approximately $96 million and $100 million at June 30, 2021 and December 31, 2020, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using internally developed discounted cash flow models based on current market inputs for similar types of arrangements. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value.

Equity Securities Without a Readily Determinable Fair Value—At both June 30, 2021 and December 31, 2020, we held $12 million of investments in equity securities without a readily determinable fair value, which represent investments in entities where we do not have the ability to significantly influence the operations of the entity.

5.    RECEIVABLES        

Receivables

At June 30, 2021 and December 31, 2020, we had $360 million and $316 million of net receivables, respectively, on our condensed consolidated balance sheets.

The following table summarizes the activity in our receivables allowance:

	2021		2020
Allowance at January 1	$	56	$	34
Provisions	1		3
Other	—		1
Allowance at March 31	$	57	$	38
Provisions	4		11
Other	(3)		(11)
Allowance at June 30	$	58	$	38

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Financing Receivables                        

	June 30, 2021		December 31, 2020
Unsecured financing to hotel owners	$	148	$	145
Less: current portion of financing receivables, included in receivables, net	(2)		(2)
Less: allowance for credit losses	(120)		(114)
Total long-term financing receivables, net of allowances	$	26	$	29

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

	2021		2020
Allowance at January 1	$	114	$	100
Provisions	3		2
Foreign currency exchange, net	(2)		(3)
Allowance at March 31	$	115	$	99
Provisions	3		3
Foreign currency exchange, net	2		3
Allowance at June 30	$	120	$	105

Credit Monitoring—Our unsecured financing receivables were as follows:

	June 30, 2021
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	84	$	(56)	$	28	$	49
Other financing arrangements	64		(64)		—		60
Total unsecured financing receivables	$	148	$	(120)	$	28	$	109

	December 31, 2020
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	83	$	(54)	$	29	$	53
Other financing arrangements	62		(60)		2		58
Total unsecured financing receivables	$	145	$	(114)	$	31	$	111

Fair Value—We estimated the fair value of financing receivables to be approximately $49 million and $44 million at June 30, 2021 and December 31, 2020, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan.

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6.    ACQUISITIONS AND DISPOSITIONS

Acquisitions

Ventana Big Sur, an Alila Resort—During the three months ended June 30, 2021, we completed an asset acquisition of Ventana Big Sur, an Alila Resort, for $146 million, net of closing costs and proration adjustments. Upon acquisition, we recorded $149 million of property and equipment and $3 million of contract liabilities within our owned and leased hotels segment on our condensed consolidated balance sheet. The seller is indirectly owned by a limited partnership affiliated with the brother of our Executive Chairman. The acquisition was identified as replacement property in a potential reverse like-kind exchange.

Grand Hyatt São Paulo—We previously held a 50% interest in the entities that own Grand Hyatt São Paulo, and we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the six months ended June 30, 2021, we purchased the remaining 50% interest for $6 million of cash. Additionally, we repaid the $78 million third-party mortgage loan on the property, and we were released from our debt repayment guarantee (see Note 12). The transaction was accounted for as an asset acquisition, and we recognized a $69 million pre-tax gain related to the transaction in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss). The pre-tax gain is primarily attributable to a $42 million reversal of other long-term liabilities associated with our equity method investment and a $22 million reclassification from accumulated other comprehensive loss (see Note 13).

Net assets acquired were determined as follows:

Cash paid	$	6
Repayment of third-party mortgage loan	78
Fair value of our previously-held equity method investment	6
Net assets acquired	$	90

Upon acquisition, we recorded $101 million of property and equipment and $11 million of deferred tax liabilities within our owned and leased hotels segment on our condensed consolidated balance sheet.

Dispositions

Hyatt Regency Lost Pines Resort and Spa—During the three months ended June 30, 2021, we sold Hyatt Regency Lost Pines Resort and Spa to an unrelated third party for approximately $268 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $104 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the three months ended June 30, 2021. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.

Hyatt Centric Center City Philadelphia—During the six months ended June 30, 2020, an unrelated third party invested in certain of our subsidiaries that developed Hyatt Centric Center City Philadelphia and adjacent parking and retail space in exchange for a 58% ownership interest, resulting in the derecognition of the nonfinancial assets of the subsidiaries. As a result of the transaction, we received $72 million of proceeds, recorded our 42% ownership interest as an equity method investment, and recognized a $4 million pre-tax gain in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the six months ended June 30, 2020. Our $22 million equity method investment was recorded at fair value based on the value contributed by our partner to the unconsolidated hospitality venture. As additional consideration, we received a $5 million investment in an equity security without a readily determinable fair value.

Building—During the six months ended June 30, 2020, we sold a commercial building in Omaha, Nebraska for $6 million, net of closing costs and proration adjustments. In conjunction with the sale, we entered into a lease for a portion of the building and accounted for the transaction as a sale and leaseback and recorded a $4 million operating lease right-of-use asset and related lease liability on our condensed consolidated balance sheet. The sale resulted in a $4 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the six months ended June 30, 2020. At June 30, 2020, the operating lease had a weighted-average remaining term of 9 years and a weighted-average discount rate of 3.25%. The lease includes an option to extend the lease term by 5 years.

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Like-Kind Exchange Agreements

Periodically, we enter into like-kind exchange agreements upon the disposition or acquisition of certain properties. Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a qualified intermediary and are unavailable for our use until released. The proceeds are recorded as restricted cash on our condensed consolidated balance sheets and released (i) if they are utilized as part of a like-kind exchange agreement, (ii) if we do not identify a suitable replacement property within 45 days after the agreement date, or (iii) when a like-kind exchange agreement is not completed within the remaining allowable time period.

7.    GOODWILL AND INTANGIBLES, NET

At both June 30, 2021 and December 31, 2020, we had $288 million of goodwill on our condensed consolidated balance sheets. During the three and six months ended June 30, 2020, we determined that the carrying values of two reporting units were in excess of the fair values, which were Level Three fair value measurements, and we recognized $38 million of goodwill impairment charges in asset impairments on our condensed consolidated statements of income (loss) within our owned and leased hotels segment.

	June 30, 2021		Weighted- average useful lives in years	December 31, 2020
Management and franchise agreement intangibles	$	349	18	$	354
Brand and other indefinite-lived intangibles	130		—	130
Advanced booking intangibles	6		3	6
Other definite-lived intangibles	8		6	8
Intangibles	493			498
Less: accumulated amortization	(124)			(113)
Intangibles, net	$	369		$	385

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Amortization expense	$	7	$	7	$	14	$	14

8.    OTHER ASSETS

	June 30, 2021		December 31, 2020
Marketable securities held to fund rabbi trusts (Note 4)	$	555	$	511
Management and franchise agreement assets constituting payments to customers (1)	517		470
Marketable securities held to fund the loyalty program (Note 4)	436		441
Marketable securities held for captive insurance company (Note 4)	143		114
Common shares in Playa N.V. (Note 4)	90		72
Long-term investments (Note 4)	80		93
Other	120		96
Total other assets	$	1,941	$	1,797
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.

9.    DEBT

Long-term debt was $2,986 million and $2,984 million at June 30, 2021 and December 31, 2020, respectively.

Senior Notes—During the three months ended June 30, 2020, we issued $450 million of 5.375% senior notes due 2025 (the "2025 Notes") and $450 million of 5.750% senior notes due 2030 (the "2030 Notes") at par. We received approximately $890 million of net proceeds from the sale, after deducting $10 million of underwriting discounts and other offering expenses. We used a portion of the proceeds from these issuances to repay all outstanding borrowings on our revolving credit facility and settle the outstanding interest rate locks, and the

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remainder was used for general corporate purposes. Interest is payable semi-annually on April 23 and October 23 of each year, beginning on October 23, 2020.

Revolving Credit Facility—During the six months ended June 30, 2021, we entered into a Third Amendment to the Second Amended and Restated Credit Agreement (the "Revolver Amendment"). The Revolver Amendment (i) extended the current covenant relief period through January 1, 2022 (the "Covenant Relief Period"), (ii) added a new minimum fixed charge coverage ratio covenant applicable to the first quarter of 2022, and (iii) increased the maintenance level of the leverage ratio covenant for the second, third, fourth, and fifth quarters following the end of the Covenant Relief Period. The Revolver Amendment also included an option, at our election, to extend the maturity date of $1.45 billion of revolving credit commitments by one year on the terms specified in the Revolver Amendment. The terms of the Revolver Amendment restrict, among other things, our ability to repurchase shares and pay dividends until the first quarter of 2022. The $1.5 billion aggregate commitment amount under our revolving credit facility remains unchanged.

During the six months ended June 30, 2021 and June 30, 2020, we had $0 and $400 million, respectively, of borrowings and repayments on our revolving credit facility. The weighted-average interest rate on these borrowings was 1.71% at June 30, 2020. At both June 30, 2021 and December 31, 2020, we had no balance outstanding. At June 30, 2021, we had $1.5 billion of borrowing capacity available under our revolving credit facility.

Fair Value—We estimate the fair value of debt, which consists of the 2025 Notes, 2030 Notes, and the notes below (collectively, the "Senior Notes"), bonds, and other long-term debt.

•$250 million of 5.375% senior notes due 2021 (the "2021 Notes")

•$750 million of three-month LIBOR plus 3.000% senior notes due 2022 (the "2022 Notes")

•$350 million of 3.375% senior notes due 2023 (the "2023 Notes")

•$400 million of 4.850% senior notes due 2026 (the "2026 Notes")

•$400 million of 4.375% senior notes due 2028 (the "2028 Notes")

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 on the lack of available market data, we have classified our revolving credit facility and other debt instruments as Level Three. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in our assumptions will result in different estimates of fair value.

	June 30, 2021
	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)	$	3,261	$	3,535	$	—	$	3,492	$	43

(1) Excludes $8 million of finance lease obligations and $23 million of unamortized discounts and deferred financing fees.

	December 31, 2020
	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)	$	3,261	$	3,561	$	—	$	3,518	$	43

(2) Excludes $9 million of finance lease obligations and $26 million of unamortized discounts and deferred financing fees.

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Interest Rate Locks—During the three and six months ended June 30, 2020, we recognized $3 million and $37 million of pre-tax losses, respectively, in unrealized gains (losses) on derivative activity on our condensed consolidated statements of comprehensive income (loss) related to interest rate locks that were settled in April 2020. Upon settlement, we recorded a $61 million loss within accumulated other comprehensive loss. This loss is amortized into interest expense on our condensed consolidated statements of income (loss) over the term of the 2030 Notes. The $61 million settlement is included as a cash outflow from operating activities on our condensed consolidated statements of cash flows for the six months ended June 30, 2020, as our policy is to classify cash flows from derivative instruments in the same category as the item being hedged.

10.     OTHER LONG-TERM LIABILITIES

	June 30, 2021		December 31, 2020
Deferred compensation plans funded by rabbi trusts (Note 4)	$	555	$	511
Income taxes payable	174		166
Guarantee liabilities (Note 12)	96		31
Deferred income taxes (Note 11)	73		48
Self-insurance liabilities (Note 12)	65		67
Other	53		88
Total other long-term liabilities	$	1,016	$	911

11.    INCOME TAXES

The provision for income taxes for the three and six months ended June 30, 2021 was $15 million and $201 million, respectively, compared to the benefit for income taxes of $94 million and $129 million for the three and six months ended June 30, 2020, respectively. The changes in our benefit (provision) for income taxes for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020, were primarily attributable to the full valuation allowance on U.S. federal and state deferred tax assets recorded in the first quarter of 2021 and the impact of unbenefited U.S. and foreign losses.

During the year ended December 31, 2020 and the six months ended June 30, 2021, we generated significant pre-tax losses driven by the COVID-19 pandemic business disruption, and during the three months ended March 31, 2021, we entered into a three-year cumulative U.S. pre-tax loss position. Therefore, in the first quarter of 2021, we assessed the need for a valuation allowance against our deferred tax assets, considering both positive and negative evidence, including the cumulative three-year pre-tax loss position. We considered sources of positive evidence including recent favorable recovery trends in the hospitality industry and the indefinite carryforward period of U.S. tax losses generated. Accounting Standards Codification 740, Income Taxes, prescribes that a recent cumulative pre-tax loss position is strong objectively verifiable negative evidence that is difficult to overcome and little or no weight is placed on future projections of pre-tax income, and therefore, our forecasts did not have an impact on our assessment. Based on the weight of all available evidence, we recorded a full valuation allowance against our U.S. federal and state deferred tax assets during the three months ended March 31, 2021. We continue to assess the appropriateness of the valuation allowance on a quarterly basis, and at June 30, 2021, our valuation allowance was $192 million.

At January 1, 2021, we had no U.S. federal net operating loss carryforwards, as the net operating losses we generated in 2020 were carried back to prior years, as described below. To measure the valuation allowance, we estimated the years in which our deferred tax assets and liabilities would reverse using systematic and logical methods to determine reversal patterns. If we continue to generate losses in future periods, additional valuation allowances may be required that could have an adverse impact on our net income (loss). Conversely, if pre-tax income returns to normalized levels, we expect to see these allowances reverse, which would result in an increase in reported net income. We will continue to reassess the realizability of our U.S. deferred tax asset balances in future periods.

During the six months ended June 30, 2021, we filed a U.S. refund claim, which carried back the taxable loss generated in 2020 to 2015, 2016, and 2017 as allowed under the provision of the Coronavirus Aid, Relief, and Economic Security Act. In July 2021, we received a $254 million refund from the Internal Revenue Service ("IRS"), which was included in prepaid income taxes on our condensed consolidated balance sheets at both June 30, 2021 and December 31, 2020.

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We are subject to audits by federal, state, and foreign tax authorities. U.S. tax years 2009 through 2011 are before the U.S. Tax Court concerning the tax treatment of the loyalty program. We are currently under field exam by the IRS for tax years 2015 through 2017. During the six months ended June 30, 2021, we received a Notice of Proposed Adjustment for those tax years related to the loyalty program issue currently in the U.S. Tax Court. As a result, U.S. tax years 2009 through 2017 are pending the outcome of the issue currently in U.S. Tax Court. If the IRS' position to include loyalty program contributions as taxable income to the Company is upheld, it would result in an income tax payment of $220 million (including $62 million of estimated interest, net of federal tax benefit) for all assessed years. We believe we have an adequate uncertain tax liability recorded in connection with this matter.

At June 30, 2021 and December 31, 2020, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $151 million and $146 million, respectively, of which $144 million and $49 million, respectively, would impact the effective tax rate if recognized.

12.    COMMITMENTS AND CONTINGENCIES

In the ordinary course of business, we enter into various commitments, guarantees, surety bonds, and letter of credit agreements.

Commitments—At June 30, 2021, we are committed, under certain conditions, to lend or provide certain consideration to, or invest in, various business ventures up to $352 million, net of any related letters of credit.

Performance Guarantees—Certain of our contractual agreements with third-party hotel owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. At June 30, 2021, our performance guarantees have $92 million of remaining maximum exposure and expire between 2022 and 2036. Our most significant performance guarantee, related to four managed hotels in France, expired in April 2020.

At June 30, 2021 and December 31, 2020, we had $47 million and $16 million of total performance guarantee liabilities, respectively, which included $39 million and $6 million recorded in other long-term liabilities and $8 million and $10 million recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets, respectively.

	Four managed hotels in France				Other performance guarantees				All performance guarantees
	2021		2020		2021		2020		2021		2020
Beginning balance, January 1	$	—	$	20	$	16	$	13	$	16	$	33
Initial guarantee obligation liability	—		—		1		—		1		—
Amortization of initial guarantee obligation liability into income	—		(4)		(1)		(1)		(1)		(5)
Performance guarantee expense, net	—		20		1		6		1		26
Payments during the period	—		(15)		(3)		(3)		(3)		(18)
Ending balance, March 31	$	—	$	21	$	14	$	15	$	14	$	36
Initial guarantee obligation liability	—		—		33		—		33		—
Amortization of initial guarantee obligation liability into income	—		—		—		(1)		—		(1)
Performance guarantee expense	—		6		4		7		4		13
Payments during the period	—		—		(4)		(8)		(4)		(8)
Foreign currency exchange, net	—		(1)		—		—		—		(1)
Ending balance, June 30	$	—	$	26	$	47	$	13	$	47	$	39

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 June 30, 2021 and December 31, 2020, we had $5 million and $3 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these performance cure payments.

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Debt Repayment and Other Guarantees—We enter into various debt repayment and other guarantees in order to assist hotel owners and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms.

Property description	Maximum potential future payments		Maximum exposure net of recoverability from third parties		Other long-term liabilities recorded at June 30, 2021		Other long-term liabilities recorded at December 31, 2020		Year of guarantee expiration
Hotel properties in India (1)	$	197	$	197	$	40	$	—	2024
Hotel properties in Tennessee (2), (3)	56		20		6		8		various, through 2024
Hotel properties in California (2)	38		15		1		2		various, through 2022
Hotel property in Pennsylvania (2), (4)	28		11		1		1		various, through 2023
Hotel property in Massachusetts (2), (4)	27		14		3		4		various, through 2022
Hotel properties in Georgia (2)	27		13		3		4		various, through 2024
Hotel property in Oregon (2)	21		8		1		1		2022
Other (2), (3)	21		7		2		5		various, through 2025
Total	$	415	$	285	$	57	$	25

(1) Debt repayment guarantees are denominated in Indian rupees and translated using exchange rates at June 30, 2021. We have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be approximately $100 million, taking into account our partner's 50% ownership interest in the unconsolidated hospitality venture. Under certain events or conditions, we have the right to force the sale of the properties in order to recover amounts funded.

(2) We have agreements with our unconsolidated hospitality venture partners, 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 or HTM debt security.

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

(4) We are subject to completion guarantees whereby the parties agree to substantially complete the construction of the project by a specified date. At June 30, 2021, the maximum potential exposure is insignificant.

At June 30, 2021, we are not aware, nor have we received any notification, that our unconsolidated hospitality ventures or hotel owners are not current on their debt service obligations where we have provided a debt repayment guarantee.

Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be $117 million and $66 million at June 30, 2021 and December 31, 2020, respectively. Based on the lack of 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, cyber risk, and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through a U.S.-based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Reserves for losses in our captive insurance company to be paid within 12 months are $35 million and $37 million at June 30, 2021 and December 31, 2020, respectively, and are recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. Reserves for losses in our captive insurance company to be paid in future periods are $65 million and $67 million at June 30, 2021 and December 31, 2020 and are recorded in other long-term liabilities on our condensed consolidated balance sheets.

Collective Bargaining Agreements—At June 30, 2021, approximately 24% 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.

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Surety Bonds—Surety bonds issued on our behalf were $49 million at June 30, 2021 and primarily relate to workers' compensation, taxes, licenses, construction liens, and utilities related to our lodging operations.

Letters of Credit—Letters of credit outstanding on our behalf at June 30, 2021 were $264 million, which relate to our ongoing operations, hotel properties under development in the U.S., collateral for estimated insurance claims, and securitization of our performance under our debt repayment guarantees associated with the hotel properties in India, which are only called on if we default on our guarantees. The letters of credit outstanding do not reduce the available capacity under our revolving credit facility (see Note 9).

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

Other—We act as general partner of various partnerships owning hotel properties that are 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 partners or respective hotel owners.

As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon contract terms expire.

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 our current insurance programs, subject to deductibles. 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 to have a material effect on our condensed consolidated financial statements.

During the year ended December 31, 2018, we received a notice from the Indian tax authorities assessing additional service tax on our operations in India. We appealed this decision and do not believe a loss is probable, and therefore, we have not recorded a liability in connection with this matter. At June 30, 2021, our maximum exposure is not expected to exceed $18 million.

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13.    EQUITY

Accumulated Other Comprehensive Loss

	Balance at April 1, 2021		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2021
Foreign currency translation adjustments (a)	$	(191)	$	15	$	2	$	(174)
Unrealized gains (losses) on AFS debt securities	—		—		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (b)	(39)		—		2		(37)
Accumulated other comprehensive loss	$	(237)	$	15	$	4	$	(218)
(a) The amount reclassified from accumulated other comprehensive loss related to the disposition of our ownership interest in certain unconsolidated hospitality ventures.
(b) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 9).
	Balance at January 1, 2021		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2021
Foreign currency translation adjustments (c)	$	(145)	$	(9)	$	(20)	$	(174)
Unrealized gains (losses) on AFS debt securities	1		(1)		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (d)	(41)		—		4		(37)
Accumulated other comprehensive loss	$	(192)	$	(10)	$	(16)	$	(218)
(c) The amount reclassified from accumulated other comprehensive loss related to the acquisition of the remaining interest in the entities which own Grand Hyatt São Paulo (see Note 6) and the disposition of our ownership interest in certain unconsolidated hospitality ventures.
(d) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of significant tax impacts, related to the settlement of interest rate locks (see Note 9). We expect to reclassify $6 million of losses over the next 12 months.

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	Balance at April 1, 2020		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2020
Foreign currency translation adjustments	$	(234)	$	19	$	—	$	(215)
Unrealized gains (losses) on AFS debt securities	1		—		—		1
Unrecognized pension cost	(9)		—		—		(9)
Unrealized gains (losses) on derivative instruments (e)	(43)		(2)		1		(44)
Accumulated other comprehensive loss	$	(285)	$	17	$	1	$	(267)
(e) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 9).
	Balance at January 1, 2020		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2020
Foreign currency translation adjustments	$	(183)	$	(32)	$	—	$	(215)
Unrealized gains (losses) on AFS debt securities	1		—		—		1
Unrecognized pension cost	(9)		—		—		(9)
Unrealized gains (losses) on derivative instruments (f)	(18)		(27)		1		(44)
Accumulated other comprehensive loss	$	(209)	$	(59)	$	1	$	(267)
(f) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 9). We expect to reclassify $6 million of losses over the next 12 months.

Share Repurchase—During 2019 and 2018, our board of directors authorized the repurchase of up to $750 million and $750 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 or an accelerated share repurchase transaction, at prices we deem appropriate and subject to our financial condition, capital requirements, market conditions, restrictions under the terms of our revolving credit facility, applicable law, and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A and 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.

During the six months ended June 30, 2021, we did not repurchase common stock.

During the six months ended June 30, 2020, we repurchased 827,643 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $84.08 per share for an aggregate purchase price of $69 million, excluding insignificant related expenses. The shares repurchased during the six months ended June 30, 2020 represented approximately 1% of our total shares of common stock outstanding at December 31, 2019.

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 June 30, 2021, we had $928 million remaining under the share repurchase authorization.

Dividend—Hyatt did not declare or pay dividends to Class A or Class B shareholders of record during the six months ended June 30, 2021. On February 13, 2020, our board of directors declared a cash dividend of $0.20 per share for the first quarter of 2020, which was paid on March 9, 2020 to Class A and Class B shareholders of record on February 26, 2020. For the six months ended June 30, 2020, $7 million and $13 million of cash dividends were paid for Class A and Class B common stock, respectively.

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14.    STOCK-BASED COMPENSATION

As part of our Long-Term Incentive Plan ("LTIP"), we award time-vested stock appreciation rights ("SARs"), time-vested restricted stock units ("RSUs"), and performance-vested restricted stock units ("PSUs") to certain employees and non-employee directors. In addition, non-employee directors may elect to receive their annual fees and/or annual equity retainers in the form of shares of our Class A common stock. 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 recognized within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our condensed consolidated statements of income (loss). Stock-based compensation expense recognized in selling, general, and administrative expenses on our condensed consolidated statements of income (loss) related to these awards was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
SARs	$	1	$	—	$	10	$	10
RSUs	3		4		16		14
PSUs	4		(2)		10		(7)
Total	$	8	$	2	$	36	$	17

The three and six months ended June 30, 2020 included a reversal of previously recognized stock-based compensation expense based on our assessment at the time of the expected achievement relative to the applicable performance targets related to certain PSU awards.

SARs—During the six months ended June 30, 2021, we granted 396,889 SARs to employees with a weighted-average grant date fair value of $28.68. During the six months ended June 30, 2020, we granted 1,250,434 SARs to employees with a weighted-average grant date fair value of $8.88.

RSUs—During the six months ended June 30, 2021, we granted 407,585 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $80.31. During the six months ended June 30, 2020, we granted 519,730 RSUs to employees with a weighted-average grant date fair value of $48.66.

PSUs—During the six months ended June 30, 2021, we granted 153,256 PSUs to employees with a weighted-average grant date fair value of $82.02. During the six months ended June 30, 2020, we did not grant any PSUs under our LTIP.

Our total unearned compensation for our stock-based compensation programs at June 30, 2021 was $3 million for SARs, $22 million for RSUs, and $21 million for PSUs, which will primarily be recognized in stock-based compensation expense over a weighted-average period of three years.

15.    RELATED-PARTY TRANSACTIONS

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

Equity Method Investments—We have equity method investments in entities that own, operate, manage, or franchise properties for which we receive management, franchise, or license fees. We recognized $3 million and $1 million of fees for the three months ended June 30, 2021 and June 30, 2020, respectively. During each of the six months ended June 30, 2021 and June 30, 2020, we recognized $4 million of fees. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 12) to these entities. At June 30, 2021 and December 31, 2020, we had $12 million and $15 million of receivables due from these properties. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%. See Note 4 for further details regarding these investments.

Class B Share Conversion—During the three and six months ended June 30, 2021, 614,831 and 1,415,000 shares of Class B common stock, respectively, were converted on a share-for-share basis into shares of Class A common stock, $0.01 par value per share. During the three and six months ended June 30, 2020, 2,435,243 shares of Class B common stock were converted on a share-for-share basis into shares of Class A common stock, $0.01

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par value per share. The shares of Class B common stock that were converted into shares of Class A common stock have been retired, thereby reducing the shares of Class B common stock authorized and outstanding.

16.     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 ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM 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 earned by our owned and leased hotels related to our co-branded credit card program and 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 as well as revenues from residential management operations. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as costs associated with sales, reservations, technology, and marketing services (collectively, "system-wide services") and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and 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, Greater China, Australia, New Zealand, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties.

•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 and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.

Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, and other fees revenues; and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude interest expense; benefit (provision) for income taxes; depreciation and amortization; amortization of management and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties that we intend to recover over the long term; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate and other; asset impairments; 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 results from our co-branded credit card program, the results of the Exhale spa and fitness business, which was sold during the year ended December 31, 2020, and unallocated corporate expenses.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Owned and leased hotels
Owned and leased hotels revenues	$	194	$	20	$	301	$	350
Intersegment revenues (a)	3		1		6		8
Adjusted EBITDA	12		(78)		(17)		(44)
Depreciation and amortization	58		56		117		119
Americas management and franchising
Management, franchise, and other fees revenues	66		8		104		92
Contra revenue	(5)		(4)		(9)		(8)
Other revenues	19		2		36		29
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	327		186		554		670
Intersegment revenues (a)	7		(1)		10		9
Adjusted EBITDA	54		(3)		82		65
Depreciation and amortization	6		5		11		10
ASPAC management and franchising
Management, franchise, and other fees revenues	20		6		35		25
Contra revenue	(1)		(1)		(2)		(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	24		17		44		44
Adjusted EBITDA	10		(2)		15		6
Depreciation and amortization	1		1		2		2
EAME/SW Asia management and franchising
Management, franchise, and other fees revenues	6		2		13		12
Contra revenue	(3)		(2)		(6)		(3)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	15		12		28		32
Intersegment revenues (a)	—		—		—		1
Adjusted EBITDA	(1)		(11)		(1)		(10)
Depreciation and amortization	—		—		—		—
Corporate and other
Revenues	11		4		19		18
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		—		—		2
Intersegment revenues (a)	—		—		—		—
Adjusted EBITDA	(21)		(23)		(45)		(50)
Depreciation and amortization	9		11		18		22
Eliminations
Revenues (a)	(10)		—		(16)		(18)
Adjusted EBITDA	1		—		1		2
TOTAL
Revenues	$	663	$	250	$	1,101	$	1,243
Adjusted EBITDA	55		(117)		35		(31)
Depreciation and amortization	74		73		148		153

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

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net loss attributable to Hyatt Hotels Corporation	$	(9)	$	(236)	$	(313)	$	(339)
Interest expense	42		35		83		52
(Benefit) provision for income taxes	15		(94)		201		(129)
Depreciation and amortization	74		73		148		153
EBITDA	122		(222)		119		(263)
Contra revenue	9		7		17		13
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(366)		(215)		(626)		(748)
Costs incurred on behalf of managed and franchised properties	375		235		652		790
Equity (earnings) losses from unconsolidated hospitality ventures	34		23		(20)		25
Stock-based compensation expense (Note 14)	8		2		36		17
Gains on sales of real estate and other (Note 6)	(105)		—		(105)		(8)
Asset impairments	2		49		2		52
Other (income) loss, net (Note 18)	(25)		14		(37)		95
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	1		(10)		(3)		(4)
Adjusted EBITDA	$	55	$	(117)	$	35	$	(31)

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17.    LOSSES PER SHARE

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(9)	$	(236)	$	(313)	$	(339)
Net loss attributable to noncontrolling interests	—		—		—		—
Net loss attributable to Hyatt Hotels Corporation	$	(9)	$	(236)	$	(313)	$	(339)
Denominator:
Basic weighted-average shares outstanding	101,898,773		101,273,404		101,713,331		101,314,230
Share-based compensation	—		—		—		—
Diluted weighted-average shares outstanding	101,898,773		101,273,404		101,713,331		101,314,230
Basic Losses Per Share:
Net loss	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Net loss attributable to noncontrolling interests	—		—		—		—
Net loss attributable to Hyatt Hotels Corporation	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Diluted Losses Per Share:
Net loss	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Net loss attributable to noncontrolling interests	—		—		—		—
Net loss attributable to Hyatt Hotels Corporation	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)

The computations of diluted net losses per share for the three and six months ended June 30, 2021 and June 30, 2020 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive.

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
SARs	1,321,700	383,500	1,317,600	832,900
RSUs	587,900	513,100	584,100	480,000

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18.    OTHER INCOME (LOSS), NET

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Foreign currency gains (losses), net	$	13	$	—	$	7	$	(1)
Interest income	8		6		14		17
Unrealized gains (losses), net (Note 4)	5		35		13		(44)
Depreciation recovery	5		6		9		12
Performance guarantee liability amortization (Note 12)	—		1		1		6
Restructuring expenses	—		(47)		—		(47)
Performance guarantee expense, net (Note 12)	(4)		(13)		(5)		(39)
Credit losses (Note 4 and Note 5)	(8)		(14)		(10)		(18)
Other, net	6		12		8		19
Other income (loss), net	$	25	$	(14)	$	37	$	(95)

During the three and six months ended June 30, 2021, foreign currency gains were primarily driven by a property in our owned and leased hotels segment, which held a loan denominated in a currency other than its functional currency.

During the three and six months ended June 30, 2021, we recognized $8 million and $10 million, respectively, of credit losses, primarily related to certain of our HTM debt securities (see Note 4). During the three and six months ended June 30, 2020, as a result of existing economic conditions, in part due to the COVID-19 pandemic, and the developer's inability to complete construction and meet its debt service, we recognized a $13 million credit loss related to a debt repayment guarantee for a residential property in Brazil.

During the three and six months ended June 30, 2020, we recognized $47 million of restructuring expenses, including severance, insurance benefits, outplacement, and other related costs, due to operational changes as a result of the COVID-19 pandemic.

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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, and financial performance; the impact of the COVID-19 pandemic and pace of recovery; the amount by which the Company intends to reduce its real estate asset base and the anticipated timeframe for such asset dispositions; and prospective or future events. Forward-looking statements 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; the duration of the COVID-19 pandemic and the pace of recovery following the pandemic, any additional resurgence, or COVID-19 variants; the short and longer-term effects of the COVID-19 pandemic, including the demand for travel, transient and group business, and levels of consumer confidence; the impact of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants, and the impact of actions that governments, businesses, and individuals take in response, on global and regional economies, travel limitations or bans, and economic activity, including the duration and magnitude of its impact on unemployment rates and consumer discretionary spending; the broad distribution of COVID-19 vaccines and wide acceptance by the general population of such vaccines; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants; 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 ("ADR"); limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; 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, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, such as the COVID-19 pandemic, or fear of such outbreaks; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; 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; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of 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 and our ability to successfully integrate completed acquisitions with existing operations; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; 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; 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 the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business.

These factors are not necessarily all of the important factors that could cause our actual results, performance, or achievements to differ materially from those expressed in or implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our business, financial condition, results of operations, or cash flows. 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

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factors affecting forward-looking statements, except to the extent required by applicable law. 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 provide hospitality and other services on a worldwide basis through the operation, management, franchising, ownership, development, and licensing of hospitality businesses. We operate, manage, franchise, own, lease, develop, license, or provide services to a portfolio of properties consisting of full service hotels, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential, vacation, and condominium ownership units. 

At June 30, 2021, our worldwide hotel portfolio consisted of 1,012 hotels (241,403 rooms), including:

•422 managed properties (130,990 rooms), all of which we operate under management and hotel services agreements with third-party property owners;

•520 franchised properties (85,831 rooms), all of which are owned by third parties that have franchise agreements with us and are operated by third parties;

•32 owned properties (13,401 rooms) (including 1 consolidated hospitality venture), 1 finance leased property (171 rooms), and 6 operating leased properties (2,086 rooms), all of which we manage;

•24 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,909 rooms); and

•5 franchised properties (1,015 rooms) that are operated by an unconsolidated hospitality venture in connection with a master license agreement by Hyatt, 3 of these properties (669 rooms) are leased by the unconsolidated hospitality venture.

Our worldwide property portfolio also included:

•8 all-inclusive resorts (3,153 rooms), all of which are owned by a third party in which we hold common shares and which operates the resorts under franchise agreements with us;

•16 vacation ownership properties under the Hyatt Residence Club brand and operated by third parties;

•36 residential properties, 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; and

•36 condominium ownership properties for which we provide services for the rental programs and/or homeowners associations (including 1 unconsolidated hospitality venture).

Additionally, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other tradenames or marks owned by such hotel or licensed by third parties.

We report our consolidated operations in U.S. dollars. Amounts are reported in millions, unless otherwise noted. Percentages may not recompute due to rounding, and percentage changes that are not meaningful are presented as "NM". Constant currency disclosures used 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;

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•Americas management and franchising ("Americas"), which consists of our management and franchising of properties located in the United States, Latin America, Canada, and the Caribbean, as well as our residential management operations;

•ASPAC management and franchising ("ASPAC"), which consists of our management and franchising of properties located in Southeast Asia, Greater China, Australia, New Zealand, South Korea, Japan, and Micronesia; and

•EAME/SW Asia management and franchising ("EAME/SW Asia"), 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 the results from our co-branded credit card program, the results of the Exhale spa and fitness business, which was sold during the year ended December 31, 2020, and unallocated corporate expenses. See Part I, Item 1 "Financial Statements—Note 16 to the Condensed Consolidated Financial Statements" for further discussion of our segment structure.

Overview of the Impact of the COVID-19 Pandemic

The global spread of the COVID-19 pandemic and its impacts are complex and continue to evolve, resulting in significant disruption to our business, the lodging and hospitality industries, and the global economy. The pandemic and its impacts have significantly reduced global travel, demand for hotel rooms, and travel experiences and have had a material detrimental impact on global commercial activity across the travel, lodging, and hospitality industries, which has had, and is expected to continue to have, a material impact on our business, results of operations, cash flows, and financial condition.

We have seen improvement and progressive recovery in our comparable system-wide RevPAR for the quarter ended June 30, 2021 compared with the quarter ended March 31, 2021. However, we expect demand could continue to be uneven in the near term, and we do not expect results to return to pre-COVID-19 levels until business traveler and consumer confidence related to risks associated with the COVID-19 pandemic materially improve, and government and corporate restrictions on travel and freedom of movement are fully lifted.

We have, at times, suspended operations at certain hotels across our portfolio in response to government restrictions and low levels of demand. As restrictions have been lifted and demand has increased, we have been able to re-open the majority of hotels where operations were previously suspended, and at June 30, 2021, 98% of our system-wide hotels were open. However, as cases of COVID-19 persist in various regions around the globe and new COVID-19 variants emerge, restrictions still remain in certain markets, which has created, and may continue to create, demand volatility. This may result in the subsequent re-suspension of operations at certain hotels.

Even once all restrictions on global travel have been lifted and vaccines are widely available and distributed, there remains considerable uncertainty as to the pace of recovery of demand for lodging and travel-related experiences.

Overview of Financial Results

For the quarter ended June 30, 2021, we reported a net loss attributable to Hyatt Hotels Corporation of $9 million, representing a $227 million increase, compared to the quarter ended June 30, 2020, driven by improved operating performance, a pre-tax gain on the sale of Hyatt Regency Lost Pines Resort and Spa, and prior year asset impairments and restructuring costs.

Consolidated revenues increased $413 million, or 165.6% ($412 million, or 164.8%, excluding the impact of currency), during the quarter ended June 30, 2021 compared to the quarter ended June 30, 2020. The increases in owned and leased hotels revenues; management, franchise, and other fees; other revenues; and revenues for the reimbursement of costs incurred on behalf of managed and franchised properties of $172 million, $73 million, $19 million, and $151 million, respectively, for the quarter ended June 30, 2021, compared to the quarter ended June 30, 2020, were driven by gradual recovery in operating performance as compared to the prior year, largely driven by leisure travel within certain markets.

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At our full service managed hotels in the Americas, including owned and leased hotels, we have seen group bookings production improve compared to 2020, though still significantly lower than pre-COVID-19 pandemic levels. During each month of the quarter, we experienced positive net booking production for 2021 for the first time since the onset of the COVID-19 pandemic. The revenues associated with group booking demand is dependent on travel restrictions related to gatherings being lifted and confidence from meeting planners and businesses that their attendees are comfortable traveling.

Our consolidated Adjusted EBITDA for the quarter ended June 30, 2021 increased $172 million, compared to the second quarter of 2020, driven by the aforementioned increases in revenues due to gradual recovery from the prior year impacts of the COVID-19 pandemic. Adjusted EBITDA increased $90 million for our owned and leased hotels segment, $57 million for our Americas management and franchising segment, $12 million for our ASPAC management and franchising segment, and $10 million for our EAME/SW Asia management and franchising segment during the second quarter of 2021 as compared to the second quarter of 2020. See "—Segment Results" for further discussion. 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 loss attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to consolidated Adjusted EBITDA.

During the quarter ended June 30, 2021, there were no returns of capital to our shareholders through share repurchases, and there was no quarterly dividend payment as we suspended all share repurchase activity and dividend payments beginning in March 2020.

We expect to successfully execute plans announced in March 2019 to realize proceeds of approximately $1.5 billion from the sale of real estate by March 2022 as part of our capital strategy. At June 30, 2021, we have realized proceeds of approximately $1.1 billion towards this goal from the disposition of owned assets.

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

		RevPAR
		Three Months Ended June 30,
(Comparable locations)	Number of comparable hotels (1)	2021		vs. 2020 (in constant $)
System-wide hotels	882	$	72	361.5	%
Owned and leased hotels	34	$	87	NM
Americas full service hotels	214	$	82	984.3	%
Americas select service hotels	411	$	76	256.2	%
ASPAC full service hotels	111	$	73	139.1	%
ASPAC select service hotels	26	$	41	104.4	%
EAME/SW Asia full service hotels	102	$	44	431.4	%
EAME/SW Asia select service hotels	18	$	29	150.1	%
(1) The number of comparable hotels presented above includes owned and leased hotels and hotels that had temporarily suspended operations for a portion of 2020 and/or 2021 due to the COVID-19 pandemic.

System-wide RevPAR increased 361.5% during the three months ended June 30, 2021, compared to the three months ended June 30, 2020, driven by increased demand as compared to the prior year resulting from the impact of the COVID-19 pandemic. Leisure demand continues to lead the recovery as travel restrictions have eased in certain markets. See "—Segment Results" for discussion of RevPAR by segment.

Our comparable system-wide hotels RevPAR of $72 and $16 for the three months ended June 30, 2021 and June 30, 2020, respectively, remain significantly below pre-COVID-19 pandemic levels of previously reported comparable system-wide hotels RevPAR of $144 for the three months ended June 30, 2019. While uncertainty surrounding the recovery remains, it is our expectation that business transient and group business will continue to gradually improve over the coming months. Leisure transient demand is expected to remain consistent or may moderately improve throughout 2021, but demand may be varied and irregular in the current environment.

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Results of Operations

Three and Six Months Ended June 30, 2021 Compared with Three and Six Months Ended June 30, 2020

Discussion on Consolidated Results

For additional information regarding our consolidated results, refer to our condensed consolidated statements of income (loss) included in this quarterly report. Consolidated results were impacted significantly by the COVID-19 pandemic during the three and six months ended June 30, 2021 and June 30, 2020. See "—Segment Results" for further discussion.

The impact from our investments in marketable securities held to fund our deferred compensation plans through rabbi trusts was recognized on the various financial statement line items discussed below and had no impact on net loss.

Owned and leased hotels revenues.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	172	$	15	$	157	NM		$	—
Non-comparable owned and leased hotels revenues	19		4		15		320.1	%	—
Total owned and leased hotels revenues	$	191	$	19	$	172	900.1	%	$	—

	Six Months Ended June 30,
	2021		2020		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	268	$	304	$	(36)	(11.8)	%	$	2
Non-comparable owned and leased hotels revenues	27		38		(11)		(29.2)	%	—
Total owned and leased hotels revenues	$	295	$	342	$	(47)	(13.8)	%	$	2

Comparable owned and leased hotels revenues increased during the three months ended June 30, 2021, compared to the same period in the prior year, driven by increased demand and hotel re-openings following the suspension of operations at a number of hotels in 2020 due to the COVID-19 pandemic, which resulted in lower revenues for the three months ended June 30, 2020. Non-comparable owned and leased hotels revenues increased during the three months ended June 30, 2021, compared to the three months ended June 30, 2020, driven primarily by transaction activity and two properties undergoing renovations during 2020. See "—Segment Results" for further discussion.

Comparable owned and leased hotels revenues decreased during the six months ended June 30, 2021, compared to the same period in the prior year, driven by the COVID-19 pandemic, resulting in decreased demand at a significant number of hotels. Non-comparable owned and leased hotels revenues decreased during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, primarily driven by the extended closure of an owned hotel, partially offset by two properties undergoing renovations during the six months ended June 30, 2020. See "—Segment Results" for further discussion.

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Management, franchise, and other fees revenues.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Base management fees	$	36	$	8	$	28	388.4	%
Incentive management fees	12		(2)		14		920.1	%
Franchise fees	29		6		23		400.9	%
Management and franchise fees	77		12		65		564.8	%
Other fees revenues	16		8		8		99.9	%
Management, franchise, and other fees	$	93	$	20	$	73	367.2	%

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Management, franchise, and other fees	$	93	$	20	$	73	367.2	%
Contra revenue	(9)		(7)		(2)		(31.9)	%
Net management, franchise, and other fees	$	84	$	13	$	71	536.3	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Base management fees	$	60	$	55	$	5	10.5	%
Incentive management fees	20		6		14		233.3	%
Franchise fees	46		33		13		36.3	%
Management and franchise fees	126		94		32		33.9	%
Other fees revenues	30		34		(4)		(10.4)	%
Management, franchise, and other fees	$	156	$	128	$	28	22.0	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Management, franchise, and other fees	$	156	$	128	$	28	22.0	%
Contra revenue	(17)		(13)		(4)		(28.3)	%
Net management, franchise, and other fees	$	139	$	115	$	24	21.3	%

The increases in management and franchise fees during the three and six months ended June 30, 2021, compared to the same periods in the prior year, were due to increased demand driven by gradual recovery in 2021, compared to the decreased demand and suspended hotel operations at a number of hotels in 2020, as a result of the COVID-19 pandemic. Other fees revenues increased for the three months ended June 30, 2021, compared to the three months ended June 30, 2020, primarily driven by an increase in license fees related to our co-branded credit card.

Other revenues.   During the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020, other revenues increased $19 million and $3 million, respectively, primarily driven by the impact of the COVID-19 pandemic on our residential management operations during the prior year. During the six months ended June 30, 2021, compared to the same period in the prior year, the favorability in our residential management operations was partially offset by decreased revenues due to the sale of the Exhale spa and fitness business during the fourth quarter of 2020.

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Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.

	Three Months Ended June 30,
	2021		2020		Change
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	$	366	$	215	$	151	70.7	%
Less: rabbi trust impact	(11)		(21)		10		49.1	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	355	$	194	$	161	83.8	%

	Six Months Ended June 30,
	2021		2020		Change
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	$	626	$	748	$	(122)	(16.3)	%
Less: rabbi trust impact	(16)		(1)		(15)		NM
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	610	$	747	$	(137)	(18.3)	%

Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties increased during the three months ended June 30, 2021, compared to the same period in the prior year, primarily driven by higher reimbursements for payroll and related costs due to hotels resuming operations after prior year suspensions of operations as a result of the COVID-19 pandemic and higher reimbursements related to system-wide services provided to managed and franchised properties driven by improved hotel operating performance. This increase was partially offset by a $10 million decrease in the value of the marketable securities held to fund our deferred compensation plans through rabbi trusts due to declines in market performance.

Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties decreased during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, primarily driven by the impact of the COVID-19 pandemic and associated cost containment initiatives, which led to lower reimbursements for payroll and related costs and reduced expenses related to system-wide services provided to managed and franchised properties. This decrease was partially offset by a $15 million increase in the value of the marketable securities held to fund our deferred compensation plans through rabbi trusts due to improved market performance.

Owned and leased hotels expenses.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Comparable owned and leased hotels expenses	$	149	$	67	$	(82)	(121.5)	%
Non-comparable owned and leased hotels expenses	22		18		(4)		(19.4)	%
Rabbi trust impact	3		7		4		53.2	%
Total owned and leased hotels expenses	$	174	$	92	$	(82)	(88.2)	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Comparable owned and leased hotels expenses	$	255	$	305	$	50	16.3	%
Non-comparable owned and leased hotels expenses	38		59		21		36.5	%
Rabbi trust impact	5		—		(5)		NM
Total owned and leased hotels expenses	$	298	$	364	$	66	18.2	%

The increase in comparable owned and leased hotels expenses during the three months ended June 30, 2021, compared to the same period in the prior year, was primarily due to resumed operations driving increased

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variable expenses in 2021 as compared to the prior year, which included the impact of suspended operations at certain owned and leased hotels.

The decrease in comparable owned and leased hotels expenses during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, was primarily driven by decreased demand and the related suspension of operations at certain owned and leased hotels beginning in March 2020, partially offset by increased operations and a subsequent increase in variable expenses in the second quarter of 2021 compared to 2020.

During the six months ended June 30, 2021, compared to the six months ended June 30, 2020, non-comparable owned and leased hotels expenses decreased primarily due to the extended closure of an owned hotel. See "—Segment Results" for further discussion.

Other direct costs.  During the three and six months ended June 30, 2021, compared to the same periods in the prior year, other direct costs increased $17 million and $6 million, respectively, primarily driven by the impact of the COVID-19 pandemic on our residential management operations during the prior year as well as increases related to our co-branded credit card program from higher cardholder spend and point transfers, partially offset by decreased expenses due to the sale of the Exhale spa and fitness business during the fourth quarter of 2020.

Selling, general, and administrative expenses.

	Three Months Ended June 30,
	2021		2020		Change
Selling, general, and administrative expenses	$	86	$	101	$	(15)	(14.3)	%
Less: rabbi trust impact	(21)		(42)		21		50.5	%
Less: stock-based compensation expense	(8)		(2)		(6)		(324.0)	%
Adjusted selling, general, and administrative expenses	$	57	$	57	$	—	1.9	%

	Six Months Ended June 30,
	2021		2020		Change
Selling, general, and administrative expenses	$	181	$	148	$	33	22.7	%
Less: rabbi trust impact	(31)		(1)		(30)		NM
Less: stock-based compensation expense	(36)		(17)		(19)		(109.7)	%
Adjusted selling, general, and administrative expenses	$	114	$	130	$	(16)	(11.8)	%

Selling, general, and administrative expenses decreased during the three months ended June 30, 2021, compared to the same period in the prior year, primarily driven by the decline in market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts as well as a decrease in bad debt expenses, partially offset by increases in payroll and related costs and stock- based compensation expense.

Selling, general, and administrative expenses increased during the six months ended June 30, 2021, compared to the same period in the prior year, primarily driven by the improved market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts, an increase in stock-based compensation expense, primarily due to lapping a reversal of previously recognized stock-based compensation expense related to certain PSU awards during the six months ended June 30, 2020, and increases in payroll and related costs. The aforementioned increases were partially offset by a decrease in bad debt expenses.

Adjusted selling, general, and administrative expenses exclude the impact of deferred compensation plans 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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Costs incurred on behalf of managed and franchised properties.

	Three Months Ended June 30,
	2021		2020		Change
Costs incurred on behalf of managed and franchised properties	$	375	$	235	$	140	59.8	%
Less: rabbi trust impact	(11)		(21)		10		49.1	%
Costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	364	$	214	$	150	70.5	%

	Six Months Ended June 30,
	2021		2020		Change
Costs incurred on behalf of managed and franchised properties	$	652	$	790	$	(138)	(17.5)	%
Less: rabbi trust impact	(16)		(1)		(15)		NM
Costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	636	$	789	$	(153)	(19.4)	%

Costs incurred on behalf of managed and franchised properties increased during the three months ended June 30, 2021, compared to the three months ended June 30, 2020, primarily driven by increased payroll and related expenses at managed properties where we are the employer as hotels resumed operations after prior year suspensions of operations due to the COVID-19 pandemic and increased expenses related to system-wide services provided to managed and franchised properties. These increases were partially offset by a $10 million decrease in the value of the marketable securities held to fund our deferred compensation plans through rabbi trusts due to declines in market performance.

Costs incurred on behalf of managed and franchised properties decreased during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, primarily driven by the impact of the COVID-19 pandemic and associated cost containment initiatives, both of which led to lower payroll and related costs at managed properties where we are the employer and lower expenses for system-wide services provided to managed and franchised properties. This decrease was partially offset by a $15 million increase in the value of the marketable securities held to fund our deferred compensation plans through rabbi trusts due to improved market performance.

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Net gains and interest income from marketable securities held to fund rabbi trusts.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Rabbi trust impact allocated to selling, general, and administrative expenses	$	21	$	42	$	(21)	(50.5)	%
Rabbi trust impact allocated to owned and leased hotels expenses	3		7		(4)		(53.2)	%
Net gains and interest income from marketable securities held to fund rabbi trusts	$	24	$	49	$	(25)	(50.9)	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Rabbi trust impact allocated to selling, general, and administrative expenses	$	31	$	1	$	30	NM
Rabbi trust impact allocated to owned and leased hotels expenses	5		—		5		NM
Net gains and interest income from marketable securities held to fund rabbi trusts	$	36	$	1	$	35	NM

Net gains and interest income from marketable securities held to fund rabbi trusts decreased during the three months ended June 30, 2021, compared to the same period in prior year, and increased during the six months ended June 30, 2021, compared to the same period in the prior year, driven by the market performance of the underlying invested assets.

Equity earnings (losses) from unconsolidated hospitality ventures.

	Three Months Ended June 30,						Six Months Ended June 30,
	2021		2020		Better / (Worse)		2021		2020		Better / (Worse)
Hyatt's share of unconsolidated hospitality ventures net losses excluding foreign currency	$	(14)	$	(12)	$	(2)	$	(34)	$	(15)	$	(19)
Net gains (losses) from sales activity related to unconsolidated hospitality ventures (Note 4)	(1)		—		(1)		68		—		68
Hyatt's share of unconsolidated hospitality ventures foreign currency net gains (losses) (1)	—		(17)		17		4		(14)		18
Other (2)	(19)		6		(25)		(18)		4		(22)
Equity earnings (losses) from unconsolidated hospitality ventures	$	(34)	$	(23)	$	(11)	$	20	$	(25)	$	45
(1) Foreign currency impact was primarily driven by one of our unconsolidated hospitality ventures which held loans denominated in a currency other than its functional currency. During the six months ended June 30, 2021, we purchased our partner's ownership interest. See Part I, Item 1 "Financial Statements—Note 4 to the Condensed Consolidated Financial Statements" for additional information.
(2) Primarily related to the debt repayment guarantees for the hotel properties in India that we entered into during the three months ended June 30, 2021. See Part I, Item 1 "Financial Statements—Note 12 to the Condensed Consolidated Financial Statements" for additional information..

Interest expense.   Interest expense increased $7 million during the three months ended June 30, 2021, compared to the same period in the prior year, primarily driven by the 2022 Notes issued during the third quarter of 2020. Interest expense increased $31 million during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, primarily driven by the 2022 Notes issued during the third quarter of 2020 and the 2025 and 2030 Notes issued during the second quarter of 2020. See Part I, Item 1 "Financial Statements—Note 9 to the Condensed Consolidated Financial Statements" for additional information.

