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, 2022

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 August 2, 2022, there were 50,114,475 shares of the registrant's Class A common stock, $0.01 par value, outstanding and 59,017,749 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, 2022

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	32
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, 2022		June 30, 2021		June 30, 2022		June 30, 2021
REVENUES:
Owned and leased hotels	$	331	$	191	$	602	$	295
Management, franchise, and other fees	204		93		358		156
Contra revenue	(9)		(9)		(18)		(17)
Net management, franchise, and other fees	195		84		340		139
Distribution and destination management	256		—		502		—
Other revenues	61		22		138		41
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	640		366		1,180		626
Total revenues	1,483		663		2,762		1,101
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels	229		174		439		298
Distribution and destination management	206		—		400		—
Depreciation and amortization	105		74		224		148
Other direct costs	69		24		136		47
Selling, general, and administrative	76		86		187		181
Costs incurred on behalf of managed and franchised properties	628		375		1,184		652
Direct and selling, general, and administrative expenses	1,313		733		2,570		1,326
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	(46)		24		(77)		36
Equity earnings (losses) from unconsolidated hospitality ventures	1		(34)		(8)		20
Interest expense	(38)		(42)		(78)		(83)
Gains on sales of real estate	251		105		251		105
Asset impairments	(7)		(2)		(10)		(2)
Other income (loss), net	(19)		25		(29)		37
INCOME (LOSS) BEFORE INCOME TAXES	312		6		241		(112)
PROVISION FOR INCOME TAXES	(106)		(15)		(108)		(201)
NET INCOME (LOSS)	206		(9)		133		(313)
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—		—		—		—
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$	206	$	(9)	$	133	$	(313)
EARNINGS (LOSSES) PER SHARE—Basic
Net income (loss)	$	1.88	$	(0.08)	$	1.21	$	(3.07)
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.88	$	(0.08)	$	1.21	$	(3.07)
EARNINGS (LOSSES) PER SHARE—Diluted
Net income (loss)	$	1.85	$	(0.08)	$	1.19	$	(3.07)
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.85	$	(0.08)	$	1.19	$	(3.07)

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, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income (loss)	$	206	$	(9)	$	133	$	(313)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $— for the three and six months ended June 30, 2022 and June 30, 2021	(34)		17		(13)		(29)
Unrealized gains on derivative activity, net of tax of $— for the three and six months ended June 30, 2022 and June 30, 2021	1		2		3		4
Unrecognized pension benefit, net of tax of $— for the three and six months ended June 30, 2022 and June 30, 2021	2		—		—		—
Unrealized losses on available-for-sale debt securities, net of tax of $— for the three and six months ended June 30, 2022 and June 30, 2021	(3)		—		(10)		(1)
Other comprehensive income (loss)	(34)		19		(20)		(26)
COMPREHENSIVE INCOME (LOSS)	172		10		113		(339)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—		—		—		—
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$	172	$	10	$	113	$	(339)

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, 2022		December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	1,428	$	960
Restricted cash	53		57
Short-term investments	527		227
Receivables, net of allowances of $59 and $53 at June 30, 2022 and December 31, 2021, respectively	699		633
Inventories	8		10
Prepaids and other assets	159		149
Prepaid income taxes	18		26
Total current assets	2,892		2,062
Equity method investments	185		216
Property and equipment, net	2,286		2,848
Financing receivables, net of allowances of $60 and $69 at June 30, 2022 and December 31, 2021, respectively	63		41
Operating lease right-of-use assets	377		446
Goodwill	3,080		2,965
Intangibles, net	1,810		1,977
Deferred tax assets	12		14
Other assets	1,945		2,034
TOTAL ASSETS	$	12,650	$	12,603
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	6	$	10
Accounts payable	554		523
Accrued expenses and other current liabilities	392		299
Current contract liabilities	1,280		1,178
Accrued compensation and benefits	144		187
Current operating lease liabilities	35		35
Total current liabilities	2,411		2,232
Long-term debt	3,798		3,968
Long-term contract liabilities	1,463		1,349
Long-term operating lease liabilities	294		349
Other long-term liabilities	1,072		1,139
Total liabilities	9,038		9,037
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at June 30, 2022 and December 31, 2021	—		—
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 50,096,332 issued and outstanding at June 30, 2022, and Class B common stock, $0.01 par value per share, 391,012,161 shares authorized, 59,017,749 shares issued and outstanding at June 30, 2022. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 50,322,050 issued and outstanding at December 31, 2021, and Class B common stock, $0.01 par value per share, 391,647,683 shares authorized, 59,653,271 shares issued and outstanding at December 31, 2021	1		1
Additional paid-in capital	573		640
Retained earnings	3,300		3,167
Accumulated other comprehensive loss	(265)		(245)
Total stockholders' equity	3,609		3,563
Noncontrolling interests in consolidated subsidiaries	3		3
Total equity	3,612		3,566
TOTAL LIABILITIES AND EQUITY	$	12,650	$	12,603

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, 2022		June 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	133	$	(313)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	224		148
Gains on sales of real estate	(251)		(105)
Amortization of share awards	44		41
Amortization of operating lease right-of-use assets	17		14
Deferred income taxes	(2)		203
Asset impairments	10		2
Equity (earnings) losses from unconsolidated hospitality ventures	8		(20)
Loss on extinguishment of debt	8		—
Contra revenue	18		17
Unrealized (gains) losses, net	44		(13)
Working capital changes and other	130		(32)
Net cash provided by (used in) operating activities	383		(58)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments	(662)		(603)
Proceeds from marketable securities and short-term investments	387		663
Contributions to equity method and other investments	(5)		(24)
Return of equity method and other investments	23		25
Acquisitions, net of cash acquired	(39)		(230)
Capital expenditures	(104)		(37)
Issuance of financing receivables	(10)		(8)
Proceeds from sales of real estate, net of cash disposed	591		268
Other investing activities	20		(7)
Net cash provided by investing activities	201		47
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments and repurchases of debt	(16)		(2)
Repurchases of common stock	(101)		—
Utilization of restricted cash for legal defeasance of Series 2005 Bonds	(8)		—
Other financing activities	(17)		(14)
Net cash used in financing activities	(142)		(16)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	11		(7)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	453		(34)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR	1,065		1,237
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD	$	1,518	$	1,203

See accompanying Notes to condensed consolidated financial statements.

Supplemental disclosure of cash flow information:

	June 30, 2022		June 30, 2021
Cash and cash equivalents	$	1,428	$	1,144
Restricted cash (1)	53		18
Restricted cash included in other assets (1)	37		41
Total cash, cash equivalents, and restricted cash	$	1,518	$	1,203
(1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements.

	Six Months Ended
	June 30, 2022		June 30, 2021
Cash paid during the period for interest	$	68	$	74
Cash paid during the period for income taxes, net	$	39	$	2
Cash paid for amounts included in the measurement of operating lease liabilities	$	22	$	18
Non-cash investing and financing activities are as follows:
Non-cash contributions to equity method and other investments (Note 12)	$	—	$	42
Change in accrued capital expenditures	$	8	$	1
Non-cash right-of-use assets obtained in exchange for operating lease liabilities	$	3	$	12
Non-cash legal defeasance of Series 2005 Bonds (see Note 6)	$	166	$	—
Non-cash reduction in right-of-use assets and operating lease liabilities for lease reassessment	$	12	$	—
Non-cash held-to-maturity debt security received (see Note 6)	$	19	$	—

See accompanying Notes to condensed consolidated financial statements.

4

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

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

(Unaudited)

	Common Shares Outstanding		Common Stock Amount				Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests in Consolidated Subsidiaries		Total
	Class	Class	Class		Class
	A	B	A		B
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 (loss)	—	—	—		—		—		(9)		19		—		10
Employee stock plan issuance	9,603	—	—		—		1		—		—		—		1
Class share conversions	614,831	(614,831)	—		—		—		—		—		—		—
Share-based payment activity	11,150	—	—		—		10		—		—		—		10
BALANCE—June 30, 2021	41,159,089	60,623,918	$	1	$	—	$	47	$	3,076	$	(218)	$	3	$	2,909
BALANCE—January 1, 2022	50,322,050	59,653,271	$	1	$	—	$	640	$	3,167	$	(245)	$	3	$	3,566
Total comprehensive income (loss)	—	—	—		—		—		(73)		14		—		(59)
Employee stock plan issuance	12,221	—	—		—		1		—		—		—		1
Class share conversions	635,522	(635,522)	—		—		—		—		—		—		—
Share-based payment activity	303,355	—	—		—		16		—		—		—		16
BALANCE—March 31, 2022	51,273,148	59,017,749	1		—		657		3,094		(231)		3		3,524
Total comprehensive income (loss)	—	—	—		—		—		206		(34)		—		172
Repurchases of common stock	(1,210,402)	—	—		—		(101)		—		—		—		(101)
Employee stock plan issuance	13,963	—	—		—		1		—		—		—		1
Class share conversions	—	—	—		—		—		—		—		—		—
Share-based payment activity	19,623	—	—		—		16		—		—		—		16
BALANCE—June 30, 2022	50,096,332	59,017,749	$	1	$	—	$	573	$	3,300	$	(265)	$	3	$	3,612

See accompanying Notes to condensed consolidated financial statements.

5

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") has offerings that consist of full services hotels, select service hotels, all-inclusive resorts, and other forms of residential, vacation ownership, and condominium units. We also offer travel distribution and destination management services through ALG Vacations and a paid membership program through the Unlimited Vacation Club. At June 30, 2022, our hotel portfolio included 525 full service hotels, comprising 172,729 rooms throughout the world; 548 select service hotels, comprising 79,604 rooms, of which 444 hotels are located in the United States; and 121 all-inclusive resorts, comprising 38,654 rooms. At June 30, 2022, our portfolio of properties operated in 72 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 hotels or licensed by third parties.

As used in these Notes and throughout this Quarterly Report on Form 10-Q:

•"Hyatt," "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries;

•"hotel portfolio" refers to our full service hotels, including our wellness resorts, our select service hotels, and our all-inclusive resorts;

•"properties," "portfolio of properties," or "property portfolio" refer to our hotel portfolio and residential, vacation ownership, and condominium 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, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Residence Club, Hyatt Place, Hyatt House, UrCove, Miraval, Alila, Andaz, Thompson Hotels, Hyatt Centric, Caption by Hyatt, The Unbound Collection by Hyatt, Destination by Hyatt, JdV by Hyatt, Hyatt Ziva, Hyatt Zilara, Zoëtry Wellness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas brands; and

•"hospitality ventures" refers to entities 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, 2021 (the "2021 Form 10-K").

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

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

2.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Adopted Accounting Standards

Government Assistance—In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-10 ("ASU 2021-10"), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires annual disclosures that are expected to increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. The provisions of ASU 2021-10 are effective for fiscal years beginning after December 31, 2021, and we adopted

6

ASU 2021-10 on January 1, 2022. We are currently evaluating the impact of ASU 2021-10 on our annual disclosures and do not expect a material impact to our consolidated financial statements.

Future Adoption of Accounting Standards

Reference Rate Reform—In March 2020, the FASB 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 Interbank Offered Rate or another reference rate expected to be discontinued 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, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues	$	209	$	—	$	—	$	—	$	4	$	—	$	(8)	$	205
Food and beverage	87		—		—		—		—		—		—		87
Other	39		—		—		—		—		—		—		39
Owned and leased hotels	335		—		—		—		4		—		(8)		331
Base management fees	—		61		8		11		9		—		(10)		79
Incentive management fees	—		18		6		8		17		—		(4)		45
Franchise fees	—		50		1		1		—		—		—		52
Other fees	—		3		3		1		10		11		—		28
Management, franchise, and other fees	—		132		18		21		36		11		(14)		204
Contra revenue	—		(6)		(1)		(2)		—		—		—		(9)
Net management, franchise, and other fees	—		126		17		19		36		11		(14)		195
Distribution and destination management	—		—		—		—		256		—		—		256
Other revenues	—		25		—		—		33		2		1		61
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		557		34		23		26		—		—		640
Total	$	335	$	708	$	51	$	42	$	355	$	13	$	(21)	$	1,483

7

	Six Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues	$	376	$	—	$	—	$	—	$	4	$	—	$	(14)	$	366
Food and beverage	156		—		—		—		—		—		—		156
Other	80		—		—		—		—		—		—		80
Owned and leased hotels	612		—		—		—		4		—		(14)		602
Base management fees	—		107		16		17		17		—		(18)		139
Incentive management fees	—		30		10		15		36		—		(6)		85
Franchise fees	—		84		1		2		—		—		—		87
Other fees	—		6		5		2		13		21		—		47
Management, franchise, and other fees	—		227		32		36		66		21		(24)		358
Contra revenue	—		(12)		(2)		(4)		—		—		—		(18)
Net management, franchise, and other fees	—		215		30		32		66		21		(24)		340
Distribution and destination management	—		—		—		—		502		—		—		502
Other revenues	—		63		—		—		67		6		2		138
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		1,018		63		44		55		—		—		1,180
Total	$	612	$	1,296	$	93	$	76	$	694	$	27	$	(36)	$	2,762

	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

Contract Balances

Our contract assets, included in receivables, net on our condensed consolidated balance sheets, were insignificant at both June 30, 2022 and December 31, 2021. 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, 2022		December 31, 2021
Deferred revenue related to the paid membership program	$	943	$	833
Deferred revenue related to the loyalty program	875		814
Deferred revenue related to travel distribution and destination management services	721		629
Advanced deposits	52		61
Initial fees received from franchise owners	44		42
Deferred revenue related to insurance programs	22		52
Other deferred revenue	86		96
Total contract liabilities	$	2,743	$	2,527

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The following table summarizes the activity in our contract liabilities:

	2022		2021
Beginning balance, January 1	$	2,527	$	941
Cash received and other	1,410		105
Revenue recognized	(1,245)		(86)
Ending balance, March 31	$	2,692	$	960
Cash received and other	1,283		133
Revenue recognized	(1,232)		(115)
Ending balance, June 30	$	2,743	$	978

Revenue recognized during the three months ended June 30, 2022 and June 30, 2021 included in the contract liabilities balance at the beginning of each year was $168 million and $78 million, respectively. Revenue recognized during the six months ended June 30, 2022 and June 30, 2021 included in the contract liabilities balance at the beginning of the year was $669 million and $147 million, respectively. This revenue primarily relates to travel distribution and destination management services, the loyalty program, and the paid membership program.

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 $475 million at June 30, 2022, of which we expect to recognize approximately 20% of the revenue over the next 12 months and the remainder thereafter.

4.    DEBT AND EQUITY SECURITIES

Equity Method Investments

Equity method investments were $185 million and $216 million at June 30, 2022 and December 31, 2021, respectively.

During the three and six months ended June 30, 2022, we received $23 million of proceeds related to the sale of our ownership interest in an equity method investment and recognized a $4 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss), net of a $5 million reclassification from accumulated other comprehensive loss (see Note 13).

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 on our condensed consolidated statements of income (loss).

During the six months ended June 30, 2021, we purchased our hospitality venture 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.

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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, 2022		December 31, 2021
Loyalty program (Note 8)	$	654	$	601
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	426		543
Captive insurance company (Note 8)	114		148
Total marketable securities held to fund operating programs	$	1,194	$	1,292
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(254)		(173)
Marketable securities held to fund operating programs included in other assets	$	940	$	1,119

At June 30, 2022 and December 31, 2021, marketable securities held to fund operating programs included:

•$164 million and $141 million, respectively, of available-for-sale ("AFS") debt securities with contractual maturity dates ranging from 2022 through 2069. The fair value of our AFS debt securities approximates amortized cost;

•$139 million and $4 million, respectively, of time deposits classified as held-to-maturity ("HTM") debt securities with contractual maturity dates ranging from 2022 through 2026. The fair value of our time deposits approximates amortized cost;

•$61 million and $89 million, respectively, of equity securities with a readily determinable fair value.

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,
	2022		2021		2022		2021
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	(46)	$	20	$	(78)	$	23
Other income (loss), net (Note 18)	(12)		4		(30)		(5)
Other comprehensive loss (Note 13)	(3)		—		(10)		(1)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	—	$	4	$	1	$	13

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, 2022		December 31, 2021
Interest-bearing money market funds	$	765	$	231
Time deposits (1)	379		255
Common shares in Playa N.V. (Note 8)	83		97
Total marketable securities held for investment purposes	$	1,227	$	583
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(1,144)		(486)
Marketable securities held for investment purposes included in other assets	$	83	$	97
(1) Time deposits have contractual maturity dates in 2022.

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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, 2022 or June 30, 2021. 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,
	2022		2021		2022		2021
Other income (loss), net (Note 18)	$	(22)	$	1	$	(14)	$	18

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, 2022		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	871	$	871	$	—	$	—
Mutual funds	487		—		—		487
Common shares in Playa N.V.	83		—		—		83
Level Two - Significant Other Observable Inputs
Time deposits	518		—		515		3
U.S. government obligations	234		—		3		231
U.S. government agencies	56		—		2		54
Corporate debt securities	119		—		7		112
Mortgage-backed securities	23		—		—		23
Asset-backed securities	24		—		—		24
Municipal and provincial notes and bonds	6		—		—		6
Total	$	2,421	$	871	$	527	$	1,023

	December 31, 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	$	397	$	397	$	—	$	—
Mutual funds	632		—		—		632
Common shares in Playa N.V.	97		—		—		97
Level Two - Significant Other Observable Inputs
Time deposits	259		35		221		3
U.S. government obligations	235		—		—		235
U.S. government agencies	58		—		—		58
Corporate debt securities	137		—		6		131
Mortgage-backed securities	24		—		—		24
Asset-backed securities	28		—		—		28
Municipal and provincial notes and bonds	8		—		—		8
Total	$	1,875	$	432	$	227	$	1,216

During the six months ended June 30, 2022 and June 30, 2021, there were no transfers between levels of the fair value hierarchy. We do not have nonfinancial assets or nonfinancial liabilities required to be measured at fair value on a recurring basis.

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Other Investments

HTM Debt Securities—We also hold investments in third-party entities related to certain of our hotels, which are redeemable on various dates through 2062 and are recorded as HTM debt securities within other assets on our condensed consolidated balance sheets:

	June 30, 2022		December 31, 2021
HTM debt securities	$	113	$	91
Less: allowance for credit losses	(40)		(38)
Total HTM debt securities, net of allowances	$	73	$	53

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

	2022		2021
Allowance at January 1	$	38	$	21
Provisions (1)	1		1
Allowance at March 31	$	39	$	22
Provisions (1)	1		7
Allowance at June 30	$	40	$	29
(1) Provisions for credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18).

We estimated the fair value of these HTM debt securities to be approximately $100 million and $77 million at June 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, we held $12 million of investments in equity securities without a readily determinable fair value, which are recorded within other assets on our condensed consolidated balance sheets and 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, 2022 and December 31, 2021, we had $699 million and $633 million of net receivables, respectively, recorded on our condensed consolidated balance sheets.

The following table summarizes the activity in our receivables allowance for credit losses:

	2022		2021
Allowance at January 1	$	53	$	56
Provisions	7		1
Other	(4)		—
Allowance at March 31	$	56	$	57
Provisions	6		4
Other	(3)		(3)
Allowance at June 30	$	59	$	58

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Financing Receivables

	June 30, 2022		December 31, 2021
Unsecured financing to hotel owners	$	137	$	133
Less: current portion of financing receivables, included in receivables, net	(14)		(23)
Less: allowance for credit losses	(60)		(69)
Total long-term financing receivables, net of allowances	$	63	$	41

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

	2022		2021
Allowance at January 1	$	69	$	114
Provisions	—		3
Foreign currency exchange, net	3		(2)
Allowance at March 31	$	72	$	115
Provisions and reversals, net	(7)		3
Write-offs	(1)		—
Foreign currency exchange, net	(4)		2
Allowance at June 30	$	60	$	120

Credit Monitoring—Our unsecured financing receivables were as follows:

	June 30, 2022
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	135	$	(59)	$	76	$	48
Other financing arrangements	2		(1)		1		—
Total unsecured financing receivables	$	137	$	(60)	$	77	$	48

	December 31, 2021
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	130	$	(67)	$	63	$	47
Other financing arrangements	3		(2)		1		—
Total unsecured financing receivables	$	133	$	(69)	$	64	$	47

Fair Value—We estimated the fair value of financing receivables to be approximately $108 million and $88 million at June 30, 2022 and December 31, 2021, 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.

6.    ACQUISITIONS AND DISPOSITIONS

Acquisitions

Apple Leisure Group—During the year ended December 31, 2021, we acquired 100% of the outstanding limited partnership interests in Casablanca Global Intermediate Holdings L.P., doing business as Apple Leisure Group ("ALG"), and 100% of the outstanding ordinary shares of Casablanca Global GP Limited, its general partner, in a business combination for a purchase price of $2.7 billion (the "ALG Acquisition"). The transaction included $69 million of contingent consideration payable upon achieving certain targets related to ALG's outstanding travel

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credits; however, we did not record a contingent liability as the achievement was not considered probable as of the acquisition date.

We closed on the transaction on November 1, 2021 and paid $2,718 million of cash, inclusive of $39 million of purchase price adjustments for amounts due back to the seller that were recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet at December 31, 2021 and paid during the six months ended June 30, 2022.

Net assets acquired were determined as follows:

Cash paid, net of cash acquired	$	2,718
Cash and cash equivalents acquired	460
Restricted cash acquired	16
Net assets acquired	$	3,194

The acquisition includes (i) management and marketing agreements for operating and pipeline hotels, primarily across Mexico, the Caribbean, Central America, and Europe, and brand names affiliated with ALG resorts; (ii) customer relationships and brand names related to ALG Vacations; and (iii) customer relationships and a brand name associated with the Unlimited Vacation Club paid membership program.

Our condensed consolidated balance sheets at both June 30, 2022 and December 31, 2021 reflect preliminary estimates of the fair value of the assets acquired and liabilities assumed based on available information as of the acquisition date. The fair values of intangible assets acquired are estimated using either discounted future cash flow models or the relief from royalty method, both of which include revenue projections based on the expected contract terms and long-term growth rates, which are primarily Level Three assumptions. The fair values of performance guarantee liabilities assumed are estimated using scenario-based weighting, which utilizes a Monte Carlo simulation to model the probability of possible outcomes. The valuation methodology includes assumptions and judgments regarding probability weighting, discount rates, volatility, and hotel operating results as well as qualitative factors, which are primarily Level Three assumptions (see Note 12). The remaining assets and liabilities were recorded at their carrying values, which approximate their fair values.