Gains on sales of real estate and other.   During the three and six months ended June 30, 2021, we recognized a $104 million pre-tax gain related to the sale of Hyatt Regency Lost Pines Resort and Spa. During the six months ended June 30, 2020, we recognized a $4 million pre-tax gain related to an unrelated third-party's investment in certain of our subsidiaries that developed Hyatt Centric Center City Philadelphia and adjacent parking and retail space and a $4 million pre-tax gain for the sale of a commercial building in Omaha, Nebraska. See Part I,

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Item 1 "Financial Statements—Note 6 to the Condensed Consolidated Financial Statements" for additional information.

Asset impairments.   Asset impairments decreased $47 million and $50 million during the three and six months ended June 30, 2021, respectively, compared to the same periods in the prior year. During the three and six months ended June 30, 2020, we recognized $38 million of goodwill impairment charges. During the three and six months ended June 30, 2020, we recognized $11 million and $14 million, respectively, of impairment charges related to property and equipment, operating lease right-of-use assets, and definite-lived intangibles.

Other income (loss), net.   Other income (loss), net increased $39 million and $132 million during the three and six months ended June 30, 2021, respectively, compared to the same periods in the prior year. See Part I, Item 1 "Financial Statements—Note 18 to the Condensed Consolidated Financial Statements" for additional information.

Benefit (provision) for income taxes.

	Three Months Ended June 30,
	2021			2020			Better / (Worse)
Income (loss) before income taxes	$	6		$	(330)		$	336	102.1	%
Benefit (provision) for income taxes	(15)			94			(109)		(116.5)	%
Effective tax rate	227.6		%	28.5		%			199.1	%

	Six Months Ended June 30,
	2021			2020			Better / (Worse)
Income (loss) before income taxes	$	(112)		$	(468)		$	356	76.1	%
Benefit (provision) for income taxes	(201)			129			(330)		(255.6)	%
Effective tax rate	(180.0)		%	27.6		%			(207.6)	%

For the three and six months ended June 30, 2021, we recognized an income tax provision of $15 million and $201 million, respectively, primarily driven by a non-cash expense to recognize a full valuation allowance on U.S. federal and state deferred tax assets as further described in Part I, Item 1 "Financial Statements—Note 11 to the Condensed Consolidated Financial Statements."

Segment Results

As described in Part I, Item 1 "Financial Statements—Note 16 to the Condensed Consolidated Financial Statements," we evaluate segment operating performance using owned and leased hotels revenues; management, franchise, and other fees revenues; and Adjusted EBITDA.

We have seen continuous improvement in the second quarter of 2021 across our segments, but the level of recovery has varied by market. Our segment revenues, comparable RevPAR, and Adjusted EBITDA during the three and six months ended June 30, 2021 continue to be impacted by the COVID-19 pandemic and performance remains significantly below pre-COVID-19 pandemic results. As the recovery has continued, we have re-opened hotels where operations were previously suspended, and the percentage of hotels open by segment at June 30, 2021 and June 30, 2020 was as follows:

	June 30, 2021		June 30, 2020
Owned and leased hotels	97	%	45	%
Americas full service hotels	98	%	61	%
Americas select service hotels	99	%	93	%
ASPAC full and select service hotels	96	%	88	%
EAME/SW Asia full and select service hotels	97	%	61	%

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Owned and leased hotels segment revenues.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	175	$	15	$	160	NM		$	—
Non-comparable owned and leased hotels revenues	19		5		14		320.1	%	—
Total segment revenues	$	194	$	20	$	174	860.7	%	$	—

	Six Months Ended June 30,
	2021		2020		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	274	$	312	$	(38)	(12.2)	%	$	2
Non-comparable owned and leased hotels revenues	27		38		(11)		(29.2)	%	—
Total segment revenues	$	301	$	350	$	(49)	(14.1)	%	$	2

Comparable owned and leased hotels revenues increased for the three months ended June 30, 2021, compared to the same period in the prior year, driven by increased demand and hotel re-openings in 2021, compared with the prior year decline in revenues due to the COVID-19 pandemic and associated suspension of operations at a number of hotels.

The increase in non-comparable owned and leased hotels revenues for the three months ended June 30, 2021, compared to the same period in the prior year, was primarily driven by the opening of two properties that were undergoing renovations during the prior year and the acquisition of Ventana Big Sur, an Alila Resort, during the three months ended June 30, 2021.

Comparable owned and leased hotels revenues decreased for the six months ended June 30, 2021, compared to the six months ended June 30, 2020, driven by the impact of the COVID-19 pandemic beginning in March 2020 causing significant declines in demand.

Non-comparable owned and leased hotels revenues decreased during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, primarily driven by the extended closure of an owned hotel and disposition activity, partially offset by the opening of two properties undergoing renovations during the six months ended June 30, 2020.

	Three Months Ended June 30,
	RevPAR			Occupancy			ADR
	2021		vs. 2020 (in constant $)	2021		vs. 2020	2021		vs. 2020 (in constant $)
Comparable owned and leased hotels	$	87	NM	42.4	%	39.3% pts	$	204	40.2	%

	Six Months Ended June 30,
	RevPAR				Occupancy			ADR
	2021		vs. 2020 (in constant $)		2021		vs. 2020	2021		vs. 2020 (in constant $)
Comparable owned and leased hotels	$	67	(4.4)	%	35.5	%	6.0% pts	$	189	(20.5)	%

The increase in RevPAR at our comparable owned and leased hotels during the three months ended June 30, 2021, compared to the same period in the prior year, was driven by improved demand across various markets in the United States, as well as increased ADR driven by the impact of the COVID-19 pandemic during the prior year.

During the six months ended June 30, 2021, compared to the six months ended June 30, 2020, comparable owned and leased hotels RevPAR marginally decreased primarily driven by the impact of the COVID-19 pandemic beginning in March 2020 and the associated decline in demand.

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During the three and six months ended June 30, 2021, we sold one property that was removed from comparable owned and leased hotels results. During the six months ended June 30, 2021, one property was removed from comparable owned and leased hotels results as the property has been closed for an extended period.

Owned and leased hotels segment Adjusted EBITDA.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Owned and leased hotels Adjusted EBITDA	$	11	$	(68)	$	79	115.2	%
Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA	1		(10)		11		112.5	%
Segment Adjusted EBITDA	$	12	$	(78)	$	90	114.9	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Owned and leased hotels Adjusted EBITDA	$	(14)	$	(40)	$	26	64.0	%
Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA	(3)		(4)		1		35.7	%
Segment Adjusted EBITDA	$	(17)	$	(44)	$	27	61.4	%

Owned and leased hotels Adjusted EBITDA. The increase in Adjusted EBITDA at our owned and leased hotels for the three months ended June 30, 2021, compared to the same period in the prior year, was primarily driven by the aforementioned $160 million increase in comparable owned and leased hotels revenues, partially offset by a $92 million increase in comparable owned and leased expenses driven by the increase in open hotels and corresponding increase in variable expenses compared to the prior year when a significant number of hotels had suspended operations due to the COVID-19 pandemic.

The increase in Adjusted EBITDA at our owned and leased hotels for the six months ended June 30, 2021, compared to the same period in the prior year, was primarily driven by a $52 million decrease in comparable owned and leased hotels expenses due to reduced payroll and related costs and a $22 million decrease in non-comparable owned and leased hotels expenses largely related to the extended closure of an owned hotel. The decreases in comparable owned and leased hotels expenses were partially offset by the aforementioned $38 million decrease in comparable owned and leased hotels revenues during the six months ended June 30, 2021 compared to the same period in the prior year.

Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA. Our pro rata share of Adjusted EBITDA from our unconsolidated hospitality ventures increased during the three months ended June 30, 2021, compared to the same period in 2020, primarily driven by gradual recovery and increased demand during the quarter as compared to the negative impact of the COVID-19 pandemic during the prior year.

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Americas management and franchising segment revenues.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	66	$	8	$	58	662.9	%
Contra revenue	(5)		(4)		(1)		(4.3)	%
Other revenues	19		2		17		983.6	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	327		186		141		76.0	%
Total segment revenues	$	407	$	192	$	215	112.3	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	104	$	92	$	12	13.1	%
Contra revenue	(9)		(8)		(1)		(6.5)	%
Other revenues	36		29		7		25.9	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	554		670		(116)		(17.3)	%
Total segment revenues	$	685	$	783	$	(98)	(12.4)	%

The increase in management and franchise fees for the three months ended June 30, 2021, compared to the same period in the prior year, was primarily driven by a $26 million increase in base management fees due to demand recovery, which was led by certain markets in the United States and resort destinations, and a $23 million increase in franchise fees driven by select service properties. Additionally, the increase in other fees was driven by termination fees.

The $15 million increase in management and franchise fees for the six months ended June 30, 2021, compared to the same period in the prior year, is driven by recovery from the COVID-19 pandemic, which caused a significant decline in fees starting at the end of the first quarter of 2020. Other fees declined $3 million due to the recognition of license fees in 2020 associated with an amended license agreement for Hyatt Residence Club, which was partially offset by an increase in termination fees.

The increases in other revenues for the three and six months ended June 30, 2021, compared to the same periods in the prior year, were driven by increased demand in our residential management business.

Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties increased during the three months ended June 30, 2021, compared to the same period in the prior year, primarily driven by higher reimbursements for payroll and related costs due to hotels resuming operations after prior year suspensions of operations as a result of the COVID-19 pandemic and due to higher reimbursements related to system-wide services provided to managed and franchised properties driven by improved hotel operating performance.

Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties decreased during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, primarily driven by the impact of the COVID-19 pandemic and associated cost containment initiatives, which led to lower reimbursements for payroll and related costs and reduced expenses related to system-wide services provided to managed and franchised properties.

	Three Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2021		vs. 2020 (in constant $)		2021		vs. 2020	2021		vs. 2020 (in constant $)
Americas full service	$	82	984.3	%	42.3	%	36.9% pts	$	193	37.4	%
Americas select service	$	76	256.2	%	63.9	%	42.2% pts	$	119	21.0	%

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	Six Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2021		vs. 2020 (in constant $)		2021		vs. 2020	2021		vs. 2020 (in constant $)
Americas full service	$	63	3.1	%	34.3	%	4.8% pts	$	183	(11.3)	%
Americas select service	$	62	30.7	%	56.2	%	17.5% pts	$	111	(10.1)	%

The RevPAR increases at our comparable system-wide full service and select service hotels during the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020, were primarily due to increased transient demand as compared to the prior year due to the impact of the COVID-19 pandemic. The three months ended June 30, 2021 also benefited from increases in ADR as compared to the same period in the prior year.

During the three and six months ended June 30, 2021, two properties were removed from the comparable Americas full service system-wide hotel results and five properties were removed from the comparable Americas select service system-wide hotel results as they left the chain. Additionally, during the six months ended June 30, 2021, two properties were removed from the comparable Americas full service system-wide hotel results as one is undergoing a significant renovation and one has been closed for an extended period.

Americas management and franchising segment Adjusted EBITDA.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Segment Adjusted EBITDA	$	54	$	(3)	$	57	NM

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Segment Adjusted EBITDA	$	82	$	65	$	17	26.0	%

The increases in Adjusted EBITDA during the three and six months ended June 30, 2021, compared to the same periods in the prior year, were primarily driven by the aforementioned increases in management, franchise, and other fees.

ASPAC management and franchising segment revenues.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	20	$	6	$	14	234.1	%
Contra revenue	(1)		(1)		—		(46.9)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	24		17		7		50.2	%
Total segment revenues	$	43	$	22	$	21	100.0	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	35	$	25	$	10	39.7	%
Contra revenue	(2)		(2)		—		(45.9)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	44		44		—		1.8	%
Total segment revenues	$	77	$	67	$	10	14.9	%

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Management, franchise, and other fees increased for the three and six months ended June 30, 2021, compared to the same periods in the prior year, primarily driven by an increase in base and incentive management fees in Greater China due to increased demand.

The increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties during the three months ended June 30, 2021, compared to the three months ended June 30, 2020, was driven by higher reimbursements related to system-wide services provided to managed and franchised properties.

	Three Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2021		vs. 2020 (in constant $)		2021		vs. 2020	2021		vs. 2020 (in constant $)
ASPAC full service	$	73	139.1	%	47.3	%	23.6% pts	$	155	19.6	%
ASPAC select service	$	41	104.4	%	55.5	%	26.7% pts	$	73	6.1	%

	Six Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2021		vs. 2020 (in constant $)		2021		vs. 2020	2021		vs. 2020 (in constant $)
ASPAC full service	$	65	28.6	%	42.4	%	13.3% pts	$	153	(11.9)	%
ASPAC select service	$	37	70.4	%	51.8	%	24.3% pts	$	71	(9.4)	%

Comparable full and select service RevPAR increased for the three and six months ended June 30, 2021, compared to the same periods in the prior year, primarily driven by increased transient demand following gradual recovery as compared to the impacts of the COVID-19 pandemic in the prior year.

During the three months ended June 30, 2021, no properties were removed from the comparable ASPAC full service and select service system-wide hotel results. During the six months ended June 30, 2021, one property was removed from the comparable ASPAC full service system-wide hotel results and one property was removed from the ASPAC select service system-wide hotel results as the properties left the chain.

ASPAC management and franchising segment Adjusted EBITDA.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Segment Adjusted EBITDA	$	10	$	(2)	$	12	693.4	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Segment Adjusted EBITDA	$	15	$	6	$	9	131.9	%

The increases in Adjusted EBITDA were primarily driven by the aforementioned increases in management, franchise, and other fees revenues during the three and six months ended June 30, 2021, compared to the same periods in the prior year, partially offset by increases in selling, general, and administrative expenses, primarily payroll and related costs due to cost containment initiatives in 2020.

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EAME/SW Asia management and franchising segment revenues.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	6	$	2	$	4	265.7	%
Contra revenue	(3)		(2)		(1)		(110.6)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	15		12		3		19.2	%
Total segment revenues	$	18	$	12	$	6	44.6	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	13	$	12	$	1	10.4	%
Contra revenue	(6)		(3)		(3)		(79.5)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	28		32		(4)		(14.4)	%
Total segment revenues	$	35	$	41	$	(6)	(14.9)	%

The increase in management, franchise, and other fees during the three months ended June 30, 2021, compared to the three months ended June 30, 2020, was driven by an increase in base and incentive management fees across the region due to a gradual recovery from the COVID-19 pandemic. During the three months ended June 30, 2020, the region was under various levels of restrictions including both international and local travel bans.

The increase in Contra revenue during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, was primarily driven by an accrued performance cure payment.

Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties increased during the three months ended June 30, 2021, compared to the same period in the prior year, primarily driven by higher reimbursements related to system-wide services provided to managed and franchised properties.

Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties decreased during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, primarily driven by the impact of the COVID-19 pandemic and associated cost containment initiatives, which led to lower reimbursements of expenses related to system-wide services provided to managed and franchised properties.

	Three Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2021		vs. 2020 (in constant $)		2021		vs. 2020	2021		vs. 2020 (in constant $)
EAME/SW Asia full service	$	44	431.4	%	28.3	%	21.8% pts	$	154	23.0	%
EAME/SW Asia select service	$	29	150.1	%	42.9	%	29.5% pts	$	67	(22.0)	%

	Six Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2021		vs. 2020 (in constant $)		2021		vs. 2020	2021		vs. 2020 (in constant $)
EAME/SW Asia full service	$	40	(16.3)	%	29.0	%	1.3% pts	$	139	(19.8)	%
EAME/SW Asia select service	$	29	(12.2)	%	44.1	%	7.3% pts	$	65	(26.8)	%

Comparable system-wide hotels RevPAR increased during the three months ended June 30, 2021, compared to the three months ended June 30, 2020, primarily driven by increased demand. EAME/SW Asia full service

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system-wide hotels further benefited from increased ADR during the three months ended June 30, 2021 compared to the same period in the prior year. Notable markets that contributed to increased RevPAR include the Middle East, which has experienced steady recovery; Eastern Europe, which is benefiting from the resurgence of business demand; and certain hotels in Western and Southern European markets, which experienced increased leisure demand as various travel and movement restrictions were lifted during the current quarter.

Comparable system-wide hotels RevPAR decreased during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, primarily driven by the travel and movement restrictions persisting across certain markets during the period due to the continued impact of the COVID-19 pandemic. The COVID-19 pandemic related restrictions did not impact the segment until late during the first quarter of 2020, which contributed to the higher RevPAR during the six months ended June 30, 2020.

During the three and six months ended June 30, 2021, no properties were removed from the comparable EAME/SW Asia full service system-wide hotel results, and during the six months ended June 30, 2021, one property left the chain and was removed from the comparable EAME/SW Asia select service system-wide hotel results.

EAME/SW Asia management and franchising segment Adjusted EBITDA.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Segment Adjusted EBITDA	$	(1)	$	(11)	$	10	95.1	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Segment Adjusted EBITDA	$	(1)	$	(10)	$	9	94.5	%

The increases in Adjusted EBITDA during the three and six months ended June 30, 2021, compared to the same periods in the prior year, were primarily driven by reduced selling, general, and administrative expenses due to reserves recognized on certain receivables in the prior year as well as the aforementioned increases in management, franchise, and other fees revenues in the current year.

Corporate and other.

	Three Months Ended June 30,
	2021		2020		Better / (Worse)
Revenues	$	11	$	4	$	7	168.2	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		—		—		(100.0)	%
Adjusted EBITDA	(21)		(23)		2		4.2	%

	Six Months Ended June 30,
	2021		2020		Better / (Worse)
Revenues	$	19	$	18	$	1	3.4	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		2		(2)		(100.0)	%
Adjusted EBITDA	(45)		(50)		5		9.3	%

Revenues increased during the three months ended June 30, 2021, compared to the three months ended June 30, 2020, primarily driven by increased license fees related to our co-branded credit card.

Adjusted EBITDA increased during the six months ended June 30, 2021, compared to the six months ended June 30, 2020, primarily driven by reduced expenses due to the sale of the Exhale spa and fitness business during the fourth quarter of 2020 as well as the reduction of certain selling, general, administrative expenses, partially offset by increased expenses related to our co-branded credit card due to increased spend and transfers.

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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 (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude the following items:

•interest expense;

•benefit (provision) for income taxes;

•depreciation and amortization;

•Contra revenue;

•revenues for the reimbursement of costs incurred on behalf of managed and franchised properties;

•costs incurred on behalf of managed and franchised properties that we intend to recover over the long term;

•equity earnings (losses) from unconsolidated hospitality ventures;

•stock-based compensation expense;

•gains on sales of real estate and other;

•asset impairments; 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 CODM, 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 and facilitates our comparison of results before these items with results from other companies within our industry.

Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry. For instance, interest expense and benefit (provision) for income taxes are dependent upon company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate, and therefore, can vary significantly across companies. Depreciation and amortization are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets, and Contra revenue is dependent on company policies and strategic decisions regarding payments to hotel owners. We exclude revenues for the reimbursement of costs and costs incurred on behalf of managed and franchised properties which relate to the reimbursement of payroll costs and system-wide services and programs that we operate for the benefit of our hotel owners as contractually we do not provide services or operate the related programs to generate a profit over the terms of the respective contracts. Over the long term, these programs and services are not designed to impact our economics, either positively or negatively. Therefore, we exclude the net impact when evaluating period-over-period changes in our operating results. Adjusted EBITDA includes costs incurred on behalf of our managed and franchised properties related to system-wide services and programs that we

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do not intend to recover from hotel owners. We exclude stock-based compensation expense to remove the variability amongst companies resulting from different compensation plans companies have adopted. Finally, we exclude other items that are not core to our operations, such as asset impairments and unrealized and realized gains and losses on marketable securities.

Adjusted EBITDA and EBITDA are not substitutes for net income (loss) attributable to Hyatt Hotels Corporation, net income (loss), 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 (loss) in our condensed consolidated financial statements included elsewhere in this quarterly report.

See below for a reconciliation of net income (loss) 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 exclude the impact of deferred compensation plans 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 because 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.

Comparable hotels

"Comparable system-wide hotels" represents all properties we manage or franchise (including owned and leased properties) and that are operated for the entirety of the periods being compared and that have not sustained substantial damage, business interruption, or undergone large scale renovations during the periods being compared or for which comparable results are not available. Hotels that have temporarily suspended operations due to the COVID-19 pandemic are included in our definition of comparable system-wide hotels. We may use variations of comparable system-wide hotels to specifically refer to comparable system-wide Americas full service or select service hotels for those properties that we manage or franchise within the Americas management and franchising segment, comparable system-wide ASPAC full service or select service hotels for those properties we manage or franchise within the ASPAC management and franchising segment, or comparable system-wide EAME/SW Asia full service or select service hotels for those properties that we manage or franchise within the EAME/SW Asia management and franchising segment. "Comparable owned and leased hotels" represents all properties we own or lease and that are operated and consolidated for the entirety of the periods being compared and have not sustained substantial damage, business interruption, or undergone large scale renovations during the periods being compared or for which comparable results are not available. Hotels that have temporarily suspended operations due to the COVID-19 pandemic are included in our definition of comparable owned and leased hotels. Comparable system-wide hotels and comparable owned and leased hotels are commonly used as a basis of measurement in our industry. "Non-comparable system-wide hotels" or "non-comparable owned and leased hotels" represent all hotels that do not meet the respective definition of "comparable" as defined above.

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

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

	Three Months Ended June 30,
	2021		2020		Change
Net loss attributable to Hyatt Hotels Corporation	$	(9)	$	(236)	$	227	96.3	%
Interest expense	42		35		7		22.1	%
(Benefit) provision for income taxes	15		(94)		109		116.5	%
Depreciation and amortization	74		73		1		0.6	%
EBITDA	122		(222)		344		155.1	%
Contra revenue	9		7		2		31.9	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(366)		(215)		(151)		(70.7)	%
Costs incurred on behalf of managed and franchised properties	375		235		140		59.8	%
Equity (earnings) losses from unconsolidated hospitality ventures	34		23		11		46.5	%
Stock-based compensation expense	8		2		6		324.0	%
Gains on sales of real estate and other	(105)		—		(105)		NM
Asset impairments	2		49		(47)		(95.1)	%
Other (income) loss, net	(25)		14		(39)		(280.4)	%
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	1		(10)		11		112.5	%
Adjusted EBITDA	$	55	$	(117)	$	172	147.2	%

	Six Months Ended June 30,
	2021		2020		Change
Net loss attributable to Hyatt Hotels Corporation	$	(313)	$	(339)	$	26	7.8	%
Interest expense	83		52		31		59.6	%
(Benefit) provision for income taxes	201		(129)		330		255.6	%
Depreciation and amortization	148		153		(5)		(3.6)	%
EBITDA	119		(263)		382		145.2	%
Contra revenue	17		13		4		28.3	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(626)		(748)		122		16.3	%
Costs incurred on behalf of managed and franchised properties	652		790		(138)		(17.5)	%
Equity (earnings) losses from unconsolidated hospitality ventures	(20)		25		(45)		(178.3)	%
Stock-based compensation expense	36		17		19		109.7	%
Gains on sales of real estate and other	(105)		(8)		(97)		NM
Asset impairments	2		52		(50)		(95.4)	%
Other (income) loss, net	(37)		95		(132)		(139.8)	%
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	(3)		(4)		1		35.7	%
Adjusted EBITDA	$	35	$	(31)	$	66	213.8	%

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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 long-term business strategy, we use net proceeds from dispositions to support new investment opportunities, including acquisitions, as well as return capital to our shareholders when appropriate. If we deem necessary, 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. We maintain a cash investment policy that emphasizes preservation of capital.

The COVID-19 pandemic and related travel restrictions and other containment efforts have had a significant impact on travel and lodging and hospitality industries and, as a result, on our business, results of operations, cash flows, and financial condition. During 2020, we took significant actions to manage operating expenses and cash flows consistent with business needs and demand levels. We have been, and will continue to be, disciplined with respect to our spending, taking into account our cash flow from operations as we monitor the impacts of the COVID-19 pandemic. 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 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 or an accelerated share repurchase transaction. Such repurchases or exchanges, if any, will depend on prevailing market conditions, restrictions in our existing or future financing arrangements, our liquidity requirements, contractual restrictions, and other factors. The amounts involved may be material.

Recent Transactions Affecting our Liquidity and Capital Resources

During the six months ended June 30, 2021 and June 30, 2020, various transactions impacted our liquidity. See "—Sources and Uses of Cash."

Sources and Uses of Cash

	Six Months Ended June 30,
	2021		2020
Cash provided by (used in):
Operating activities	$	(58)	$	(330)
Investing activities	47		(44)
Financing activities	(16)		786
Effect of exchange rate changes on cash	(7)		4
Net increase (decrease) in cash, cash equivalents, and restricted cash	$	(34)	$	416

Cash Flows from Operating Activities

Cash used in operating activities decreased $272 million for the six months ended June 30, 2021 compared to the six months ended June 30, 2020. The decrease was primarily due to continued improvement in performance across the portfolio driven by recovery from the COVID-19 pandemic, which also attributed to increased working capital. Additionally, in 2020, cash used in operations included a $61 million settlement for our interest rate locks upon issuance of the 2030 Notes.

Cash Flows from Investing Activities

During the six months ended June 30, 2021:

•We received $268 million of proceeds, net of closing costs and proration adjustments, from the sale of Hyatt Regency Lost Pines Resort and Spa.

•We received $60 million of net proceeds from the sale of marketable securities and short-term investments.

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•We received $25 million of proceeds from the sales activity related to certain equity method investments and the redemption of a HTM debt security.

•We acquired Ventana Big Sur, an Alila Resort, for $146 million of cash, net of closing costs and proration adjustments.

•We purchased our partner's interest in the entities that own Grand Hyatt São Paulo for $6 million of cash, and we repaid the $78 million third-party mortgage loan on the property.

•We invested $37 million in capital expenditures (see "—Capital Expenditures").

•We invested $24 million in unconsolidated hospitality ventures.

During the six months ended June 30, 2020:

•We invested $88 million in capital expenditures (see "—Capital Expenditures").

•We invested $47 million in unconsolidated hospitality ventures.

•We received $72 million of proceeds related to the disposition of a 58% ownership interest in certain subsidiaries that developed Hyatt Centric Center City Philadelphia and adjacent parking and retail space. 

•We received $7 million of proceeds from the sale of marketable securities and short-term investments.

•We received $6 million of proceeds, net of closing costs and proration adjustments, from the sale of a commercial building in Omaha, Nebraska.

Cash Flows from Financing Activities

During the six months ended June 30, 2021:

•We did not have any significant financing activities.

During the six months ended June 30, 2020:

•We issued our 2025 and 2030 Notes and received approximately $890 million of net proceeds, after deducting $10 million of underwriting discounts and other offering expenses.

•We repurchased 827,643 shares of Class A common stock for an aggregate purchase price of $69 million.

•We paid a quarterly $0.20 per share cash dividend on Class A and Class B common stock totaling $20 million.

•We borrowed and repaid $400 million on our revolving credit facility.

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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:

	June 30, 2021			December 31, 2020
Consolidated debt (1)	$	3,246		$	3,244
Stockholders' equity	2,906			3,211
Total capital	6,152			6,455
Total debt to total capital	52.8		%	50.3		%
Consolidated debt (1)	3,246			3,244
Less: cash and cash equivalents and short-term investments	(1,737)			(1,882)
Net consolidated debt	$	1,509		$	1,362
Net debt to total capital	24.5		%	21.1		%

(1) Excludes approximately $623 million and $671 million of our share of unconsolidated hospitality venture indebtedness at June 30, 2021 and December 31, 2020, respectively, substantially all of which is non-recourse to us and a portion of which we guarantee pursuant to separate agreements.

Capital Expenditures

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

	Six Months Ended June 30,
	2021		2020
Enhancements to existing properties	$	23	$	43
Maintenance and technology	14		16
Investment in new properties under development or recently opened	—		29
Total capital expenditures	$	37	$	88

In response to the COVID-19 pandemic and its impact to our business, we have taken actions to reduce capital expenditures. We expect to maintain conservative levels of capital expenditures during 2021 due to a continuation of demand pressure resulting from the COVID-19 pandemic. The decrease in enhancements to existing properties is driven by a decrease in discretionary hotel renovations. The decrease in investment in new properties under development or recently opened is primarily driven by a decrease in renovation spend at a Miraval property.

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Senior Notes

The table below sets forth the outstanding principal balance of our Senior Notes at June 30, 2021, as described in Part I, Item 1 "Financial Statements—Note 9 to the Condensed Consolidated Financial Statements." Interest on the Senior Notes is payable semi-annually or quarterly.

	Principal amount
2021 Notes	$	250
2022 Notes	750
2023 Notes	350
2025 Notes	450
2026 Notes	400
2028 Notes	400
2030 Notes	450
Total Senior Notes	$	3,050

We are in compliance with all applicable covenants under the indenture governing our Senior Notes at June 30, 2021.

Revolving Credit Facility

The revolving credit facility is intended to provide financing for working capital and general corporate purposes, including permitted investments and acquisitions. At both June 30, 2021 and December 31, 2020, we had no balance outstanding. See Part I, Item 1 "Financial Statements—Note 9 to the Condensed Consolidated Financial Statements."

We are in compliance with all applicable covenants under the revolving credit facility at June 30, 2021.

On March 18, 2021, we entered into the Revolver Amendment. See Part I, Item 1 "Financial Statements—Note 9 to the Condensed Consolidated Financial Statements" and our Current Report on Form 8-K filed with the SEC on March 22, 2021, which is incorporated in this quarterly report by reference, for more information related to the Revolver Amendment.

Letters of Credit

We issue letters of credit either under the revolving credit facility or directly with financial institutions. We had $264 million and $234 million in letters of credit issued directly with financial institutions outstanding at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021, these letters of credit had weighted-average fees of approximately 164 basis points and a range of maturity of up to approximately three years.

Critical Accounting Policies and Estimates

Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts and related disclosures. We have disclosed those estimates that we believe are critical and require the use of complex judgment in their application in our 2020 Form 10-K, with additional considerations below.

Income Taxes

Judgment is required in assessing the future tax consequences of events that have been recognized in our condensed consolidated financial statements or tax returns (e.g., realization of deferred tax assets, changes in tax laws, or interpretations thereof). In addition, we are subject to examination of our income tax returns by the IRS and other tax authorities. A change in the assessment of the outcomes of such matters could materially impact our condensed consolidated financial statements.

We evaluate tax positions taken or expected to be taken on a tax return to determine whether they are "more likely than not" of being sustained assuming that the tax reporting positions will be examined by taxing authorities with full knowledge of all relevant information prior to recording the related tax benefit in our condensed consolidated financial statements. If a position does not meet the "more likely than not" standard, the benefit cannot be recognized. Assumptions, judgment, and the use of estimates are required in determining if the "more likely than

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not" standard has been met when developing the provision for income taxes. A change in the assessment of the "more likely than not" standard with respect to a position could materially impact our condensed consolidated financial statements. See Part I, Item 1, "Financial Statements—Note 11 to our Condensed Consolidated Financial Statements."

Deferred Income Taxes – Valuation Allowance

On a quarterly basis, we assess the realizability of our deferred tax assets and recognize a valuation allowance when it is "more likely than not" that some or all of our deferred tax assets are not realizable. This assessment is completed by tax jurisdiction and relies on the weight of both positive and negative evidence available with significant weight placed on recent financial results. Cumulative pre-tax losses for the three-year period are considered significant objective negative evidence that some or all of our deferred tax assets may not be realizable. Cumulative reported pre-tax income is considered objectively verifiable positive evidence of our ability to generate positive pre-tax income in the future. In accordance with GAAP, when there is a recent history of pre-tax losses, there is little or no weight placed on forecasts for purposes of assessing the recoverability of our deferred tax assets. When necessary, we use systematic and logical methods to estimate when deferred tax liabilities will reverse and generate taxable income and when deferred tax assets will reverse and generate tax deductions. Assumptions, judgment, and the use of estimates are required when scheduling the reversal of deferred tax assets and liabilities, and the exercise is inherently complex and subjective.

We generated significant pre-tax losses in 2020 and the first half of 2021 due to the impact of the COVID-19 pandemic, and during the three months ended March 31, 2021, we entered into a three-year U.S. cumulative loss position. We expect the cumulative three-year loss position may continue in 2021 as 2018 pre-tax income is replaced by 2021 results. As a result of our three-year U.S. cumulative loss and the scheduling estimates discussed above, we recognized a $192 million valuation allowance during the six months ended June 30, 2021. If we continue to generate losses in future periods, additional valuation allowances may be required that could have an adverse impact on our net income (loss). When pre-tax income returns to normalized levels, we will consider the pre-tax income as positive evidence weighted within our analysis to evaluate the realizability of our U.S. deferred tax asset balances and determine whether a portion of the valuation allowance can be reversed. However, significant judgment will be required to determine the timing and amount of any reversal of the valuation allowance in future periods. See Part I, Item 1, "Financial Statements—Note 11 to our Condensed Consolidated Financial Statements."

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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 June 30, 2021, 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 and interest rate locks, in order to maintain a level of exposure to interest rate variability that we deem acceptable. At both June 30, 2021 and December 31, 2020, we did not hold any interest rate swap contracts or have outstanding interest rate locks.

The following table sets forth the contractual maturities and the total fair values at June 30, 2021 for our financial instruments materially affected by interest rate risk:

	Maturities by Period
	2021		2022		2023		2024		2025		Thereafter		Total carrying amount (1)			Total fair value
Fixed-rate debt	$	255	$	5	$	355	$	6	$	456	$	1,397	$	2,474		$	2,739
Average interest rate (2)													4.89		%
Floating-rate debt (3)	$	2	$	754	$	4	$	4	$	4	$	19	$	787		$	796
Average interest rate (2)													3.30		%

(1) Excludes $8 million of finance lease obligations and $23 million of unamortized discounts and deferred financing fees.

(2) Average interest rate at June 30, 2021.

(3) Includes Grand Hyatt Rio de Janeiro construction loan which had a 6.60% interest rate at June 30, 2021.

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 amount of the outstanding forward contracts, the majority of which relate to intercompany transactions, with terms of less than one year, were $184 million and $172 million at June 30, 2021 and December 31, 2020, respectively.

We intend to offset the gains and losses related to our third-party debt and intercompany transactions with gains or losses on our foreign currency forward contracts such that there is a negligible effect on our annual net income (loss). Our exposure to market risk has not materially changed from what we previously disclosed in our 2020 Form 10-K.

For the three and six months ended June 30, 2021, the effects of these derivative instruments resulted in insignificant gains (losses) recognized in other income (loss), net on our condensed consolidated statements of income (loss). For the three and six months ended June 30, 2020, the effects of these derivative instruments resulted in insignificant net losses and $7 million of net gains, respectively, recognized in other income (loss), net on our condensed consolidated statements of income (loss). We offset the gains and losses on our foreign currency forward contracts with gains and losses related to our intercompany loans and transactions, such that there is a negligible effect to our net income (loss). At June 30, 2021 and December 31, 2020, we had insignificant and $10 million of liabilities, respectively, related to these derivative instruments recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

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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 the Company's internal control over financial reporting during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's 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, in each case, 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.

In March 2018, a putative class action was filed against the Company and several other hotel companies in federal district court in Illinois, Case No. 1:18-cv-01959, seeking an unspecified amount of damages and equitable relief for an alleged violation of the federal antitrust laws. In July 2021, the parties involved in this litigation entered into a confidential settlement agreement, and on July 26, 2021, the parties filed a Joint Stipulation of Dismissal With Prejudice dismissing the claims in that action. The settlement amount attributed to Hyatt is not considered material to the Company.

Item 1A. Risk Factors.

At June 30, 2021, 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, 2020.

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 June 30, 2021:

	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
April 1 to April 30, 2021	—	$	—	—	$	927,760,966
May 1 to May 31, 2021	—	—		—	$	927,760,966
June 1 to June 30, 2021	—	—		—	$	927,760,966
Total	—	$	—	—

(1)On each of October 30, 2018 and December 18, 2019, we announced the approvals of the expansions of our share repurchase program. Under each approval, we are authorized to purchase up to an additional $750 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 or an accelerated share repurchase transaction. The repurchase program does not have an expiration date. At June 30, 2021, we had approximately $928 million remaining under the share repurchase authorization. We suspended all share repurchase activity effective March 3, 2020, and the terms of the Revolver Amendment restrict our ability to repurchase shares until the first quarter of 2022.

Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not Applicable.

Item 5.    Other Information.

None.

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Item 6.    Exhibits.

Exhibit Number	Exhibit Description
3.1	Amended and Restated Certificate of Incorporation of Hyatt Hotels Corporation (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q (File No. 001-34521) filed with the Securities and Exchange Commission on May 5, 2021)
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)
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 - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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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:	August 4, 2021	By:	/s/ Mark S. Hoplamazian
			Mark S. Hoplamazian
			President and Chief Executive Officer
			(Principal Executive Officer)

		Hyatt Hotels Corporation
Date:	August 4, 2021	By:	/s/ Joan Bottarini
			Joan Bottarini
			Executive Vice President, Chief Financial Officer
			(Principal Financial Officer)

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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.

August 4, 2021	/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, Joan Bottarini, 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.

August 4, 2021	/s/ Joan Bottarini
	Joan Bottarini
	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 June 30, 2021, 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.

August 4, 2021	/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 June 30, 2021, 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.

August 4, 2021	/s/ Joan Bottarini
	Joan Bottarini
	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

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-34521
Entity Registrant Name	HYATT HOTELS CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-1480589
Entity Address, Address Line One	150 North Riverside Plaza
Entity Address, Address Line Two	8th Floor
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	750-1234
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	H
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001468174
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		41,172,573
Common Class B
Document Information
Entity Common Stock, Shares Outstanding		60,623,918

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES:
Total revenues	$ 663	$ 250	$ 1,101	$ 1,243
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Depreciation and amortization	74	73	148	153
Other direct costs	24	7	47	41
Selling, general, and administrative	86	101	181	148
Direct and selling, general, and administrative expenses	733	508	1,326	1,496
Net gains and interest income from marketable securities held to fund rabbi trusts	24	49	36	1
Equity earnings (losses) from unconsolidated hospitality ventures	(34)	(23)	20	(25)
Interest expense	(42)	(35)	(83)	(52)
Gains on sales of real estate and other	105	0	105	8
Asset impairments	(2)	(49)	(2)	(52)
Other income (loss), net	25	(14)	37	(95)
INCOME (LOSS) BEFORE INCOME TAXES	6	(330)	(112)	(468)
BENEFIT (PROVISION) FOR INCOME TAXES	(15)	94	(201)	129
NET LOSS	(9)	(236)	(313)	(339)
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
NET LOSS ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ (9)	$ (236)	$ (313)	$ (339)
LOSSES PER SHARE—Basic
Net loss (in dollars per share)	$ (0.08)	$ (2.33)	$ (3.07)	$ (3.35)
Net income loss attributable to Hyatt Hotels Corporation (in dollars per share)	(0.08)	(2.33)	(3.07)	(3.35)
LOSSES PER SHARE—Diluted
Net loss (in dollars per share)	(0.08)	(2.33)	(3.07)	(3.35)
Net loss attributable to Hyatt Hotels Corporation (in dollars per share)	$ (0.08)	$ (2.33)	$ (3.07)	$ (3.35)
Owned and leased hotels
REVENUES:
Total revenues	$ 191	$ 19	$ 295	$ 342
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	174	92	298	364
Management, franchise, and other fees
REVENUES:
Total revenues	93	20	156	128
Contra revenue
REVENUES:
Total revenues	(9)	(7)	(17)	(13)
Net management, franchise, and other fees
REVENUES:
Total revenues	84	13	139	115
Other revenues
REVENUES:
Total revenues	22	3	41	38
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
REVENUES:
Total revenues	366	215	626	748
Costs incurred on behalf of managed and franchised properties
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	$ 375	$ 235	$ 652	$ 790

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (9)	$ (236)	$ (313)	$ (339)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax benefit (provision) of $— for the three and six months ended June 30, 2021 and June 30,2020	17	19	(29)	(32)
Unrealized gains (losses) on available-for-sale debt securities, net of tax benefit (provision) of $— for the three and six months ended June 30, 2021 and June 30, 2020	0	0	(1)	0
Unrealized gains (losses) on derivative activity, net of tax benefit (provision) of $— for the three and six months ended June 30, 2021 and $— and $(9) for the three and six months ended June 30, 2020	2	(1)	4	(26)
Other comprehensive income (loss)	19	18	(26)	(58)
COMPREHENSIVE INCOME (LOSS)	10	(218)	(339)	(397)
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 10	$ (218)	$ (339)	$ (397)

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME LOSS - Parentheticals - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Unrealized gains (losses) on available-for-sale debt securities, tax	0	0	0	0
Unrealized gains (losses) on derivative activity, tax	$ 0	$ 0	$ 0	$ (9)

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021		Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,144		$ 1,207
Restricted cash	18	[1]	11
Short-term investments	593		675
Receivables, net of allowances of $58 and $56 at June 30, 2021 and December 31, 2020, respectively	360		316
Inventories	9		9
Prepaids and other assets	64		64
Prepaid income taxes	286		281
Total current assets	2,474		2,563
Equity method investments	262		260
Property and equipment, net	3,121		3,126
Financing receivables, net of allowances of $120 and $114 at June 30, 2021 and December 31, 2020, respectively	26		29
Operating lease right-of-use assets	465		474
Goodwill	288		288
Intangibles, net	369		385
Deferred tax assets	16		207
Other assets	1,941		1,797
TOTAL ASSETS	8,962		9,129
CURRENT LIABILITIES:
Current maturities of long-term debt	260		260
Accounts payable	110		102
Accrued expenses and other current liabilities	198		200
Current contract liabilities	311		282
Accrued compensation and benefits	108		111
Current operating lease liabilities	30		29
Total current liabilities	1,017		984
Long-term debt	2,986		2,984
Long-term contract liabilities	667		659
Long-term operating lease liabilities	367		377
Other long-term liabilities	1,016		911
Total liabilities	6,053		5,915
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding as of June 30, 2021 and December 31, 2020	0		0
Common stock, value	1		1
Additional paid-in capital	47		13
Retained earnings	3,076		3,389
Accumulated other comprehensive loss	(218)		(192)
Total stockholders' equity	2,906		3,211
Noncontrolling interests in consolidated subsidiaries	3		3
Total equity	2,909		3,214
TOTAL LIABILITIES AND EQUITY	$ 8,962		$ 9,129

[1] Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements.

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CONDENSED CONSOLIDATED BALANCE SHEETS - Parentheticals - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts receivable, current	$ 58	$ 56
Financing receivable, allowance for credit loss	$ 120	$ 114
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)	41,159,089	39,250,241
Common stock, shares, issued (in shares)	41,159,089	39,250,241
Common Class B
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	392,618,330	394,033,330
Common stock, shares, outstanding (in shares)	60,623,918	62,038,918
Common stock, shares, issued (in shares)	60,623,918	62,038,918

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (313)	$ (339)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		148	153
Gains on sales of real estate and other		(105)	(8)
Amortization of share awards		41	20
Amortization of operating lease right-of-use assets		14	16
Deferred income taxes		203	(53)
Asset impairments		2	52
Equity (earnings) losses from unconsolidated hospitality ventures		(20)	25
Contra revenue		17	13
Unrealized (gains) losses, net		(13)	44
Working capital changes and other		(32)	(253)
Net cash used in operating activities		(58)	(330)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments		(603)	(300)
Proceeds from marketable securities and short-term investments		663	307
Contributions to equity method and other investments		(24)	(47)
Return of equity method and other investments		25	2
Acquisitions, net of cash acquired		(230)	0
Capital expenditures		(37)	(88)
Issuance of financing receivables		(8)	(1)
Proceeds from sales of real estate, net of cash disposed		268	78
Other investing activities		(7)	5
Net cash provided by (used in) investing activities		47	(44)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt, net of issuance costs of $— and $10, respectively		0	1,290
Repayments of debt		(2)	(401)
Repurchases of common stock		0	(69)
Dividends paid		0	(20)
Other financing activities		(14)	(14)
Net cash provided by (used in) financing activities		(16)	786
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(7)	4
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(34)	416
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR		1,237	1,063
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD		1,203	1,479
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash and cash equivalents		1,144	1,438
Restricted cash	[1]	18	21
Restricted cash included in other assets	[1]	41	20
Total cash, cash equivalents, and restricted cash		1,203	1,479
Cash paid during the period for interest		74	37
Cash paid during the period for income taxes, net		2	31
Cash paid for amounts included in the measurement of operating lease liabilities		18	22
Non-cash investing and financing activities are as follows:
Non-cash contributions to equity method and other investments (see Note 6, Note 12)		42	33
Change in accrued capital expenditures		1	4
Non-cash right-of-use assets obtained in exchange for operating lease liabilities (see Note 6)		$ 12	$ 5

[1] Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Parenthetical - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Statement of Cash Flows [Abstract]
Debt issuance cost	$ 0	$ 10

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock Amount	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests in Consolidated Subsidiaries	Common Class A	Common Class A Common Stock Amount	Common Class B	Common Class B Common Stock Amount
Balance, beginning of period (in shares) at Dec. 31, 2019								36,109,179		65,463,274
Balance, beginning of period at Dec. 31, 2019	$ 3,966	$ 1	$ 0	$ 4,169	$ (209)	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive loss	(179)			(103)	(76)
Noncontrolling interests	(2)					(2)
Repurchase of common stock (in shares)								(827,643)
Repurchase of common stock	(69)		(12)	(57)
Employee stock plan issuance (in shares)								16,654
Employee stock plan issuance	1		1
Share-based payment activity (in shares)								271,863
Share-based payment activity	11		11
Cash dividends	(20)			(20)
Balance, end of period (in shares) at Mar. 31, 2020								35,570,053		65,463,274
Balance, end of period at Mar. 31, 2020	3,708	1	0	3,989	(285)	3
Balance, beginning of period (in shares) at Dec. 31, 2019								36,109,179		65,463,274
Balance, beginning of period at Dec. 31, 2019	3,966	1	0	4,169	(209)	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive loss	(397)
Cash dividends							$ (7)		$ (13)
Balance, end of period (in shares) at Jun. 30, 2020								38,114,681		63,028,031
Balance, end of period at Jun. 30, 2020	3,493	1	3	3,753	(267)	3
Balance, beginning of period (in shares) at Mar. 31, 2020								35,570,053		65,463,274
Balance, beginning of period at Mar. 31, 2020	3,708	1	0	3,989	(285)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive loss	(218)			(236)	18
Employee stock plan issuance (in shares)								35,338
Employee stock plan issuance	2		2
Share-based payment activity (in shares)								74,047
Share-based payment activity	1		1
Class share conversions (in shares)								2,435,243		(2,435,243)
Balance, end of period (in shares) at Jun. 30, 2020								38,114,681		63,028,031
Balance, end of period at Jun. 30, 2020	3,493	1	3	3,753	(267)	3
Balance, beginning of period (in shares) at Dec. 31, 2020								39,250,241		62,038,918
Balance, beginning of period at Dec. 31, 2020	3,214	1	13	3,389	(192)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive loss	(349)			(304)	(45)
Employee stock plan issuance (in shares)								10,992
Employee stock plan issuance	1		1
Share-based payment activity (in shares)								462,103
Share-based payment activity	22		22
Class share conversions (in shares)								800,169		(800,169)
Balance, end of period (in shares) at Mar. 31, 2021								40,523,505		61,238,749
Balance, end of period at Mar. 31, 2021	2,888	1	36	3,085	(237)	3
Balance, beginning of period (in shares) at Dec. 31, 2020								39,250,241		62,038,918
Balance, beginning of period at Dec. 31, 2020	3,214	1	13	3,389	(192)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive loss	(339)
Balance, end of period (in shares) at Jun. 30, 2021								41,159,089		60,623,918
Balance, end of period at Jun. 30, 2021	2,909	1	47	3,076	(218)	3
Balance, beginning of period (in shares) at Mar. 31, 2021								40,523,505		61,238,749
Balance, beginning of period at Mar. 31, 2021	2,888	1	36	3,085	(237)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive loss	10			(9)	19
Directors compensation	2		2
Employee stock plan issuance (in shares)								9,603
Employee stock plan issuance	1		1
Share-based payment activity (in shares)								11,150
Share-based payment activity	8
Class share conversions (in shares)								614,831		(614,831)
Balance, end of period (in shares) at Jun. 30, 2021								41,159,089		60,623,918
Balance, end of period at Jun. 30, 2021	$ 2,909	$ 1	$ 47	$ 3,076	$ (218)	$ 3

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - Parenthetical - $ / shares		3 Months Ended
	Mar. 09, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividend (in dollars per share)	$ 0.20	$ 0.20

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ORGANIZATION

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

ORGANIZATION

Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively "Hyatt Hotels Corporation") provides hospitality and other services on a worldwide basis through the operation, management, franchising, ownership, development, and licensing of hospitality businesses. We operate, manage, franchise, own, lease, develop, license, or provide services to a portfolio of properties. At June 30, 2021, (i) we operated or franchised 493 full service hotels, comprising 166,576 rooms throughout the world, (ii) we operated or franchised 519 select service hotels, comprising 74,827 rooms, of which 437 hotels are located in the United States, and (iii) our portfolio included 8 franchised all-inclusive Hyatt-branded resorts, comprising 3,153 rooms. At June 30, 2021, our portfolio of properties operated in 68 countries around the world. Additionally, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other tradenames or marks owned by such hotel or licensed by third parties.

As used in these Notes and throughout this Quarterly Report on Form 10-Q, (i) the terms "Hyatt," "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries, (ii) the term "hotel portfolio" refers to our full service hotels, including our wellness resorts, and our select service hotels, (iii) the terms "properties," "portfolio of properties," or "property portfolio" refer to our hotel portfolio; all-inclusive resorts; and residential, vacation, and condominium ownership units that we operate, manage, franchise, own, lease, develop, license, or to which we provide services or license our trademarks, including under the Park Hyatt, Miraval, Grand Hyatt, Alila, Andaz, The Unbound Collection by Hyatt, Destination by Hyatt, Hyatt Regency, Hyatt, Hyatt Ziva, Hyatt Zilara, Thompson Hotels, Hyatt Centric, Caption by Hyatt, JdV by Hyatt, Hyatt House, Hyatt Place, tommie, UrCove, and Hyatt Residences Club brands, and (iv) the term "hospitality ventures" refers to entities in the hospitality industry in which we own less than a 100% equity interest.

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, 2020 (the "2020 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.

Impact of the COVID-19 Pandemic

The COVID-19 pandemic and related travel restrictions and containment efforts have had a significant impact on the travel industry and, as a result, on our business. The impact began in the first quarter of 2020 and has continued in 2021. As a result, our financial results for the current interim period, and for the foreseeable future, are not comparable to past performance or indicative of long-term future performance.

The extent, duration, and magnitude of the COVID-19 pandemic's effects will depend on various factors, all of which are highly uncertain and difficult to predict, including, but not limited to, the impact of the pandemic on global and regional economies, travel, and economic activity; actions taken by governments, businesses, and individuals in response to the pandemic, any additional resurgence, or COVID-19 variants; and the distribution and broad acceptance of COVID-19 vaccines.

We are required to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying Notes. Our estimates and assumptions are subject to inherent risk and uncertainty due to the ongoing impact of the COVID-19 pandemic, and actual results could differ materially from our estimated amounts.

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Future Adoption of Accounting Standards

Reference Rate Reform—In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London Inter-bank Offered Rate for deposits of U.S. dollars ("LIBOR") or another reference rate expected to be discontinued by June 30, 2023 because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04.