During 2022, the fair values of certain assets acquired and liabilities assumed were revised. The measurement period adjustments primarily resulted from the refinement of contract terms, renewal periods, useful lives, and other assumptions, which affected the underlying cash flows in the valuation and were based on facts and circumstances that existed at the acquisition date. Measurement period adjustments recorded on our condensed consolidated balance sheet at June 30, 2022 primarily include a $74 million increase in other long-term liabilities, net of $10 million of tax impacts (see Note 12); a $41 million decrease in intangibles, net; and a $16 million decrease in property and equipment, net, all of which resulted in a corresponding $131 million increase to goodwill. During the six months ended June 30, 2022, we recognized insignificant income and $11 million of expenses on our condensed consolidated statements of income (loss) that would have been recognized during the three months ended March 31, 2022 and the year ended December 31, 2021, respectively, if the measurement period adjustments would have been made as of the acquisition date.

We will continue to evaluate the contracts acquired and the underlying inputs and assumptions used in our valuation of assets acquired and liabilities assumed. Accordingly, these estimates, along with any related tax impacts, are subject to change during the measurement period, which is up to one year from the acquisition date.

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The following table summarizes the preliminary fair value of the identifiable net assets acquired recorded on the Apple Leisure Group segment at June 30, 2022:

Cash and cash equivalents	$	460
Restricted cash	16
Receivables	168
Prepaids and other assets	74
Property and equipment	6
Financing receivables, net	19
Operating lease right-of-use assets	78
Goodwill (1)	2,808
Indefinite-lived intangibles (2)	503
Management agreement intangibles (3)	481
Customer relationships intangibles (4)	608
Other intangibles	15
Other assets	42
Total assets acquired	$	5,278
Accounts payable	$	255
Accrued expenses and other current liabilities	97
Current contract liabilities (5)	646
Accrued compensation and benefits	49
Current operating lease liabilities	8
Long-term contract liabilities (5)	747
Long-term operating lease liabilities	70
Other long-term liabilities	212
Total liabilities assumed	$	2,084
Total net assets acquired attributable to Hyatt Hotels Corporation	$	3,194

(1) The goodwill is attributable to the growth opportunities we expect to realize by expanding our footprint in luxury and resort travel, expanding our platform for growth, increasing choices and experiences for guests, and enhancing end-to-end leisure travel offerings. Goodwill of $36 million is tax deductible.

(2) Includes intangible assets related to various ALG brand names.

(3) Amortized over useful lives of approximately 1 to 15 years, with a weighted-average useful life of approximately 11 years.

(4) Amortized over useful lives of 4 to 11 years, with a weighted-average useful life of approximately 8 years.

(5) Contract liabilities assumed were recorded at carrying value at the date of acquisition.

Alila Ventana Big Sur—During the three months ended June 30, 2021, we completed an asset acquisition of Alila Ventana Big Sur for $146 million, net of closing costs and proration adjustments, which primarily consisted of $149 million of property and equipment. 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; however, we sold the property before a suitable replacement property was identified.

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 were released from our debt repayment guarantee. 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).

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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

The Confidante Miami Beach—During the three months ended June 30, 2022, we sold The Confidante Miami Beach to an unrelated third party for approximately $227 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 $24 million pre-tax gain, which was recognized in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.

The Driskill—During the three months ended June 30, 2022, we sold The Driskill to an unrelated third party for approximately $119 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 $51 million pre-tax gain, which was recognized in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. At March 31, 2022, we classified the assets and liabilities as held for sale on our condensed consolidated balance sheet.

Grand Hyatt San Antonio River Walk—During the three months ended June 30, 2022, we sold Grand Hyatt San Antonio River Walk to an unrelated third party and accounted for the transaction as an asset disposition. We received approximately $109 million of cash consideration, net of closing costs; a $19 million HTM debt security as additional consideration; and $18 million from the release of restricted cash held for debt service related to Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B (collectively, the "Series 2005 Bonds"). At the time of sale, we had $166 million of outstanding debt related to the Series 2005 Bonds, inclusive of accrued interest and net of $4 million of unamortized discounts, which was legally defeased in conjunction with the sale (see Note 9). Upon sale, we entered into a long-term management agreement for the property.

The sale resulted in a $137 million pre-tax gain, which was recognized in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. In connection with the disposition, we recognized a $7 million goodwill impairment charge in asset impairments on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. The assets disposed represented the entirety of the related reporting unit and therefore, no business operations remained to support the related goodwill, which was therefore impaired. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. At March 31, 2022, we classified the assets and liabilities as held for sale on our condensed consolidated balance sheet.

Hyatt Regency Indian Wells Resort & Spa—During the three months ended June 30, 2022, we sold Hyatt Regency Indian Wells Resort & Spa to an unrelated third party for approximately $136 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 $40 million pre-tax gain, which was recognized in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. At March 31, 2022, we classified the assets and liabilities as held for sale on our condensed consolidated balance sheet.

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 on our condensed consolidated statements of income (loss) during the

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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.

7.    INTANGIBLES, NET

	June 30, 2022		Weighted- average useful lives in years	December 31, 2021
Management and franchise agreement intangibles	$	814	14	$	835
Brand and other indefinite-lived intangibles	626		—	646
Customer relationships intangibles	608		9	586
Other intangibles	21		5	58
Intangibles	2,069			2,125
Less: accumulated amortization	(259)			(148)
Intangibles, net	$	1,810		$	1,977

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization expense	$	51	$	7	$	111	$	14

8.    OTHER ASSETS

	June 30, 2022		December 31, 2021
Management and franchise agreement assets constituting payments to customers (1)	$	619	$	571
Marketable securities held to fund rabbi trusts (Note 4)	426		543
Marketable securities held to fund the loyalty program (Note 4)	414		439
Marketable securities held for captive insurance company (Note 4)	100		137
Long-term investments (Note 4)	85		65
Common shares in Playa N.V. (Note 4)	83		97
Long-term restricted cash	37		48
Other	181		134
Total other assets	$	1,945	$	2,034
(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 $3,798 million and $3,968 million at June 30, 2022 and December 31, 2021, respectively.

Revolving Credit Facility—During the three months ended June 30, 2022, we entered into a new credit agreement with a syndicate of lenders that provides for a $1.5 billion senior unsecured revolving credit facility (the "revolving credit facility") that matures in May 2027. The credit agreement refinanced and replaced in its entirety our Second Amended and Restated Credit Agreement dated as of January 6, 2014, as amended (the "prior revolving credit facility"). The credit agreement provides for the issuance of revolving loans to us in U.S. dollars and, subject to a sublimit of $250 million, certain other currencies, and the issuance of up to $300 million of letters of credit. We have the option during the term of the revolving credit facility to increase the facility by an aggregate amount of up to an additional $500 million provided that, among other things, new and/or existing lenders agree to provide commitments for the increased amount. We may prepay any outstanding aggregate principal amount, in whole or in part, at any time, subject to certain restrictions and upon proper notice. The credit agreement contains customary affirmative, negative, and financial covenants; representations and warranties; and default provisions.

During the six months ended June 30, 2022 and June 30, 2021, we had no borrowings or repayments on our revolving credit facility or our prior revolving credit facility. At both June 30, 2022 and December 31, 2021, we had no balance outstanding on our revolving credit facility or our prior revolving credit facility. At June 30, 2022, we had $1,496 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding.

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

•$300 million of floating rate senior notes due 2023

•$350 million of 3.375% senior notes due 2023

•$700 million of 1.300% senior notes due 2023

•$750 million of 1.800% senior notes due 2024

•$450 million of 5.375% senior notes due 2025

•$400 million of 4.850% senior notes due 2026

•$400 million of 4.375% senior notes due 2028

•$450 million of 5.750% senior notes due 2030

Our Senior Notes 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, as applicable, 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, 2022
	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)	$	3,817	$	3,748	$	—	$	3,707	$	41

(1) Excludes $7 million of finance lease obligations and $20 million of unamortized discounts and deferred financing fees.

	December 31, 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 (2)	$	4,000	$	4,230	$	—	$	4,193	$	37

(2) Excludes $7 million of finance lease obligations and $29 million of unamortized discounts and deferred financing fees.

Senior Notes Repurchases—During the three months ended June 30, 2022, we repurchased $4 million of our senior notes due 2024, $1 million of our senior notes due 2028, and $10 million of our senior notes due 2030 in the open market.

Series 2005 Bonds—The Series 2005 Bonds had $166 million outstanding, inclusive of accrued interest and net of $4 million of unamortized discounts, and were legally defeased in conjunction with the sale of Grand Hyatt San Antonio River Walk during the three months ended June 30, 2022 (see Note 6). We recognized an $8 million loss on extinguishment of debt in other income (loss), net on our condensed consolidated statements of income (loss), which related to restricted cash utilized to defease the debt (see Note 18).

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10.    OTHER LONG-TERM LIABILITIES

	June 30, 2022		December 31, 2021
Deferred compensation plans funded by rabbi trusts (Note 4)	$	426	$	543
Income taxes payable	299		281
Guarantee liabilities (Note 12)	147		92
Deferred income taxes (Note 11)	79		93
Self-insurance liabilities (Note 12)	66		66
Other	55		64
Total other long-term liabilities	$	1,072	$	1,139

11.    INCOME TAXES

The provision for income taxes for the three months ended June 30, 2022 and June 30, 2021 was $106 million and $15 million, respectively. The increase was driven by the sales of Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill, and The Confidante Miami Beach. The provision for income taxes for the six months ended June 30, 2022 and June 30, 2021 was $108 million and $201 million, respectively. The decrease was driven by the impact of a non-cash expense to record a valuation allowance on U.S. federal and state deferred tax assets in the first quarter of 2021 as a result of entering into a three-year cumulative U.S. pre-tax loss position during the period.

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. The U.S. Tax Court trial proceedings occurred during April 2022, and the trial outcome is pending, subject to the U.S. Tax Court Judge's ruling. During the six months ended June 30, 2021, we received a Notice of Proposed Adjustment for tax years 2015 through 2017 related to the loyalty program issue. 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 estimated income tax payment of $227 million (including $69 million of 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, 2022 and December 31, 2021, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $216 million and $205 million, respectively, of which $196 million and $186 million, respectively, would impact the effective tax rate if recognized. While it is reasonably possible that the amount of uncertain tax benefits associated with the U.S. treatment of the loyalty program could significantly change within the next 12 months, at this time, we are not able to estimate the range by which the reasonably possible outcomes of the pending litigation could impact our uncertain tax benefits within the next 12 months.

12.    COMMITMENTS AND CONTINGENCIES

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

Commitments—At June 30, 2022, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in, various business ventures up to $317 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. Except as described below, at June 30, 2022, our performance guarantees have $111 million of remaining maximum exposure and expire between 2022 and 2042.

We acquired certain management agreements in the ALG Acquisition with performance guarantees expiring between 2022 and 2045. Our condensed consolidated balance sheet at June 30, 2022 reflects preliminary estimates of the fair value of the performance guarantees liabilities assumed based on information that was available as of the date of acquisition. The performance guarantees are based on annual performance levels. Contract terms within the management agreements limit our exposure, and therefore, we are unable to reasonably estimate our maximum potential future payments. Based on current forecasts and long-term financial expectations of the hotels, the likelihood of funding under these performance guarantees is not probable at June 30, 2022. We

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continue to review and evaluate the agreements acquired in the ALG Acquisition and the contractual obligations therein. Any additional contractual obligations identified could be material and may increase our liabilities assumed in the ALG Acquisition (see Note 6).

At June 30, 2022 and December 31, 2021, we had $115 million and $52 million, respectively, of total performance guarantee liabilities, which included $109 million and $41 million, respectively, recorded in other long-term liabilities and $6 million and $11 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

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, 2022 and December 31, 2021, we had $6 million and $7 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these performance cure payments.

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

Geographical region	Maximum potential future payments		Maximum exposure net of recoverability from third parties		Other long-term liabilities recorded at June 30, 2022		Other long-term liabilities recorded at December 31, 2021		Year of guarantee expiration
United States (1), (2)	$	134	$	51	$	6	$	10	various, through 2024
All foreign (1), (3)	207		197		32		41		various, through 2031
Total	$	341	$	248	$	38	$	51

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

(2) Certain agreements give us the ability to assume control of the property if defined funding thresholds are met or if certain events occur.

(3) Certain debt repayment guarantees are denominated in Indian rupees and translated using exchange rates at June 30, 2022. 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 $93 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.

At June 30, 2022, 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 approximately $141 million and $87 million at June 30, 2022 and December 31, 2021, 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 $33 million and $34 million at June 30, 2022 and December 31, 2021, 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 $66 million at both June 30, 2022 and December 31, 2021 and are recorded in other long-term liabilities on our condensed consolidated balance sheets.

Collective Bargaining Agreements—At June 30, 2022, approximately 21% 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 various unions and us.

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Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good.

Surety and Other Bonds—Surety and other bonds issued on our behalf were $46 million at June 30, 2022 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, 2022 were $274 million, which primarily relate to our ongoing operations, collateral for customer deposits associated with ALG Vacations, 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. Of the letters of credit outstanding, $4 million reduces 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, 2022, our maximum exposure is not expected to exceed $18 million.

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13.    EQUITY

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of insignificant tax impacts, were as follows:

	Balance at April 1, 2022		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2022
Foreign currency translation adjustments (1)	$	(185)	$	(39)	$	5	$	(219)
Unrealized losses on AFS debt securities	(8)		(3)		—		(11)
Unrecognized pension benefit (cost)	(6)		1		1		(4)
Unrealized gains (losses) on derivative instruments (2)	(32)		—		1		(31)
Accumulated other comprehensive loss	$	(231)	$	(41)	$	7	$	(265)
(1) The amount reclassified from accumulated other comprehensive loss includes realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in an unconsolidated hospitality venture (see Note 4).
(2) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.
	Balance at January 1, 2022		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2022
Foreign currency translation adjustments (3)	$	(206)	$	(18)	$	5	$	(219)
Unrealized losses on AFS debt securities	(1)		(10)		—		(11)
Unrecognized pension cost	(4)		—		—		(4)
Unrealized gains (losses) on derivative instruments (4)	(34)		—		3		(31)
Accumulated other comprehensive loss	$	(245)	$	(28)	$	8	$	(265)
(3) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in an unconsolidated hospitality venture (see Note 4).
(4) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks. We expect to reclassify $6 million of losses over the next 12 months.

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	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 (5)	$	(191)	$	15	$	2	$	(174)
Unrealized gains (losses) on AFS debt securities	—		—		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (6)	(39)		—		2		(37)
Accumulated other comprehensive loss	$	(237)	$	15	$	4	$	(218)
(5) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in certain unconsolidated hospitality ventures (see Note 4).
(6) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.
	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 (7)	$	(145)	$	(9)	$	(20)	$	(174)
Unrealized gains (losses) on AFS debt securities	1		(1)		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (8)	(41)		—		4		(37)
Accumulated other comprehensive loss	$	(192)	$	(10)	$	(16)	$	(218)
(7) The amount reclassified from accumulated other comprehensive loss included realized net gains recognized in equity earnings (losses) from unconsolidated hospitality ventures 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 (see Note 4).
(8) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.

Share Repurchases—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 market conditions, 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, 2022, we repurchased 1,210,402 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $83.34 per share for an aggregate purchase price of $101 million, excluding insignificant related expenses. The shares repurchased during the six months ended June 30, 2022 represented approximately 1% of our total shares of common stock outstanding at December 31, 2021.

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

The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares. At June 30, 2022, we had $827 million remaining under the share repurchase authorization.

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14.    STOCK-BASED COMPENSATION

As part of our Long-Term Incentive Plan, 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 these expenses have been and will continue to be reimbursed by our third-party hotel owners and are recognized in 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,
	2022		2021		2022		2021
SARs	$	1	$	1	$	11	$	10
RSUs	8		3		24		16
PSUs	3		4		5		10
Total	$	12	$	8	$	40	$	36

SARs—During the six months ended June 30, 2022, we granted 359,113 SARs to employees with a weighted-average grant date fair value of $37.56. 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.

RSUs—During the six months ended June 30, 2022, we granted 520,935 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $91.75. 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.

PSUs—During the six months ended June 30, 2022, we granted 176,756 PSUs to employees with a weighted-average grant date fair value of $81.14. 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.

Our total unearned compensation for our stock-based compensation programs at June 30, 2022 was $4 million for SARs, $47 million for RSUs, and $23 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:

Legal Services—A partner in a law firm that provided services to us throughout 2022 and 2021 is the brother-in-law of our Executive Chairman. During the three and six months ended June 30, 2022, we incurred $4 million and $6 million of legal fees with this firm, respectively. During both the three and six months ended June 30, 2021, we incurred insignificant amounts of legal fees with this firm. At June 30, 2022 and December 31, 2021, we had $4 million and insignificant amounts due to the law firm, respectively.

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 $6 million and $3 million of fees during the three months ended June 30, 2022 and June 30, 2021, respectively. During the six months ended June 30, 2022 and June 30, 2021, we recognized $10 million and $4 million of fees, respectively. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 12) to these entities. During both the three months ended June 30, 2022 and June 30, 2021, we recognized insignificant income related to these guarantees. During the six months ended June 30, 2022 and June 30, 2021, we recognized $3 million and $2 million of income related to these guarantees, respectively. At June 30, 2022 and December 31, 2021, we had $51 million and $29 million of net receivables due from these properties, respectively. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%.

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Class B Share Conversion—During the six months ended June 30, 2022, 635,522 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. 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. 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. Following the ALG Acquisition during the year ended December 31, 2021, ALG is managed as a separate reportable segment, but in the future, we may realign our reportable segments after integrating aspects of ALG's business. 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 services and licensing of our portfolio of brands to franchisees located in the United States, Canada, the Caribbean, Mexico, Central America, and South America, 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, digital and technology, digital media, 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 services 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 services 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.

•Apple Leisure Group—This segment derives its earnings from distribution and destination management services offered through ALG Vacations; management and marketing services primarily for all-inclusive ALG resorts located in Mexico, the Caribbean, Central America, South America, and Europe; and through a paid membership program offering benefits exclusively at ALG resorts in Mexico, the Caribbean, and Central America. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate to certain system-wide services provided on behalf of owners of ALG resorts.

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As previously announced, the Company plans a geographic realignment of its Europe, Africa & Middle East (EAME) region in which the Indian subcontinent will become part of the ASPAC management and franchising segment. This change is expected to be effective on January 1, 2023.

Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, and other fees revenues; distribution and destination management revenues; other 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 related to our co-branded credit card program and unallocated corporate expenses.

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	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Owned and leased hotels
Owned and leased hotels revenues	$	335	$	194	$	612	$	301
Intersegment revenues (1)	8		3		14		6
Adjusted EBITDA	99		12		153		(17)
Depreciation and amortization	44		58		96		117
Americas management and franchising
Management, franchise, and other fees revenues	132		66		227		104
Contra revenue	(6)		(5)		(12)		(9)
Other revenues	25		19		63		36
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	557		327		1,018		554
Intersegment revenues (1)	12		7		21		10
Adjusted EBITDA	117		54		202		82
Depreciation and amortization	6		6		11		11
ASPAC management and franchising
Management, franchise, and other fees revenues	18		20		32		35
Contra revenue	(1)		(1)		(2)		(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	34		24		63		44
Adjusted EBITDA	6		10		11		15
Depreciation and amortization	1		1		1		2
EAME/SW Asia management and franchising
Management, franchise, and other fees revenues	21		6		36		13
Contra revenue	(2)		(3)		(4)		(6)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	23		15		44		28
Intersegment revenues (1)	2		—		3		—
Adjusted EBITDA	13		(1)		19		(1)
Apple Leisure Group
Owned and leased hotels revenue	4		—		4		—
Management, franchise, and other fees revenues	36		—		66		—
Distribution and destination management revenues	256		—		502		—
Other revenues	33		—		67		—
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	26		—		55		—
Adjusted EBITDA	54		—		110		—
Depreciation and amortization	47		—		102		—
Corporate and other
Revenues	13		11		27		19
Intersegment revenues (1)	(1)		—		(2)		—
Adjusted EBITDA	(34)		(21)		(72)		(45)
Depreciation and amortization	7		9		14		18
Eliminations
Revenues (1)	(21)		(10)		(36)		(16)
Adjusted EBITDA	—		1		1		1
TOTAL
Revenues	$	1,483	$	663	$	2,762	$	1,101
Adjusted EBITDA	255		55		424		35
Depreciation and amortization	105		74		224		148
(1) 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 income (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,
	2022		2021		2022		2021
Net income (loss) attributable to Hyatt Hotels Corporation	$	206	$	(9)	$	133	$	(313)
Interest expense	38		42		78		83
Provision for income taxes	106		15		108		201
Depreciation and amortization	105		74		224		148
EBITDA	455		122		543		119
Contra revenue	9		9		18		17
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(640)		(366)		(1,180)		(626)
Costs incurred on behalf of managed and franchised properties	628		375		1,184		652
Equity (earnings) losses from unconsolidated hospitality ventures	(1)		34		8		(20)
Stock-based compensation expense (Note 14)	12		8		40		36
Gains on sales of real estate (Note 6)	(251)		(105)		(251)		(105)
Asset impairments	7		2		10		2
Other (income) loss, net (Note 18)	19		(25)		29		(37)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		1		23		(3)
Adjusted EBITDA	$	255	$	55	$	424	$	35

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17.    EARNINGS (LOSSES) PER SHARE

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income (loss)	$	206	$	(9)	$	133	$	(313)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to Hyatt Hotels Corporation	$	206	$	(9)	$	133	$	(313)
Denominator:
Basic weighted-average shares outstanding	109,953,302		101,898,773		110,062,212		101,713,331
Share-based compensation	1,973,560		—		2,120,840		—
Diluted weighted-average shares outstanding	111,926,862		101,898,773		112,183,052		101,713,331
Basic Earnings (Losses) Per Share:
Net income (loss)	$	1.88	$	(0.08)	$	1.21	$	(3.07)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.88	$	(0.08)	$	1.21	$	(3.07)
Diluted Earnings (Losses) Per Share:
Net income (loss)	$	1.85	$	(0.08)	$	1.19	$	(3.07)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.85	$	(0.08)	$	1.19	$	(3.07)

The computations of diluted net earnings (losses) per share for the three and six months ended June 30, 2022 and June 30, 2021 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,
	2022	2021	2022	2021
SARs	11,500	1,321,700	9,200	1,317,600
RSUs	10,500	587,900	1,700	584,100

18.    OTHER INCOME (LOSS), NET

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Unrealized gains (losses), net (Note 4)	$	(34)	$	5	$	(44)	$	13
Loss on extinguishment of debt (Note 9)	(8)		—		(8)		—
Foreign currency gains (losses), net	(3)		13		(2)		7
Performance guarantee expense (Note 12)	(1)		(4)		(8)		(5)
Depreciation recovery	4		5		8		9
Performance guarantee liability amortization (Note 12)	5		—		7		1
Credit loss provisions and reversals, net (Note 4 and Note 5)	6		(8)		5		(10)
Interest income	9		8		15		14
Other, net	3		6		(2)		8
Other income (loss), net	$	(19)	$	25	$	(29)	$	37

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19.    SUBSEQUENT EVENT

On August 3, 2022, we acquired Hotel Irvine, located in Irvine, California, from an unrelated third party for approximately $135 million.

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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; risks associated with the acquisition of Apple Leisure Group; our ability to realize the anticipated benefits of the acquisition of Apple Leisure Group as rapidly or to the extent anticipated, including successful integration of the Apple Leisure Group business; the duration and severity of the COVID-19 pandemic and the pace of recovery following the pandemic, any additional resurgence, or COVID-19 variants; the short and long-term effects of the COVID-19 pandemic, including on 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 and efficacy of COVID-19 vaccines and treatments, wide acceptance by the general population of such vaccines, and the availability, use, and effectiveness of COVID-19 testing, including at-home testing kits; 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; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group 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, 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 the 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, wages, and other 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 and Unlimited Vacation Club paid membership program; cyber incidents and

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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 could also 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 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

Our portfolio of properties consists of full service hotels, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential, vacation ownership, and condominium units.

At June 30, 2022, our hotel portfolio consisted of 1,194 hotels (290,987 rooms), including:

•453 managed properties (137,268 rooms), all of which we operate under management and hotel services agreements with third-party property owners;

•554 franchised properties (92,682 rooms), all of which are owned by third parties that have franchise agreements with us and are operated by third parties;

•23 owned properties (10,019 rooms), 1 finance leased property (171 rooms), and 5 operating leased properties (1,965 rooms), all of which we manage;

•22 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,918 rooms);

•13 franchised properties (2,310 rooms) that are operated by an unconsolidated hospitality venture in connection with a master license agreement by Hyatt, 5 of these properties (1,114 rooms) are leased by the unconsolidated hospitality venture; and

•121 all-inclusive resorts (38,654 rooms), including 106 owned by a third party (33,784 rooms), 9 owned by a third party in which we hold common shares (3,591 rooms), and 6 leased properties (1,279 rooms).

Our property portfolio also included:

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

•37 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

•39 condominium 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 hotels or licensed by third parties. We also offer travel distribution and destination management services through ALG Vacations and a paid membership program through Unlimited Vacation Club.

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

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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 five reportable segments as described below:

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

•Americas management and franchising ("Americas"), which consists of our management and franchising of properties, including all-inclusive resorts under the Hyatt Ziva and Hyatt Zilara brand names, located in the United States, Canada, the Caribbean, Mexico, Central America, and South America, 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;

•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; and

•Apple Leisure Group, which consists of distribution and destination management services offered through ALG Vacations; management and marketing of primarily all-inclusive ALG resorts in Mexico, the Caribbean, Central America, South America, and Europe; and the Unlimited Vacation Club paid membership program, which offers benefits exclusively at ALG resorts within Mexico, the Caribbean, and Central America.

Within corporate and other, we include the results from our co-branded credit card program and unallocated corporate expenses.

The Company is planning a geographic realignment of its EAME/SW Asia and ASPAC segments, which is expected to be effective on January 1, 2023. See Part I, Item 1 "Financial Statements—Note 16 to the Condensed Consolidated Financial Statements" for further discussion of our segment structure and the planned geographic realignment.

Recent Developments

COVID-19 Pandemic

We are experiencing continued recovery from the COVID-19 pandemic, which is being led by robust leisure demand and growing momentum in group and business transient travel. However, we acknowledge that demand may be varied and uneven as the recovery continues to progress. Factors such as the spread of new COVID-19 variants, travel bans, or restrictions in certain markets may continue to impact our financial results for a period of time that we are currently unable to predict. In addition, certain labor and supply chain challenges, and increases in costs due to inflation or other factors may also continue to impact our financial results in the future.

Russian Invasion of Ukraine

In February 2022, Russia commenced a military invasion of Ukraine, and the ongoing invasion and subsequent financial and economic sanctions have increased global political and economic uncertainty. While this conflict has affected our operations in Ukraine and Russia, our financial results for the three months ended June 30, 2022 were not materially affected by this conflict, as hotels in these countries represented less than 1% of our total managed and franchised hotels and contributed less than 1% of total management and franchise fee revenues.

Overview of Financial Results

For the quarter ended June 30, 2022, we reported net income attributable to Hyatt Hotels Corporation of $206 million, compared to a net loss attributable to Hyatt Hotels Corporation of $9 million for the quarter ended June 30, 2021, representing an increase of $215 million. The increase was primarily driven by improved operating performance and gains recognized on the sales of real estate.

Consolidated revenues increased $820 million, or 123.6%, during the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021, driven by continued recovery in operating performance, as compared to the prior year, as well as the acquisition of ALG, which contributed $355 million of total revenues.

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Our consolidated Adjusted EBITDA for the quarter ended June 30, 2022 was $255 million, an increase of $200 million compared to the second quarter of 2021, driven by the aforementioned increases in revenues due to the ongoing recovery from the COVID-19 pandemic. The increase in Adjusted EBITDA was primarily driven by our owned and leased hotels segment and Americas management and franchising segment, which increased $87 million and $63 million, respectively, for the quarter ended June 30, 2022, compared to the same period in the prior year. During the quarter ended June 30, 2022, our consolidated Adjusted EBITDA also included $54 million from the Apple Leisure Group segment. 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 income (loss) attributable to Hyatt Hotels Corporation to EBITDA and a reconciliation of EBITDA to consolidated Adjusted EBITDA.

During the quarter ended June 30, 2022, we returned $101 million of capital to our shareholders through share repurchases. Additionally, we reduced our outstanding debt through the legal defeasance of $166 million of the Series 2005 Bonds and through the repurchase of $15 million of our Senior Notes in the open market.

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

		RevPAR
		Three Months Ended June 30,
(Comparable locations)	Number of comparable hotels (1)	2022		vs. 2021 (in constant $)
System-wide hotels	922	$	130	81.7	%
Owned and leased hotels	26	$	186	140.1	%
Americas full service hotels	217	$	175	112.0	%
Americas select service hotels	435	$	117	55.2	%
ASPAC full service hotels	120	$	71	0.8	%
ASPAC select service hotels	31	$	33	(22.6)	%
EAME/SW Asia full service hotels	99	$	135	239.9	%
EAME/SW Asia select service hotels	20	$	62	148.2	%
(1) The number of comparable hotels presented above includes owned and leased hotels.

System-wide RevPAR increased 81.7% during the three months ended June 30, 2022, compared to the three months ended June 30, 2021, driven primarily by the continued recovery from the COVID-19 pandemic in the Americas and EAME/SW Asia management and franchising segments. See "—Segment Results" for discussion of RevPAR by segment.

Our comparable system-wide hotels RevPAR of $130 for the quarter ended June 30, 2022 represents significant improvement, compared to the quarter ended June 30, 2021, and is approaching the pre-COVID-19 pandemic levels for the quarter ended June 30, 2019. Strength in leisure transient travel continues to lead the recovery with sustained elevated levels significantly exceeding 2019.

During the three months ended June 30, 2022, we also experienced strong momentum in group travel, which is at the highest level since the start of the COVID-19 pandemic. Compared to 2021, group bookings production increased at our Americas full service managed hotels, including owned and leased hotels, and business transient demand continued to improve, particularly in the Americas management and franchising segment.

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Results of Operations

Three and Six Months Ended June 30, 2022 Compared with Three and Six Months Ended June 30, 2021

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. During the three and six months ended June 30, 2022, consolidated results improved significantly in most markets, compared to the three and six months ended June 30, 2021, which were negatively impacted by the COVID-19 pandemic. The three and six months ended June 30, 2022 also benefited from strong performance by ALG, which was acquired on November 1, 2021. 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 following financial statement line items and had no impact on net income (loss): revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; owned and leased hotels expenses; selling, general, and administrative expenses; costs incurred on behalf of managed and franchised properties; and net gains (losses) and interest income from marketable securities held to fund rabbi trusts.

Owned and leased hotels revenues.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	278	$	118	$	160	134.7	%	$	(1)
Non-comparable owned and leased hotels revenues	53		73		(20)		(26.2)	%	—
Total owned and leased hotels revenues	$	331	$	191	$	140	73.3	%	$	(1)

	Six Months Ended June 30,
	2022		2021		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	481	$	177	$	304	170.8	%	$	(1)
Non-comparable owned and leased hotels revenues	121		118		3		3.5	%	—
Total owned and leased hotels revenues	$	602	$	295	$	307	104.1	%	$	(1)

Comparable owned and leased hotels revenues increased during the three and six months ended June 30, 2022, compared to the same periods in the prior year, driven by increased demand and ADR in 2022 due to the ongoing recovery from the COVID-19 pandemic. The decrease in non-comparable owned and leased hotels revenues during the three months ended June 30, 2022, compared to the three months ended June 30, 2021, was primarily driven by disposition activity, partially offset by the re-opening of an owned hotel that was closed for an extended period in 2021.

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Management, franchise, and other fees revenues.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Base management fees	$	79	$	36	$	43	119.2	%
Incentive management fees	45		12		33		264.6	%
Franchise fees	52		29		23		83.4	%
Management and franchise fees	176		77		99		129.4	%
Other fees revenues	28		16		12		68.6	%
Management, franchise, and other fees	$	204	$	93	$	111	118.3	%

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Management, franchise, and other fees	$	204	$	93	$	111	118.3	%
Contra revenue	(9)		(9)		—		(8.0)	%
Net management, franchise, and other fees	$	195	$	84	$	111	129.8	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Base management fees	$	139	$	60	$	79	131.5	%
Incentive management fees	85		20		65		324.4	%
Franchise fees	87		46		41		91.9	%
Management and franchise fees	311		126		185		147.9	%
Other fees revenues	47		30		17		53.7	%
Management, franchise, and other fees	$	358	$	156	$	202	129.3	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Management, franchise, and other fees	$	358	$	156	$	202	129.3	%
Contra revenue	(18)		(17)		(1)		(7.6)	%
Net management, franchise, and other fees	$	340	$	139	$	201	144.1	%

The increases in management and franchise fees during the three and six months ended June 30, 2022, compared to the same periods in the prior year, were due to increased demand and ADR in 2022 driven by the ongoing recovery from the COVID-19 pandemic as well as portfolio growth. During the three and six months ended June 30, 2022, ALG's base and incentive management fees were $26 million and $53 million, respectively.

Other fees revenues increased for the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, primarily driven by fees from marketing services provided by ALG and increased license fees related to our co-branded credit card program.

Distribution and destination management revenues. Distribution and destination management revenues related to ALG Vacations were $256 million and $502 million for the three and six months ended June 30, 2022, respectively, driven by strong leisure travel demand.

Other revenues. During the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, other revenues increased $39 million and $97 million, respectively, primarily driven by the Unlimited Vacation Club paid membership program, which was acquired in the ALG Acquisition, and increases in revenues related to our residential management operations due to the ongoing recovery from the COVID-19 pandemic.

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

	Three Months Ended June 30,
	2022		2021		Change
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	$	640	$	366	$	274	75.1	%
Less: rabbi trust impact	21		(11)		32		303.4	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	661	$	355	$	306	86.6	%

	Six Months Ended June 30,
	2022		2021		Change
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	$	1,180	$	626	$	554	88.7	%
Less: rabbi trust impact	36		(16)		52		330.2	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	1,216	$	610	$	606	99.5	%

Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties increased during the three and six months ended June 30, 2022, compared to the same periods in the prior year, primarily driven by higher reimbursements for payroll and related expenses at managed properties where we are the employer and reimbursements for costs related to system-wide services provided to managed and franchised properties due to increased hotel operations and performance as a result of the ongoing recovery from the COVID-19 pandemic. During the three and six months ended June 30, 2022, ALG revenues for the reimbursement of costs incurred on behalf of managed and franchised properties were $26 million and $55 million, respectively.

The increases in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, also reflect a $32 million and $52 million decrease, respectively, in marketable securities held to fund our deferred compensation plans through rabbi trusts due to a decline in market performance.

Owned and leased hotels expenses.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Comparable owned and leased hotels expenses	$	188	$	111	$	(77)	(70.6)	%
Non-comparable owned and leased hotels expenses	46		60		14		24.1	%
Rabbi trust impact	(5)		3		8		250.4	%
Total owned and leased hotels expenses	$	229	$	174	$	(55)	(32.1)	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Comparable owned and leased hotels expenses	$	345	$	188	$	(157)	(83.4)	%
Non-comparable owned and leased hotels expenses	102		105		3		2.8	%
Rabbi trust impact	(8)		5		13		270.0	%
Total owned and leased hotels expenses	$	439	$	298	$	(141)	(47.3)	%

The increases in comparable owned and leased hotels expenses during the three and six months ended June 30, 2022, compared to the same periods in the prior year, were primarily due to higher variable expenses driven by increased demand in 2022 due to the ongoing recovery from the COVID-19 pandemic. The decrease in non-comparable owned and leased hotels expenses during the three months ended June 30, 2022, compared to the three months ended June 30, 2021, was primarily driven by disposition activity, partially offset by the re-opening of an owned hotel that was closed for an extended period in 2021.

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Distribution and destination management expenses. Distribution and destination management expenses related to ALG Vacations were $206 million and $400 million for the three and six months ended June 30, 2022, respectively, driven by strong leisure travel demand.

Depreciation and amortization expenses. Depreciation and amortization expenses increased $31 million and $76 million during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, respectively, primarily driven by amortization of intangible assets acquired in the ALG Acquisition, partially offset by dispositions of owned hotels.

Other direct costs.  During the three and six months ended June 30, 2022, compared to the same periods in the prior year, other direct costs increased $45 million and $89 million, respectively, primarily driven by the Unlimited Vacation Club paid membership program, which was acquired in the ALG Acquisition, and increases in expenses related to our residential management operations due to the ongoing recovery from the COVID-19 pandemic.

Selling, general, and administrative expenses.

	Three Months Ended June 30,
	2022		2021		Change
Selling, general, and administrative expenses	$	76	$	86	$	(10)	(11.4)	%
Less: rabbi trust impact	41		(21)		62		299.8	%
Less: stock-based compensation expense	(12)		(8)		(4)		(71.6)	%
Adjusted selling, general, and administrative expenses	$	105	$	57	$	48	81.2	%

	Six Months Ended June 30,
	2022		2021		Change
Selling, general, and administrative expenses	$	187	$	181	$	6	3.4	%
Less: rabbi trust impact	69		(31)		100		323.9	%
Less: stock-based compensation expense	(40)		(36)		(4)		(12.3)	%
Adjusted selling, general, and administrative expenses	$	216	$	114	$	102	88.7	%

Selling, general, and administrative expenses during the three and six months ended June 30, 2022 compared to the three and six months ended June 30, 2021, reflect the decline in market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts.

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 increased during the three and six months ended June 30, 2022, compared to the same periods in the prior year, primarily driven by costs from the ALG businesses as well as $4 million and $11 million, respectively, of ALG integration-related costs. 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,
	2022		2021		Change
Costs incurred on behalf of managed and franchised properties	$	628	$	375	$	253	67.6	%
Less: rabbi trust impact	21		(11)		32		303.4	%
Costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	649	$	364	$	285	78.5	%

	Six Months Ended June 30,
	2022		2021		Change
Costs incurred on behalf of managed and franchised properties	$	1,184	$	652	$	532	81.7	%
Less: rabbi trust impact	36		(16)		52		330.2	%
Costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	1,220	$	636	$	584	92.0	%

Costs incurred on behalf of managed and franchised properties increased during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, primarily driven by increased payroll and related expenses at managed properties where we are the employer and expenses related to system-wide services provided to managed and franchised properties due to improved hotel operating performance as a result of the ongoing recovery from the COVID-19 pandemic. During the three and six months ended June 30, 2022, ALG costs incurred on behalf of managed and franchised properties were $25 million and $54 million, respectively.

The increases during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, also reflect a $32 million and $52 million decrease, respectively, in the value of the marketable securities held to fund our deferred compensation plans through rabbi trusts due to a decline in market performance.

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

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Rabbi trust impact allocated to selling, general, and administrative expenses	$	(41)	$	21	$	(62)	(299.8)	%
Rabbi trust impact allocated to owned and leased hotels expenses	(5)		3		(8)		(250.4)	%
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	(46)	$	24	$	(70)	(293.1)	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Rabbi trust impact allocated to selling, general, and administrative expenses	$	(69)	$	31	$	(100)	(323.9)	%
Rabbi trust impact allocated to owned and leased hotels expense	(8)		5		(13)		(270.0)	%
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	(77)	$	36	$	(113)	(316.6)	%

Net gains (losses) and interest income from marketable securities held to fund rabbi trusts decreased during the three and six months ended June 30, 2022, compared to the same periods in the prior year, driven by the performance of the underlying invested assets.

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Equity earnings (losses) from unconsolidated hospitality ventures.

	Three Months Ended June 30,						Six Months Ended June 30,
	2022		2021		Better / (Worse)		2022		2021		Better / (Worse)
Hyatt's share of unconsolidated hospitality ventures net losses excluding foreign currency	$	(10)	$	(14)	$	4	$	(21)	$	(34)	$	13
Net gains (losses) from sales activity related to unconsolidated hospitality ventures (Note 4)	4		(1)		5		4		68		(64)
Hyatt's share of unconsolidated hospitality ventures foreign currency net gains	—		—		—		—		4		(4)
Other (1)	7		(19)		26		9		(18)		27
Equity earnings (losses) from unconsolidated hospitality ventures	$	1	$	(34)	$	35	$	(8)	$	20	$	(28)
(1) During the three and six months ended June 30, 2021, losses primarily related to the debt repayment guarantees that we entered into for the hotel properties in India. See Part I, Item 1 "Financial Statements—Note 12 to the Condensed Consolidated Financial Statements" for additional information.

Gains on sales of real estate.   During the three months ended June 30, 2022 we recognized the following:

•$137 million pre-tax gain related to the sale of Grand Hyatt San Antonio River Walk;

•$51 million pre-tax gain related to the sale of The Driskill;

•$40 million pre-tax gain related to the sale of Hyatt Regency Indian Wells Resort & Spa; and

•$24 million pre-tax gain related to the sale of The Confidante Miami Beach.

During the three 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.

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

Asset impairments.   During the three months ended June 30, 2022, we recognized a $7 million goodwill impairment charge in connection with the sale of Grand Hyatt San Antonio River Walk. Additionally, during the six months ended June 30, 2022, we recognized $3 million of asset impairment charges related to intangible assets, primarily as a result of contract terminations.

During the three and six months ended June 30, 2021, we recognized $2 million of asset impairment charges related to intangible assets, primarily as a result of contract terminations.

Other income (loss), net.   Other income (loss), net decreased $44 million and $66 million during the three and six months ended June 30, 2022, 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.

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Provision for income taxes.

	Three Months Ended June 30,
	2022			2021			Change
Income before income taxes	$	312		$	6		$	306	NM
Provision for income taxes	(106)			(15)			(91)		(578.5)	%
Effective tax rate	33.7		%	227.6		%			(193.9)	%

	Six Months Ended June 30,
	2022			2021			Change
Income (loss) before income taxes	$	241		$	(112)		$	353	315.8	%
Provision for income taxes	(108)			(201)			93		46.4	%
Effective tax rate	44.7		%	(180.0)		%			224.7	%

The increase in the provision for income taxes during the three months ended June 30, 2022, compared to the three months ended June 30, 2021, was primarily attributable to the sales of Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill, and The Confidante Miami Beach.

The decrease in the provision for income taxes during the six months ended June 30, 2022, compared to the six months ended June 30, 2021, was primarily driven by a non-cash expense to recognize a full valuation allowance on U.S. federal and state deferred tax assets in 2021. See 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; distribution and destination management revenues; and Adjusted EBITDA.

During the three and six months ended June 30, 2022, our segment revenues, comparable RevPAR, and Adjusted EBITDA improved significantly in most markets, compared to the three and six months ended June 30, 2021, which were negatively impacted by the COVID-19 pandemic.

Owned and leased hotels segment revenues.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	286	$	121	$	165	134.6	%	$	(1)
Non-comparable owned and leased hotels revenues	49		73		(24)		(32.4)	%	—
Total segment revenues	$	335	$	194	$	141	71.9	%	$	(1)

	Six Months Ended June 30,
	2022		2021		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	495	$	183	$	312	169.3	%	$	(1)
Non-comparable owned and leased hotels revenues	117		118		(1)		(0.4)	%	—
Total segment revenues	$	612	$	301	$	311	103.0	%	$	(1)

Comparable owned and leased hotels revenues increased during the three and six months ended June 30, 2022, compared to the same periods in the prior year, driven by increased demand and ADR in 2022 due to the ongoing recovery from the COVID-19 pandemic.

Non-comparable owned and leased hotels revenues decreased during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, primarily driven by disposition activity, partially offset by the re-opening of an owned hotel that was closed for an extended period in 2021.

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	Three Months Ended June 30,
	RevPAR				Occupancy			ADR
	2022		vs. 2021 (in constant $)		2022		vs. 2021	2022		vs. 2021 (in constant $)
Comparable owned and leased hotels	$	186	140.1	%	70.4	%	30.8% pts	$	265	35.2	%

	Six Months Ended June 30,
	RevPAR				Occupancy			ADR
	2022		vs. 2021 (in constant $)		2022		vs. 2021	2022		vs. 2021 (in constant $)
Comparable owned and leased hotels	$	161	180.4	%	61.7	%	30.9% pts	$	261	39.8	%

The increases in RevPAR at our comparable owned and leased hotels during the three and six months ended June 30, 2022, compared to the same periods in the prior year, were due to continued recovery from the COVID-19 pandemic, primarily driven by strong leisure transient demand and ADR across various markets in the United States and Europe as well as growing momentum in group and business transient travel.

During the three months ended June 30, 2022, we removed four properties from the comparable owned and leased hotels results as they were sold and combined two properties, thereby reducing the number of properties within our comparable owned and leased hotel results by one. Additionally, during the six months ended June 30, 2022, we removed one property from the comparable owned and leased hotels results as the property is undergoing a significant renovation.

Owned and leased hotels segment Adjusted EBITDA.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Owned and leased hotels Adjusted EBITDA	$	82	$	11	$	71	687.5	%
Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA	17		1		16		NM
Segment Adjusted EBITDA	$	99	$	12	$	87	752.4	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Owned and leased hotels Adjusted EBITDA	$	130	$	(14)	$	144	998.3	%
Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA	23		(3)		26		NM
Segment Adjusted EBITDA	$	153	$	(17)	$	170	NM

The increases in Adjusted EBITDA at our owned and leased hotels for the three and six months ended June 30, 2022, compared to the same periods in the prior year, were primarily driven by increases in comparable owned and leased hotels revenues, partially offset by increases in comparable owned and leased hotels expenses due to higher variable expenses incurred as a result of higher demand in 2022 related to the ongoing recovery from the COVID-19 pandemic.