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REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated Revenues

The following tables present our revenues disaggregated by the nature of the product or service:

	Three Months Ended June 30, 2021
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	117	$	—	$	—	$	—	$	—	$	(3)	$	114
Food and beverage	43		—		—		—		—		—		43
Other	34		—		—		—		—		—		34
Owned and leased hotels	194		—		—		—		—		(3)		191
Base management fees	—		30		9		3		—		(6)		36
Incentive management fees	—		4		6		3		—		(1)		12
Franchise fees	—		28		1		—		—		—		29
Other fees	—		4		4		—		8		—		16
Management, franchise, and other fees	—		66		20		6		8		(7)		93
Contra revenue	—		(5)		(1)		(3)		—		—		(9)
Net management, franchise, and other fees	—		61		19		3		8		(7)		84
Other revenues	—		19		—		—		3		—		22
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		327		24		15		—		—		366
Total	$	194	$	407	$	43	$	18	$	11	$	(10)	$	663

	Six Months Ended June 30, 2021
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	179	$	—	$	—	$	—	$	—	$	(6)	$	173
Food and beverage	63		—		—		—		—		—		63
Other	59		—		—		—		—		—		59
Owned and leased hotels	301		—		—		—		—		(6)		295
Base management fees	—		46		17		6		—		(9)		60
Incentive management fees	—		5		11		5		—		(1)		20
Franchise fees	—		45		1		—		—		—		46
Other fees	—		8		6		2		14		—		30
Management, franchise, and other fees	—		104		35		13		14		(10)		156
Contra revenue	—		(9)		(2)		(6)		—		—		(17)
Net management, franchise, and other fees	—		95		33		7		14		(10)		139
Other revenues	—		36		—		—		5		—		41
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		554		44		28		—		—		626
Total	$	301	$	685	$	77	$	35	$	19	$	(16)	$	1,101

	Three Months Ended June 30, 2020
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	8	$	—	$	—	$	—	$	—	$	(1)	$	7
Food and beverage	3		—		—		—		—		—		3
Other	9		—		—		—		—		—		9
Owned and leased hotels	20		—		—		—		—		(1)		19
Base management fees	—		4		3		1		—		—		8
Incentive management fees	—		(3)		—		—		—		1		(2)
Franchise fees	—		5		1		—		—		—		6
Other fees	—		2		2		1		3		—		8
Management, franchise, and other fees	—		8		6		2		3		1		20
Contra revenue	—		(4)		(1)		(2)		—		—		(7)
Net management, franchise, and other fees	—		4		5		—		3		1		13
Other revenues	—		2		—		—		1		—		3
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		186		17		12		—		—		215
Total	$	20	$	192	$	22	$	12	$	4	$	—	$	250

	Six Months Ended June 30, 2020
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	193	$	—	$	—	$	—	$	—	$	(8)	$	185
Food and beverage	108		—		—		—		—		—		108
Other	49		—		—		—		—		—		49
Owned and leased hotels	350		—		—		—		—		(8)		342
Base management fees	—		48		9		8		—		(10)		55
Incentive management fees	—		1		3		2		—		—		6
Franchise fees	—		32		1		—		—		—		33
Other fees	—		11		12		2		9		—		34
Management, franchise, and other fees	—		92		25		12		9		(10)		128
Contra revenue	—		(8)		(2)		(3)		—		—		(13)
Net management, franchise, and other fees	—		84		23		9		9		(10)		115
Other revenues	—		29		—		—		9		—		38
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		670		44		32		2		—		748
Total	$	350	$	783	$	67	$	41	$	20	$	(18)	$	1,243

Contract Balances

Our contract assets, included in receivables, net on our condensed consolidated balance sheets, were $1 million and insignificant at June 30, 2021 and December 31, 2020, respectively. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant at year end.

Contract liabilities were comprised of the following:

	June 30, 2021		December 31, 2020
Deferred revenue related to the loyalty program	$	774	$	733
Advanced deposits	68		44
Initial fees received from franchise owners	41		41
Deferred revenue related to insurance programs	17		47
Other deferred revenue	78		76
Total contract liabilities	$	978	$	941

The following table summarizes the activity in our contract liabilities:

	2021		2020
Beginning balance, January 1	$	941	$	920
Cash received and other	105		246
Revenue recognized	(86)		(262)
Ending balance, March 31	$	960	$	904
Cash received and other	133		65
Revenue recognized	(115)		(74)
Ending balance, June 30	$	978	$	895

Revenue recognized during the three months ended June 30, 2021 and June 30, 2020 included in the contract liabilities balance at the beginning of each year was $78 million and $21 million, respectively. Revenue recognized during the six months ended June 30, 2021 and June 30, 2020 included in the contract liabilities balance at the beginning of the year was $147 million and $158 million, respectively. This revenue primarily relates to the loyalty program, which is recognized net of redemption reimbursements paid to third parties.

Revenue Allocated to Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $120 million at June 30, 2021, of which we expect to recognize approximately 15% of the revenue over the next 12 months and the remainder thereafter.

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DEBT AND EQUITY SECURITIES

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

DEBT AND EQUITY SECURITIES

DEBT AND EQUITY SECURITIES

Equity Method Investments

Equity method investments were $262 million and $260 million at June 30, 2021 and December 31, 2020, respectively.

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Total revenues	$	51	$	67	$	82	$	184
Gross operating profit (loss)	1		11		(5)		45
Loss from continuing operations	(43)		(79)		(86)		(86)
Net loss	(43)		(79)		(86)		(86)

During the three and six months ended June 30, 2021, we received $17 million of proceeds related to sales activity of certain equity method investments and recognized an insignificant net loss in equity earnings (losses) from unconsolidated hospitality ventures within the owned and leased hotels segment on our condensed consolidated statements of income (loss).

During the six months ended June 30, 2021, we purchased our partner's interest in the entities that own Grand Hyatt São Paulo for $6 million of cash, and we repaid the $78 million third-party mortgage loan on the property. We recognized a $69 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss) (see Note 6).

Marketable Securities

We hold marketable securities with readily determinable fair values to fund certain operating programs and for investment purposes. We periodically transfer available cash and cash equivalents to purchase marketable securities for investment purposes.

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

	June 30, 2021		December 31, 2020
Loyalty program (Note 8)	$	582	$	567
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	555		511
Captive insurance company (Note 8)	200		226
Total marketable securities held to fund operating programs	$	1,337	$	1,304
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(203)		(238)
Marketable securities held to fund operating programs included in other assets	$	1,134	$	1,066

Marketable securities held to fund operating programs include $118 million and $82 million of available-for-sale ("AFS") debt securities at June 30, 2021 and December 31, 2020, respectively, with contractual maturity dates ranging from 2021 through 2069. The fair value of our AFS debt securities approximates amortized cost. Additionally, marketable securities held to fund operating programs include $87 million and $70 million of equity securities with a readily determinable fair value at June 30, 2021 and December 31, 2020, respectively.

Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our condensed consolidated financial statements were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	20	$	45	$	23	$	(5)
Other income (loss), net (Note 18)	4		12		(5)		14
Other comprehensive loss (Note 13)	—		—		(1)		—
Realized gains, net
Net gains and interest income from marketable securities held to fund rabbi trusts	$	4	$	4	$	13	$	6
Other income (loss), net (Note 18)	—		3		—		4

Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our condensed consolidated balance sheets, were as follows:

	June 30, 2021		December 31, 2020
Time deposits	$	586	$	657
Interest-bearing money market funds	117		107
Common shares in Playa N.V. (Note 8)	90		72
Total marketable securities held for investment purposes	$	793	$	836
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(703)		(764)
Marketable securities held for investment purposes included in other assets	$	90	$	72

We hold common shares in Playa Hotels & Resorts N.V. ("Playa N.V.") which are accounted for as an equity security with a readily determinable fair value as we do not have the ability to significantly influence the operations of the entity. We did not sell any shares of common stock during the six months ended June 30, 2021 or June 30, 2020. Net unrealized gains (losses) recognized on our condensed consolidated statements of income (loss) were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Other income (loss), net (Note 18)	$	1	$	23	$	18	$	(58)

Fair Value—We measure marketable securities held to fund operating programs and held for investment purposes at fair value on a recurring basis:

	June 30, 2021		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	313	$	313	$	—	$	—
Mutual funds	642		—		—		642
Common shares in Playa N.V.	90		—		—		90
Level Two - Significant Other Observable Inputs
Time deposits	592		—		587		5
U.S. government obligations	215		—		—		215
U.S. government agencies	63		—		—		63
Corporate debt securities	152		—		6		146
Mortgage-backed securities	24		—		—		24
Asset-backed securities	32		—		—		32
Municipal and provincial notes and bonds	7		—		—		7
Total	$	2,130	$	313	$	593	$	1,224

	December 31, 2020		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	327	$	327	$	—	$	—
Mutual funds	581		—		—		581
Common shares in Playa N.V.	72		—		—		72
Level Two - Significant Other Observable Inputs
Time deposits	662		—		659		3
U.S. government obligations	208		—		3		205
U.S. government agencies	65		—		—		65
Corporate debt securities	159		—		13		146
Mortgage-backed securities	24		—		—		24
Asset-backed securities	35		—		—		35
Municipal and provincial notes and bonds	7		—		—		7
Total	$	2,140	$	327	$	675	$	1,138

During the three and six months ended June 30, 2021 and June 30, 2020, there were no transfers between levels of the fair value hierarchy. We do not have non-financial assets or non-financial liabilities required to be measured at fair value on a recurring basis.

Other Investments

HTM Debt Securities—We hold investments in held-to-maturity ("HTM") debt securities, which are investments in third-party entities that own or are developing certain of our hotels. The securities are mandatorily redeemable between 2021 and 2027. At June 30, 2021 and December 31, 2020, HTM debt securities recorded within other assets on our condensed consolidated balance sheets were as follows:

	June 30, 2021		December 31, 2020
HTM debt securities	$	97	$	102
Less: allowance for credit losses	(29)		(21)
Total HTM debt securities, net of allowances	$	68	$	81

The following table summarizes the activity in our HTM debt security allowance for credit losses:

	2021		2020
Allowance at January 1	$	21	$	12
Credit losses (a)	1		3
Allowance at March 31	$	22	$	15
Credit losses (a)	7		1
Allowance at June 30	$	29	$	16
(a) Credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18).

We estimated the fair value of HTM debt securities to be approximately $96 million and $100 million at June 30, 2021 and December 31, 2020, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using internally developed discounted cash flow models based on current market inputs for similar types of arrangements. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value.

Equity Securities Without a Readily Determinable Fair Value—At both June 30, 2021 and December 31, 2020, we held $12 million of investments in equity securities without a readily determinable fair value, which represent investments in entities where we do not have the ability to significantly influence the operations of the entity.

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RECEIVABLES

6 Months Ended

Jun. 30, 2021

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

RECEIVABLES

RECEIVABLES        

Receivables

At June 30, 2021 and December 31, 2020, we had $360 million and $316 million of net receivables, respectively, on our condensed consolidated balance sheets.

The following table summarizes the activity in our receivables allowance:

	2021		2020
Allowance at January 1	$	56	$	34
Provisions	1		3
Other	—		1
Allowance at March 31	$	57	$	38
Provisions	4		11
Other	(3)		(11)
Allowance at June 30	$	58	$	38

Financing Receivables                        

	June 30, 2021		December 31, 2020
Unsecured financing to hotel owners	$	148	$	145
Less: current portion of financing receivables, included in receivables, net	(2)		(2)
Less: allowance for credit losses	(120)		(114)
Total long-term financing receivables, net of allowances	$	26	$	29

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

	2021		2020
Allowance at January 1	$	114	$	100
Provisions	3		2
Foreign currency exchange, net	(2)		(3)
Allowance at March 31	$	115	$	99
Provisions	3		3
Foreign currency exchange, net	2		3
Allowance at June 30	$	120	$	105

Credit Monitoring—Our unsecured financing receivables were as follows:

	June 30, 2021
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	84	$	(56)	$	28	$	49
Other financing arrangements	64		(64)		—		60
Total unsecured financing receivables	$	148	$	(120)	$	28	$	109

	December 31, 2020
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	83	$	(54)	$	29	$	53
Other financing arrangements	62		(60)		2		58
Total unsecured financing receivables	$	145	$	(114)	$	31	$	111

Fair Value—We estimated the fair value of financing receivables to be approximately $49 million and $44 million at June 30, 2021 and December 31, 2020, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan.

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ACQUISITIONS AND DISPOSITIONS

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Dispositions

ACQUISITIONS AND DISPOSITIONS

Acquisitions

Ventana Big Sur, an Alila Resort—During the three months ended June 30, 2021, we completed an asset acquisition of Ventana Big Sur, an Alila Resort, for $146 million, net of closing costs and proration adjustments. Upon acquisition, we recorded $149 million of property and equipment and $3 million of contract liabilities within our owned and leased hotels segment on our condensed consolidated balance sheet. The seller is indirectly owned by a limited partnership affiliated with the brother of our Executive Chairman. The acquisition was identified as replacement property in a potential reverse like-kind exchange.

Grand Hyatt São Paulo—We previously held a 50% interest in the entities that own Grand Hyatt São Paulo, and we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the six months ended June 30, 2021, we purchased the remaining 50% interest for $6 million of cash. Additionally, we repaid the $78 million third-party mortgage loan on the property, and we were released from our debt repayment guarantee (see Note 12). The transaction was accounted for as an asset acquisition, and we recognized a $69 million pre-tax gain related to the transaction in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss). The pre-tax gain is primarily attributable to a $42 million reversal of other long-term liabilities associated with our equity method investment and a $22 million reclassification from accumulated other comprehensive loss (see Note 13).

Net assets acquired were determined as follows:

Cash paid	$	6
Repayment of third-party mortgage loan	78
Fair value of our previously-held equity method investment	6
Net assets acquired	$	90

Upon acquisition, we recorded $101 million of property and equipment and $11 million of deferred tax liabilities within our owned and leased hotels segment on our condensed consolidated balance sheet.

Dispositions

Hyatt Regency Lost Pines Resort and Spa—During the three months ended June 30, 2021, we sold Hyatt Regency Lost Pines Resort and Spa to an unrelated third party for approximately $268 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $104 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the three months ended June 30, 2021. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.

Hyatt Centric Center City Philadelphia—During the six months ended June 30, 2020, an unrelated third party invested in certain of our subsidiaries that developed Hyatt Centric Center City Philadelphia and adjacent parking and retail space in exchange for a 58% ownership interest, resulting in the derecognition of the nonfinancial assets of the subsidiaries. As a result of the transaction, we received $72 million of proceeds, recorded our 42% ownership interest as an equity method investment, and recognized a $4 million pre-tax gain in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the six months ended June 30, 2020. Our $22 million equity method investment was recorded at fair value based on the value contributed by our partner to the unconsolidated hospitality venture. As additional consideration, we received a $5 million investment in an equity security without a readily determinable fair value.

Building—During the six months ended June 30, 2020, we sold a commercial building in Omaha, Nebraska for $6 million, net of closing costs and proration adjustments. In conjunction with the sale, we entered into a lease for a portion of the building and accounted for the transaction as a sale and leaseback and recorded a $4 million operating lease right-of-use asset and related lease liability on our condensed consolidated balance sheet. The sale resulted in a $4 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income (loss) during the six months ended June 30, 2020. At June 30, 2020, the operating lease had a weighted-average remaining term of 9 years and a weighted-average discount rate of 3.25%. The lease includes an option to extend the lease term by 5 years.

Like-Kind Exchange Agreements

Periodically, we enter into like-kind exchange agreements upon the disposition or acquisition of certain properties. Pursuant to the terms of these agreements, the proceeds from the sales are placed into an escrow account administered by a qualified intermediary and are unavailable for our use until released. The proceeds are recorded as restricted cash on our condensed consolidated balance sheets and released (i) if they are utilized as part of a like-kind exchange agreement, (ii) if we do not identify a suitable replacement property within 45 days after the agreement date, or (iii) when a like-kind exchange agreement is not completed within the remaining allowable time period.

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GOODWILL AND INTANGIBLES, NET

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES, NET

GOODWILL AND INTANGIBLES, NET

At both June 30, 2021 and December 31, 2020, we had $288 million of goodwill on our condensed consolidated balance sheets. During the three and six months ended June 30, 2020, we determined that the carrying values of two reporting units were in excess of the fair values, which were Level Three fair value measurements, and we recognized $38 million of goodwill impairment charges in asset impairments on our condensed consolidated statements of income (loss) within our owned and leased hotels segment.

	June 30, 2021		Weighted- average useful lives in years	December 31, 2020
Management and franchise agreement intangibles	$	349	18	$	354
Brand and other indefinite-lived intangibles	130		—	130
Advanced booking intangibles	6		3	6
Other definite-lived intangibles	8		6	8
Intangibles	493			498
Less: accumulated amortization	(124)			(113)
Intangibles, net	$	369		$	385

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Amortization expense	$	7	$	7	$	14	$	14

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OTHER ASSETS

6 Months Ended

Jun. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

OTHER ASSETS

	June 30, 2021		December 31, 2020
Marketable securities held to fund rabbi trusts (Note 4)	$	555	$	511
Management and franchise agreement assets constituting payments to customers (1)	517		470
Marketable securities held to fund the loyalty program (Note 4)	436		441
Marketable securities held for captive insurance company (Note 4)	143		114
Common shares in Playa N.V. (Note 4)	90		72
Long-term investments (Note 4)	80		93
Other	120		96
Total other assets	$	1,941	$	1,797
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.

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DEBT

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

DEBT

DEBT

Long-term debt was $2,986 million and $2,984 million at June 30, 2021 and December 31, 2020, respectively.

Senior Notes—During the three months ended June 30, 2020, we issued $450 million of 5.375% senior notes due 2025 (the "2025 Notes") and $450 million of 5.750% senior notes due 2030 (the "2030 Notes") at par. We received approximately $890 million of net proceeds from the sale, after deducting $10 million of underwriting discounts and other offering expenses. We used a portion of the proceeds from these issuances to repay all outstanding borrowings on our revolving credit facility and settle the outstanding interest rate locks, and the

remainder was used for general corporate purposes. Interest is payable semi-annually on April 23 and October 23 of each year, beginning on October 23, 2020.

Revolving Credit Facility—During the six months ended June 30, 2021, we entered into a Third Amendment to the Second Amended and Restated Credit Agreement (the "Revolver Amendment"). The Revolver Amendment (i) extended the current covenant relief period through January 1, 2022 (the "Covenant Relief Period"), (ii) added a new minimum fixed charge coverage ratio covenant applicable to the first quarter of 2022, and (iii) increased the maintenance level of the leverage ratio covenant for the second, third, fourth, and fifth quarters following the end of the Covenant Relief Period. The Revolver Amendment also included an option, at our election, to extend the maturity date of $1.45 billion of revolving credit commitments by one year on the terms specified in the Revolver Amendment. The terms of the Revolver Amendment restrict, among other things, our ability to repurchase shares and pay dividends until the first quarter of 2022. The $1.5 billion aggregate commitment amount under our revolving credit facility remains unchanged.

During the six months ended June 30, 2021 and June 30, 2020, we had $0 and $400 million, respectively, of borrowings and repayments on our revolving credit facility. The weighted-average interest rate on these borrowings was 1.71% at June 30, 2020. At both June 30, 2021 and December 31, 2020, we had no balance outstanding. At June 30, 2021, we had $1.5 billion of borrowing capacity available under our revolving credit facility.

Fair Value—We estimate the fair value of debt, which consists of the 2025 Notes, 2030 Notes, and the notes below (collectively, the "Senior Notes"), bonds, and other long-term debt.

•$250 million of 5.375% senior notes due 2021 (the "2021 Notes")

•$750 million of three-month LIBOR plus 3.000% senior notes due 2022 (the "2022 Notes")

•$350 million of 3.375% senior notes due 2023 (the "2023 Notes")

•$400 million of 4.850% senior notes due 2026 (the "2026 Notes")

•$400 million of 4.375% senior notes due 2028 (the "2028 Notes")

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 on the lack of available market data, we have classified our revolving credit facility and other debt instruments as Level Three. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in our assumptions will result in different estimates of fair value.

	June 30, 2021
	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)	$	3,261	$	3,535	$	—	$	3,492	$	43

(1) Excludes $8 million of finance lease obligations and $23 million of unamortized discounts and deferred financing fees.

	December 31, 2020
	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)	$	3,261	$	3,561	$	—	$	3,518	$	43

(2) Excludes $9 million of finance lease obligations and $26 million of unamortized discounts and deferred financing fees.

Interest Rate Locks—During the three and six months ended June 30, 2020, we recognized $3 million and $37 million of pre-tax losses, respectively, in unrealized gains (losses) on derivative activity on our condensed consolidated statements of comprehensive income (loss) related to interest rate locks that were settled in April 2020. Upon settlement, we recorded a $61 million loss within accumulated other comprehensive loss. This loss is amortized into interest expense on our condensed consolidated statements of income (loss) over the term of the 2030 Notes. The $61 million settlement is included as a cash outflow from operating activities on our condensed consolidated statements of cash flows for the six months ended June 30, 2020, as our policy is to classify cash flows from derivative instruments in the same category as the item being hedged.

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OTHER LONG-TERM LIABILITIES

6 Months Ended

Jun. 30, 2021

Other Liabilities [Abstract]

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

	June 30, 2021		December 31, 2020
Deferred compensation plans funded by rabbi trusts (Note 4)	$	555	$	511
Income taxes payable	174		166
Guarantee liabilities (Note 12)	96		31
Deferred income taxes (Note 11)	73		48
Self-insurance liabilities (Note 12)	65		67
Other	53		88
Total other long-term liabilities	$	1,016	$	911

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INCOME TAXES

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The provision for income taxes for the three and six months ended June 30, 2021 was $15 million and $201 million, respectively, compared to the benefit for income taxes of $94 million and $129 million for the three and six months ended June 30, 2020, respectively. The changes in our benefit (provision) for income taxes for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020, were primarily attributable to the full valuation allowance on U.S. federal and state deferred tax assets recorded in the first quarter of 2021 and the impact of unbenefited U.S. and foreign losses.

During the year ended December 31, 2020 and the six months ended June 30, 2021, we generated significant pre-tax losses driven by the COVID-19 pandemic business disruption, and during the three months ended March 31, 2021, we entered into a three-year cumulative U.S. pre-tax loss position. Therefore, in the first quarter of 2021, we assessed the need for a valuation allowance against our deferred tax assets, considering both positive and negative evidence, including the cumulative three-year pre-tax loss position. We considered sources of positive evidence including recent favorable recovery trends in the hospitality industry and the indefinite carryforward period of U.S. tax losses generated. Accounting Standards Codification 740, Income Taxes, prescribes that a recent cumulative pre-tax loss position is strong objectively verifiable negative evidence that is difficult to overcome and little or no weight is placed on future projections of pre-tax income, and therefore, our forecasts did not have an impact on our assessment. Based on the weight of all available evidence, we recorded a full valuation allowance against our U.S. federal and state deferred tax assets during the three months ended March 31, 2021. We continue to assess the appropriateness of the valuation allowance on a quarterly basis, and at June 30, 2021, our valuation allowance was $192 million.

At January 1, 2021, we had no U.S. federal net operating loss carryforwards, as the net operating losses we generated in 2020 were carried back to prior years, as described below. To measure the valuation allowance, we estimated the years in which our deferred tax assets and liabilities would reverse using systematic and logical methods to determine reversal patterns. If we continue to generate losses in future periods, additional valuation allowances may be required that could have an adverse impact on our net income (loss). Conversely, if pre-tax income returns to normalized levels, we expect to see these allowances reverse, which would result in an increase in reported net income. We will continue to reassess the realizability of our U.S. deferred tax asset balances in future periods.

During the six months ended June 30, 2021, we filed a U.S. refund claim, which carried back the taxable loss generated in 2020 to 2015, 2016, and 2017 as allowed under the provision of the Coronavirus Aid, Relief, and Economic Security Act. In July 2021, we received a $254 million refund from the Internal Revenue Service ("IRS"), which was included in prepaid income taxes on our condensed consolidated balance sheets at both June 30, 2021 and December 31, 2020.

We are subject to audits by federal, state, and foreign tax authorities. U.S. tax years 2009 through 2011 are before the U.S. Tax Court concerning the tax treatment of the loyalty program. We are currently under field exam by the IRS for tax years 2015 through 2017. During the six months ended June 30, 2021, we received a Notice of Proposed Adjustment for those tax years related to the loyalty program issue currently in the U.S. Tax Court. As a result, U.S. tax years 2009 through 2017 are pending the outcome of the issue currently in U.S. Tax Court. If the IRS' position to include loyalty program contributions as taxable income to the Company is upheld, it would result in an income tax payment of $220 million (including $62 million of estimated interest, net of federal tax benefit) for all assessed years. We believe we have an adequate uncertain tax liability recorded in connection with this matter.

At June 30, 2021 and December 31, 2020, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $151 million and $146 million, respectively, of which $144 million and $49 million, respectively, would impact the effective tax rate if recognized.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2021

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.

Commitments—At June 30, 2021, we are committed, under certain conditions, to lend or provide certain consideration to, or invest in, various business ventures up to $352 million, net of any related letters of credit.

Performance Guarantees—Certain of our contractual agreements with third-party hotel owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. At June 30, 2021, our performance guarantees have $92 million of remaining maximum exposure and expire between 2022 and 2036. Our most significant performance guarantee, related to four managed hotels in France, expired in April 2020.

At June 30, 2021 and December 31, 2020, we had $47 million and $16 million of total performance guarantee liabilities, respectively, which included $39 million and $6 million recorded in other long-term liabilities and $8 million and $10 million recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets, respectively.

	Four managed hotels in France				Other performance guarantees				All performance guarantees
	2021		2020		2021		2020		2021		2020
Beginning balance, January 1	$	—	$	20	$	16	$	13	$	16	$	33
Initial guarantee obligation liability	—		—		1		—		1		—
Amortization of initial guarantee obligation liability into income	—		(4)		(1)		(1)		(1)		(5)
Performance guarantee expense, net	—		20		1		6		1		26
Payments during the period	—		(15)		(3)		(3)		(3)		(18)
Ending balance, March 31	$	—	$	21	$	14	$	15	$	14	$	36
Initial guarantee obligation liability	—		—		33		—		33		—
Amortization of initial guarantee obligation liability into income	—		—		—		(1)		—		(1)
Performance guarantee expense	—		6		4		7		4		13
Payments during the period	—		—		(4)		(8)		(4)		(8)
Foreign currency exchange, net	—		(1)		—		—		—		(1)
Ending balance, June 30	$	—	$	26	$	47	$	13	$	47	$	39

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 June 30, 2021 and December 31, 2020, we had $5 million and $3 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these performance cure payments.

Debt Repayment and Other Guarantees—We enter into various debt repayment and other guarantees in order to assist hotel owners and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms.

Property description	Maximum potential future payments		Maximum exposure net of recoverability from third parties		Other long-term liabilities recorded at June 30, 2021		Other long-term liabilities recorded at December 31, 2020		Year of guarantee expiration
Hotel properties in India (1)	$	197	$	197	$	40	$	—	2024
Hotel properties in Tennessee (2), (3)	56		20		6		8		various, through 2024
Hotel properties in California (2)	38		15		1		2		various, through 2022
Hotel property in Pennsylvania (2), (4)	28		11		1		1		various, through 2023
Hotel property in Massachusetts (2), (4)	27		14		3		4		various, through 2022
Hotel properties in Georgia (2)	27		13		3		4		various, through 2024
Hotel property in Oregon (2)	21		8		1		1		2022
Other (2), (3)	21		7		2		5		various, through 2025
Total	$	415	$	285	$	57	$	25

(1) Debt repayment guarantees are denominated in Indian rupees and translated using exchange rates at June 30, 2021. We have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be approximately $100 million, taking into account our partner's 50% ownership interest in the unconsolidated hospitality venture. Under certain events or conditions, we have the right to force the sale of the properties in order to recover amounts funded.