Our pro rata share of Adjusted EBITDA from our unconsolidated hospitality ventures increased during the three and six months ended June 30, 2022, compared to the same periods in 2021, primarily driven by the increased demand during 2022 due to continued recovery from the COVID-19 pandemic.

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Americas management and franchising segment revenues.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	132	$	66	$	66	101.5	%
Contra revenue	(6)		(5)		(1)		(32.0)	%
Other revenues	25		19		6		35.5	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	557		327		230		70.4	%
Total segment revenues	$	708	$	407	$	301	74.3	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	227	$	104	$	123	118.6	%
Contra revenue	(12)		(9)		(3)		(27.6)	%
Other revenues	63		36		27		73.8	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	1,018		554		464		83.7	%
Total segment revenues	$	1,296	$	685	$	611	89.3	%
(1) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.

The increases in management, franchise, and other fees for the three and six months ended June 30, 2022, compared to the same periods in the prior year, were driven by the continued recovery from the COVID-19 pandemic, which was led by certain markets in the United States, particularly leisure destinations.

The increases in other revenues for the three and six months ended June 30, 2022, compared to the same periods in the prior year, were driven by our residential management business due to continued recovery from the COVID-19 pandemic.

	Three Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2022		vs. 2021 (in constant $)		2022		vs. 2021	2022		vs. 2021 (in constant $)
Americas full service	$	175	112.0	%	70.2	%	27.7% pts	$	250	28.5	%
Americas select service	$	117	55.2	%	74.6	%	11.6% pts	$	157	31.3	%

	Six Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2022		vs. 2021 (in constant $)		2022		vs. 2021	2022		vs. 2021 (in constant $)
Americas full service	$	150	136.1	%	61.0	%	26.5% pts	$	245	33.5	%
Americas select service	$	100	62.6	%	68.1	%	12.7% pts	$	147	32.5	%

The RevPAR increases at our comparable system-wide full service and select service hotels during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, were due to the continued recovery from the COVID-19 pandemic, primarily driven by ADR as well as demand increases from leisure transient business with increased contributions from group and business transient travel.

During the three months ended June 30, 2022, we removed three properties from the comparable Americas full service system-wide hotel results as they left the hotel portfolio and combined two properties, thereby reducing the number of properties within our comparable Americas full service system-wide hotel results by one. During the

44

six months ended June 30, 2022, we removed two additional properties from the comparable Americas full service system-wide hotel results as one property left the hotel portfolio and one property is undergoing a significant renovation.

During the three months ended June 30, 2022, we removed one property that left the hotel portfolio from the comparable Americas select service system-wide hotel results. During the six months ended June 30, 2022, we removed one additional property that left the hotel portfolio from the comparable Americas select service system-wide hotel results.

Americas management and franchising segment Adjusted EBITDA.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Segment Adjusted EBITDA	$	117	$	54	$	63	115.3	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Segment Adjusted EBITDA	$	202	$	82	$	120	145.8	%

The increases in Adjusted EBITDA during the three and six months ended June 30, 2022, compared to the same periods in the prior year, were primarily driven by the increases in management and franchise fees.

ASPAC management and franchising segment revenues.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	18	$	20	$	(2)	(12.1)	%
Contra revenue	(1)		(1)		—		(6.8)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	34		24		10		39.6	%
Total segment revenues	$	51	$	43	$	8	16.9	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	32	$	35	$	(3)	(7.5)	%
Contra revenue	(2)		(2)		—		(11.5)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	63		44		19		41.3	%
Total segment revenues	$	93	$	77	$	16	20.2	%
(1) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.

The decreases in management, franchise, and other fees for the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, were driven by decreases in management fees in Greater China due to COVID-19-related restrictions in certain markets. The decreases for the three and six months ended June 30, 2022, compared to the same periods in the prior year, were partially offset by increased management fees driven by improved demand in markets outside of Greater China.

45

	Three Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2022		vs. 2021 (in constant $)		2022		vs. 2021	2022		vs. 2021 (in constant $)
ASPAC full service	$	71	0.8	%	43.9	%	(2.3)% pts	$	161	6.2	%
ASPAC select service	$	33	(22.6)	%	49.9	%	(11.6)% pts	$	66	(4.5)	%

	Six Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2022		vs. 2021 (in constant $)		2022		vs. 2021	2022		vs. 2021 (in constant $)
ASPAC full service	$	67	7.4	%	40.6	%	(0.4)% pts	$	165	8.6	%
ASPAC select service	$	32	(16.1)	%	47.5	%	(9.1)% pts	$	68	0.0	%

Comparable full service RevPAR increased for the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, primarily due to increased demand and ADR in Northeast Asia, Southeast Asia, and Australia, largely offset by decreased demand and ADR within Greater China.

Comparable select service RevPAR decreased for the three and six months ended June 30, 2022, compared to the same period in the prior year, primarily driven by decreased demand in Greater China.

During the three months ended June 30, 2022, one property was removed from the comparable ASPAC full service hotel results as it is undergoing a significant renovation, and two properties were removed from the comparable ASPAC select service system-wide hotel results as one property left the hotel portfolio and one property had suspended operations.

ASPAC management and franchising segment Adjusted EBITDA.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Segment Adjusted EBITDA	$	6	$	10	$	(4)	(40.5)	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Segment Adjusted EBITDA	$	11	$	15	$	(4)	(28.6)	%

The decreases in Adjusted EBITDA during the three and six months ended June 30, 2022, compared to the same periods in the prior year, were primarily driven by the decreases in management and franchise fees.

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EAME/SW Asia management and franchising segment revenues.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	21	$	6	$	15	222.5	%
Contra revenue	(2)		(3)		1		33.9	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	23		15		8		64.4	%
Total segment revenues	$	42	$	18	$	24	141.9	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Segment revenues
Management, franchise, and other fees	$	36	$	13	$	23	173.9	%
Contra revenue	(4)		(6)		2		30.2	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	44		28		16		62.6	%
Total segment revenues	$	76	$	35	$	41	121.9	%
(1) See "—Results of Operations" for further discussion regarding the increase in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.

The increases in management, franchise, and other fees during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, were driven by increases in base and incentive management fees across certain markets in Western Europe and the Middle East primarily due to the continued recovery from the COVID-19 pandemic. The three months ended June 30, 2022 also benefited from increased management fees in India as certain travel restrictions were eased.

	Three Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2022		vs. 2021 (in constant $)		2022		vs. 2021	2022		vs. 2021 (in constant $)
EAME/SW Asia full service	$	135	239.9	%	65.2	%	36.6% pts	$	208	49.3	%
EAME/SW Asia select service	$	62	148.2	%	71.9	%	32.1% pts	$	87	37.4	%

	Six Months Ended June 30,
	RevPAR				Occupancy			ADR
(Comparable System-wide Hotels)	2022		vs. 2021 (in constant $)		2022		vs. 2021	2022		vs. 2021 (in constant $)
EAME/SW Asia full service	$	113	204.5	%	57.0	%	28.1% pts	$	198	54.5	%
EAME/SW Asia select service	$	57	119.2	%	64.0	%	22.4% pts	$	89	42.5	%

Comparable system-wide hotels RevPAR increased during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, primarily driven by certain leisure destinations in Western Europe, the Middle East, and India due to the continued recovery from the COVID-19 pandemic.

During the three months ended June 30, 2022, three properties were removed from the comparable EAME/SW Asia full service system-wide hotel results due to suspended operations. During the six months ended June 30, 2022, we removed two additional properties from the comparable EAME/SW Asia full service system-wide hotel results as one property left the hotel portfolio and one property had suspended operations.

During the six months ended June 30, 2022, one property was removed from the comparable EAME/SW Asia select service system-wide hotel results as it converted from franchised to managed.

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EAME/SW Asia management and franchising segment Adjusted EBITDA.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Segment Adjusted EBITDA	$	13	$	(1)	$	14	NM

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Segment Adjusted EBITDA	$	19	$	(1)	$	20	NM

During the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, Adjusted EBITDA increased primarily due to the increases in management, franchise, and other fees revenues.

Apple Leisure Group segment revenues.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Segment revenues
Owned and leased hotels	$	4	$	—	$	4	NM
Management, franchise, and other fees	36		—		36		NM
Distribution and destination management	256		—		256		NM
Other revenues	33		—		33		NM
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	26		—		26		NM
Total segment revenues	$	355	$	—	$	355	NM

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Segment revenues
Owned and leased hotels	$	4	$	—	$	4	NM
Management, franchise, and other fees	66		—		66		NM
Distribution and destination management	502		—		502		NM
Other revenues	67		—		67		NM
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	55		—		55		NM
Total segment revenues	$	694	$	—	$	694	NM

For the three and six months ended June 30, 2022, management, franchise, and other fees revenues reflect Net Package RevPAR of $205 and $209, respectively, for ALG resorts in the Americas, including resorts in Mexico, the Caribbean, Central America, and South America. For the three and six months ended June 30, 2022, management, franchise, and other fees revenues reflect Net Package RevPAR of $80 and $78, respectively, for ALG resorts in Europe.

48

Apple Leisure Group segment Adjusted EBITDA.

	Three Months Ended June 30,
	2022		2021		Change
Segment Adjusted EBITDA	$	54	$	—	$	54	NM
Net Deferral activity
Increase in deferred revenue	$	52	$	—	$	52	NM
Increase in deferred costs	(27)		—		(27)		NM
Net Deferrals	$	25	$	—	$	25	NM
Increase in Net Financed Contracts	$	15	$	—	$	15	NM

	Six Months Ended June 30,
	2022		2021		Change
Segment Adjusted EBITDA	$	110	$	—	$	110	NM
Net Deferral activity
Increase in deferred revenue	$	101	$	—	$	101	NM
Increase in deferred costs	(52)		—		(52)		NM
Net Deferrals	$	49	$	—	$	49	NM
Increase in Net Financed Contracts	$	22	$	—	$	22	NM

During the three and six months ended June 30, 2022, ALG benefited from the sale of new Unlimited Vacation Club membership contracts, which increased Net Deferrals and Net Financed Contracts. Net Deferrals will increase revenues and expenses recognized over the estimated membership period, and Net Financed Contracts represents an estimate of future cash flows to the Company.

Corporate and other.

	Three Months Ended June 30,
	2022		2021		Better / (Worse)
Revenues	$	13	$	11	$	2	21.5	%
Adjusted EBITDA	$	(34)	$	(21)	$	(13)	(62.2)	%

	Six Months Ended June 30,
	2022		2021		Better / (Worse)
Revenues	$	27	$	19	$	8	40.9	%
Adjusted EBITDA	$	(72)	$	(45)	$	(27)	(57.9)	%

Revenues increased during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, driven by increased revenues related to our co-branded credit card program.

Adjusted EBITDA decreased during the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021, primarily driven by increases in certain selling, general, administrative expenses, including $4 million and $11 million, respectively, of ALG integration-related costs, as well as increases in payroll and related costs due to increased headcount.

49

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 (losses) 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 one of the key performance and compensation measures 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 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 with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results 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 including interest expense and benefit (provision) for income taxes, which are dependent on company specifics including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; Contra revenue which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense which varies among companies as a result of different compensation plans companies have adopted. 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 for 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

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franchised properties related to system-wide services and programs that we do not intend to recover from hotel owners. 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 (loss) generated by our business. Our management compensates for these limitations by referencing 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, 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 suspended operations due to the COVID-19 pandemic and have not yet re-opened are no longer 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 hotels, including our wellness resorts, our select service hotels, or our all-inclusive resorts, 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 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. 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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Net Financed Contracts

Net Financed Contracts represent Unlimited Vacation Club contracts signed during the period for which an initial cash down payment has been received and the remaining balance is contractually due in monthly installments over an average term of less than 4 years. The Net Financed Contract balance is calculated as the unpaid portion of membership contracts reduced by expenses related to fulfilling the membership program contracts and further reduced by an allowance for future estimated uncollectible installments. Net Financed Contract balances are not reported on our condensed consolidated balance sheets as our right to collect future installments is conditional on our ability to provide continuous access to member benefits at ALG resorts over the contract term, and the associated expenses to fulfill the membership contracts become liabilities of the Company only after the installments are collected. We believe Net Financed Contracts is useful to investors as it represents an estimate of future cash flows due in accordance with contracts signed in the current period. At June 30, 2022, the Net Financed Contract balance not recorded on our condensed consolidated balance sheet was $155 million.

Net Deferrals

Net Deferrals represent the change in contract liabilities associated with the Unlimited Vacation Club membership contracts less the change in deferred cost assets associated with the contracts. The contract liabilities and deferred cost assets are recognized as revenue and expense, respectively, on our condensed consolidated statements of income (loss) over the customer life, which ranges from 3 to 25 years.

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

	Three Months Ended June 30,
	2022		2021		Change
Net income (loss) attributable to Hyatt Hotels Corporation	$	206	$	(9)	$	215	NM
Interest expense	38		42		(4)		(7.7)	%
Provision for income taxes	106		15		91		578.5	%
Depreciation and amortization	105		74		31		40.7	%
EBITDA	455		122		333		270.8	%
Contra revenue	9		9		—		8.0	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(640)		(366)		(274)		(75.1)	%
Costs incurred on behalf of managed and franchised properties	628		375		253		67.6	%
Equity (earnings) losses from unconsolidated hospitality ventures	(1)		34		(35)		(104.1)	%
Stock-based compensation expense	12		8		4		71.6	%
Gains on sales of real estate	(251)		(105)		(146)		(138.2)	%
Asset impairments	7		2		5		177.5	%
Other (income) loss, net	19		(25)		44		175.3	%
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		1		16		NM
Adjusted EBITDA	$	255	$	55	$	200	365.4	%

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	Six Months Ended June 30,
	2022		2021		Change
Net income (loss) attributable to Hyatt Hotels Corporation	$	133	$	(313)	$	446	142.6	%
Interest expense	78		83		(5)		(5.7)	%
Provision for income taxes	108		201		(93)		(46.4)	%
Depreciation and amortization	224		148		76		51.3	%
EBITDA	543		119		424		356.2	%
Contra revenue	18		17		1		7.6	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(1,180)		(626)		(554)		(88.7)	%
Costs incurred on behalf of managed and franchised properties	1,184		652		532		81.7	%
Equity (earnings) losses from unconsolidated hospitality ventures	8		(20)		28		141.2	%
Stock-based compensation expense	40		36		4		12.3	%
Gains on sales of real estate	(251)		(105)		(146)		(138.2)	%
Asset impairments	10		2		8		317.1	%
Other (income) loss, net	29		(37)		66		176.7	%
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	23		(3)		26		NM
Adjusted EBITDA	$	424	$	35	$	389	NM

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 pay down debt; support new investment opportunities, including acquisitions; and return capital to our shareholders when appropriate. If we deem it necessary, we borrow cash under our revolving credit facility or from other third-party sources and raise funds by issuing debt or equity securities. We maintain a cash investment policy that emphasizes the preservation of capital.

We expect to successfully execute our commitment announced in August of 2021 to realize $2.0 billion of proceeds from the disposition of owned assets, net of acquisitions, by the end of 2024. At August 9, 2022, we have realized $681 million of proceeds from the net disposition of owned assets as part of this commitment.

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. During the quarter ended June 30, 2022, we returned $101 million of capital to our shareholders through share repurchases and repurchased $15 million of our Senior Notes. Additionally, we reduced our outstanding debt through the legal defeasance of $166 million of the Series 2005 Bonds. During the three and six months ended June 30, 2022, there were no dividend payments.

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 in both the short term and long term.

Recent Transactions Affecting our Liquidity and Capital Resources

During the six months ended June 30, 2022 and June 30, 2021, various transactions impacted our liquidity. See "—Sources and Uses of Cash."

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Sources and Uses of Cash

	Six Months Ended June 30,
	2022		2021
Cash provided by (used in):
Operating activities	$	383	$	(58)
Investing activities	201		47
Financing activities	(142)		(16)
Effect of exchange rate changes on cash	11		(7)
Net increase (decrease) in cash, cash equivalents, and restricted cash	$	453	$	(34)

Cash Flows from Operating Activities

Cash provided by (used in) operating activities increased $441 million for the six months ended June 30, 2022 compared to the six months ended June 30, 2021. The increase was primarily due to improved performance driven by continued recovery from the COVID-19 pandemic and the acquisition of ALG. Cash provided by operating activities in 2022 also includes increased working capital driven by ALG's cash deposits received related to significant booking demand within ALG Vacations.

Cash Flows from Investing Activities

During the six months ended June 30, 2022:

•We received $227 million of proceeds, net of closing costs and proration adjustments, from the sale of The Confidante Miami Beach.

•We received $136 million of proceeds, net of closing costs and proration adjustments, from the sale of Hyatt Regency Indian Wells Resort & Spa.

•We received $119 million of proceeds, net of closing costs and proration adjustments, from the sale of The Driskill.

•We received $109 million of cash consideration, net of closing costs, from the sale of Grand Hyatt San Antonio River Walk.

•We invested $275 million in net purchases of marketable securities and short-term investments.

•We invested $104 million in capital expenditures (see "—Capital Expenditures").

•We paid $39 million related to the ALG Acquisition for amounts due back to the seller for purchase price adjustments.

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 in net proceeds of marketable securities and short-term investments.

•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 Alila Ventana Big Sur 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.

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Cash Flows from Financing Activities

During the six months ended June 30, 2022:

•We repurchased 1,210,402 shares of Class A common stock for an aggregate purchase price of $101 million.

•We repurchased $15 million of our Senior Notes.

•We utilized $8 million of restricted cash to defease the Series 2005 Bonds.

During the six months ended June 30, 2021:

•We did not have any significant financing activities.

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, 2022			December 31, 2021
Consolidated debt (1)	$	3,804		$	3,978
Stockholders' equity	3,609			3,563
Total capital	7,413			7,541
Total debt to total capital	51.3		%	52.8		%
Consolidated debt (1)	3,804			3,978
Less: cash and cash equivalents and short-term investments	(1,955)			(1,187)
Net consolidated debt	$	1,849		$	2,791
Net debt to total capital	24.9		%	37.0		%

(1) Excludes approximately $589 million and $581 million of our share of unconsolidated hospitality venture indebtedness at June 30, 2022 and December 31, 2021, 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 other. 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,
	2022		2021
Enhancements to existing properties	$	59	$	23
Maintenance and technology	40		14
Other	5		—
Total capital expenditures	$	104	$	37

The increase in enhancements to existing properties is primarily driven by increased renovation spend at an owned hotel in 2022. Total capital expenditures for the six months ended June 30, 2022 include $13 million related to ALG. Excluding ALG, our capital expenditures continue to be below pre-COVID-19 pandemic levels.

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Senior Notes

The table below sets forth the outstanding principal balance of our Senior Notes at June 30, 2022, 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.

	Outstanding principal amount
$300 million senior unsecured notes maturing in 2023—floating rate notes	$	300
$350 million senior unsecured notes maturing in 2023—3.375%	350
$700 million senior unsecured notes maturing in 2023—1.300%	700
$750 million senior unsecured notes maturing in 2024—1.800%	746
$450 million senior unsecured notes maturing in 2025—5.375%	450
$400 million senior unsecured notes maturing in 2026—4.850%	400
$400 million senior unsecured notes maturing in 2028—4.375%	399
$450 million senior unsecured notes maturing in 2030—5.750%	440
Total Senior Notes	$	3,785

We are in compliance with all applicable covenants under the indenture governing our Senior Notes at June 30, 2022.

Revolving Credit Facility

On May 18, 2022, we entered into a new credit agreement that refinanced and replaced in its entirety our prior revolving credit facility. The revolving credit facility is intended to provide financing for working capital and general corporate purposes, including commercial paper backup and permitted investments and acquisitions. At both June 30, 2022 and December 31, 2021, 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, 2022.

Letters of Credit

We issue letters of credit either under the revolving credit facility or directly with financial institutions. We had $270 million and $276 million in letters of credit issued directly with financial institutions outstanding at June 30, 2022 and December 31, 2021, respectively. At June 30, 2022, these letters of credit had weighted-average fees of approximately 154 basis points and typically have maturity dates of up to one year.

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 complex judgment in their application in our 2021 Form 10-K. Since the date of our 2021 Form 10-K, there have been no material changes to our critical accounting policies or the methodologies or assumptions we apply under them.

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risk, primarily from changes in interest rates and foreign currency exchange rates. In certain situations, we seek to reduce earnings and cash flow volatility associated with changes in interest rates and foreign currency exchange rates by entering into financial arrangements to provide a hedge against a portion of the risks associated with such volatility. We continue to have exposure to such risks to the extent they are not hedged. We enter into derivative financial arrangements to the extent they meet the objectives described above, and we do not use derivatives for trading or speculative purposes. At June 30, 2022, 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, 2022 and December 31, 2021, 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, 2022 for our financial instruments materially affected by interest rate risk:

	Maturities by Period
	2022		2023		2024		2025		2026		Thereafter		Total carrying amount (1)			Total fair value (1)
Fixed-rate debt	$	—	$	1,051	$	746	$	450	$	400	$	839	$	3,486		$	3,408
Average interest rate (2)													3.46		%
Floating-rate debt (3)	$	1	$	304	$	4	$	4	$	4	$	14	$	331		$	340
Average interest rate (2)													2.32		%

(1) Excludes $7 million of finance lease obligations and $20 million of unamortized discounts and deferred financing fees.

(2) Average interest rate at June 30, 2022.

(3) Includes Grand Hyatt Rio de Janeiro construction loan, which had an 8.01% interest rate at June 30, 2022.

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 $170 million and $184 million at June 30, 2022 and December 31, 2021, 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 2021 Form 10-K.

For the three and six months ended June 30, 2022, the effects of these derivative instruments resulted in $12 million and $17 million of net gains, respectively, recognized in other income (loss), net on our condensed consolidated statements of income (loss). 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). 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 both June 30, 2022 and December 31, 2021, we had insignificant assets recorded in prepaids and other assets on our condensed consolidated balance sheets related to derivative instruments.

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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.

We are in the process of integrating Apple Leisure Group into our internal control over financial reporting processes.

Except as described above, 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 record 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.

See Part I, Item 1, "Financial Statements—Note 11 and Note 12 to our Consolidated Financial Statements" for more information related to tax and legal contingencies.

Item 1A. Risk Factors.

At June 30, 2022, 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, 2021 and Item 1A to Part II of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022.

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, 2022:

	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, 2022	—	$	—	—	$	927,760,966
May 1 to May 31, 2022	990,402	82.17		990,402	$	846,380,843
June 1 to June 30, 2022	220,000	88.63		220,000	$	826,882,975
Total	1,210,402	$	83.34	1,210,402

(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 obligate the Company to repurchase any dollar amount or number of shares and the program may be suspended or discontinued at any time and does not have an expiration date. Following the suspension of our share repurchase program in March 2020, we resumed share repurchases in May 2022. At June 30, 2022, we had approximately $827 million remaining under the share repurchase authorization.

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
3.2	Amended and Restated Bylaws of Hyatt Hotels Corporation (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K (File No. 001-34521) filed with the Securities and Exchange Commission on September 11, 2014)
10.1	Credit Agreement, dated as of May 18, 2022, by and among Hyatt Hotels Corporation, as borrower, certain subsidiaries of the borrower from time to time party thereto, the lenders party thereto, Bank of America, National Association, as administrative agent, Wells Fargo Bank, National Association, as syndication agent, BofA Securities, Inc., Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A. and The Bank of Nova Scotia, as joint bookrunners and co-lead arrangers, JPMorgan Chase Bank, N.A., The Bank of Nova Scotia, Deutsche Bank AG New York Branch, Goldman Sachs Lending Partners LLC, PNC Bank, National Association, Truist Bank and U.S. Bank National Association, as co-documentation agents, and Credit Agricole Corporate and Investment Bank, Fifth Third Bank, National Association and Sumitomo Mitsui Banking Corporation, as co-senior managing agents (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-34521) filed with the Securities and Exchange Commission on May 24, 2022)
+10.2	Form of HHC 2022-2024 Performance Share Unit Agreement under the Fourth Amended and Restated Hyatt Hotels Corporation Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (File No. 001-34521) filed with the Securities and Exchange Commission on May 24, 2022)
+10.3	Form of ALG 2022-2024 Performance Share Unit Agreement under the Fourth Amended and Restated Hyatt Hotels Corporation Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K (File No. 001-34521) filed with the Securities and Exchange Commission on May 24, 2022)
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)
+ Management contract or compensatory plan arrangement.

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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 9, 2022	By:	/s/ Mark S. Hoplamazian
			Mark S. Hoplamazian
			President and Chief Executive Officer
			(Principal Executive Officer)

		Hyatt Hotels Corporation
Date:	August 9, 2022	By:	/s/ Joan Bottarini
			Joan Bottarini
			Executive Vice President, Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)

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EX-3.1

Exhibit 3.1

AMENDED & RESTATED

CERTIFICATE OF INCORPORATION

OF

HYATT HOTELS CORPORATION

_____________________________________________

(Under Sections 242 and 245 of the

Delaware General Corporation Law)

It is hereby certified that:

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

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

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

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

ARTICLE I

NAME

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

ARTICLE II

ADDRESS OF REGISTERED OFFICE;

NAME OF REGISTERED AGENT

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

ARTICLE III

PURPOSE

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

ARTICLE IV

CAPITAL STOCK

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

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

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

        (a)    Voting Rights.

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

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

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

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

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

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

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

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

        (f)    Conversion.

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

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

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

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

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

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

                (6)    “Permitted Transfer” shall mean:

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

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

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

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

                    (e)    the existence or creation of a power of appointment or authority that may be exercised with respect to a share or shares of Class B Common Stock held by a trust; provided, however, that the Transfer of such share or shares of Class B Common Stock upon the exercise of such power of appointment or authority shall not be a "Permitted Transfer" within the meaning of this Section 2(f)(i)(6)(e); and

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

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

                (7)    “Permitted Transferee” shall mean:

                    (a)    with respect to any Pritzker:

                        (i) one or more other Pritzkers; and

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

                    (b)    with respect to any natural person:

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

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

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

                        (iv) the guardian or conservator of any such natural person who has been adjudged disabled, incapacitated, incompetent or otherwise unable to manage his or her own affairs

by a court of competent jurisdiction, in such guardian's or conservator's capacity as such, and/or the executor, administrator or personal representative of the estate of any such Registered Holder who is deceased, in such executor's, administrator's or personal representative's capacity as such;

                    (c)    with respect to any trust:

                        (i) one or more current beneficiaries of such trust who are Pritzkers, any Permitted Transferee of any such current beneficiary and/or any appointee of a power of appointment exercised with respect to such trust, if such appointee is a Pritzker; provided, however, that any Person holding a remainder interest in such trust shall not be a “Permitted Transferee” of such trust unless such Person is a Pritzker or a Permitted Transferee of any current beneficiary who is a Pritzker;

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

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

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

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

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

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

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

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

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

    For the avoidance of doubt, the “Permitted Transferees” of any Person within the meaning of this Section 2(f)(i)(7) may be determined under any one or more than one of the clauses of this Section 2(f)(i)(7), if such

clauses are applicable to such Person. For the further avoidance of doubt, references to a "trust" shall mean the trust or the trustee or trustees of such trust acting in such capacity, as the context may require.

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

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

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

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

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

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

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

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

            (iv)    For so long as the 2007 Stockholders' Agreement, the Global Hyatt Agreement, the Foreign Global Hyatt Agreement or the Agreement Relating to Stock, as applicable, remains in effect, each share of Class B Common Stock held by (a) any trust that is party to, or any other Person directly or

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

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

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

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

    (g)    Reservation of Stock. The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the

shares of Class B Common Stock, such number of its shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Class B Common Stock into shares of Class A Common Stock.

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

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

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

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

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

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

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

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

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

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

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

ARTICLE V

BOARD OF DIRECTORS

    Section 1. Powers of the Board. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. In addition to the powers and authority expressly conferred upon them by applicable law or by this Amended and Restated Certificate of Incorporation or the Bylaws of the Corporation, the

directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation.

    Section 2. Classification of the Board. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock with respect to any directors elected (or to be elected) by the holders of such series, effective upon the Effective Time, the directors of the Corporation shall be divided into three classes as nearly equal in size as is practicable, hereby designated Class I, Class II and Class III. The Board of Directors may assign members of the Board of Directors already in office to such classes as of the Effective Time. The term of office of the initial Class I directors shall expire at the first regularly-scheduled annual meeting of the stockholders following the Effective Time; the term of office of the initial Class II directors shall expire at the second annual meeting of the stockholders following the Effective Time; and the term of office of the initial Class III directors shall expire at the third annual meeting of the stockholders following the Effective Time. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock with respect to any directors elected (or to be elected) by the holders of such series, at each annual meeting of stockholders, commencing with the first regularly-scheduled annual meeting of stockholders following the Effective Time, each of the successors elected to replace the directors of a class whose term shall have expired at such annual meeting shall be elected to hold office until the third annual meeting next succeeding his or her election and until his or her respective successor shall have been duly elected and qualified.

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

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

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

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

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

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

ARTICLE VI

STOCKHOLDERS

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

Section 2. Special Meetings of Stockholders. Except as may be provided in a resolution or resolutions of the Board of Directors providing for any series of Preferred Stock, special meetings of stockholders of the Corporation may be called only by the Chairman of the Board of Directors or by the Secretary upon direction of the Board of Directors pursuant to a resolution adopted by a majority of the entire Board of Directors.

ARTICLE VII

DIRECTOR LIABILITY

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

ARTICLE VIII

INDEMNIFICATION

Section 1. Right of Indemnification. The Corporation shall indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person (a “Covered Person”) who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or nonprofit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses

(including attorneys' fees) reasonably incurred by such Covered Person. Notwithstanding the preceding sentence, except as otherwise provided in Section 3 of this Article VIII, the Corporation shall be required to indemnify a Covered Person in connection with a Proceeding (or part thereof) commenced by such Covered Person only if the commencement of such Proceeding (or part thereof) by the Covered Person was authorized in the specific case by the Board of Directors.

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

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

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

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

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

ARTICLE IX

SECTION 203

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

ARTICLE X

AMENDMENT

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

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

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

CERTIFICATE OF RETIREMENT

OF

38,000,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuantto Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

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

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

- 2 -

CERTIFICATE OF RETIREMENT

OF

539,588 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

- 1 -

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

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

                        -2-

CERTIFICATE OF RETIREMENT

OF

8,987,695 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

-1-

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

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

-2-

CERTIFICATE OF RETIREMENT

OF

863,721 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

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

CERTIFICATE OF RETIREMENT

OF

1,000,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows

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

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

CERTIFICATE OF RETIREMENT

OF

1,623,529 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

- 1 -

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

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

-2-

CERTIFICATE OF RETIREMENT

OF

1,556,713 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

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

CERTIFICATE OF RETIREMENT

OF

1,498,019 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

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

CERTIFICATE OF RETIREMENT

OF

295,072 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

- 1 -

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

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

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,113,788 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

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

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,122,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Rena Hozore Reiss

                            Executive Vice President, General

- 2 -

CERTIFICATE OF RETIREMENT

OF

750,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

    Title: Executive Vice President,

     General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,026,501 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

    Title: Executive Vice President,

                                 General Counsel

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,881,636 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

Title: Executive Vice President,

                            General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

500,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

                            Title: Executive Vice President,

                            General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

10,187,641 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

4,500,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,696,476 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

539,370 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

4,233,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.4,233,000 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 4,233,000 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 4,233,000 shares of Class B Common Stock that converted into 4,233,000 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 4,233,000 shares, such that the total number of authorized shares of the Corporation shall be 1,428,085,251, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 418,085,251 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

    IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 18th day of July, 2017.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

1,813,459 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.1,813,459 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 1,813,459 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 1,813,459 shares of Class B Common Stock that converted into 1,813,459 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,813,459 shares, such that the total number of authorized shares of the Corporation shall be 1,426,271,792, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 416,271,792 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 11th day of September, 2017.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

    Title: Executive Vice President,

    General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

10,154,050 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.10,154,050 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 10,154,050 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 10,154,050 shares of Class B Common Stock that converted into 10,154,050 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 10,154,050 shares, such that the total number of authorized shares of the Corporation shall be 1,416,117,742, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 406,117,742 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 14th day of September, 2017.

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

    Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

3,369,493 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.3,369,493 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 3,369,493 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 3,369,493 shares of Class B Common Stock that converted into 3,369,493 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 3,369,493 shares, such that the total number of authorized shares of the Corporation shall be 1,412,748,249, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 402,748,249 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 14th day of December, 2017.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name: Margaret C. Egan

        Title: Senior Vice President,

        Interim General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

135,100 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.135,100 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 135,100 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 135,100 shares of Class B Common Stock that converted into 135,100 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 135,100 shares, such that the total number of authorized shares of the Corporation shall be 1,412,613,149, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 402,613,149 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 14th day of February, 2018.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name: Margaret C. Egan

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

2,249,094 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.2,249,094 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 2,249,094 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 2,249,094 shares of Class B Common Stock that converted into 2,249,094 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 2,249,094 shares, such that the total number of authorized shares of the Corporation shall be 1,410,364,055, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 400,364,055 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 16th day of May, 2018.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name:     Margaret C. Egan

Title: Executive Vice President,

                            General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

300,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.300,000 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 300,000 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 300,000 shares of Class B Common Stock that converted into 300,000 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 300,000 shares, such that the total number of authorized shares of the Corporation shall be 1,410,064,055, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 400,064,055 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 31st day of July, 2018.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name: Margaret C. Egan

                            Title: Executive Vice President,

                            General Counsel and Secretary

|

CERTIFICATE OF RETIREMENT

OF

950,161 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.950,161 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 950,161 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 950,161 shares of Class B Common Stock that converted into 950,161 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 950,161 shares, such that the total number of authorized shares of the Corporation shall be 1,409,113,894, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 399,113,894 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 30th day of October, 2018.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name: Margaret C. Egan

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

3,654 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.3,654 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 3,654 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 3,654 shares of Class B Common Stock that converted into 3,654 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 3,654 shares, such that the total number of authorized shares of the Corporation shall be 1,409,110,240, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 399,110,240 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

    IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 13th day of November, 2018.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name:     Margaret C. Egan

                            Title: Executive Vice President,

                            General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

677,384 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.677,384 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 677,384 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 677,384 shares of Class B Common Stock that converted into 677,384 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 677,384 shares, such that the total number of authorized shares of the Corporation shall be 1,408,432,856, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 398,432,856 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 9th day of August, 2019.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President,

                             General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

975,170 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.975,170 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 975,170 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 975,170 shares of Class B Common Stock that converted into 975,170 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 975,170 shares, such that the total number of authorized shares of the Corporation shall be 1,407,457,686, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 397,457,686 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 19th day of February, 2020.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

2,766,326 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

i.2,766,326 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 2,766,326 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

i.The Board of Directors of the Corporation has adopted resolutions retiring the 2,766,326 shares of Class B Common Stock that converted into 2,766,326 shares of Class A Common Stock.

i.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 2,766,326 shares, such that the total number of authorized shares of the Corporation shall be 1,404,691,360, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 394,691,360 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 17th day of September, 2020.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

658,030 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

i.658,030 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 658,030 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

i.The Board of Directors of the Corporation has adopted resolutions retiring the 658,030 shares of Class B Common Stock that converted into 658,030 shares of Class A Common Stock.

i.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 658,030 shares, such that the total number of authorized shares of the Corporation shall be 1,404,033,330, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 394,033,330 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 10th day of December, 2020.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

1,415,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.    1,415,000 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 1,415,000 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.    The Board of Directors of the Corporation has adopted resolutions retiring the 1,415,000 shares of Class B Common Stock that converted into 1,415,000 shares of Class A Common Stock.

4.    Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 1,415,000 shares, such that the total number of authorized shares of the Corporation shall be 1,402,618,330, such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 392,618,330 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 4th day of May, 2021.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

783,085 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

i.783,085 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 783,085 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

i.The Board of Directors of the Corporation has adopted resolutions retiring the 783,085 shares of Class B Common Stock that converted into 783,085 shares of Class A Common Stock.

i.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 783,085 shares, such that the total number of authorized shares of the Corporation shall be 1,401,835,245 such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 391,835,245 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 9th day of September, 2021.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General

Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

187,562 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

i.187,562 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 187,562 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

i.The Board of Directors of the Corporation has adopted resolutions retiring the 187,562 shares of Class B Common Stock that converted into 187,562 shares of Class A Common Stock.

i.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 187,562 shares, such that the total number of authorized shares of the Corporation shall be 1,401,647,683 such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 391,647,683 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 3rd day of November, 2021.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General

Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

635,522 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

i.635,522 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 635,522 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

i.The Board of Directors of the Corporation has adopted resolutions retiring the 635,522 shares of Class B Common Stock that converted into 635,522 shares of Class A Common Stock.

i.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 635,522 shares, such that the total number of authorized shares of the Corporation shall be 1,401,012,161 such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 391,012,161 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 20th day of May, 2022.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President,

General Counsel and Secretary

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark S. Hoplamazian, certify that:

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

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

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

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

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

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

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

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

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

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

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

August 9, 2022	/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 9, 2022	/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, 2022, 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 9, 2022	/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, 2022, 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 9, 2022	/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, 2022	Aug. 02, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		50,114,475
Common Class B
Document Information
Entity Common Stock, Shares Outstanding		59,017,749

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES:
Total revenues	$ 1,483	$ 663	$ 2,762	$ 1,101
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Depreciation and amortization	105	74	224	148
Other direct costs	69	24	136	47
Selling, general, and administrative	76	86	187	181
Direct and selling, general, and administrative expenses	1,313	733	2,570	1,326
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	(46)	24	(77)	36
Equity earnings (losses) from unconsolidated hospitality ventures	1	(34)	(8)	20
Interest expense	(38)	(42)	(78)	(83)
Gains on sales of real estate	251	105	251	105
Asset impairments	(7)	(2)	(10)	(2)
Other income (loss), net	(19)	25	(29)	37
INCOME (LOSS) BEFORE INCOME TAXES	312	6	241	(112)
PROVISION FOR INCOME TAXES	(106)	(15)	(108)	(201)
NET INCOME (LOSS)	206	(9)	133	(313)
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 206	$ (9)	$ 133	$ (313)
EARNINGS (LOSSES) PER SHARE—Basic
Net income (loss) (in dollars per share)	$ 1.88	$ (0.08)	$ 1.21	$ (3.07)
Net income (loss) attributable to Hyatt Hotels Corporation (in dollars per share)	1.88	(0.08)	1.21	(3.07)
EARNINGS (LOSSES) PER SHARE—Diluted
Net income (loss) (in dollars per share)	1.85	(0.08)	1.19	(3.07)
Net income (loss) attributable to Hyatt Hotels Corporation (in dollars per share)	$ 1.85	$ (0.08)	$ 1.19	$ (3.07)
Owned and leased hotels
REVENUES:
Total revenues	$ 331	$ 191	$ 602	$ 295
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	229	174	439	298
Net management, franchise, and other fees
REVENUES:
Total revenues	195	84	340	139
Management, franchise, and other fees
REVENUES:
Total revenues	204	93	358	156
Contra revenue
REVENUES:
Total revenues	(9)	(9)	(18)	(17)
Distribution and destination management
REVENUES:
Total revenues	256	0	502	0
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	206	0	400	0
Other revenues
REVENUES:
Total revenues	61	22	138	41
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
REVENUES:
Total revenues	640	366	1,180	626
Costs incurred on behalf of managed and franchised properties
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	$ 628	$ 375	$ 1,184	$ 652

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 206	$ (9)	$ 133	$ (313)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $— for the three and six months ended June 30, 2022 and June 30, 2021	(34)	17	(13)	(29)
Unrealized gains on derivative activity, net of tax of $— for the three and six months ended June 30, 2022 and June 30, 2021	1	2	3	4
Unrecognized pension benefit, net of tax of $— for the three and six months ended June 30, 2022 and June 30, 2021	2	0	0	0
Unrealized losses on available-for-sale debt securities, net of tax of $— for the three and six months ended June 30, 2022 and June 30, 2021	(3)	0	(10)	(1)
Other comprehensive income (loss)	(34)	19	(20)	(26)
COMPREHENSIVE INCOME (LOSS)	172	10	113	(339)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 172	$ 10	$ 113	$ (339)

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - Parentheticals - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 0	$ 0	$ 0	$ 0
Unrealized gains on derivative activity, tax	0	0	0	0
Unrecognized pension cost, tax	0	0	0	0
Unrealized losses on available-for-sale debt securities, tax	$ 0	$ 0	$ 0	$ 0

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022		Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 1,428		$ 960
Restricted cash	53	[1],[2]	57
Short-term investments	527		227
Receivables, net of allowances of $59 and $53 at June 30, 2022 and December 31, 2021, respectively	699		633
Inventories	8		10
Prepaids and other assets	159		149
Prepaid income taxes	18		26
Total current assets	2,892		2,062
Equity method investments	185		216
Property and equipment, net	2,286		2,848
Financing receivables, net of allowances of $60 and $69 at June 30, 2022 and December 31, 2021, respectively	63		41
Operating lease right-of-use assets	377		446
Goodwill	3,080		2,965
Intangibles, net	1,810		1,977
Deferred tax assets	12		14
Other assets	1,945		2,034
TOTAL ASSETS	12,650		12,603
CURRENT LIABILITIES:
Current maturities of long-term debt	6		10
Accounts payable	554		523
Accrued expenses and other current liabilities	392		299
Current contract liabilities	1,280		1,178
Accrued compensation and benefits	144		187
Current operating lease liabilities	35		35
Total current liabilities	2,411		2,232
Long-term debt	3,798		3,968
Long-term contract liabilities	1,463		1,349
Long-term operating lease liabilities	294		349
Other long-term liabilities	1,072		1,139
Total liabilities	9,038		9,037
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock	0		0
Common stock	1		1
Additional paid-in capital	573		640
Retained earnings	3,300		3,167
Accumulated other comprehensive loss	(265)		(245)
Total stockholders' equity	3,609		3,563
Noncontrolling interests in consolidated subsidiaries	3		3
Total equity	3,612		3,566
TOTAL LIABILITIES AND EQUITY	$ 12,650		$ 12,603

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

[2] (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, 2022	Dec. 31, 2021
Allowance for doubtful accounts receivable, current	$ 59	$ 53
Financing receivable, allowance for credit loss	$ 60	$ 69
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
Long-term debt	$ 3,798	$ 3,968
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)	50,096,332	50,322,050
Common stock, shares, issued (in shares)	50,096,332	50,322,050
Common Class B
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	391,012,161	391,647,683
Common stock, shares, outstanding (in shares)	59,017,749	59,653,271
Common stock, shares, issued (in shares)	59,017,749	59,653,271

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ 133	$ (313)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		224	148
Gains on sales of real estate		(251)	(105)
Amortization of share awards		44	41
Amortization of operating lease right-of-use assets		17	14
Deferred income taxes		(2)	203
Asset impairments		10	2
Equity (earnings) losses from unconsolidated hospitality ventures		8	(20)
Loss on extinguishment of debt		8	0
Contra revenue		18	17
Unrealized (gains) losses, net		44	(13)
Working capital changes and other		130	(32)
Net cash provided by (used in) operating activities		383	(58)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments		(662)	(603)
Proceeds from marketable securities and short-term investments		387	663
Contributions to equity method and other investments		(5)	(24)
Return of equity method and other investments		23	25
Acquisitions, net of cash acquired		(39)	(230)
Capital expenditures		(104)	(37)
Issuance of financing receivables		(10)	(8)
Proceeds from sales of real estate, net of cash disposed		591	268
Other investing activities		20	(7)
Net cash provided by investing activities		201	47
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments and repurchases of debt		(16)	(2)
Repurchases of common stock		(101)	0
Utilization of restricted cash for legal defeasance of Series 2005 Bonds		(8)	0
Other financing activities		(17)	(14)
Net cash used in financing activities		(142)	(16)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		11	(7)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		453	(34)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR		1,065	1,237
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD		1,518	1,203
Supplemental disclosure of cash flow information:
Cash and cash equivalents		1,428	1,144
Restricted cash	[1],[2]	53	18
Restricted cash included in other assets	[1],[2]	37	41
Total cash, cash equivalents, and restricted cash		1,518	1,203
Cash paid during the period for interest		68	74
Cash paid during the period for income taxes, net		39	2
Cash paid for amounts included in the measurement of operating lease liabilities		22	18
Non-cash investing and financing activities are as follows:
Non-cash contributions to equity method and other investments (Note 12)		0	42
Change in accrued capital expenditures		8	1
Non-cash right-of-use assets obtained in exchange for operating lease liabilities		3	12
Non-cash legal defeasance of Series 2005 Bonds (see Note 6)		166	0
Non-cash reduction in right-of-use assets and operating lease liabilities for lease reassessment		12	0
Non-cash held-to-maturity debt security received (see Note 6)		$ 19	$ 0