(2) We have agreements with our unconsolidated hospitality venture partners, 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 or HTM debt security.

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

(4) We are subject to completion guarantees whereby the parties agree to substantially complete the construction of the project by a specified date. At June 30, 2021, the maximum potential exposure is insignificant.

At June 30, 2021, we are not aware, nor have we received any notification, that our unconsolidated hospitality ventures or hotel owners are not current on their debt service obligations where we have provided a debt repayment guarantee.

Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be $117 million and $66 million at June 30, 2021 and December 31, 2020, respectively. Based on the lack of 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, cyber risk, and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through a U.S.-based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures our deductibles and retentions. Reserve requirements are established based on actuarial projections of ultimate losses. Reserves for losses in our captive insurance company to be paid within 12 months are $35 million and $37 million at June 30, 2021 and December 31, 2020, respectively, and are recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. Reserves for losses in our captive insurance company to be paid in future periods are $65 million and $67 million at June 30, 2021 and December 31, 2020 and are recorded in other long-term liabilities on our condensed consolidated balance sheets.

Collective Bargaining Agreements—At June 30, 2021, approximately 24% 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 $49 million at June 30, 2021 and primarily relate to workers' compensation, taxes, licenses, construction liens, and utilities related to our lodging operations.

Letters of Credit—Letters of credit outstanding on our behalf at June 30, 2021 were $264 million, which relate to our ongoing operations, hotel properties under development in the U.S., collateral for estimated insurance claims, and securitization of our performance under our debt repayment guarantees associated with the hotel properties in India, which are only called on if we default on our guarantees. The letters of credit outstanding do not reduce the available capacity under our revolving credit facility (see Note 9).

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

Other—We act as general partner of various partnerships owning hotel properties that are 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 partners or respective hotel owners.

As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon contract terms expire.

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 our current insurance programs, subject to deductibles. 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 to have a material effect on our condensed consolidated financial statements.

During the year ended December 31, 2018, we received a notice from the Indian tax authorities assessing additional service tax on our operations in India. We appealed this decision and do not believe a loss is probable, and therefore, we have not recorded a liability in connection with this matter. At June 30, 2021, our maximum exposure is not expected to exceed $18 million.

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EQUITY

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

EQUITY

EQUITY

Accumulated Other Comprehensive Loss

	Balance at April 1, 2021		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2021
Foreign currency translation adjustments (a)	$	(191)	$	15	$	2	$	(174)
Unrealized gains (losses) on AFS debt securities	—		—		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (b)	(39)		—		2		(37)
Accumulated other comprehensive loss	$	(237)	$	15	$	4	$	(218)
(a) The amount reclassified from accumulated other comprehensive loss related to the disposition of our ownership interest in certain unconsolidated hospitality ventures.
(b) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 9).
	Balance at January 1, 2021		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2021
Foreign currency translation adjustments (c)	$	(145)	$	(9)	$	(20)	$	(174)
Unrealized gains (losses) on AFS debt securities	1		(1)		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (d)	(41)		—		4		(37)
Accumulated other comprehensive loss	$	(192)	$	(10)	$	(16)	$	(218)
(c) The amount reclassified from accumulated other comprehensive loss related to the acquisition of the remaining interest in the entities which own Grand Hyatt São Paulo (see Note 6) and the disposition of our ownership interest in certain unconsolidated hospitality ventures.
(d) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of significant tax impacts, related to the settlement of interest rate locks (see Note 9). We expect to reclassify $6 million of losses over the next 12 months.

	Balance at April 1, 2020		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2020
Foreign currency translation adjustments	$	(234)	$	19	$	—	$	(215)
Unrealized gains (losses) on AFS debt securities	1		—		—		1
Unrecognized pension cost	(9)		—		—		(9)
Unrealized gains (losses) on derivative instruments (e)	(43)		(2)		1		(44)
Accumulated other comprehensive loss	$	(285)	$	17	$	1	$	(267)
(e) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 9).
	Balance at January 1, 2020		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2020
Foreign currency translation adjustments	$	(183)	$	(32)	$	—	$	(215)
Unrealized gains (losses) on AFS debt securities	1		—		—		1
Unrecognized pension cost	(9)		—		—		(9)
Unrealized gains (losses) on derivative instruments (f)	(18)		(27)		1		(44)
Accumulated other comprehensive loss	$	(209)	$	(59)	$	1	$	(267)
(f) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 9). We expect to reclassify $6 million of losses over the next 12 months.

Share Repurchase—During 2019 and 2018, our board of directors authorized the repurchase of up to $750 million and $750 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 or an accelerated share repurchase transaction, at prices we deem appropriate and subject to our financial condition, capital requirements, market conditions, restrictions under the terms of our revolving credit facility, applicable law, and other factors deemed relevant in our sole discretion. The common stock repurchase program applies to our Class A and 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.

During the six months ended June 30, 2021, we did not repurchase common stock.

During the six months ended June 30, 2020, we repurchased 827,643 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $84.08 per share for an aggregate purchase price of $69 million, excluding insignificant related expenses. The shares repurchased during the six months ended June 30, 2020 represented approximately 1% of our total shares of common stock outstanding at December 31, 2019.

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 June 30, 2021, we had $928 million remaining under the share repurchase authorization.

Dividend—Hyatt did not declare or pay dividends to Class A or Class B shareholders of record during the six months ended June 30, 2021. On February 13, 2020, our board of directors declared a cash dividend of $0.20 per share for the first quarter of 2020, which was paid on March 9, 2020 to Class A and Class B shareholders of record on February 26, 2020. For the six months ended June 30, 2020, $7 million and $13 million of cash dividends were paid for Class A and Class B common stock, respectively.

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STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

As part of our Long-Term Incentive Plan ("LTIP"), we award time-vested stock appreciation rights ("SARs"), time-vested restricted stock units ("RSUs"), and performance-vested restricted stock units ("PSUs") to certain employees and non-employee directors. In addition, non-employee directors may elect to receive their annual fees and/or annual equity retainers in the form of shares of our Class A common stock. 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 recognized within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties and costs incurred on behalf of managed and franchised properties on our condensed consolidated statements of income (loss). Stock-based compensation expense recognized in selling, general, and administrative expenses on our condensed consolidated statements of income (loss) related to these awards was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
SARs	$	1	$	—	$	10	$	10
RSUs	3		4		16		14
PSUs	4		(2)		10		(7)
Total	$	8	$	2	$	36	$	17

The three and six months ended June 30, 2020 included a reversal of previously recognized stock-based compensation expense based on our assessment at the time of the expected achievement relative to the applicable performance targets related to certain PSU awards.

SARs—During the six months ended June 30, 2021, we granted 396,889 SARs to employees with a weighted-average grant date fair value of $28.68. During the six months ended June 30, 2020, we granted 1,250,434 SARs to employees with a weighted-average grant date fair value of $8.88.

RSUs—During the six months ended June 30, 2021, we granted 407,585 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $80.31. During the six months ended June 30, 2020, we granted 519,730 RSUs to employees with a weighted-average grant date fair value of $48.66.

PSUs—During the six months ended June 30, 2021, we granted 153,256 PSUs to employees with a weighted-average grant date fair value of $82.02. During the six months ended June 30, 2020, we did not grant any PSUs under our LTIP.

Our total unearned compensation for our stock-based compensation programs at June 30, 2021 was $3 million for SARs, $22 million for RSUs, and $21 million for PSUs, which will primarily be recognized in stock-based compensation expense over a weighted-average period of three years.

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RELATED-PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2021

Related Party Transactions [Abstract]

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

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

Equity Method Investments—We have equity method investments in entities that own, operate, manage, or franchise properties for which we receive management, franchise, or license fees. We recognized $3 million and $1 million of fees for the three months ended June 30, 2021 and June 30, 2020, respectively. During each of the six months ended June 30, 2021 and June 30, 2020, we recognized $4 million of fees. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 12) to these entities. At June 30, 2021 and December 31, 2020, we had $12 million and $15 million of receivables due from these properties. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%. See Note 4 for further details regarding these investments.

Class B Share Conversion—During the three and six months ended June 30, 2021, 614,831 and 1,415,000 shares of Class B common stock, respectively, were converted on a share-for-share basis into shares of Class A common stock, $0.01 par value per share. During the three and six months ended June 30, 2020, 2,435,243 shares of Class B common stock were converted on a share-for-share basis into shares of 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 have been retired, thereby reducing the shares of Class B common stock authorized and outstanding.

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SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2021

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 ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM 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 earned by our owned and leased hotels related to our co-branded credit card program and 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 as well as revenues from residential management operations. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as costs associated with sales, reservations, technology, and marketing services (collectively, "system-wide services") and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and 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, Greater China, Australia, New Zealand, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties.

•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 and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.

Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, and other fees revenues; and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude interest expense; benefit (provision) for income taxes; depreciation and amortization; amortization of management and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties that we intend to recover over the long term; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate and other; asset impairments; and other income (loss), net.

The table below shows summarized consolidated financial information by segment. Included within corporate and other are results from our co-branded credit card program, the results of the Exhale spa and fitness business, which was sold during the year ended December 31, 2020, and unallocated corporate expenses.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Owned and leased hotels
Owned and leased hotels revenues	$	194	$	20	$	301	$	350
Intersegment revenues (a)	3		1		6		8
Adjusted EBITDA	12		(78)		(17)		(44)
Depreciation and amortization	58		56		117		119
Americas management and franchising
Management, franchise, and other fees revenues	66		8		104		92
Contra revenue	(5)		(4)		(9)		(8)
Other revenues	19		2		36		29
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	327		186		554		670
Intersegment revenues (a)	7		(1)		10		9
Adjusted EBITDA	54		(3)		82		65
Depreciation and amortization	6		5		11		10
ASPAC management and franchising
Management, franchise, and other fees revenues	20		6		35		25
Contra revenue	(1)		(1)		(2)		(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	24		17		44		44
Adjusted EBITDA	10		(2)		15		6
Depreciation and amortization	1		1		2		2
EAME/SW Asia management and franchising
Management, franchise, and other fees revenues	6		2		13		12
Contra revenue	(3)		(2)		(6)		(3)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	15		12		28		32
Intersegment revenues (a)	—		—		—		1
Adjusted EBITDA	(1)		(11)		(1)		(10)
Depreciation and amortization	—		—		—		—
Corporate and other
Revenues	11		4		19		18
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		—		—		2
Intersegment revenues (a)	—		—		—		—
Adjusted EBITDA	(21)		(23)		(45)		(50)
Depreciation and amortization	9		11		18		22
Eliminations
Revenues (a)	(10)		—		(16)		(18)
Adjusted EBITDA	1		—		1		2
TOTAL
Revenues	$	663	$	250	$	1,101	$	1,243
Adjusted EBITDA	55		(117)		35		(31)
Depreciation and amortization	74		73		148		153

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

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net loss attributable to Hyatt Hotels Corporation	$	(9)	$	(236)	$	(313)	$	(339)
Interest expense	42		35		83		52
(Benefit) provision for income taxes	15		(94)		201		(129)
Depreciation and amortization	74		73		148		153
EBITDA	122		(222)		119		(263)
Contra revenue	9		7		17		13
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(366)		(215)		(626)		(748)
Costs incurred on behalf of managed and franchised properties	375		235		652		790
Equity (earnings) losses from unconsolidated hospitality ventures	34		23		(20)		25
Stock-based compensation expense (Note 14)	8		2		36		17
Gains on sales of real estate and other (Note 6)	(105)		—		(105)		(8)
Asset impairments	2		49		2		52
Other (income) loss, net (Note 18)	(25)		14		(37)		95
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	1		(10)		(3)		(4)
Adjusted EBITDA	$	55	$	(117)	$	35	$	(31)

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LOSSES PER SHARE

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

LOSSES PER SHARE

LOSSES PER SHARE

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(9)	$	(236)	$	(313)	$	(339)
Net loss attributable to noncontrolling interests	—		—		—		—
Net loss attributable to Hyatt Hotels Corporation	$	(9)	$	(236)	$	(313)	$	(339)
Denominator:
Basic weighted-average shares outstanding	101,898,773		101,273,404		101,713,331		101,314,230
Share-based compensation	—		—		—		—
Diluted weighted-average shares outstanding	101,898,773		101,273,404		101,713,331		101,314,230
Basic Losses Per Share:
Net loss	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Net loss attributable to noncontrolling interests	—		—		—		—
Net loss attributable to Hyatt Hotels Corporation	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Diluted Losses Per Share:
Net loss	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Net loss attributable to noncontrolling interests	—		—		—		—
Net loss attributable to Hyatt Hotels Corporation	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)

The computations of diluted net losses per share for the three and six months ended June 30, 2021 and June 30, 2020 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive.

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
SARs	1,321,700	383,500	1,317,600	832,900
RSUs	587,900	513,100	584,100	480,000

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OTHER INCOME (LOSS), NET

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

OTHER INCOME (LOSS), NET

OTHER INCOME (LOSS), NET

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Foreign currency gains (losses), net	$	13	$	—	$	7	$	(1)
Interest income	8		6		14		17
Unrealized gains (losses), net (Note 4)	5		35		13		(44)
Depreciation recovery	5		6		9		12
Performance guarantee liability amortization (Note 12)	—		1		1		6
Restructuring expenses	—		(47)		—		(47)
Performance guarantee expense, net (Note 12)	(4)		(13)		(5)		(39)
Credit losses (Note 4 and Note 5)	(8)		(14)		(10)		(18)
Other, net	6		12		8		19
Other income (loss), net	$	25	$	(14)	$	37	$	(95)

During the three and six months ended June 30, 2021, foreign currency gains were primarily driven by a property in our owned and leased hotels segment, which held a loan denominated in a currency other than its functional currency.

During the three and six months ended June 30, 2021, we recognized $8 million and $10 million, respectively, of credit losses, primarily related to certain of our HTM debt securities (see Note 4). During the three and six months ended June 30, 2020, as a result of existing economic conditions, in part due to the COVID-19 pandemic, and the developer's inability to complete construction and meet its debt service, we recognized a $13 million credit loss related to a debt repayment guarantee for a residential property in Brazil.

During the three and six months ended June 30, 2020, we recognized $47 million of restructuring expenses, including severance, insurance benefits, outplacement, and other related costs, due to operational changes as a result of the COVID-19 pandemic

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)

6 Months Ended

Jun. 30, 2021

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.

Future Adoption of Accounting Standards

Future Adoption of Accounting Standards

Reference Rate Reform—In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London Inter-bank Offered Rate for deposits of U.S. dollars ("LIBOR") or another reference rate expected to be discontinued by June 30, 2023 because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04.

Revenue Allocated to Remaining Performance Obligations

Revenue Allocated to Remaining Performance ObligationsRevenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods.

Insurance

Insurance—We obtain commercial insurance for potential losses for general liability, workers' compensation, automobile liability, employment practices, crime, property, cyber risk, and other miscellaneous coverages. A portion of the risk is retained on a self-insurance basis primarily through a U.S.-based and licensed captive insurance company that is a wholly owned subsidiary of Hyatt and generally insures 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 that are 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 partners or respective hotel owners.

As a result of certain dispositions, we have agreed to provide customary indemnifications to third-party purchasers for certain liabilities incurred prior to sale and for breach of certain representations and warranties made during the sales process, such as representations of valid title, authority, and environmental issues that may not be limited by a contractual monetary amount. These indemnification agreements survive until the applicable statutes of limitation expire or until the agreed upon contract terms expire.

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 our current insurance programs, subject to deductibles. 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 to 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 ("CODM") to assess performance and make decisions regarding the allocation of resources. Our CODM 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 earned by our owned and leased hotels related to our co-branded credit card program and 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 as well as revenues from residential management operations. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to payroll at managed properties where the Company is the employer, as well as costs associated with sales, reservations, technology, and marketing services (collectively, "system-wide services") and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and 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, Greater China, Australia, New Zealand, South Korea, Japan, and Micronesia. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties.

•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 and franchised properties. These reimbursed costs relate primarily to system-wide services and the loyalty program operated on behalf of owners of managed and franchised properties. The intersegment revenues relate to management fees earned from the Company's owned and leased hotels and are eliminated in consolidation.

Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, and other fees revenues; and Adjusted EBITDA. Adjusted EBITDA, as we define it, is a non-GAAP measure. We define Adjusted EBITDA as net income (loss) attributable to Hyatt Hotels Corporation plus our pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA based on our ownership percentage of each owned and leased venture, adjusted to exclude interest expense; benefit (provision) for income taxes; depreciation and amortization; amortization of management and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; costs incurred on behalf of managed and franchised properties that we intend to recover over the long term; equity earnings (losses) from unconsolidated hospitality ventures; stock-based compensation expense; gains (losses) on sales of real estate and other; asset impairments; and other income (loss), net.

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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present our revenues disaggregated by the nature of the product or service:

	Three Months Ended June 30, 2021
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	117	$	—	$	—	$	—	$	—	$	(3)	$	114
Food and beverage	43		—		—		—		—		—		43
Other	34		—		—		—		—		—		34
Owned and leased hotels	194		—		—		—		—		(3)		191
Base management fees	—		30		9		3		—		(6)		36
Incentive management fees	—		4		6		3		—		(1)		12
Franchise fees	—		28		1		—		—		—		29
Other fees	—		4		4		—		8		—		16
Management, franchise, and other fees	—		66		20		6		8		(7)		93
Contra revenue	—		(5)		(1)		(3)		—		—		(9)
Net management, franchise, and other fees	—		61		19		3		8		(7)		84
Other revenues	—		19		—		—		3		—		22
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		327		24		15		—		—		366
Total	$	194	$	407	$	43	$	18	$	11	$	(10)	$	663

	Six Months Ended June 30, 2021
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	179	$	—	$	—	$	—	$	—	$	(6)	$	173
Food and beverage	63		—		—		—		—		—		63
Other	59		—		—		—		—		—		59
Owned and leased hotels	301		—		—		—		—		(6)		295
Base management fees	—		46		17		6		—		(9)		60
Incentive management fees	—		5		11		5		—		(1)		20
Franchise fees	—		45		1		—		—		—		46
Other fees	—		8		6		2		14		—		30
Management, franchise, and other fees	—		104		35		13		14		(10)		156
Contra revenue	—		(9)		(2)		(6)		—		—		(17)
Net management, franchise, and other fees	—		95		33		7		14		(10)		139
Other revenues	—		36		—		—		5		—		41
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		554		44		28		—		—		626
Total	$	301	$	685	$	77	$	35	$	19	$	(16)	$	1,101

	Three Months Ended June 30, 2020
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	8	$	—	$	—	$	—	$	—	$	(1)	$	7
Food and beverage	3		—		—		—		—		—		3
Other	9		—		—		—		—		—		9
Owned and leased hotels	20		—		—		—		—		(1)		19
Base management fees	—		4		3		1		—		—		8
Incentive management fees	—		(3)		—		—		—		1		(2)
Franchise fees	—		5		1		—		—		—		6
Other fees	—		2		2		1		3		—		8
Management, franchise, and other fees	—		8		6		2		3		1		20
Contra revenue	—		(4)		(1)		(2)		—		—		(7)
Net management, franchise, and other fees	—		4		5		—		3		1		13
Other revenues	—		2		—		—		1		—		3
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		186		17		12		—		—		215
Total	$	20	$	192	$	22	$	12	$	4	$	—	$	250

	Six Months Ended June 30, 2020
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Corporate and other		Eliminations		Total
Rooms revenues	$	193	$	—	$	—	$	—	$	—	$	(8)	$	185
Food and beverage	108		—		—		—		—		—		108
Other	49		—		—		—		—		—		49
Owned and leased hotels	350		—		—		—		—		(8)		342
Base management fees	—		48		9		8		—		(10)		55
Incentive management fees	—		1		3		2		—		—		6
Franchise fees	—		32		1		—		—		—		33
Other fees	—		11		12		2		9		—		34
Management, franchise, and other fees	—		92		25		12		9		(10)		128
Contra revenue	—		(8)		(2)		(3)		—		—		(13)
Net management, franchise, and other fees	—		84		23		9		9		(10)		115
Other revenues	—		29		—		—		9		—		38
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		670		44		32		2		—		748
Total	$	350	$	783	$	67	$	41	$	20	$	(18)	$	1,243

Summary of Contract Liability

Contract liabilities were comprised of the following:

	June 30, 2021		December 31, 2020
Deferred revenue related to the loyalty program	$	774	$	733
Advanced deposits	68		44
Initial fees received from franchise owners	41		41
Deferred revenue related to insurance programs	17		47
Other deferred revenue	78		76
Total contract liabilities	$	978	$	941

The following table summarizes the activity in our contract liabilities:

	2021		2020
Beginning balance, January 1	$	941	$	920
Cash received and other	105		246
Revenue recognized	(86)		(262)
Ending balance, March 31	$	960	$	904
Cash received and other	133		65
Revenue recognized	(115)		(74)
Ending balance, June 30	$	978	$	895

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DEBT AND EQUITY SECURITIES (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Total revenues	$	51	$	67	$	82	$	184
Gross operating profit (loss)	1		11		(5)		45
Loss from continuing operations	(43)		(79)		(86)		(86)
Net loss	(43)		(79)		(86)		(86)

Marketable Securities Held to Fund Operating Programs

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

	June 30, 2021		December 31, 2020
Loyalty program (Note 8)	$	582	$	567
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	555		511
Captive insurance company (Note 8)	200		226
Total marketable securities held to fund operating programs	$	1,337	$	1,304
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(203)		(238)
Marketable securities held to fund operating programs included in other assets	$	1,134	$	1,066

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

Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our condensed consolidated financial statements were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	20	$	45	$	23	$	(5)
Other income (loss), net (Note 18)	4		12		(5)		14
Other comprehensive loss (Note 13)	—		—		(1)		—
Realized gains, net
Net gains and interest income from marketable securities held to fund rabbi trusts	$	4	$	4	$	13	$	6
Other income (loss), net (Note 18)	—		3		—		4

Marketable Securities Held for Investment Purposes

Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our condensed consolidated balance sheets, were as follows:

	June 30, 2021		December 31, 2020
Time deposits	$	586	$	657
Interest-bearing money market funds	117		107
Common shares in Playa N.V. (Note 8)	90		72
Total marketable securities held for investment purposes	$	793	$	836
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(703)		(764)
Marketable securities held for investment purposes included in other assets	$	90	$	72

Unrealized Gain (Loss) on Investments

Net unrealized gains (losses) recognized on our condensed consolidated statements of income (loss) were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Other income (loss), net (Note 18)	$	1	$	23	$	18	$	(58)

Assets and Liabilities Measured at Fair Value on a Recurring Basis

We measure marketable securities held to fund operating programs and held for investment purposes at fair value on a recurring basis:

	June 30, 2021		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	313	$	313	$	—	$	—
Mutual funds	642		—		—		642
Common shares in Playa N.V.	90		—		—		90
Level Two - Significant Other Observable Inputs
Time deposits	592		—		587		5
U.S. government obligations	215		—		—		215
U.S. government agencies	63		—		—		63
Corporate debt securities	152		—		6		146
Mortgage-backed securities	24		—		—		24
Asset-backed securities	32		—		—		32
Municipal and provincial notes and bonds	7		—		—		7
Total	$	2,130	$	313	$	593	$	1,224

	December 31, 2020		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	327	$	327	$	—	$	—
Mutual funds	581		—		—		581
Common shares in Playa N.V.	72		—		—		72
Level Two - Significant Other Observable Inputs
Time deposits	662		—		659		3
U.S. government obligations	208		—		3		205
U.S. government agencies	65		—		—		65
Corporate debt securities	159		—		13		146
Mortgage-backed securities	24		—		—		24
Asset-backed securities	35		—		—		35
Municipal and provincial notes and bonds	7		—		—		7
Total	$	2,140	$	327	$	675	$	1,138

Debt Securities, Held-to-maturity

At June 30, 2021 and December 31, 2020, HTM debt securities recorded within other assets on our condensed consolidated balance sheets were as follows:

	June 30, 2021		December 31, 2020
HTM debt securities	$	97	$	102
Less: allowance for credit losses	(29)		(21)
Total HTM debt securities, net of allowances	$	68	$	81

Debt Securities, Held-to-maturity, Allowance for Credit Loss

The following table summarizes the activity in our HTM debt security allowance for credit losses:

	2021		2020
Allowance at January 1	$	21	$	12
Credit losses (a)	1		3
Allowance at March 31	$	22	$	15
Credit losses (a)	7		1
Allowance at June 30	$	29	$	16
(a) Credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18).

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RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2021

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

Accounts Receivable, Allowance for Credit Loss

The following table summarizes the activity in our receivables allowance:

	2021		2020
Allowance at January 1	$	56	$	34
Provisions	1		3
Other	—		1
Allowance at March 31	$	57	$	38
Provisions	4		11
Other	(3)		(11)
Allowance at June 30	$	58	$	38

Financing Receivables

Financing Receivables                        

	June 30, 2021		December 31, 2020
Unsecured financing to hotel owners	$	148	$	145
Less: current portion of financing receivables, included in receivables, net	(2)		(2)
Less: allowance for credit losses	(120)		(114)
Total long-term financing receivables, net of allowances	$	26	$	29

Allowance for Losses and Impairments

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

	2021		2020
Allowance at January 1	$	114	$	100
Provisions	3		2
Foreign currency exchange, net	(2)		(3)
Allowance at March 31	$	115	$	99
Provisions	3		3
Foreign currency exchange, net	2		3
Allowance at June 30	$	120	$	105

Credit Monitoring

Our unsecured financing receivables were as follows:

	June 30, 2021
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	84	$	(56)	$	28	$	49
Other financing arrangements	64		(64)		—		60
Total unsecured financing receivables	$	148	$	(120)	$	28	$	109

	December 31, 2020
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	83	$	(54)	$	29	$	53
Other financing arrangements	62		(60)		2		58
Total unsecured financing receivables	$	145	$	(114)	$	31	$	111

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ACQUISITIONS AND DISPOSITIONS (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule Of Asset Acquisition

Net assets acquired were determined as follows:

Cash paid	$	6
Repayment of third-party mortgage loan	78
Fair value of our previously-held equity method investment	6
Net assets acquired	$	90

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GOODWILL AND INTANGIBLES, NET (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

	June 30, 2021		Weighted- average useful lives in years	December 31, 2020
Management and franchise agreement intangibles	$	349	18	$	354
Brand and other indefinite-lived intangibles	130		—	130
Advanced booking intangibles	6		3	6
Other definite-lived intangibles	8		6	8
Intangibles	493			498
Less: accumulated amortization	(124)			(113)
Intangibles, net	$	369		$	385

Schedule of Indefinite-Lived Intangible Assets

	June 30, 2021		Weighted- average useful lives in years	December 31, 2020
Management and franchise agreement intangibles	$	349	18	$	354
Brand and other indefinite-lived intangibles	130		—	130
Advanced booking intangibles	6		3	6
Other definite-lived intangibles	8		6	8
Intangibles	493			498
Less: accumulated amortization	(124)			(113)
Intangibles, net	$	369		$	385

Schedule of Intangible Assets Amortization Expense

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Amortization expense	$	7	$	7	$	14	$	14

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OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

	June 30, 2021		December 31, 2020
Marketable securities held to fund rabbi trusts (Note 4)	$	555	$	511
Management and franchise agreement assets constituting payments to customers (1)	517		470
Marketable securities held to fund the loyalty program (Note 4)	436		441
Marketable securities held for captive insurance company (Note 4)	143		114
Common shares in Playa N.V. (Note 4)	90		72
Long-term investments (Note 4)	80		93
Other	120		96
Total other assets	$	1,941	$	1,797
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.

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DEBT (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Fair Value, by Balance Sheet Grouping

	June 30, 2021
	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)	$	3,261	$	3,535	$	—	$	3,492	$	43

(1) Excludes $8 million of finance lease obligations and $23 million of unamortized discounts and deferred financing fees.

	December 31, 2020
	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)	$	3,261	$	3,561	$	—	$	3,518	$	43

(2) Excludes $9 million of finance lease obligations and $26 million of unamortized discounts and deferred financing fees.

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OTHER LONG-TERM LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2021

Other Liabilities [Abstract]

Other Long-term Liabilities

	June 30, 2021		December 31, 2020
Deferred compensation plans funded by rabbi trusts (Note 4)	$	555	$	511
Income taxes payable	174		166
Guarantee liabilities (Note 12)	96		31
Deferred income taxes (Note 11)	73		48
Self-insurance liabilities (Note 12)	65		67
Other	53		88
Total other long-term liabilities	$	1,016	$	911

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COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantor Obligations

	Four managed hotels in France				Other performance guarantees				All performance guarantees
	2021		2020		2021		2020		2021		2020
Beginning balance, January 1	$	—	$	20	$	16	$	13	$	16	$	33
Initial guarantee obligation liability	—		—		1		—		1		—
Amortization of initial guarantee obligation liability into income	—		(4)		(1)		(1)		(1)		(5)
Performance guarantee expense, net	—		20		1		6		1		26
Payments during the period	—		(15)		(3)		(3)		(3)		(18)
Ending balance, March 31	$	—	$	21	$	14	$	15	$	14	$	36
Initial guarantee obligation liability	—		—		33		—		33		—
Amortization of initial guarantee obligation liability into income	—		—		—		(1)		—		(1)
Performance guarantee expense	—		6		4		7		4		13
Payments during the period	—		—		(4)		(8)		(4)		(8)
Foreign currency exchange, net	—		(1)		—		—		—		(1)
Ending balance, June 30	$	—	$	26	$	47	$	13	$	47	$	39

Debt Repayment and Other Guarantees

Debt Repayment and Other Guarantees—We enter into various debt repayment and other guarantees in order to assist hotel owners and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms.

Property description	Maximum potential future payments		Maximum exposure net of recoverability from third parties		Other long-term liabilities recorded at June 30, 2021		Other long-term liabilities recorded at December 31, 2020		Year of guarantee expiration
Hotel properties in India (1)	$	197	$	197	$	40	$	—	2024
Hotel properties in Tennessee (2), (3)	56		20		6		8		various, through 2024
Hotel properties in California (2)	38		15		1		2		various, through 2022
Hotel property in Pennsylvania (2), (4)	28		11		1		1		various, through 2023
Hotel property in Massachusetts (2), (4)	27		14		3		4		various, through 2022
Hotel properties in Georgia (2)	27		13		3		4		various, through 2024
Hotel property in Oregon (2)	21		8		1		1		2022
Other (2), (3)	21		7		2		5		various, through 2025
Total	$	415	$	285	$	57	$	25

(1) Debt repayment guarantees are denominated in Indian rupees and translated using exchange rates at June 30, 2021. We have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party. We expect our maximum exposure to be approximately $100 million, taking into account our partner's 50% ownership interest in the unconsolidated hospitality venture. Under certain events or conditions, we have the right to force the sale of the properties in order to recover amounts funded.

(2) We have agreements with our unconsolidated hospitality venture partners, 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 or HTM debt security.

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

(4) We are subject to completion guarantees whereby the parties agree to substantially complete the construction of the project by a specified date. At June 30, 2021, the maximum potential exposure is insignificant.

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EQUITY (Tables)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

	Balance at April 1, 2021		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2021
Foreign currency translation adjustments (a)	$	(191)	$	15	$	2	$	(174)
Unrealized gains (losses) on AFS debt securities	—		—		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (b)	(39)		—		2		(37)
Accumulated other comprehensive loss	$	(237)	$	15	$	4	$	(218)
(a) The amount reclassified from accumulated other comprehensive loss related to the disposition of our ownership interest in certain unconsolidated hospitality ventures.
(b) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 9).
	Balance at January 1, 2021		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2021
Foreign currency translation adjustments (c)	$	(145)	$	(9)	$	(20)	$	(174)
Unrealized gains (losses) on AFS debt securities	1		(1)		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (d)	(41)		—		4		(37)
Accumulated other comprehensive loss	$	(192)	$	(10)	$	(16)	$	(218)
(c) The amount reclassified from accumulated other comprehensive loss related to the acquisition of the remaining interest in the entities which own Grand Hyatt São Paulo (see Note 6) and the disposition of our ownership interest in certain unconsolidated hospitality ventures.
(d) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of significant tax impacts, related to the settlement of interest rate locks (see Note 9). We expect to reclassify $6 million of losses over the next 12 months.

	Balance at April 1, 2020		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2020
Foreign currency translation adjustments	$	(234)	$	19	$	—	$	(215)
Unrealized gains (losses) on AFS debt securities	1		—		—		1
Unrecognized pension cost	(9)		—		—		(9)
Unrealized gains (losses) on derivative instruments (e)	(43)		(2)		1		(44)
Accumulated other comprehensive loss	$	(285)	$	17	$	1	$	(267)
(e) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 9).
	Balance at January 1, 2020		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2020
Foreign currency translation adjustments	$	(183)	$	(32)	$	—	$	(215)
Unrealized gains (losses) on AFS debt securities	1		—		—		1
Unrecognized pension cost	(9)		—		—		(9)
Unrealized gains (losses) on derivative instruments (f)	(18)		(27)		1		(44)
Accumulated other comprehensive loss	$	(209)	$	(59)	$	1	$	(267)
(f) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense, net of insignificant tax impacts, related to the settlement of interest rate locks (see Note 9). We expect to reclassify $6 million of losses over the next 12 months.

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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Compensation Expense Related to Long-Term Incentive Plan

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
SARs	$	1	$	—	$	10	$	10
RSUs	3		4		16		14
PSUs	4		(2)		10		(7)
Total	$	8	$	2	$	36	$	17

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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2021

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 results from our co-branded credit card program, the results of the Exhale spa and fitness business, which was sold during the year ended December 31, 2020, and unallocated corporate expenses.

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Owned and leased hotels
Owned and leased hotels revenues	$	194	$	20	$	301	$	350
Intersegment revenues (a)	3		1		6		8
Adjusted EBITDA	12		(78)		(17)		(44)
Depreciation and amortization	58		56		117		119
Americas management and franchising
Management, franchise, and other fees revenues	66		8		104		92
Contra revenue	(5)		(4)		(9)		(8)
Other revenues	19		2		36		29
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	327		186		554		670
Intersegment revenues (a)	7		(1)		10		9
Adjusted EBITDA	54		(3)		82		65
Depreciation and amortization	6		5		11		10
ASPAC management and franchising
Management, franchise, and other fees revenues	20		6		35		25
Contra revenue	(1)		(1)		(2)		(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	24		17		44		44
Adjusted EBITDA	10		(2)		15		6
Depreciation and amortization	1		1		2		2
EAME/SW Asia management and franchising
Management, franchise, and other fees revenues	6		2		13		12
Contra revenue	(3)		(2)		(6)		(3)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	15		12		28		32
Intersegment revenues (a)	—		—		—		1
Adjusted EBITDA	(1)		(11)		(1)		(10)
Depreciation and amortization	—		—		—		—
Corporate and other
Revenues	11		4		19		18
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		—		—		2
Intersegment revenues (a)	—		—		—		—
Adjusted EBITDA	(21)		(23)		(45)		(50)
Depreciation and amortization	9		11		18		22
Eliminations
Revenues (a)	(10)		—		(16)		(18)
Adjusted EBITDA	1		—		1		2
TOTAL
Revenues	$	663	$	250	$	1,101	$	1,243
Adjusted EBITDA	55		(117)		35		(31)
Depreciation and amortization	74		73		148		153

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

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 loss attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to our consolidated Adjusted EBITDA:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net loss attributable to Hyatt Hotels Corporation	$	(9)	$	(236)	$	(313)	$	(339)
Interest expense	42		35		83		52
(Benefit) provision for income taxes	15		(94)		201		(129)
Depreciation and amortization	74		73		148		153
EBITDA	122		(222)		119		(263)
Contra revenue	9		7		17		13
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(366)		(215)		(626)		(748)
Costs incurred on behalf of managed and franchised properties	375		235		652		790
Equity (earnings) losses from unconsolidated hospitality ventures	34		23		(20)		25
Stock-based compensation expense (Note 14)	8		2		36		17
Gains on sales of real estate and other (Note 6)	(105)		—		(105)		(8)
Asset impairments	2		49		2		52
Other (income) loss, net (Note 18)	(25)		14		(37)		95
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	1		(10)		(3)		(4)
Adjusted EBITDA	$	55	$	(117)	$	35	$	(31)

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LOSSES PER SHARE (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of the Calculation of Basic and Diluted Losses Per Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator:
Net loss	$	(9)	$	(236)	$	(313)	$	(339)
Net loss attributable to noncontrolling interests	—		—		—		—
Net loss attributable to Hyatt Hotels Corporation	$	(9)	$	(236)	$	(313)	$	(339)
Denominator:
Basic weighted-average shares outstanding	101,898,773		101,273,404		101,713,331		101,314,230
Share-based compensation	—		—		—		—
Diluted weighted-average shares outstanding	101,898,773		101,273,404		101,713,331		101,314,230
Basic Losses Per Share:
Net loss	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Net loss attributable to noncontrolling interests	—		—		—		—
Net loss attributable to Hyatt Hotels Corporation	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Diluted Losses Per Share:
Net loss	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)
Net loss attributable to noncontrolling interests	—		—		—		—
Net loss attributable to Hyatt Hotels Corporation	$	(0.08)	$	(2.33)	$	(3.07)	$	(3.35)

Schedule of Antidilutive Securities Excluded from Computation of Losses Per Share

The computations of diluted net losses per share for the three and six months ended June 30, 2021 and June 30, 2020 do not include the following shares of Class A common stock assumed to be issued as stock-settled SARs and RSUs because they are anti-dilutive.

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
SARs	1,321,700	383,500	1,317,600	832,900
RSUs	587,900	513,100	584,100	480,000

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OTHER INCOME (LOSS), NET (Tables)

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Other Income (Loss), Net

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Foreign currency gains (losses), net	$	13	$	—	$	7	$	(1)
Interest income	8		6		14		17
Unrealized gains (losses), net (Note 4)	5		35		13		(44)
Depreciation recovery	5		6		9		12
Performance guarantee liability amortization (Note 12)	—		1		1		6
Restructuring expenses	—		(47)		—		(47)
Performance guarantee expense, net (Note 12)	(4)		(13)		(5)		(39)
Credit losses (Note 4 and Note 5)	(8)		(14)		(10)		(18)
Other, net	6		12		8		19
Other income (loss), net	$	25	$	(14)	$	37	$	(95)

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ORGANIZATION (Details)	Jun. 30, 2021 hotel room country
Organization
Number of countries in which entity operates | country	68
Full service
Organization
Number of hotels operated or franchised	493
Number of rooms operated or franchised | room	166,576
Select service
Organization
Number of hotels operated or franchised	519
Number of rooms operated or franchised | room	74,827
Select service | United States
Organization
Number of hotels operated or franchised	437
All inclusive
Organization
Number of hotels operated or franchised	8
Number of rooms operated or franchised | room	3,153

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REVENUE FROM CONTRACTS WITH CUSTOMERS- Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 663	$ 250	$ 1,101	$ 1,243
Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	114	7	173	185
Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	43	3	63	108
Other
Disaggregation of Revenue [Line Items]
Revenues	34	9	59	49
Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	191	19	295	342
Base management fees
Disaggregation of Revenue [Line Items]
Revenues	36	8	60	55
Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	12	(2)	20	6
Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	29	6	46	33
Other fees
Disaggregation of Revenue [Line Items]
Revenues	16	8	30	34
Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	93	20	156	128
Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(9)	(7)	(17)	(13)
Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	84	13	139	115
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	22	3	41	38
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	366	215	626	748
Operating segments | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	194	20	301	350
Operating segments | Owned and leased hotels | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	117	8	179	193
Operating segments | Owned and leased hotels | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	43	3	63	108
Operating segments | Owned and leased hotels | Other
Disaggregation of Revenue [Line Items]
Revenues	34	9	59	49
Operating segments | Owned and leased hotels | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	194	20	301	350
Operating segments | Owned and leased hotels | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Owned and leased hotels | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Owned and leased hotels | Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Owned and leased hotels | Other fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Owned and leased hotels | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Owned and leased hotels | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Owned and leased hotels | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Owned and leased hotels | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Owned and leased hotels | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Americas management and franchising
Disaggregation of Revenue [Line Items]
Revenues	407	192	685	783
Operating segments | Americas management and franchising | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Americas management and franchising | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Americas management and franchising | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Americas management and franchising | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | Americas management and franchising | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	30	4	46	48
Operating segments | Americas management and franchising | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	4	(3)	5	1
Operating segments | Americas management and franchising | Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	28	5	45	32
Operating segments | Americas management and franchising | Other fees
Disaggregation of Revenue [Line Items]
Revenues	4	2	8	11
Operating segments | Americas management and franchising | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	66	8	104	92
Operating segments | Americas management and franchising | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(5)	(4)	(9)	(8)
Operating segments | Americas management and franchising | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	61	4	95	84
Operating segments | Americas management and franchising | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	19	2	36	29
Operating segments | Americas management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	327	186	554	670
Operating segments | ASPAC management and franchising
Disaggregation of Revenue [Line Items]
Revenues	43	22	77	67
Operating segments | ASPAC management and franchising | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | ASPAC management and franchising | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | ASPAC management and franchising | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | ASPAC management and franchising | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | ASPAC management and franchising | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	9	3	17	9
Operating segments | ASPAC management and franchising | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	6	0	11	3
Operating segments | ASPAC management and franchising | Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	1	1	1	1
Operating segments | ASPAC management and franchising | Other fees
Disaggregation of Revenue [Line Items]
Revenues	4	2	6	12
Operating segments | ASPAC management and franchising | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	20	6	35	25
Operating segments | ASPAC management and franchising | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(1)	(1)	(2)	(2)
Operating segments | ASPAC management and franchising | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	19	5	33	23
Operating segments | ASPAC management and franchising | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | ASPAC management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	24	17	44	44
Operating segments | EAME/SW Asia management and franchising
Disaggregation of Revenue [Line Items]
Revenues	18	12	35	41
Operating segments | EAME/SW Asia management and franchising | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | EAME/SW Asia management and franchising | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | EAME/SW Asia management and franchising | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | EAME/SW Asia management and franchising | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | EAME/SW Asia management and franchising | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	3	1	6	8
Operating segments | EAME/SW Asia management and franchising | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	3	0	5	2
Operating segments | EAME/SW Asia management and franchising | Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | EAME/SW Asia management and franchising | Other fees
Disaggregation of Revenue [Line Items]
Revenues	0	1	2	2
Operating segments | EAME/SW Asia management and franchising | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	6	2	13	12
Operating segments | EAME/SW Asia management and franchising | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(3)	(2)	(6)	(3)
Operating segments | EAME/SW Asia management and franchising | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	3	0	7	9
Operating segments | EAME/SW Asia management and franchising | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating segments | EAME/SW Asia management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	15	12	28	32
Corporate and other
Disaggregation of Revenue [Line Items]
Revenues	11	4	19	20
Corporate and other | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate and other | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate and other | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate and other | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate and other | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate and other | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate and other | Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate and other | Other fees
Disaggregation of Revenue [Line Items]
Revenues	8	3	14	9
Corporate and other | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	8	3	14	9
Corporate and other | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate and other | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	8	3	14	9
Corporate and other | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	3	1	5	9
Corporate and other | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	2
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(10)	0	(16)	(18)
Eliminations | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	(3)	(1)	(6)	(8)
Eliminations | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	(3)	(1)	(6)	(8)
Eliminations | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	(6)	0	(9)	(10)
Eliminations | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	(1)	1	(1)	0
Eliminations | Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Other fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	(7)	1	(10)	(10)
Eliminations | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	(7)	1	(10)	(10)
Eliminations | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	3	1	6	8
Eliminations | Americas management and franchising
Disaggregation of Revenue [Line Items]
Revenues	7	(1)	10	9
Eliminations | EAME/SW Asia management and franchising
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 1

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REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Liability Balances (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Contract assets	$ 1		$ 0
Total contract liabilities	978	$ 960	941	$ 895	$ 904	$ 920
Deferred revenue related to the loyalty program
Disaggregation of Revenue [Line Items]
Total contract liabilities	774		733
Advanced deposits
Disaggregation of Revenue [Line Items]
Total contract liabilities	68		44
Initial fees received from franchise owners
Disaggregation of Revenue [Line Items]
Total contract liabilities	41		41
Deferred revenue related to insurance programs
Disaggregation of Revenue [Line Items]
Total contract liabilities	17		47
Other deferred revenue
Disaggregation of Revenue [Line Items]
Total contract liabilities	$ 78		$ 76

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REVENUE FROM CONTRACTS WITH CUSTOMERS- Activity in Contract Liability Balances (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Contract with Customer, Liability [Roll Forward]
Contract liabilities, beginning balance	$ 960	$ 941	$ 904	$ 920	$ 941	$ 920
Cash received and other	133	105	65	246
Revenue recognized	(115)	(86)	(74)	(262)
Contract liabilities, ending balance	978	$ 960	895	$ 904	978	895
Revenue recognized from contract with customer beginning balance	$ 78		$ 21		$ 147	$ 158

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REVENUE FROM CONTRACTS WITH CUSTOMERS- Remaining Performance Obligation (Details) $ in Millions	Jun. 30, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 120
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent recognized	15.00%
Remaining performance obligation, period	12 months

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DEBT AND EQUITY SECURITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Debt and Equity Method Investments
Equity method investments	$ 262	$ 262		$ 260
Shares issued during period (in shares)		0	0
Held-to-maturity securities, fair value	96	$ 96		100
Equity securities without a readily determinable fair value	12	12		12
Owned and leased hotels
Schedule of Debt and Equity Method Investments
Equity method investment, net sales proceeds	17	17
Grand Hyatt Sao Paulo
Schedule of Debt and Equity Method Investments
Cash acquired	6	6
Repayment of third-party mortgage loan	78	78
Gain on asset acquisition		69
Loyalty program (Note 8)
Schedule of Debt and Equity Method Investments
Available-for-sale debt securities	118	118		82
Captive insurance company (Note 8)
Schedule of Debt and Equity Method Investments
Equity securities	$ 87	$ 87		$ 70

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DEBT AND EQUITY SECURITIES - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Debt and Equity Method Investments
Net loss	$ (9)	$ (236)	$ (313)	$ (339)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Debt and Equity Method Investments
Total revenues	51	67	82	184
Gross operating profit (loss)	1	11	(5)	45
Loss from continuing operations	(43)	(79)	(86)	(86)
Net loss	$ (43)	$ (79)	$ (86)	$ (86)

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DEBT AND EQUITY SECURITIES - Held to Fund Operating Programs (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Held for operating programs
Schedule of Investments
Total marketable securities held for investment purposes	$ 1,337	$ 1,304
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(203)	(238)
Marketable securities held to fund operating programs included in other assets	1,134	1,066
Loyalty program (Note 8)
Schedule of Investments
Total marketable securities held for investment purposes	582	567
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)
Schedule of Investments
Total marketable securities held for investment purposes	555	511
Captive insurance company (Note 8)
Schedule of Investments
Total marketable securities held for investment purposes	$ 200	$ 226

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DEBT AND EQUITY SECURITIES - Gain (loss) on Investments Held to Fund Operating Programs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$ 20	$ 45	$ 23	$ (5)
Other income (loss), net	4	12	(5)	14
Other comprehensive loss (Note 13)	0	0	(1)	0
Realized gains, net
Net gains and interest income from marketable securities held to fund rabbi trusts	4	4	13	6
Other income (loss), net	$ 0	$ 3	$ 0	$ 4

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DEBT AND EQUITY SECURITIES - Held for Investment Purposes (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Schedule of Investments
Common shares	$ 90	$ 72
Held for Investment Purposes
Schedule of Investments
Time deposits	586	657
Interest-bearing money market funds	117	107
Common shares	90	72
Total marketable securities held for investment purposes	793	836
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(703)	(764)
Marketable securities held for investment purposes included in other assets	$ 90	$ 72

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DEBT AND EQUITY SECURITIES - Common Shares of Playa N.V (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Playa Hotels & Resorts N.V.
Schedule of Investments
Other income (loss), net (Note 18)	$ 1	$ 23	$ 18	$ (58)

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DEBT AND EQUITY SECURITIES - Fair Value of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	$ 2,130	$ 2,140
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
Cash equivalents	313	327
Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	642	581
Level One - Quoted Prices in Active Markets for Identical Assets | Common shares in Playa N.V.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	90	72
Level Two - Significant Other Observable Inputs | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	592	662
Level Two - Significant Other Observable Inputs | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	215	208
Level Two - Significant Other Observable Inputs | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	63	65
Level Two - Significant Other Observable Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	152	159
Level Two - Significant Other Observable Inputs | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	24	24
Level Two - Significant Other Observable Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	32	35
Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	7	7
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	313	327
Cash and cash equivalents | 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
Cash equivalents	313	327
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Cash and cash equivalents | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares in Playa N.V.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Cash and cash equivalents | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	593	675
Short-term investments | 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
Cash equivalents	0	0
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Short-term investments | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares in Playa N.V.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Short-term investments | Level Two - Significant Other Observable Inputs | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	587	659
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	3
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Short-term investments | Level Two - Significant Other Observable Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	6	13
Short-term investments | Level Two - Significant Other Observable Inputs | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Short-term investments | Level Two - Significant Other Observable Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Short-term investments | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	0	0
Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Investments, fair value disclosure	1,224	1,138
Other assets | 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
Cash equivalents	0	0
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	642	581
Other assets | Level One - Quoted Prices in Active Markets for Identical Assets | Common shares in Playa N.V.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	90	72
Other assets | Level Two - Significant Other Observable Inputs | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	5	3
Other assets | Level Two - Significant Other Observable Inputs | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	215	205
Other assets | Level Two - Significant Other Observable Inputs | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	63	65
Other assets | Level Two - Significant Other Observable Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	146	146
Other assets | Level Two - Significant Other Observable Inputs | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	24	24
Other assets | Level Two - Significant Other Observable Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	32	35
Other assets | Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	$ 7	$ 7

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DEBT AND EQUITY SECURITIES - Schedule of Debt and Equity Securities HTM (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
HTM debt securities	$ 97		$ 102
Less: allowance for credit losses	(29)	$ (22)	(21)	$ (16)	$ (15)	$ (12)
Total HTM debt securities, net of allowances	$ 68		$ 81

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DEBT AND EQUITY SECURITIES - Activity in HTM Debt Security Allowance (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 22	$ 21	$ 15	$ 12
Credit losses	7	1	1	3
Ending balance	$ 29	$ 22	$ 16	$ 15

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RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Net receivables	$ 360				$ 316
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at January 1	57	$ 56	$ 38	$ 34
Provisions	4	1	11	3
Other	(3)	0	(11)	1
Allowance at period end	$ 58	$ 57	$ 38	$ 38

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RECEIVABLES - Schedule of Financing Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable
Less: allowance for credit losses	$ (120)		$ (114)
Total long-term financing receivables, net of allowances	26		29
Unsecured financing
Accounts, Notes, Loans and Financing Receivable
Unsecured financing to hotel owners	148		145
Less: current portion of financing receivables, included in receivables, net	(2)		(2)
Less: allowance for credit losses	(120)	$ (115)	(114)	$ (105)	$ (99)	$ (100)
Total long-term financing receivables, net of allowances	$ 26		$ 29

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RECEIVABLES - Allowance for Losses and Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Allowance for Losses and Impairments
Allowance beginning balance		$ 114
Allowance ending balance	$ 120
Unsecured financing
Allowance for Losses and Impairments
Allowance beginning balance	115	114	$ 99	$ 100
Provisions	3	3	3	2
Foreign currency exchange, net	2	(2)	3	(3)
Allowance ending balance	$ 120	$ 115	$ 105	$ 99

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RECEIVABLES - Credit Monitoring (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Unsecured Financing Receivables
Related allowance	$ (120)		$ (114)
Unsecured financing
Unsecured Financing Receivables
Gross loan balance (principal and interest)	148		145
Related allowance	(120)	$ (115)	(114)	$ (105)	$ (99)	$ (100)
Net financing receivables	28		31
Gross receivables on nonaccrual status	109		111
Unsecured financing | Loans
Unsecured Financing Receivables
Gross loan balance (principal and interest)	84		83
Related allowance	(56)		(54)
Net financing receivables	28		29
Gross receivables on nonaccrual status	49		53
Unsecured financing | Other financing arrangements
Unsecured Financing Receivables
Gross loan balance (principal and interest)	64		62
Related allowance	(64)		(60)
Net financing receivables	0		2
Gross receivables on nonaccrual status	$ 60		$ 58

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RECEIVABLES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Significant unobservable inputs (Level Three)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Financing receivables	$ 49	$ 44

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ACQUISITIONS AND DISPOSITIONS - Acquisitions Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Ventana Big Sur, an Alila Resort
Business Acquisition [Line Items]
Asset acquisition	$ 146
Property and equipment acquired	149
Contract liabilities	$ 3
Grand Hyatt Sao Paulo
Business Acquisition [Line Items]
Property and equipment acquired		$ 101
Asset acquisition, voting rights acquired	50.00%	50.00%
Cash acquired	$ 6	$ 6
Repayment of third-party mortgage loan	78	78
Gain on asset acquisition		69
Reversal of long term liabilities		42
Currency translation loss reclassified		22
Deferred tax liabilities	$ 11	$ 11
Grand Hyatt Sao Paulo
Business Acquisition [Line Items]
Equity method investment, ownership percentage			50.00%