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

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

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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 Income (Loss)	Noncontrolling Interests in Consolidated Subsidiaries	Common Class A	Common Class A Common Stock Amount	Common Class B	Common Class B Common Stock Amount
Common stock, shares, beginning balance (in shares) at Dec. 31, 2020								39,250,241		62,038,918
Balance, beginning of period at Dec. 31, 2020	$ 3,214		$ 13	$ 3,389	$ (192)	$ 3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	(349)			(304)	(45)
Employee stock plan issuance (in shares)								10,992
Employee stock plan issuance	1		1
Class share conversions (in shares)								800,169		(800,169)
Share-based payment activity (in shares)								462,103
Share-based payment activity	22		22
Common stock, shares, ending balance (in shares) at Mar. 31, 2021								40,523,505		61,238,749
Balance, end of period at Mar. 31, 2021	2,888		36	3,085	(237)	3		$ 1		$ 0
Common stock, shares, beginning balance (in shares) at Dec. 31, 2020								39,250,241		62,038,918
Balance, beginning of period at Dec. 31, 2020	3,214		13	3,389	(192)	3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	(339)
Common stock, shares, ending balance (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				$ 0
Common stock, shares, beginning balance (in shares) at Mar. 31, 2021								40,523,505		61,238,749
Balance, beginning of period at Mar. 31, 2021	2,888		36	3,085	(237)	3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	10			(9)	19
Employee stock plan issuance (in shares)								9,603
Employee stock plan issuance	1		1
Class share conversions (in shares)								614,831		(614,831)
Share-based payment activity (in shares)								11,150
Share-based payment activity	10		10
Common stock, shares, ending balance (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				$ 0
Common stock, shares, beginning balance (in shares) at Dec. 31, 2021							50,322,050	50,322,050	59,653,271	59,653,271
Balance, beginning of period at Dec. 31, 2021	3,566		640	3,167	(245)	3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	(59)			(73)	14
Employee stock plan issuance (in shares)								12,221
Employee stock plan issuance	1		1
Class share conversions (in shares)								635,522		(635,522)
Share-based payment activity (in shares)								303,355
Share-based payment activity	16		16
Common stock, shares, ending balance (in shares) at Mar. 31, 2022								51,273,148		59,017,749
Balance, end of period at Mar. 31, 2022	3,524		657	3,094	(231)	3		$ 1		$ 0
Common stock, shares, beginning balance (in shares) at Dec. 31, 2021							50,322,050	50,322,050	59,653,271	59,653,271
Balance, beginning of period at Dec. 31, 2021	3,566		640	3,167	(245)	3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	113
Common stock, shares, ending balance (in shares) at Jun. 30, 2022							50,096,332	50,096,332	59,017,749	59,017,749
Balance, end of period at Jun. 30, 2022	3,612	1	573	3,300	(265)	3				$ 0
Common stock, shares, beginning balance (in shares) at Mar. 31, 2022								51,273,148		59,017,749
Balance, beginning of period at Mar. 31, 2022	3,524		657	3,094	(231)	3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income (loss)	$ 172			206	(34)
Repurchases of common stock (in shares)	(1,210,402)
Repurchases of common stock	$ (101)		(101)	0
Employee stock plan issuance (in shares)								13,963
Employee stock plan issuance	1		1
Class share conversions (in shares)								0		0
Share-based payment activity (in shares)								19,623
Share-based payment activity	16		16
Common stock, shares, ending balance (in shares) at Jun. 30, 2022							50,096,332	50,096,332	59,017,749	59,017,749
Balance, end of period at Jun. 30, 2022	$ 3,612	$ 1	$ 573	$ 3,300	$ (265)	$ 3				$ 0

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ORGANIZATION

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

ORGANIZATION

Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively, "Hyatt Hotels Corporation") has offerings that consist of full services hotels, select service hotels, all-inclusive resorts, and other forms of residential, vacation ownership, and condominium units. We also offer travel distribution and destination management services through ALG Vacations and a paid membership program through the Unlimited Vacation Club. At June 30, 2022, our hotel portfolio included 525 full service hotels, comprising 172,729 rooms throughout the world; 548 select service hotels, comprising 79,604 rooms, of which 444 hotels are located in the United States; and 121 all-inclusive resorts, comprising 38,654 rooms. At June 30, 2022, our portfolio of properties operated in 72 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 hotels or licensed by third parties.

As used in these Notes and throughout this Quarterly Report on Form 10-Q:

•"Hyatt," "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries;

•"hotel portfolio" refers to our full service hotels, including our wellness resorts, our select service hotels, and our all-inclusive resorts;

•"properties," "portfolio of properties," or "property portfolio" refer to our hotel portfolio and residential, vacation ownership, and condominium 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, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Residence Club, Hyatt Place, Hyatt House, UrCove, Miraval, Alila, Andaz, Thompson Hotels, Hyatt Centric, Caption by Hyatt, The Unbound Collection by Hyatt, Destination by Hyatt, JdV by Hyatt, Hyatt Ziva, Hyatt Zilara, Zoëtry Wellness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas brands; and

•"hospitality ventures" refers to entities 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, 2021 (the "2021 Form 10-K").

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

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

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Adopted Accounting Standards

Government Assistance—In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-10 ("ASU 2021-10"), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires annual disclosures that are expected to increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. The provisions of ASU 2021-10 are effective for fiscal years beginning after December 31, 2021, and we adopted

ASU 2021-10 on January 1, 2022. We are currently evaluating the impact of ASU 2021-10 on our annual disclosures and do not expect a material impact to our consolidated financial statements.

Future Adoption of Accounting Standards

Reference Rate Reform—In March 2020, the FASB 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 Interbank Offered Rate or another reference rate expected to be discontinued 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, 2022

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, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues	$	209	$	—	$	—	$	—	$	4	$	—	$	(8)	$	205
Food and beverage	87		—		—		—		—		—		—		87
Other	39		—		—		—		—		—		—		39
Owned and leased hotels	335		—		—		—		4		—		(8)		331
Base management fees	—		61		8		11		9		—		(10)		79
Incentive management fees	—		18		6		8		17		—		(4)		45
Franchise fees	—		50		1		1		—		—		—		52
Other fees	—		3		3		1		10		11		—		28
Management, franchise, and other fees	—		132		18		21		36		11		(14)		204
Contra revenue	—		(6)		(1)		(2)		—		—		—		(9)
Net management, franchise, and other fees	—		126		17		19		36		11		(14)		195
Distribution and destination management	—		—		—		—		256		—		—		256
Other revenues	—		25		—		—		33		2		1		61
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		557		34		23		26		—		—		640
Total	$	335	$	708	$	51	$	42	$	355	$	13	$	(21)	$	1,483

	Six Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues	$	376	$	—	$	—	$	—	$	4	$	—	$	(14)	$	366
Food and beverage	156		—		—		—		—		—		—		156
Other	80		—		—		—		—		—		—		80
Owned and leased hotels	612		—		—		—		4		—		(14)		602
Base management fees	—		107		16		17		17		—		(18)		139
Incentive management fees	—		30		10		15		36		—		(6)		85
Franchise fees	—		84		1		2		—		—		—		87
Other fees	—		6		5		2		13		21		—		47
Management, franchise, and other fees	—		227		32		36		66		21		(24)		358
Contra revenue	—		(12)		(2)		(4)		—		—		—		(18)
Net management, franchise, and other fees	—		215		30		32		66		21		(24)		340
Distribution and destination management	—		—		—		—		502		—		—		502
Other revenues	—		63		—		—		67		6		2		138
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		1,018		63		44		55		—		—		1,180
Total	$	612	$	1,296	$	93	$	76	$	694	$	27	$	(36)	$	2,762

	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

Contract Balances

Our contract assets, included in receivables, net on our condensed consolidated balance sheets, were insignificant at both June 30, 2022 and December 31, 2021. 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, 2022		December 31, 2021
Deferred revenue related to the paid membership program	$	943	$	833
Deferred revenue related to the loyalty program	875		814
Deferred revenue related to travel distribution and destination management services	721		629
Advanced deposits	52		61
Initial fees received from franchise owners	44		42
Deferred revenue related to insurance programs	22		52
Other deferred revenue	86		96
Total contract liabilities	$	2,743	$	2,527

The following table summarizes the activity in our contract liabilities:

	2022		2021
Beginning balance, January 1	$	2,527	$	941
Cash received and other	1,410		105
Revenue recognized	(1,245)		(86)
Ending balance, March 31	$	2,692	$	960
Cash received and other	1,283		133
Revenue recognized	(1,232)		(115)
Ending balance, June 30	$	2,743	$	978

Revenue recognized during the three months ended June 30, 2022 and June 30, 2021 included in the contract liabilities balance at the beginning of each year was $168 million and $78 million, respectively. Revenue recognized during the six months ended June 30, 2022 and June 30, 2021 included in the contract liabilities balance at the beginning of the year was $669 million and $147 million, respectively. This revenue primarily relates to travel distribution and destination management services, the loyalty program, and the paid membership program.

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 $475 million at June 30, 2022, of which we expect to recognize approximately 20% 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, 2022

Investments, Debt and Equity Securities [Abstract]

DEBT AND EQUITY SECURITIES

DEBT AND EQUITY SECURITIES

Equity Method Investments

Equity method investments were $185 million and $216 million at June 30, 2022 and December 31, 2021, respectively.

During the three and six months ended June 30, 2022, we received $23 million of proceeds related to the sale of our ownership interest in an equity method investment and recognized a $4 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss), net of a $5 million reclassification from accumulated other comprehensive loss (see Note 13).

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 on our condensed consolidated statements of income (loss).

During the six months ended June 30, 2021, we purchased our hospitality venture 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, 2022		December 31, 2021
Loyalty program (Note 8)	$	654	$	601
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	426		543
Captive insurance company (Note 8)	114		148
Total marketable securities held to fund operating programs	$	1,194	$	1,292
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(254)		(173)
Marketable securities held to fund operating programs included in other assets	$	940	$	1,119

At June 30, 2022 and December 31, 2021, marketable securities held to fund operating programs included:

•$164 million and $141 million, respectively, of available-for-sale ("AFS") debt securities with contractual maturity dates ranging from 2022 through 2069. The fair value of our AFS debt securities approximates amortized cost;

•$139 million and $4 million, respectively, of time deposits classified as held-to-maturity ("HTM") debt securities with contractual maturity dates ranging from 2022 through 2026. The fair value of our time deposits approximates amortized cost;

•$61 million and $89 million, respectively, of equity securities with a readily determinable fair value.

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,
	2022		2021		2022		2021
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	(46)	$	20	$	(78)	$	23
Other income (loss), net (Note 18)	(12)		4		(30)		(5)
Other comprehensive loss (Note 13)	(3)		—		(10)		(1)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	—	$	4	$	1	$	13

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, 2022		December 31, 2021
Interest-bearing money market funds	$	765	$	231
Time deposits (1)	379		255
Common shares in Playa N.V. (Note 8)	83		97
Total marketable securities held for investment purposes	$	1,227	$	583
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(1,144)		(486)
Marketable securities held for investment purposes included in other assets	$	83	$	97
(1) Time deposits have contractual maturity dates in 2022.

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, 2022 or June 30, 2021. 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,
	2022		2021		2022		2021
Other income (loss), net (Note 18)	$	(22)	$	1	$	(14)	$	18

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, 2022		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	871	$	871	$	—	$	—
Mutual funds	487		—		—		487
Common shares in Playa N.V.	83		—		—		83
Level Two - Significant Other Observable Inputs
Time deposits	518		—		515		3
U.S. government obligations	234		—		3		231
U.S. government agencies	56		—		2		54
Corporate debt securities	119		—		7		112
Mortgage-backed securities	23		—		—		23
Asset-backed securities	24		—		—		24
Municipal and provincial notes and bonds	6		—		—		6
Total	$	2,421	$	871	$	527	$	1,023

	December 31, 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	$	397	$	397	$	—	$	—
Mutual funds	632		—		—		632
Common shares in Playa N.V.	97		—		—		97
Level Two - Significant Other Observable Inputs
Time deposits	259		35		221		3
U.S. government obligations	235		—		—		235
U.S. government agencies	58		—		—		58
Corporate debt securities	137		—		6		131
Mortgage-backed securities	24		—		—		24
Asset-backed securities	28		—		—		28
Municipal and provincial notes and bonds	8		—		—		8
Total	$	1,875	$	432	$	227	$	1,216

During the six months ended June 30, 2022 and June 30, 2021, there were no transfers between levels of the fair value hierarchy. We do not have nonfinancial assets or nonfinancial liabilities required to be measured at fair value on a recurring basis.

Other Investments

HTM Debt Securities—We also hold investments in third-party entities related to certain of our hotels, which are redeemable on various dates through 2062 and are recorded as HTM debt securities within other assets on our condensed consolidated balance sheets:

	June 30, 2022		December 31, 2021
HTM debt securities	$	113	$	91
Less: allowance for credit losses	(40)		(38)
Total HTM debt securities, net of allowances	$	73	$	53

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

	2022		2021
Allowance at January 1	$	38	$	21
Provisions (1)	1		1
Allowance at March 31	$	39	$	22
Provisions (1)	1		7
Allowance at June 30	$	40	$	29
(1) Provisions for credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18).

We estimated the fair value of these HTM debt securities to be approximately $100 million and $77 million at June 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, we held $12 million of investments in equity securities without a readily determinable fair value, which are recorded within other assets on our condensed consolidated balance sheets and 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, 2022

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

RECEIVABLES

RECEIVABLES        

Receivables

At June 30, 2022 and December 31, 2021, we had $699 million and $633 million of net receivables, respectively, recorded on our condensed consolidated balance sheets.

The following table summarizes the activity in our receivables allowance for credit losses:

	2022		2021
Allowance at January 1	$	53	$	56
Provisions	7		1
Other	(4)		—
Allowance at March 31	$	56	$	57
Provisions	6		4
Other	(3)		(3)
Allowance at June 30	$	59	$	58

Financing Receivables

	June 30, 2022		December 31, 2021
Unsecured financing to hotel owners	$	137	$	133
Less: current portion of financing receivables, included in receivables, net	(14)		(23)
Less: allowance for credit losses	(60)		(69)
Total long-term financing receivables, net of allowances	$	63	$	41

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

	2022		2021
Allowance at January 1	$	69	$	114
Provisions	—		3
Foreign currency exchange, net	3		(2)
Allowance at March 31	$	72	$	115
Provisions and reversals, net	(7)		3
Write-offs	(1)		—
Foreign currency exchange, net	(4)		2
Allowance at June 30	$	60	$	120

Credit Monitoring—Our unsecured financing receivables were as follows:

	June 30, 2022
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	135	$	(59)	$	76	$	48
Other financing arrangements	2		(1)		1		—
Total unsecured financing receivables	$	137	$	(60)	$	77	$	48

	December 31, 2021
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	130	$	(67)	$	63	$	47
Other financing arrangements	3		(2)		1		—
Total unsecured financing receivables	$	133	$	(69)	$	64	$	47

Fair Value—We estimated the fair value of financing receivables to be approximately $108 million and $88 million at June 30, 2022 and December 31, 2021, 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, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

Acquisitions

Apple Leisure Group—During the year ended December 31, 2021, we acquired 100% of the outstanding limited partnership interests in Casablanca Global Intermediate Holdings L.P., doing business as Apple Leisure Group ("ALG"), and 100% of the outstanding ordinary shares of Casablanca Global GP Limited, its general partner, in a business combination for a purchase price of $2.7 billion (the "ALG Acquisition"). The transaction included $69 million of contingent consideration payable upon achieving certain targets related to ALG's outstanding travel

credits; however, we did not record a contingent liability as the achievement was not considered probable as of the acquisition date.

We closed on the transaction on November 1, 2021 and paid $2,718 million of cash, inclusive of $39 million of purchase price adjustments for amounts due back to the seller that were recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet at December 31, 2021 and paid during the six months ended June 30, 2022.

Net assets acquired were determined as follows:

Cash paid, net of cash acquired	$	2,718
Cash and cash equivalents acquired	460
Restricted cash acquired	16
Net assets acquired	$	3,194

The acquisition includes (i) management and marketing agreements for operating and pipeline hotels, primarily across Mexico, the Caribbean, Central America, and Europe, and brand names affiliated with ALG resorts; (ii) customer relationships and brand names related to ALG Vacations; and (iii) customer relationships and a brand name associated with the Unlimited Vacation Club paid membership program.

Our condensed consolidated balance sheets at both June 30, 2022 and December 31, 2021 reflect preliminary estimates of the fair value of the assets acquired and liabilities assumed based on available information as of the acquisition date. The fair values of intangible assets acquired are estimated using either discounted future cash flow models or the relief from royalty method, both of which include revenue projections based on the expected contract terms and long-term growth rates, which are primarily Level Three assumptions. The fair values of performance guarantee liabilities assumed are estimated using scenario-based weighting, which utilizes a Monte Carlo simulation to model the probability of possible outcomes. The valuation methodology includes assumptions and judgments regarding probability weighting, discount rates, volatility, and hotel operating results as well as qualitative factors, which are primarily Level Three assumptions (see Note 12). The remaining assets and liabilities were recorded at their carrying values, which approximate their fair values.

During 2022, the fair values of certain assets acquired and liabilities assumed were revised. The measurement period adjustments primarily resulted from the refinement of contract terms, renewal periods, useful lives, and other assumptions, which affected the underlying cash flows in the valuation and were based on facts and circumstances that existed at the acquisition date. Measurement period adjustments recorded on our condensed consolidated balance sheet at June 30, 2022 primarily include a $74 million increase in other long-term liabilities, net of $10 million of tax impacts (see Note 12); a $41 million decrease in intangibles, net; and a $16 million decrease in property and equipment, net, all of which resulted in a corresponding $131 million increase to goodwill. During the six months ended June 30, 2022, we recognized insignificant income and $11 million of expenses on our condensed consolidated statements of income (loss) that would have been recognized during the three months ended March 31, 2022 and the year ended December 31, 2021, respectively, if the measurement period adjustments would have been made as of the acquisition date.

We will continue to evaluate the contracts acquired and the underlying inputs and assumptions used in our valuation of assets acquired and liabilities assumed. Accordingly, these estimates, along with any related tax impacts, are subject to change during the measurement period, which is up to one year from the acquisition date.

The following table summarizes the preliminary fair value of the identifiable net assets acquired recorded on the Apple Leisure Group segment at June 30, 2022:

Cash and cash equivalents	$	460
Restricted cash	16
Receivables	168
Prepaids and other assets	74
Property and equipment	6
Financing receivables, net	19
Operating lease right-of-use assets	78
Goodwill (1)	2,808
Indefinite-lived intangibles (2)	503
Management agreement intangibles (3)	481
Customer relationships intangibles (4)	608
Other intangibles	15
Other assets	42
Total assets acquired	$	5,278
Accounts payable	$	255
Accrued expenses and other current liabilities	97
Current contract liabilities (5)	646
Accrued compensation and benefits	49
Current operating lease liabilities	8
Long-term contract liabilities (5)	747
Long-term operating lease liabilities	70
Other long-term liabilities	212
Total liabilities assumed	$	2,084
Total net assets acquired attributable to Hyatt Hotels Corporation	$	3,194

(1) The goodwill is attributable to the growth opportunities we expect to realize by expanding our footprint in luxury and resort travel, expanding our platform for growth, increasing choices and experiences for guests, and enhancing end-to-end leisure travel offerings. Goodwill of $36 million is tax deductible.

(2) Includes intangible assets related to various ALG brand names.

(3) Amortized over useful lives of approximately 1 to 15 years, with a weighted-average useful life of approximately 11 years.

(4) Amortized over useful lives of 4 to 11 years, with a weighted-average useful life of approximately 8 years.

(5) Contract liabilities assumed were recorded at carrying value at the date of acquisition.

Alila Ventana Big Sur—During the three months ended June 30, 2021, we completed an asset acquisition of Alila Ventana Big Sur for $146 million, net of closing costs and proration adjustments, which primarily consisted of $149 million of property and equipment. 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; however, we sold the property before a suitable replacement property was identified.

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 were released from our debt repayment guarantee. 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

The Confidante Miami Beach—During the three months ended June 30, 2022, we sold The Confidante Miami Beach to an unrelated third party for approximately $227 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 $24 million pre-tax gain, which was recognized in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.

The Driskill—During the three months ended June 30, 2022, we sold The Driskill to an unrelated third party for approximately $119 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 $51 million pre-tax gain, which was recognized in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. At March 31, 2022, we classified the assets and liabilities as held for sale on our condensed consolidated balance sheet.

Grand Hyatt San Antonio River Walk—During the three months ended June 30, 2022, we sold Grand Hyatt San Antonio River Walk to an unrelated third party and accounted for the transaction as an asset disposition. We received approximately $109 million of cash consideration, net of closing costs; a $19 million HTM debt security as additional consideration; and $18 million from the release of restricted cash held for debt service related to Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B (collectively, the "Series 2005 Bonds"). At the time of sale, we had $166 million of outstanding debt related to the Series 2005 Bonds, inclusive of accrued interest and net of $4 million of unamortized discounts, which was legally defeased in conjunction with the sale (see Note 9). Upon sale, we entered into a long-term management agreement for the property.

The sale resulted in a $137 million pre-tax gain, which was recognized in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. In connection with the disposition, we recognized a $7 million goodwill impairment charge in asset impairments on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. The assets disposed represented the entirety of the related reporting unit and therefore, no business operations remained to support the related goodwill, which was therefore impaired. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. At March 31, 2022, we classified the assets and liabilities as held for sale on our condensed consolidated balance sheet.

Hyatt Regency Indian Wells Resort & Spa—During the three months ended June 30, 2022, we sold Hyatt Regency Indian Wells Resort & Spa to an unrelated third party for approximately $136 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 $40 million pre-tax gain, which was recognized in gains on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended June 30, 2022. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment. At March 31, 2022, we classified the assets and liabilities as held for sale on our condensed consolidated balance sheet.

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 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.

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INTANGIBLES, NET

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES, NET

INTANGIBLES, NET

	June 30, 2022		Weighted- average useful lives in years	December 31, 2021
Management and franchise agreement intangibles	$	814	14	$	835
Brand and other indefinite-lived intangibles	626		—	646
Customer relationships intangibles	608		9	586
Other intangibles	21		5	58
Intangibles	2,069			2,125
Less: accumulated amortization	(259)			(148)
Intangibles, net	$	1,810		$	1,977

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization expense	$	51	$	7	$	111	$	14

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OTHER ASSETS

6 Months Ended

Jun. 30, 2022

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

OTHER ASSETS

OTHER ASSETS

	June 30, 2022		December 31, 2021
Management and franchise agreement assets constituting payments to customers (1)	$	619	$	571
Marketable securities held to fund rabbi trusts (Note 4)	426		543
Marketable securities held to fund the loyalty program (Note 4)	414		439
Marketable securities held for captive insurance company (Note 4)	100		137
Long-term investments (Note 4)	85		65
Common shares in Playa N.V. (Note 4)	83		97
Long-term restricted cash	37		48
Other	181		134
Total other assets	$	1,945	$	2,034
(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, 2022

Debt Disclosure [Abstract]

DEBT

DEBT

Long-term debt was $3,798 million and $3,968 million at June 30, 2022 and December 31, 2021, respectively.