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ACQUISITIONS AND DISPOSITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - Grand Hyatt Sao Paulo $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Business Acquisition [Line Items]
Cash paid	$ 6
Repayment of third-party mortgage loan	78
Fair value of our previously-held equity method investment	6
Net assets acquired	$ 90

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ACQUISITIONS AND DISPOSITIONS - Dispositions Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investments	$ 262		$ 262		$ 260
Equity securities without a readily determinable fair value	12		12		$ 12
Right-of-use assets obtained in exchange for operating lease liabilities			12	$ 5
Hyatt Regency Lost Pines Resort and Spa | Disposal group, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	268		$ 268
Gains on sales of real estate	$ 104
Property Under Development, Hotel Philadelphia, Pennsylvania and Adjacent Parking and Retail Space | Disposal group, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gains on sales of real estate				$ 4
Consideration in exchange for the third party investment		58.00%		58.00%
Proceeds from sales of assets, investing activities				$ 72
Equity method investment, ownership percentage		42.00%		42.00%
Global Contact Center, Omaha, Nebraska
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Right-of-use assets obtained in exchange for operating lease liabilities		$ 4
Weighted-average remaining lease term - operating leases		9 years		9 years
Weighted-average discount rate - operating leases		3.25%		3.25%
Operating lease, option to extend term		5 years		5 years
Global Contact Center, Omaha, Nebraska | Disposal group, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration		$ 6		$ 6
Gains on sales of real estate		4
Unconsolidated Hospitality Venture | Property Under Development, Hotel Philadelphia, Pennsylvania and Adjacent Parking and Retail Space | Disposal group, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investments		22		22
Equity securities without a readily determinable fair value		$ 5		$ 5

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ACQUISITIONS AND DISPOSITIONS - Like-Kind Exchange Agreements (Details)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Like-kind exchange period for replacement property identified	45 days

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GOODWILL AND INTANGIBLES, NET - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020 USD ($) unit	Jun. 30, 2020 USD ($) unit	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Goodwill [Line Items]
Goodwill			$ 288	$ 288
COVID-19 Pandemic
Goodwill [Line Items]
Number of reporting units | unit	2	2
Goodwill impairment charges	$ 38	$ 38

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GOODWILL AND INTANGIBLES, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangibles	$ 493	$ 498
Less: accumulated amortization	(124)	(113)
Intangibles, net	369	385
Brand and other indefinite-lived intangibles
Indefinite-lived Intangible Assets [Line Items]
Brand and other indefinite-lived intangibles	130	130
Management and franchise agreement intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 349	354
Weighted- average useful lives in years	18 years
Advanced booking intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 6	6
Weighted- average useful lives in years	3 years
Other definite-lived intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 8	$ 8
Weighted- average useful lives in years	6 years

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GOODWILL AND INTANGIBLES, NET - Amortization Expense Table (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 7	$ 7	$ 14	$ 14

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OTHER ASSETS (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other Assets, Noncurrent [Abstract]
Marketable securities held to fund rabbi trusts (Note 4)	$ 555	$ 511
Management and franchise agreement assets constituting payments to customers	517	470
Marketable securities held to fund the loyalty program (Note 4)	436	441
Marketable securities held for captive insurance company (Note 4)	143	114
Common shares in Playa N.V. (Note 4)	90	72
Long-term investments (Note 4)	80	93
Other	120	96
Total other assets	$ 1,941	$ 1,797

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DEBT - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Instrument
Long-term debt, net of current maturities	$ 2,986,000,000		$ 2,986,000,000		$ 2,984,000,000
Unamortized discount and deferred financing fees	23,000,000		23,000,000		26,000,000
Interest expense	42,000,000	$ 35,000,000	83,000,000	$ 52,000,000
Interest Rate Contract | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest
Debt Instrument
Interest expense				61,000,000
Revolving credit facility
Debt Instrument
Borrowings from revolving credit facility during period			0	400,000,000
Repayments of revolving credit facility during period			0	$ 400,000,000
Revolving credit facility, weighted average interest rate		1.71%		1.71%
Revolving credit facility, outstanding balance	0		0		$ 0
Revolving credit facility, remaining borrowing capacity	1,500,000,000		1,500,000,000
Line of Credit | Revolving credit facility
Debt Instrument
Borrowing capacity extension option	1,450,000,000		$ 1,450,000,000
Term extension period			1 year
Line of credit commitment	1,500,000,000		$ 1,500,000,000
2025 Notes | Senior Notes
Debt Instrument
Long-term debt, face value		$ 450,000,000		$ 450,000,000
Debt instrument, stated percent		5.375%		5.375%
2030 Notes | Senior Notes
Debt Instrument
Long-term debt, face value		$ 450,000,000		$ 450,000,000
Debt instrument, stated percent		5.75%		5.75%
2025 Notes and 2030 Notes | Senior Notes
Debt Instrument
Proceeds from issuance of debt		$ 890,000,000
Unamortized discount and deferred financing fees		$ 10,000,000		$ 10,000,000
2021 Notes | Senior Notes
Debt Instrument
Long-term debt, face value	$ 250,000,000		$ 250,000,000
Debt instrument, stated percent	5.375%		5.375%
2022 Notes | Senior Notes
Debt Instrument
Long-term debt, face value	$ 750,000,000		$ 750,000,000
Debt instrument, stated percent	3.00%		3.00%
2023 Notes | Senior Notes
Debt Instrument
Long-term debt, face value	$ 350,000,000		$ 350,000,000
Debt instrument, stated percent	3.375%		3.375%
2026 Notes | Senior Notes
Debt Instrument
Long-term debt, face value	$ 400,000,000		$ 400,000,000
Debt instrument, stated percent	4.85%		4.85%
2028 Notes | Senior Notes
Debt Instrument
Long-term debt, face value	$ 400,000,000		$ 400,000,000
Debt instrument, stated percent	4.375%		4.375%

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DEBT - Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument
Finance lease obligations	$ 8	$ 9
Unamortized discount and deferred financing fees	23	26
Quoted prices in active markets for identical assets (Level One)
Debt Instrument
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value	0	0
Significant other observable inputs (Level Two)
Debt Instrument
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value	3,492	3,518
Significant unobservable inputs (Level Three)
Debt Instrument
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value	43	43
Carrying value
Debt Instrument
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value	3,261	3,261
Fair value
Debt Instrument
Debt, excluding capital lease obligations and unamortized discounts and deferred financing fees, fair value	$ 3,535	$ 3,561

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DEBT - Interest Rate Locks (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2020
Interest Rate Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Loss on derivative activity recognized in comprehensive income (loss)	$ (61)	$ 3	$ 37

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OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Other Liabilities [Abstract]
Deferred compensation plans funded by rabbi trusts (Note 4)	$ 555	$ 511
Income taxes payable	174	166
Guarantee liabilities (Note 12)	96	31
Deferred income taxes (Note 11)	73	48
Self-insurance liabilities (Note 12)	65	67
Other	53	88
Total other long-term liabilities	$ 1,016	$ 911

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INCOME TAXES (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
(Benefit) provision for income taxes		$ 15	$ (94)	$ 201	$ (129)
Valuation allowance	$ 192	192		192
Estimated income tax liability based on taxing authority’s assessment	18
Unrecognized tax benefits	151	151		151		$ 146
Amount of unrecognized tax benefits that would affect the tax rate if recognized	144	144		144		49
Internal Revenue Service (IRS)
Tax Credit Carryforward [Line Items]
Income tax refund, amount	$ 254	$ 254		254		$ 254
Settlement with Taxing Authority
Tax Credit Carryforward [Line Items]
Estimated income tax liability based on taxing authority’s assessment				220
Estimated income tax liability, interest				$ 62

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COMMITMENTS AND CONTINGENCIES - Commitments and Performance Guarantees Narrative (Details) $ in Millions	Jun. 30, 2021 USD ($)	Apr. 30, 2021 hotel	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Performance guarantee
Loss Contingencies
Remaining maximum exposure	$ 92
Guarantor obligations, liability, current carrying value	47		$ 14	$ 16	$ 39	$ 36	$ 33
Performance guarantee | Other long-term liabilities
Loss Contingencies
Guarantor obligations, liability, current carrying value	39			6
Performance guarantee | Accrued expenses and other current liabilitiess
Loss Contingencies
Guarantor obligations, liability, current carrying value	8			10
Performance Test Clause Guarantee
Loss Contingencies
Guarantor obligations, liability, current carrying value	5			3
Four managed hotels in France | Performance guarantee
Loss Contingencies
Hotels managed In France | hotel		4
Guarantor obligations, liability, current carrying value	0		$ 0	$ 0	$ 26	$ 21	$ 20
Various Business Ventures
Loss Contingencies
Commitment to loan or investment	$ 352

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COMMITMENTS AND CONTINGENCIES - Schedule of Guarantor Obligations (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Guarantor Obligations
Amortization of initial guarantee obligation liability into income	$ 0		$ (1)		$ (1)	$ (6)
Performance guarantee expense	4		13		5	39
Performance guarantee
Guarantor Obligations
Beginning balance	14	$ 16	36	$ 33	16	33
Initial guarantee obligation liability	33	1	0	0
Amortization of initial guarantee obligation liability into income	0	(1)	(1)	(5)
Performance guarantee expense	4	1	13	26
Payments during the period	(4)	(3)	(8)	(18)
Foreign currency exchange, net	0		(1)
Ending balance	47	14	39	36	47	39
Performance guarantee | Four managed hotels in France
Guarantor Obligations
Beginning balance	0	0	21	20	0	20
Initial guarantee obligation liability	0	0	0	0
Amortization of initial guarantee obligation liability into income	0	0	0	(4)
Performance guarantee expense	0	0	6	20
Payments during the period	0	0	0	(15)
Foreign currency exchange, net	0		(1)
Ending balance	0	0	26	21	0	26
Performance guarantee | Other performance guarantees
Guarantor Obligations
Beginning balance	14	16	15	13	16	13
Initial guarantee obligation liability	33	1	0	0
Amortization of initial guarantee obligation liability into income	0	(1)	(1)	(1)
Performance guarantee expense	4	1	7	6
Payments during the period	(4)	(3)	(8)	(3)
Foreign currency exchange, net	0		0
Ending balance	$ 47	$ 14	$ 13	$ 15	$ 47	$ 13

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COMMITMENTS AND CONTINGENCIES - Schedule of Debt Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Loss Contingencies
Other long-term liabilities recorded	$ 96	$ 31
Debt repayment and other guarantees
Loss Contingencies
Maximum potential future payments	415
Maximum exposure net of recoverability from third parties	285
Other long-term liabilities recorded	57	25
Debt repayment and other guarantees | Hotel properties in India
Loss Contingencies
Maximum potential future payments	197
Maximum exposure net of recoverability from third parties	197
Other long-term liabilities recorded	40	0
Debt repayment and other guarantees | Hotel Properties In Tennessee
Loss Contingencies
Maximum potential future payments	56
Maximum exposure net of recoverability from third parties	20
Other long-term liabilities recorded	6	8
Debt repayment and other guarantees | Hotel properties in California
Loss Contingencies
Maximum potential future payments	38
Maximum exposure net of recoverability from third parties	15
Other long-term liabilities recorded	1	2
Debt repayment and other guarantees | Hotel Property In Pennsylvania
Loss Contingencies
Maximum potential future payments	28
Maximum exposure net of recoverability from third parties	11
Other long-term liabilities recorded	1	1
Debt repayment and other guarantees | Hotel Properties in Massachusetts
Loss Contingencies
Maximum potential future payments	27
Maximum exposure net of recoverability from third parties	14
Other long-term liabilities recorded	3	4
Debt repayment and other guarantees | Hotel Properties in Georgia
Loss Contingencies
Maximum potential future payments	27
Maximum exposure net of recoverability from third parties	13
Other long-term liabilities recorded	3	4
Debt repayment and other guarantees | Hotel property in Oregon
Loss Contingencies
Maximum potential future payments	21
Maximum exposure net of recoverability from third parties	8
Other long-term liabilities recorded	1	1
Debt repayment and other guarantees | Other
Loss Contingencies
Maximum potential future payments	21
Maximum exposure net of recoverability from third parties	7
Other long-term liabilities recorded	2	$ 5
Debt repayment and other guarantees | Joint venture | Hotel properties in India
Loss Contingencies
Maximum exposure net of recoverability from third parties	$ 100
Debt repayment and other guarantees, equity method investment, ownership percentage	50.00%

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COMMITMENTS AND CONTINGENCIES - Guarantee Liabilities Fair Value Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Guarantees, fair value disclosure	$ 117	$ 66

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COMMITMENTS AND CONTINGENCIES - Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters of Credit, and Other Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Loss Contingencies
Self insurance reserve, current	$ 35	$ 35	$ 37
Self-insurance reserve, noncurrent	65	65	$ 67
Surety bonds	49	49
Estimated income tax liability based on taxing authority’s assessment	18
Letter of credit
Loss Contingencies
Letters of credit outstanding, amount	$ 264	$ 264
Various US
Loss Contingencies
Multiemployer plans, collective-bargaining arrangement, percentage of participants		24.00%

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EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total Equity
Balance, beginning of period	$ 2,888	$ 3,708	$ 3,214	$ 3,966
Balance, end of period	2,909	3,493	2,909	3,493
Amount reclassified from accumulated other comprehensive loss			6	6
Foreign currency translation adjustments
Total Equity
Balance, beginning of period	(191)	(234)	(145)	(183)
Current period other comprehensive income (loss) before reclassification	15	19	(9)	(32)
Amount reclassified from accumulated other comprehensive loss	2	0	(20)	0
Balance, end of period	(174)	(215)	(174)	(215)
Unrealized gains (losses) on AFS debt securities
Total Equity
Balance, beginning of period	0	1	1	1
Current period other comprehensive income (loss) before reclassification	0	0	(1)	0
Amount reclassified from accumulated other comprehensive loss	0	0	0	0
Balance, end of period	0	1	0	1
Unrecognized pension cost
Total Equity
Balance, beginning of period	(7)	(9)	(7)	(9)
Current period other comprehensive income (loss) before reclassification	0	0	0	0
Amount reclassified from accumulated other comprehensive loss	0	0	0	0
Balance, end of period	(7)	(9)	(7)	(9)
Unrealized gains (losses) on derivative instruments
Total Equity
Balance, beginning of period	(39)	(43)	(41)	(18)
Current period other comprehensive income (loss) before reclassification	0	(2)	0	(27)
Amount reclassified from accumulated other comprehensive loss	2	1	4	1
Balance, end of period	(37)	(44)	(37)	(44)
Accumulated other comprehensive loss
Total Equity
Balance, beginning of period	(237)	(285)	(192)	(209)
Current period other comprehensive income (loss) before reclassification	15	17	(10)	(59)
Amount reclassified from accumulated other comprehensive loss	4	1	(16)	1
Balance, end of period	$ (218)	$ (267)	$ (218)	$ (267)

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EQUITY - Share Repurchase (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Repurchase
Stock repurchase program, authorized amount (up to)			$ 750,000,000	$ 750,000,000
Stock repurchased during period (in shares)	0	827,643
Stock repurchased and retired during period, excluding insignificant expenses		$ 69,000,000
Percent of stock outstanding repurchased during period		1.00%
Stock repurchase program, remaining authorized repurchase amount	$ 928,000,000
Weighted Average
Share Repurchase
Stock repurchased and retired during period (in dollars per share)		$ 84.08

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EQUITY - Dividend (Details) - USD ($)			3 Months Ended	6 Months Ended
	Mar. 09, 2020	Feb. 13, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Cash dividend declared (in dollars per share)		$ 0.20
Cash dividend (in dollars per share)	$ 0.20		$ 0.20
Cash dividends			$ 20,000,000
Common Class A
Class of Stock [Line Items]
Dividends				$ 0
Cash dividends					$ 7,000,000
Common Class B
Class of Stock [Line Items]
Dividends				$ 0
Cash dividends					$ 13,000,000

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STOCK-BASED COMPENSATION - Compensation Expense Related to Long-Term Incentive Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 8	$ 2	$ 36	$ 17
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	1	0	10	10
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	3	4	16	14
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 4	$ (2)	$ 10	$ (7)

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STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	396,889	1,250,434
Grants in period, weighted-average fair value at grant date (in dollars per share)	$ 28.68	$ 8.88
Total unearned compensation	$ 3
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	407,585	519,730
Grants in period, weighted-average fair value at grant date (in dollars per share)	$ 80.31	$ 48.66
Total unearned compensation	$ 22
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	153,256	0
Grants in period, weighted-average fair value at grant date (in dollars per share)	$ 82.02
Total unearned compensation	$ 21
SARs ,RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Amortization period, deferred compensation expense	3 years

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RELATED-PARTY TRANSACTIONS - Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Equity method investee
Related Party Transaction
Due (to) from related parties	$ 12		$ 12		$ 15
Minimum
Related Party Transaction
Equity method investment, ownership percentage	24.00%		24.00%
Maximum
Related Party Transaction
Equity method investment, ownership percentage	50.00%		50.00%
Franchise Or License Fees | Equity method investee
Related Party Transaction
Revenue from Related Parties	$ 3	$ 1	$ 4	$ 4

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RELATED-PARTY TRANSACTIONS - Share Conversion (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Common Class B
Related Party Transaction
Conversion of stock, shares converted (in shares)	614,831	2,435,243	1,415,000	2,435,243
Common stock, par value per share (in dollars per share)	$ 0.01		$ 0.01		$ 0.01
Common Class A
Related Party Transaction
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.01	$ 0.01

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SEGMENT INFORMATION - Summarized Consolidated Financial Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information
Total revenues	$ 663	$ 250	$ 1,101	$ 1,243
Adjusted EBITDA	55	(117)	35	(31)
Depreciation and amortization	74	73	148	153
Owned and leased hotels
Segment Reporting Information
Total revenues	191	19	295	342
Management, franchise, and other fees
Segment Reporting Information
Total revenues	93	20	156	128
Contra revenue
Segment Reporting Information
Total revenues	(9)	(7)	(17)	(13)
Other revenues
Segment Reporting Information
Total revenues	22	3	41	38
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	366	215	626	748
Operating segments | Owned and leased hotels
Segment Reporting Information
Total revenues	194	20	301	350
Adjusted EBITDA	12	(78)	(17)	(44)
Depreciation and amortization	58	56	117	119
Operating segments | Owned and leased hotels | Owned and leased hotels
Segment Reporting Information
Total revenues	194	20	301	350
Operating segments | Owned and leased hotels | Management, franchise, and other fees
Segment Reporting Information
Total revenues	0	0	0	0
Operating segments | Owned and leased hotels | Contra revenue
Segment Reporting Information
Total revenues	0	0	0	0
Operating segments | Owned and leased hotels | Other revenues
Segment Reporting Information
Total revenues	0	0	0	0
Operating segments | Owned and leased hotels | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	0	0	0	0
Operating segments | Americas management and franchising
Segment Reporting Information
Total revenues	407	192	685	783
Adjusted EBITDA	54	(3)	82	65
Depreciation and amortization	6	5	11	10
Operating segments | Americas management and franchising | Owned and leased hotels
Segment Reporting Information
Total revenues	0	0	0	0
Operating segments | Americas management and franchising | Management, franchise, and other fees
Segment Reporting Information
Total revenues	66	8	104	92
Operating segments | Americas management and franchising | Contra revenue
Segment Reporting Information
Total revenues	(5)	(4)	(9)	(8)
Operating segments | Americas management and franchising | Other revenues
Segment Reporting Information
Total revenues	19	2	36	29
Operating segments | Americas management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	327	186	554	670
Operating segments | ASPAC management and franchising
Segment Reporting Information
Total revenues	43	22	77	67
Adjusted EBITDA	10	(2)	15	6
Depreciation and amortization	1	1	2	2
Operating segments | ASPAC management and franchising | Owned and leased hotels
Segment Reporting Information
Total revenues	0	0	0	0
Operating segments | ASPAC management and franchising | Management, franchise, and other fees
Segment Reporting Information
Total revenues	20	6	35	25
Operating segments | ASPAC management and franchising | Contra revenue
Segment Reporting Information
Total revenues	(1)	(1)	(2)	(2)
Operating segments | ASPAC management and franchising | Other revenues
Segment Reporting Information
Total revenues	0	0	0	0
Operating segments | ASPAC management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	24	17	44	44
Operating segments | EAME/SW Asia management and franchising
Segment Reporting Information
Total revenues	18	12	35	41
Adjusted EBITDA	(1)	(11)	(1)	(10)
Depreciation and amortization	0	0	0	0
Operating segments | EAME/SW Asia management and franchising | Owned and leased hotels
Segment Reporting Information
Total revenues	0	0	0	0
Operating segments | EAME/SW Asia management and franchising | Management, franchise, and other fees
Segment Reporting Information
Total revenues	6	2	13	12
Operating segments | EAME/SW Asia management and franchising | Contra revenue
Segment Reporting Information
Total revenues	(3)	(2)	(6)	(3)
Operating segments | EAME/SW Asia management and franchising | Other revenues
Segment Reporting Information
Total revenues	0	0	0	0
Operating segments | EAME/SW Asia management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	15	12	28	32
Eliminations
Segment Reporting Information
Total revenues	(10)	0	(16)	(18)
Adjusted EBITDA	1	0	1	2
Eliminations | Owned and leased hotels
Segment Reporting Information
Total revenues	(3)	(1)	(6)	(8)
Eliminations | Management, franchise, and other fees
Segment Reporting Information
Total revenues	(7)	1	(10)	(10)
Eliminations | Contra revenue
Segment Reporting Information
Total revenues	0	0	0	0
Eliminations | Other revenues
Segment Reporting Information
Total revenues	0	0	0	0
Eliminations | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	0	0	0	0
Eliminations | Owned and leased hotels
Segment Reporting Information
Total revenues	3	1	6	8
Eliminations | Americas management and franchising
Segment Reporting Information
Total revenues	7	(1)	10	9
Eliminations | EAME/SW Asia management and franchising
Segment Reporting Information
Total revenues	0	0	0	1
Corporate and other
Segment Reporting Information
Total revenues	11	4	19	20
Adjusted EBITDA	(21)	(23)	(45)	(50)
Depreciation and amortization	9	11	18	22
Corporate and other | Owned and leased hotels
Segment Reporting Information
Total revenues	0	0	0	0
Corporate and other | Management, franchise, and other fees
Segment Reporting Information
Total revenues	8	3	14	9
Corporate and other | Contra revenue
Segment Reporting Information
Total revenues	0	0	0	0
Corporate and other | Other revenues
Segment Reporting Information
Total revenues	3	1	5	9
Corporate and other | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	0	0	0	2
Corporate and other | Revenues
Segment Reporting Information
Total revenues	11	4	19	18
Corporate And Other And Eliminations
Segment Reporting Information
Total revenues	$ 0	$ 0	$ 0	$ 0

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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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information
Net loss attributable to Hyatt Hotels Corporation	$ (9)	$ (236)	$ (313)	$ (339)
Interest expense	42	35	83	52
(Benefit) provision for income taxes	15	(94)	201	(129)
Depreciation and amortization	74	73	148	153
EBITDA	122	(222)	119	(263)
Revenues	(663)	(250)	(1,101)	(1,243)
Equity (earnings) losses from unconsolidated hospitality ventures	34	23	(20)	25
Stock-based compensation expense	8	2	36	17
Gains on sales of real estate and other	(105)	0	(105)	(8)
Asset impairments	2	49	2	52
Other (income) loss, net	(25)	14	(37)	95
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	1	(10)	(3)	(4)
Adjusted EBITDA	55	(117)	35	(31)
Contra revenue
Segment Reporting Information
Revenues	9	7	17	13
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Revenues	(366)	(215)	(626)	(748)
Costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Costs incurred on behalf of managed and franchised properties	$ 375	$ 235	$ 652	$ 790

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LOSSES PER SHARE - Schedule of the Calculation of Basic and Diluted Losses Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (9)	$ (236)	$ (313)	$ (339)
Net loss attributable to noncontrolling interests	0	0	0	0
NET LOSS ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ (9)	$ (236)	$ (313)	$ (339)
Denominator:
Basic weighted-average shares outstanding (in shares)	101,898,773	101,273,404	101,713,331	101,314,230
Share-based compensation (in shares)	0	0	0	0
Diluted weighted-average shares outstanding (in shares)	101,898,773	101,273,404	101,713,331	101,314,230
Basic Losses Per Share:
Net loss (in dollars per share)	$ (0.08)	$ (2.33)	$ (3.07)	$ (3.35)
Net loss attributable to noncontrolling interests (in dollars per share)	0	0	0	0
Net loss attributable to Hyatt Hotels Corporation (in dollars per share)	(0.08)	(2.33)	(3.07)	(3.35)
Diluted Losses Per Share:
Net loss (in dollars per share)	(0.08)	(2.33)	(3.07)	(3.35)
Net loss attributable to noncontrolling interests (in dollars per share)	0	0	0	0
Net loss attributable to Hyatt Hotels Corporation (in dollars per share)	$ (0.08)	$ (2.33)	$ (3.07)	$ (3.35)

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LOSSES PER SHARE - Anti-dilutive Shares Issued (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	1,321,700	383,500	1,317,600	832,900
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	587,900	513,100	584,100	480,000

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OTHER INCOME (LOSS), NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Foreign currency gains (losses), net	$ 13	$ 0	$ 7	$ (1)
Interest income	8	6	14	17
Unrealized gains (losses), net (Note 4)	5	35	13	(44)
Depreciation recovery	5	6	9	12
Performance guarantee liability amortization (Note 12)	0	1	1	6
Restructuring expenses	0	(47)	0	(47)
Performance guarantee expense, net (Note 12)	(4)	(13)	(5)	(39)
Credit losses (Note 4 and Note 5)	(8)	(14)	(10)	(18)
Other, net	6	12	8	19
Other income (loss), net	$ 25	$ (14)	$ 37	$ (95)

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OTHER INCOME (LOSS), NET- Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule of Debt and Equity Method Investments
Credit loss	$ 8	$ 14	$ 10	$ 18
Restructuring expenses	$ 0	47	$ 0	47
Hotel Propertyin Washington Member
Schedule of Debt and Equity Method Investments
Release and amortization of debt repayment guarantee liability		$ 13		$ 13