Revolving Credit Facility—During the three months ended June 30, 2022, we entered into a new credit agreement with a syndicate of lenders that provides for a $1.5 billion senior unsecured revolving credit facility (the "revolving credit facility") that matures in May 2027. The credit agreement refinanced and replaced in its entirety our Second Amended and Restated Credit Agreement dated as of January 6, 2014, as amended (the "prior revolving credit facility"). The credit agreement provides for the issuance of revolving loans to us in U.S. dollars and, subject to a sublimit of $250 million, certain other currencies, and the issuance of up to $300 million of letters of credit. We have the option during the term of the revolving credit facility to increase the facility by an aggregate amount of up to an additional $500 million provided that, among other things, new and/or existing lenders agree to provide commitments for the increased amount. We may prepay any outstanding aggregate principal amount, in whole or in part, at any time, subject to certain restrictions and upon proper notice. The credit agreement contains customary affirmative, negative, and financial covenants; representations and warranties; and default provisions.

During the six months ended June 30, 2022 and June 30, 2021, we had no borrowings or repayments on our revolving credit facility or our prior revolving credit facility. At both June 30, 2022 and December 31, 2021, we had no balance outstanding on our revolving credit facility or our prior revolving credit facility. At June 30, 2022, we had $1,496 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding.

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

•$300 million of floating rate senior notes due 2023

•$350 million of 3.375% senior notes due 2023

•$700 million of 1.300% senior notes due 2023

•$750 million of 1.800% senior notes due 2024

•$450 million of 5.375% senior notes due 2025

•$400 million of 4.850% senior notes due 2026

•$400 million of 4.375% senior notes due 2028

•$450 million of 5.750% senior notes due 2030

Our Senior Notes 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, as applicable, 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, 2022
	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)	$	3,817	$	3,748	$	—	$	3,707	$	41

(1) Excludes $7 million of finance lease obligations and $20 million of unamortized discounts and deferred financing fees.

	December 31, 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 (2)	$	4,000	$	4,230	$	—	$	4,193	$	37

(2) Excludes $7 million of finance lease obligations and $29 million of unamortized discounts and deferred financing fees.

Senior Notes Repurchases—During the three months ended June 30, 2022, we repurchased $4 million of our senior notes due 2024, $1 million of our senior notes due 2028, and $10 million of our senior notes due 2030 in the open market.

Series 2005 Bonds—The Series 2005 Bonds had $166 million outstanding, inclusive of accrued interest and net of $4 million of unamortized discounts, and were legally defeased in conjunction with the sale of Grand Hyatt San Antonio River Walk during the three months ended June 30, 2022 (see Note 6). We recognized an $8 million loss on extinguishment of debt in other income (loss), net on our condensed consolidated statements of income (loss), which related to restricted cash utilized to defease the debt (see Note 18).

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OTHER LONG-TERM LIABILITIES

6 Months Ended

Jun. 30, 2022

Other Liabilities [Abstract]

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

	June 30, 2022		December 31, 2021
Deferred compensation plans funded by rabbi trusts (Note 4)	$	426	$	543
Income taxes payable	299		281
Guarantee liabilities (Note 12)	147		92
Deferred income taxes (Note 11)	79		93
Self-insurance liabilities (Note 12)	66		66
Other	55		64
Total other long-term liabilities	$	1,072	$	1,139

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INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The provision for income taxes for the three months ended June 30, 2022 and June 30, 2021 was $106 million and $15 million, respectively. The increase was driven by the sales of Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill, and The Confidante Miami Beach. The provision for income taxes for the six months ended June 30, 2022 and June 30, 2021 was $108 million and $201 million, respectively. The decrease was driven by the impact of a non-cash expense to record a valuation allowance on U.S. federal and state deferred tax assets in the first quarter of 2021 as a result of entering into a three-year cumulative U.S. pre-tax loss position during the period.

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. The U.S. Tax Court trial proceedings occurred during April 2022, and the trial outcome is pending, subject to the U.S. Tax Court Judge's ruling. During the six months ended June 30, 2021, we received a Notice of Proposed Adjustment for tax years 2015 through 2017 related to the loyalty program issue. 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 estimated income tax payment of $227 million (including $69 million of 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, 2022 and December 31, 2021, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $216 million and $205 million, respectively, of which $196 million and $186 million, respectively, would impact the effective tax rate if recognized. While it is reasonably possible that the amount of uncertain tax benefits associated with the U.S. treatment of the loyalty program could significantly change within the next 12 months, at this time, we are not able to estimate the range by which the reasonably possible outcomes of the pending litigation could impact our uncertain tax benefits within the next 12 months.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

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

Commitments—At June 30, 2022, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in, various business ventures up to $317 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. Except as described below, at June 30, 2022, our performance guarantees have $111 million of remaining maximum exposure and expire between 2022 and 2042.

We acquired certain management agreements in the ALG Acquisition with performance guarantees expiring between 2022 and 2045. Our condensed consolidated balance sheet at June 30, 2022 reflects preliminary estimates of the fair value of the performance guarantees liabilities assumed based on information that was available as of the date of acquisition. The performance guarantees are based on annual performance levels. Contract terms within the management agreements limit our exposure, and therefore, we are unable to reasonably estimate our maximum potential future payments. Based on current forecasts and long-term financial expectations of the hotels, the likelihood of funding under these performance guarantees is not probable at June 30, 2022. We

continue to review and evaluate the agreements acquired in the ALG Acquisition and the contractual obligations therein. Any additional contractual obligations identified could be material and may increase our liabilities assumed in the ALG Acquisition (see Note 6).

At June 30, 2022 and December 31, 2021, we had $115 million and $52 million, respectively, of total performance guarantee liabilities, which included $109 million and $41 million, respectively, recorded in other long-term liabilities and $6 million and $11 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

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, 2022 and December 31, 2021, we had $6 million and $7 million, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these performance cure payments.

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

Geographical region	Maximum potential future payments		Maximum exposure net of recoverability from third parties		Other long-term liabilities recorded at June 30, 2022		Other long-term liabilities recorded at December 31, 2021		Year of guarantee expiration
United States (1), (2)	$	134	$	51	$	6	$	10	various, through 2024
All foreign (1), (3)	207		197		32		41		various, through 2031
Total	$	341	$	248	$	38	$	51

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

(2) Certain agreements give us the ability to assume control of the property if defined funding thresholds are met or if certain events occur.

(3) Certain debt repayment guarantees are denominated in Indian rupees and translated using exchange rates at June 30, 2022. 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 $93 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.

At June 30, 2022, 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 approximately $141 million and $87 million at June 30, 2022 and December 31, 2021, 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 $33 million and $34 million at June 30, 2022 and December 31, 2021, 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 $66 million at both June 30, 2022 and December 31, 2021 and are recorded in other long-term liabilities on our condensed consolidated balance sheets.

Collective Bargaining Agreements—At June 30, 2022, approximately 21% 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 various unions and us.

Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good.

Surety and Other Bonds—Surety and other bonds issued on our behalf were $46 million at June 30, 2022 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, 2022 were $274 million, which primarily relate to our ongoing operations, collateral for customer deposits associated with ALG Vacations, 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. Of the letters of credit outstanding, $4 million reduces 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, 2022, our maximum exposure is not expected to exceed $18 million.

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EQUITY

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

EQUITY

EQUITY

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of insignificant tax impacts, were as follows:

	Balance at April 1, 2022		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2022
Foreign currency translation adjustments (1)	$	(185)	$	(39)	$	5	$	(219)
Unrealized losses on AFS debt securities	(8)		(3)		—		(11)
Unrecognized pension benefit (cost)	(6)		1		1		(4)
Unrealized gains (losses) on derivative instruments (2)	(32)		—		1		(31)
Accumulated other comprehensive loss	$	(231)	$	(41)	$	7	$	(265)
(1) The amount reclassified from accumulated other comprehensive loss includes realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in an unconsolidated hospitality venture (see Note 4).
(2) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.
	Balance at January 1, 2022		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2022
Foreign currency translation adjustments (3)	$	(206)	$	(18)	$	5	$	(219)
Unrealized losses on AFS debt securities	(1)		(10)		—		(11)
Unrecognized pension cost	(4)		—		—		(4)
Unrealized gains (losses) on derivative instruments (4)	(34)		—		3		(31)
Accumulated other comprehensive loss	$	(245)	$	(28)	$	8	$	(265)
(3) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in an unconsolidated hospitality venture (see Note 4).
(4) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks. We expect to reclassify $6 million of losses over the next 12 months.

	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 (5)	$	(191)	$	15	$	2	$	(174)
Unrealized gains (losses) on AFS debt securities	—		—		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (6)	(39)		—		2		(37)
Accumulated other comprehensive loss	$	(237)	$	15	$	4	$	(218)
(5) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in certain unconsolidated hospitality ventures (see Note 4).
(6) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.
	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 (7)	$	(145)	$	(9)	$	(20)	$	(174)
Unrealized gains (losses) on AFS debt securities	1		(1)		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (8)	(41)		—		4		(37)
Accumulated other comprehensive loss	$	(192)	$	(10)	$	(16)	$	(218)
(7) The amount reclassified from accumulated other comprehensive loss included realized net gains recognized in equity earnings (losses) from unconsolidated hospitality ventures 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 (see Note 4).
(8) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.

Share Repurchases—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 market conditions, 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, 2022, we repurchased 1,210,402 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $83.34 per share for an aggregate purchase price of $101 million, excluding insignificant related expenses. The shares repurchased during the six months ended June 30, 2022 represented approximately 1% of our total shares of common stock outstanding at December 31, 2021.

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

The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares. At June 30, 2022, we had $827 million remaining under the share repurchase authorization.

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STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

As part of our Long-Term Incentive Plan, 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 these expenses have been and will continue to be reimbursed by our third-party hotel owners and are recognized in 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,
	2022		2021		2022		2021
SARs	$	1	$	1	$	11	$	10
RSUs	8		3		24		16
PSUs	3		4		5		10
Total	$	12	$	8	$	40	$	36

SARs—During the six months ended June 30, 2022, we granted 359,113 SARs to employees with a weighted-average grant date fair value of $37.56. 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.

RSUs—During the six months ended June 30, 2022, we granted 520,935 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $91.75. 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.

PSUs—During the six months ended June 30, 2022, we granted 176,756 PSUs to employees with a weighted-average grant date fair value of $81.14. 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.

Our total unearned compensation for our stock-based compensation programs at June 30, 2022 was $4 million for SARs, $47 million for RSUs, and $23 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, 2022

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:

Legal Services—A partner in a law firm that provided services to us throughout 2022 and 2021 is the brother-in-law of our Executive Chairman. During the three and six months ended June 30, 2022, we incurred $4 million and $6 million of legal fees with this firm, respectively. During both the three and six months ended June 30, 2021, we incurred insignificant amounts of legal fees with this firm. At June 30, 2022 and December 31, 2021, we had $4 million and insignificant amounts due to the law firm, respectively.

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 $6 million and $3 million of fees during the three months ended June 30, 2022 and June 30, 2021, respectively. During the six months ended June 30, 2022 and June 30, 2021, we recognized $10 million and $4 million of fees, respectively. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 12) to these entities. During both the three months ended June 30, 2022 and June 30, 2021, we recognized insignificant income related to these guarantees. During the six months ended June 30, 2022 and June 30, 2021, we recognized $3 million and $2 million of income related to these guarantees, respectively. At June 30, 2022 and December 31, 2021, we had $51 million and $29 million of net receivables due from these properties, respectively. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%.

Class B Share Conversion—During the six months ended June 30, 2022, 635,522 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. 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. 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, 2022

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. Following the ALG Acquisition during the year ended December 31, 2021, ALG is managed as a separate reportable segment, but in the future, we may realign our reportable segments after integrating aspects of ALG's business. 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 services and licensing of our portfolio of brands to franchisees located in the United States, Canada, the Caribbean, Mexico, Central America, and South America, 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, digital and technology, digital media, 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 services 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 services 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.

•Apple Leisure Group—This segment derives its earnings from distribution and destination management services offered through ALG Vacations; management and marketing services primarily for all-inclusive ALG resorts located in Mexico, the Caribbean, Central America, South America, and Europe; and through a paid membership program offering benefits exclusively at ALG resorts in Mexico, the Caribbean, and Central America. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate to certain system-wide services provided on behalf of owners of ALG resorts.

As previously announced, the Company plans a geographic realignment of its Europe, Africa & Middle East (EAME) region in which the Indian subcontinent will become part of the ASPAC management and franchising segment. This change is expected to be effective on January 1, 2023.

Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, and other fees revenues; distribution and destination management revenues; other 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 related to our co-branded credit card program and unallocated corporate expenses.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Owned and leased hotels
Owned and leased hotels revenues	$	335	$	194	$	612	$	301
Intersegment revenues (1)	8		3		14		6
Adjusted EBITDA	99		12		153		(17)
Depreciation and amortization	44		58		96		117
Americas management and franchising
Management, franchise, and other fees revenues	132		66		227		104
Contra revenue	(6)		(5)		(12)		(9)
Other revenues	25		19		63		36
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	557		327		1,018		554
Intersegment revenues (1)	12		7		21		10
Adjusted EBITDA	117		54		202		82
Depreciation and amortization	6		6		11		11
ASPAC management and franchising
Management, franchise, and other fees revenues	18		20		32		35
Contra revenue	(1)		(1)		(2)		(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	34		24		63		44
Adjusted EBITDA	6		10		11		15
Depreciation and amortization	1		1		1		2
EAME/SW Asia management and franchising
Management, franchise, and other fees revenues	21		6		36		13
Contra revenue	(2)		(3)		(4)		(6)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	23		15		44		28
Intersegment revenues (1)	2		—		3		—
Adjusted EBITDA	13		(1)		19		(1)
Apple Leisure Group
Owned and leased hotels revenue	4		—		4		—
Management, franchise, and other fees revenues	36		—		66		—
Distribution and destination management revenues	256		—		502		—
Other revenues	33		—		67		—
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	26		—		55		—
Adjusted EBITDA	54		—		110		—
Depreciation and amortization	47		—		102		—
Corporate and other
Revenues	13		11		27		19
Intersegment revenues (1)	(1)		—		(2)		—
Adjusted EBITDA	(34)		(21)		(72)		(45)
Depreciation and amortization	7		9		14		18
Eliminations
Revenues (1)	(21)		(10)		(36)		(16)
Adjusted EBITDA	—		1		1		1
TOTAL
Revenues	$	1,483	$	663	$	2,762	$	1,101
Adjusted EBITDA	255		55		424		35
Depreciation and amortization	105		74		224		148
(1) 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 income (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,
	2022		2021		2022		2021
Net income (loss) attributable to Hyatt Hotels Corporation	$	206	$	(9)	$	133	$	(313)
Interest expense	38		42		78		83
Provision for income taxes	106		15		108		201
Depreciation and amortization	105		74		224		148
EBITDA	455		122		543		119
Contra revenue	9		9		18		17
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(640)		(366)		(1,180)		(626)
Costs incurred on behalf of managed and franchised properties	628		375		1,184		652
Equity (earnings) losses from unconsolidated hospitality ventures	(1)		34		8		(20)
Stock-based compensation expense (Note 14)	12		8		40		36
Gains on sales of real estate (Note 6)	(251)		(105)		(251)		(105)
Asset impairments	7		2		10		2
Other (income) loss, net (Note 18)	19		(25)		29		(37)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		1		23		(3)
Adjusted EBITDA	$	255	$	55	$	424	$	35

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EARNINGS (LOSSES) PER SHARE

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

EARNINGS (LOSSES) PER SHARE

EARNINGS (LOSSES) PER SHARE

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income (loss)	$	206	$	(9)	$	133	$	(313)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to Hyatt Hotels Corporation	$	206	$	(9)	$	133	$	(313)
Denominator:
Basic weighted-average shares outstanding	109,953,302		101,898,773		110,062,212		101,713,331
Share-based compensation	1,973,560		—		2,120,840		—
Diluted weighted-average shares outstanding	111,926,862		101,898,773		112,183,052		101,713,331
Basic Earnings (Losses) Per Share:
Net income (loss)	$	1.88	$	(0.08)	$	1.21	$	(3.07)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.88	$	(0.08)	$	1.21	$	(3.07)
Diluted Earnings (Losses) Per Share:
Net income (loss)	$	1.85	$	(0.08)	$	1.19	$	(3.07)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.85	$	(0.08)	$	1.19	$	(3.07)

The computations of diluted net earnings (losses) per share for the three and six months ended June 30, 2022 and June 30, 2021 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,
	2022	2021	2022	2021
SARs	11,500	1,321,700	9,200	1,317,600
RSUs	10,500	587,900	1,700	584,100

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OTHER INCOME (LOSS), NET

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

OTHER INCOME (LOSS), NET

OTHER INCOME (LOSS), NET

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Unrealized gains (losses), net (Note 4)	$	(34)	$	5	$	(44)	$	13
Loss on extinguishment of debt (Note 9)	(8)		—		(8)		—
Foreign currency gains (losses), net	(3)		13		(2)		7
Performance guarantee expense (Note 12)	(1)		(4)		(8)		(5)
Depreciation recovery	4		5		8		9
Performance guarantee liability amortization (Note 12)	5		—		7		1
Credit loss provisions and reversals, net (Note 4 and Note 5)	6		(8)		5		(10)
Interest income	9		8		15		14
Other, net	3		6		(2)		8
Other income (loss), net	$	(19)	$	25	$	(29)	$	37

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SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTOn August 3, 2022, we acquired Hotel Irvine, located in Irvine, California, from an unrelated third party for approximately $135 million.

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)

6 Months Ended

Jun. 30, 2022

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.

Adopted Accounting Standards and Future Adoption of Accounting Standards

Adopted Accounting Standards

Government Assistance—In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-10 ("ASU 2021-10"), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires annual disclosures that are expected to increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. The provisions of ASU 2021-10 are effective for fiscal years beginning after December 31, 2021, and we adopted

ASU 2021-10 on January 1, 2022. We are currently evaluating the impact of ASU 2021-10 on our annual disclosures and do not expect a material impact to our consolidated financial statements.

Future Adoption of Accounting Standards

Reference Rate Reform—In March 2020, the FASB 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 Interbank Offered Rate or another reference rate expected to be discontinued 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

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 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. Following the ALG Acquisition during the year ended December 31, 2021, ALG is managed as a separate reportable segment, but in the future, we may realign our reportable segments after integrating aspects of ALG's business. 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 services and licensing of our portfolio of brands to franchisees located in the United States, Canada, the Caribbean, Mexico, Central America, and South America, 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, digital and technology, digital media, 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 services 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 services 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.

•Apple Leisure Group—This segment derives its earnings from distribution and destination management services offered through ALG Vacations; management and marketing services primarily for all-inclusive ALG resorts located in Mexico, the Caribbean, Central America, South America, and Europe; and through a paid membership program offering benefits exclusively at ALG resorts in Mexico, the Caribbean, and Central America. This segment's revenues also include the reimbursement of costs incurred on behalf of managed and franchised properties. These reimbursed costs relate to certain system-wide services provided on behalf of owners of ALG resorts.

As previously announced, the Company plans a geographic realignment of its Europe, Africa & Middle East (EAME) region in which the Indian subcontinent will become part of the ASPAC management and franchising segment. This change is expected to be effective on January 1, 2023.

Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, and other fees revenues; distribution and destination management revenues; other 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, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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

	Three Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues	$	209	$	—	$	—	$	—	$	4	$	—	$	(8)	$	205
Food and beverage	87		—		—		—		—		—		—		87
Other	39		—		—		—		—		—		—		39
Owned and leased hotels	335		—		—		—		4		—		(8)		331
Base management fees	—		61		8		11		9		—		(10)		79
Incentive management fees	—		18		6		8		17		—		(4)		45
Franchise fees	—		50		1		1		—		—		—		52
Other fees	—		3		3		1		10		11		—		28
Management, franchise, and other fees	—		132		18		21		36		11		(14)		204
Contra revenue	—		(6)		(1)		(2)		—		—		—		(9)
Net management, franchise, and other fees	—		126		17		19		36		11		(14)		195
Distribution and destination management	—		—		—		—		256		—		—		256
Other revenues	—		25		—		—		33		2		1		61
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		557		34		23		26		—		—		640
Total	$	335	$	708	$	51	$	42	$	355	$	13	$	(21)	$	1,483

	Six Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME/SW Asia management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues	$	376	$	—	$	—	$	—	$	4	$	—	$	(14)	$	366
Food and beverage	156		—		—		—		—		—		—		156
Other	80		—		—		—		—		—		—		80
Owned and leased hotels	612		—		—		—		4		—		(14)		602
Base management fees	—		107		16		17		17		—		(18)		139
Incentive management fees	—		30		10		15		36		—		(6)		85
Franchise fees	—		84		1		2		—		—		—		87
Other fees	—		6		5		2		13		21		—		47
Management, franchise, and other fees	—		227		32		36		66		21		(24)		358
Contra revenue	—		(12)		(2)		(4)		—		—		—		(18)
Net management, franchise, and other fees	—		215		30		32		66		21		(24)		340
Distribution and destination management	—		—		—		—		502		—		—		502
Other revenues	—		63		—		—		67		6		2		138
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		1,018		63		44		55		—		—		1,180
Total	$	612	$	1,296	$	93	$	76	$	694	$	27	$	(36)	$	2,762

	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

Summary of Contract Liability

Contract liabilities were comprised of the following:

	June 30, 2022		December 31, 2021
Deferred revenue related to the paid membership program	$	943	$	833
Deferred revenue related to the loyalty program	875		814
Deferred revenue related to travel distribution and destination management services	721		629
Advanced deposits	52		61
Initial fees received from franchise owners	44		42
Deferred revenue related to insurance programs	22		52
Other deferred revenue	86		96
Total contract liabilities	$	2,743	$	2,527

The following table summarizes the activity in our contract liabilities:

	2022		2021
Beginning balance, January 1	$	2,527	$	941
Cash received and other	1,410		105
Revenue recognized	(1,245)		(86)
Ending balance, March 31	$	2,692	$	960
Cash received and other	1,283		133
Revenue recognized	(1,232)		(115)
Ending balance, June 30	$	2,743	$	978

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DEBT AND EQUITY SECURITIES (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of 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, 2022		December 31, 2021
Loyalty program (Note 8)	$	654	$	601
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	426		543
Captive insurance company (Note 8)	114		148
Total marketable securities held to fund operating programs	$	1,194	$	1,292
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(254)		(173)
Marketable securities held to fund operating programs included in other assets	$	940	$	1,119

Schedule of 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,
	2022		2021		2022		2021
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	(46)	$	20	$	(78)	$	23
Other income (loss), net (Note 18)	(12)		4		(30)		(5)
Other comprehensive loss (Note 13)	(3)		—		(10)		(1)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	—	$	4	$	1	$	13

Schedule of 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, 2022		December 31, 2021
Interest-bearing money market funds	$	765	$	231
Time deposits (1)	379		255
Common shares in Playa N.V. (Note 8)	83		97
Total marketable securities held for investment purposes	$	1,227	$	583
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(1,144)		(486)
Marketable securities held for investment purposes included in other assets	$	83	$	97
(1) Time deposits have contractual maturity dates in 2022.

Schedule of 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,
	2022		2021		2022		2021
Other income (loss), net (Note 18)	$	(22)	$	1	$	(14)	$	18

Schedule of 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, 2022		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	871	$	871	$	—	$	—
Mutual funds	487		—		—		487
Common shares in Playa N.V.	83		—		—		83
Level Two - Significant Other Observable Inputs
Time deposits	518		—		515		3
U.S. government obligations	234		—		3		231
U.S. government agencies	56		—		2		54
Corporate debt securities	119		—		7		112
Mortgage-backed securities	23		—		—		23
Asset-backed securities	24		—		—		24
Municipal and provincial notes and bonds	6		—		—		6
Total	$	2,421	$	871	$	527	$	1,023

	December 31, 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	$	397	$	397	$	—	$	—
Mutual funds	632		—		—		632
Common shares in Playa N.V.	97		—		—		97
Level Two - Significant Other Observable Inputs
Time deposits	259		35		221		3
U.S. government obligations	235		—		—		235
U.S. government agencies	58		—		—		58
Corporate debt securities	137		—		6		131
Mortgage-backed securities	24		—		—		24
Asset-backed securities	28		—		—		28
Municipal and provincial notes and bonds	8		—		—		8
Total	$	1,875	$	432	$	227	$	1,216

Schedule of Debt Securities, Held-to-maturity

We also hold investments in third-party entities related to certain of our hotels, which are redeemable on various dates through 2062 and are recorded as HTM debt securities within other assets on our condensed consolidated balance sheets:

	June 30, 2022		December 31, 2021
HTM debt securities	$	113	$	91
Less: allowance for credit losses	(40)		(38)
Total HTM debt securities, net of allowances	$	73	$	53

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

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

	2022		2021
Allowance at January 1	$	38	$	21
Provisions (1)	1		1
Allowance at March 31	$	39	$	22
Provisions (1)	1		7
Allowance at June 30	$	40	$	29
(1) Provisions for 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, 2022

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

Schedule of Accounts Receivable, Allowance for Credit Loss

The following table summarizes the activity in our receivables allowance for credit losses:

	2022		2021
Allowance at January 1	$	53	$	56
Provisions	7		1
Other	(4)		—
Allowance at March 31	$	56	$	57
Provisions	6		4
Other	(3)		(3)
Allowance at June 30	$	59	$	58

Schedule of Financing Receivables

	June 30, 2022		December 31, 2021
Unsecured financing to hotel owners	$	137	$	133
Less: current portion of financing receivables, included in receivables, net	(14)		(23)
Less: allowance for credit losses	(60)		(69)
Total long-term financing receivables, net of allowances	$	63	$	41

Schedule of Allowance for Losses and Impairments

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

	2022		2021
Allowance at January 1	$	69	$	114
Provisions	—		3
Foreign currency exchange, net	3		(2)
Allowance at March 31	$	72	$	115
Provisions and reversals, net	(7)		3
Write-offs	(1)		—
Foreign currency exchange, net	(4)		2
Allowance at June 30	$	60	$	120

Schedule of Credit Monitoring

Our unsecured financing receivables were as follows:

	June 30, 2022
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	135	$	(59)	$	76	$	48
Other financing arrangements	2		(1)		1		—
Total unsecured financing receivables	$	137	$	(60)	$	77	$	48

	December 31, 2021
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	130	$	(67)	$	63	$	47
Other financing arrangements	3		(2)		1		—
Total unsecured financing receivables	$	133	$	(69)	$	64	$	47

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ACQUISITIONS AND DISPOSITIONS (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Identifiable Net Assets Acquired

Net assets acquired were determined as follows:

Cash paid, net of cash acquired	$	2,718
Cash and cash equivalents acquired	460
Restricted cash acquired	16
Net assets acquired	$	3,194

The following table summarizes the preliminary fair value of the identifiable net assets acquired recorded on the Apple Leisure Group segment at June 30, 2022:

Cash and cash equivalents	$	460
Restricted cash	16
Receivables	168
Prepaids and other assets	74
Property and equipment	6
Financing receivables, net	19
Operating lease right-of-use assets	78
Goodwill (1)	2,808
Indefinite-lived intangibles (2)	503
Management agreement intangibles (3)	481
Customer relationships intangibles (4)	608
Other intangibles	15
Other assets	42
Total assets acquired	$	5,278
Accounts payable	$	255
Accrued expenses and other current liabilities	97
Current contract liabilities (5)	646
Accrued compensation and benefits	49
Current operating lease liabilities	8
Long-term contract liabilities (5)	747
Long-term operating lease liabilities	70
Other long-term liabilities	212
Total liabilities assumed	$	2,084
Total net assets acquired attributable to Hyatt Hotels Corporation	$	3,194

(1) The goodwill is attributable to the growth opportunities we expect to realize by expanding our footprint in luxury and resort travel, expanding our platform for growth, increasing choices and experiences for guests, and enhancing end-to-end leisure travel offerings. Goodwill of $36 million is tax deductible.

(2) Includes intangible assets related to various ALG brand names.

(3) Amortized over useful lives of approximately 1 to 15 years, with a weighted-average useful life of approximately 11 years.

(4) Amortized over useful lives of 4 to 11 years, with a weighted-average useful life of approximately 8 years.

(5) Contract liabilities assumed were recorded at carrying value at the date of acquisition.

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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INTANGIBLES, NET (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

	June 30, 2022		Weighted- average useful lives in years	December 31, 2021
Management and franchise agreement intangibles	$	814	14	$	835
Brand and other indefinite-lived intangibles	626		—	646
Customer relationships intangibles	608		9	586
Other intangibles	21		5	58
Intangibles	2,069			2,125
Less: accumulated amortization	(259)			(148)
Intangibles, net	$	1,810		$	1,977

Schedule of Indefinite-Lived Intangible Assets

	June 30, 2022		Weighted- average useful lives in years	December 31, 2021
Management and franchise agreement intangibles	$	814	14	$	835
Brand and other indefinite-lived intangibles	626		—	646
Customer relationships intangibles	608		9	586
Other intangibles	21		5	58
Intangibles	2,069			2,125
Less: accumulated amortization	(259)			(148)
Intangibles, net	$	1,810		$	1,977

Schedule of Intangible Assets Amortization Expense

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization expense	$	51	$	7	$	111	$	14

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OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2022

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

Schedule of Other Assets

	June 30, 2022		December 31, 2021
Management and franchise agreement assets constituting payments to customers (1)	$	619	$	571
Marketable securities held to fund rabbi trusts (Note 4)	426		543
Marketable securities held to fund the loyalty program (Note 4)	414		439
Marketable securities held for captive insurance company (Note 4)	100		137
Long-term investments (Note 4)	85		65
Common shares in Playa N.V. (Note 4)	83		97
Long-term restricted cash	37		48
Other	181		134
Total other assets	$	1,945	$	2,034
(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, 2022

Debt Disclosure [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

Our Senior Notes 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, as applicable, 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, 2022
	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)	$	3,817	$	3,748	$	—	$	3,707	$	41

(1) Excludes $7 million of finance lease obligations and $20 million of unamortized discounts and deferred financing fees.

	December 31, 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 (2)	$	4,000	$	4,230	$	—	$	4,193	$	37

(2) Excludes $7 million of finance lease obligations and $29 million of unamortized discounts and deferred financing fees.

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OTHER LONG-TERM LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2022

Other Liabilities [Abstract]

Schedule of Other Long-Term Liabilities

	June 30, 2022		December 31, 2021
Deferred compensation plans funded by rabbi trusts (Note 4)	$	426	$	543
Income taxes payable	299		281
Guarantee liabilities (Note 12)	147		92
Deferred income taxes (Note 11)	79		93
Self-insurance liabilities (Note 12)	66		66
Other	55		64
Total other long-term liabilities	$	1,072	$	1,139

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COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Debt Repayment and Other Guarantees

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

Geographical region	Maximum potential future payments		Maximum exposure net of recoverability from third parties		Other long-term liabilities recorded at June 30, 2022		Other long-term liabilities recorded at December 31, 2021		Year of guarantee expiration
United States (1), (2)	$	134	$	51	$	6	$	10	various, through 2024
All foreign (1), (3)	207		197		32		41		various, through 2031
Total	$	341	$	248	$	38	$	51

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

(2) Certain agreements give us the ability to assume control of the property if defined funding thresholds are met or if certain events occur.

(3) Certain debt repayment guarantees are denominated in Indian rupees and translated using exchange rates at June 30, 2022. 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 $93 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.

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EQUITY (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of insignificant tax impacts, were as follows:

	Balance at April 1, 2022		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2022
Foreign currency translation adjustments (1)	$	(185)	$	(39)	$	5	$	(219)
Unrealized losses on AFS debt securities	(8)		(3)		—		(11)
Unrecognized pension benefit (cost)	(6)		1		1		(4)
Unrealized gains (losses) on derivative instruments (2)	(32)		—		1		(31)
Accumulated other comprehensive loss	$	(231)	$	(41)	$	7	$	(265)
(1) The amount reclassified from accumulated other comprehensive loss includes realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in an unconsolidated hospitality venture (see Note 4).
(2) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.
	Balance at January 1, 2022		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2022
Foreign currency translation adjustments (3)	$	(206)	$	(18)	$	5	$	(219)
Unrealized losses on AFS debt securities	(1)		(10)		—		(11)
Unrecognized pension cost	(4)		—		—		(4)
Unrealized gains (losses) on derivative instruments (4)	(34)		—		3		(31)
Accumulated other comprehensive loss	$	(245)	$	(28)	$	8	$	(265)
(3) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in an unconsolidated hospitality venture (see Note 4).
(4) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks. We expect to reclassify $6 million of losses over the next 12 months.

	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 (5)	$	(191)	$	15	$	2	$	(174)
Unrealized gains (losses) on AFS debt securities	—		—		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (6)	(39)		—		2		(37)
Accumulated other comprehensive loss	$	(237)	$	15	$	4	$	(218)
(5) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the disposition of our ownership interest in certain unconsolidated hospitality ventures (see Note 4).
(6) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.
	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 (7)	$	(145)	$	(9)	$	(20)	$	(174)
Unrealized gains (losses) on AFS debt securities	1		(1)		—		—
Unrecognized pension cost	(7)		—		—		(7)
Unrealized gains (losses) on derivative instruments (8)	(41)		—		4		(37)
Accumulated other comprehensive loss	$	(192)	$	(10)	$	(16)	$	(218)
(7) The amount reclassified from accumulated other comprehensive loss included realized net gains recognized in equity earnings (losses) from unconsolidated hospitality ventures 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 (see Note 4).
(8) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in interest expense related to the settlement of interest rate locks.

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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of 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,
	2022		2021		2022		2021
SARs	$	1	$	1	$	11	$	10
RSUs	8		3		24		16
PSUs	3		4		5		10
Total	$	12	$	8	$	40	$	36

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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2022

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 related to our co-branded credit card program and unallocated corporate expenses.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Owned and leased hotels
Owned and leased hotels revenues	$	335	$	194	$	612	$	301
Intersegment revenues (1)	8		3		14		6
Adjusted EBITDA	99		12		153		(17)
Depreciation and amortization	44		58		96		117
Americas management and franchising
Management, franchise, and other fees revenues	132		66		227		104
Contra revenue	(6)		(5)		(12)		(9)
Other revenues	25		19		63		36
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	557		327		1,018		554
Intersegment revenues (1)	12		7		21		10
Adjusted EBITDA	117		54		202		82
Depreciation and amortization	6		6		11		11
ASPAC management and franchising
Management, franchise, and other fees revenues	18		20		32		35
Contra revenue	(1)		(1)		(2)		(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	34		24		63		44
Adjusted EBITDA	6		10		11		15
Depreciation and amortization	1		1		1		2
EAME/SW Asia management and franchising
Management, franchise, and other fees revenues	21		6		36		13
Contra revenue	(2)		(3)		(4)		(6)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	23		15		44		28
Intersegment revenues (1)	2		—		3		—
Adjusted EBITDA	13		(1)		19		(1)
Apple Leisure Group
Owned and leased hotels revenue	4		—		4		—
Management, franchise, and other fees revenues	36		—		66		—
Distribution and destination management revenues	256		—		502		—
Other revenues	33		—		67		—
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	26		—		55		—
Adjusted EBITDA	54		—		110		—
Depreciation and amortization	47		—		102		—
Corporate and other
Revenues	13		11		27		19
Intersegment revenues (1)	(1)		—		(2)		—
Adjusted EBITDA	(34)		(21)		(72)		(45)
Depreciation and amortization	7		9		14		18
Eliminations
Revenues (1)	(21)		(10)		(36)		(16)
Adjusted EBITDA	—		1		1		1
TOTAL
Revenues	$	1,483	$	663	$	2,762	$	1,101
Adjusted EBITDA	255		55		424		35
Depreciation and amortization	105		74		224		148
(1) Intersegment revenues are included in management, franchise, and other fees revenues, owned and leased hotels revenues, and other revenues and eliminated in Eliminations.

Schedule of Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels Corporation

The table below provides a reconciliation of our net income (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,
	2022		2021		2022		2021
Net income (loss) attributable to Hyatt Hotels Corporation	$	206	$	(9)	$	133	$	(313)
Interest expense	38		42		78		83
Provision for income taxes	106		15		108		201
Depreciation and amortization	105		74		224		148
EBITDA	455		122		543		119
Contra revenue	9		9		18		17
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(640)		(366)		(1,180)		(626)
Costs incurred on behalf of managed and franchised properties	628		375		1,184		652
Equity (earnings) losses from unconsolidated hospitality ventures	(1)		34		8		(20)
Stock-based compensation expense (Note 14)	12		8		40		36
Gains on sales of real estate (Note 6)	(251)		(105)		(251)		(105)
Asset impairments	7		2		10		2
Other (income) loss, net (Note 18)	19		(25)		29		(37)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		1		23		(3)
Adjusted EBITDA	$	255	$	55	$	424	$	35

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EARNINGS (LOSSES) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of the Calculation of Basic and Diluted Earnings (Losses) Per Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income (loss)	$	206	$	(9)	$	133	$	(313)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to Hyatt Hotels Corporation	$	206	$	(9)	$	133	$	(313)
Denominator:
Basic weighted-average shares outstanding	109,953,302		101,898,773		110,062,212		101,713,331
Share-based compensation	1,973,560		—		2,120,840		—
Diluted weighted-average shares outstanding	111,926,862		101,898,773		112,183,052		101,713,331
Basic Earnings (Losses) Per Share:
Net income (loss)	$	1.88	$	(0.08)	$	1.21	$	(3.07)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.88	$	(0.08)	$	1.21	$	(3.07)
Diluted Earnings (Losses) Per Share:
Net income (loss)	$	1.85	$	(0.08)	$	1.19	$	(3.07)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to Hyatt Hotels Corporation	$	1.85	$	(0.08)	$	1.19	$	(3.07)

Schedule of Antidilutive Securities Excluded from Computation of Losses Per Share

The computations of diluted net earnings (losses) per share for the three and six months ended June 30, 2022 and June 30, 2021 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,
	2022	2021	2022	2021
SARs	11,500	1,321,700	9,200	1,317,600
RSUs	10,500	587,900	1,700	584,100

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OTHER INCOME (LOSS), NET (Tables)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Other Income (Loss), Net

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Unrealized gains (losses), net (Note 4)	$	(34)	$	5	$	(44)	$	13
Loss on extinguishment of debt (Note 9)	(8)		—		(8)		—
Foreign currency gains (losses), net	(3)		13		(2)		7
Performance guarantee expense (Note 12)	(1)		(4)		(8)		(5)
Depreciation recovery	4		5		8		9
Performance guarantee liability amortization (Note 12)	5		—		7		1
Credit loss provisions and reversals, net (Note 4 and Note 5)	6		(8)		5		(10)
Interest income	9		8		15		14
Other, net	3		6		(2)		8
Other income (loss), net	$	(19)	$	25	$	(29)	$	37

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ORGANIZATION (Details)	Jun. 30, 2022 room hotel country
Organization
Number of countries in which entity operates | country	72
Full Service
Organization
Number of hotels operated or franchised	525
Number of rooms operated or franchised | room	172,729
Number of hotels operated or marketed	121
Number of rooms operated or marketed | room	38,654
Select Service
Organization
Number of hotels operated or franchised	548
Number of rooms operated or franchised | room	79,604
Select Service | United States
Organization
Number of hotels operated or franchised	444

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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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 1,483	$ 663	$ 2,762	$ 1,101
Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	331	191	602	295
Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	205	114	366	173
Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	87	43	156	63
Other
Disaggregation of Revenue [Line Items]
Revenues	39	34	80	59
Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	195	84	340	139
Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	204	93	358	156
Base management fees
Disaggregation of Revenue [Line Items]
Revenues	79	36	139	60
Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	45	12	85	20
Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	52	29	87	46
Other fees
Disaggregation of Revenue [Line Items]
Revenues	28	16	47	30
Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(9)	(9)	(18)	(17)
Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	256	0	502	0
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	61	22	138	41
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	640	366	1,180	626
Operating Segments | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	335	194	612	301
Operating Segments | Owned and leased hotels | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	335	194	612	301
Operating Segments | Owned and leased hotels | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	209	117	376	179
Operating Segments | Owned and leased hotels | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	87	43	156	63
Operating Segments | Owned and leased hotels | Other
Disaggregation of Revenue [Line Items]
Revenues	39	34	80	59
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 | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
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 | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Owned and leased hotels | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	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	708	407	1,296	685
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 | 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 | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	126	61	215	95
Operating Segments | Americas management and franchising | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	132	66	227	104
Operating Segments | Americas management and franchising | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	61	30	107	46
Operating Segments | Americas management and franchising | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	18	4	30	5
Operating Segments | Americas management and franchising | Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	50	28	84	45
Operating Segments | Americas management and franchising | Other fees
Disaggregation of Revenue [Line Items]
Revenues	3	4	6	8
Operating Segments | Americas management and franchising | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(6)	(5)	(12)	(9)
Operating Segments | Americas management and franchising | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	0		0
Operating Segments | Americas management and franchising | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	25	19	63	36
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	557	327	1,018	554
Operating Segments | ASPAC management and franchising
Disaggregation of Revenue [Line Items]
Revenues	51	43	93	77
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 | 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 | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	17	19	30	33
Operating Segments | ASPAC management and franchising | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	18	20	32	35
Operating Segments | ASPAC management and franchising | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	8	9	16	17
Operating Segments | ASPAC management and franchising | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	6	6	10	11
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	3	4	5	6
Operating Segments | ASPAC management and franchising | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(1)	(1)	(2)	(2)
Operating Segments | ASPAC management and franchising | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	0		0
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	34	24	63	44
Operating Segments | EAME/SW Asia management and franchising
Disaggregation of Revenue [Line Items]
Revenues	42	18	76	35
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 | 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 | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	19	3	32	7
Operating Segments | EAME/SW Asia management and franchising | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	21	6	36	13
Operating Segments | EAME/SW Asia management and franchising | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	11	3	17	6
Operating Segments | EAME/SW Asia management and franchising | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	8	3	15	5
Operating Segments | EAME/SW Asia management and franchising | Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	1	0	2	0
Operating Segments | EAME/SW Asia management and franchising | Other fees
Disaggregation of Revenue [Line Items]
Revenues	1	0	2	2
Operating Segments | EAME/SW Asia management and franchising | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(2)	(3)	(4)	(6)
Operating Segments | EAME/SW Asia management and franchising | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	0		0
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	23	15	44	28
Operating Segments | Apple Leisure Group
Disaggregation of Revenue [Line Items]
Revenues	355		694
Operating Segments | Apple Leisure Group | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	4	0	4	0
Operating Segments | Apple Leisure Group | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	4		4
Operating Segments | Apple Leisure Group | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0		0
Operating Segments | Apple Leisure Group | Other
Disaggregation of Revenue [Line Items]
Revenues	0		0
Operating Segments | Apple Leisure Group | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	36		66
Operating Segments | Apple Leisure Group | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	36	0	66	0
Operating Segments | Apple Leisure Group | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	9		17
Operating Segments | Apple Leisure Group | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	17		36
Operating Segments | Apple Leisure Group | Franchise fees
Disaggregation of Revenue [Line Items]
Revenues	0		0
Operating Segments | Apple Leisure Group | Other fees
Disaggregation of Revenue [Line Items]
Revenues	10		13
Operating Segments | Apple Leisure Group | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	0		0
Operating Segments | Apple Leisure Group | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	256	0	502	0
Operating Segments | Apple Leisure Group | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	33	0	67	0
Operating Segments | Apple Leisure Group | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	26	0	55	0
Corporate and other
Disaggregation of Revenue [Line Items]
Revenues	13	11	27	19
Corporate and other | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
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 | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	11	8	21	14
Corporate and other | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	11	8	21	14
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	11	8	21	14
Corporate and other | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Corporate and other | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	0		0
Corporate and other | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	2	3	6	5
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	0
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(21)	(10)	(36)	(16)
Eliminations | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	(8)	(3)	(14)	(6)
Eliminations | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	(8)	(3)	(14)	(6)
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 | Net management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	(14)	(7)	(24)	(10)
Eliminations | Management, franchise, and other fees
Disaggregation of Revenue [Line Items]
Revenues	(14)	(7)	(24)	(10)
Eliminations | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	(10)	(6)	(18)	(9)
Eliminations | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	(4)	(1)	(6)	(1)
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 | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Eliminations | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	0		0
Eliminations | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	1	0	2	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	(8)	(3)	(14)	(6)
Eliminations | Americas management and franchising
Disaggregation of Revenue [Line Items]
Revenues	(12)	(7)	(21)	(10)
Eliminations | EAME/SW Asia management and franchising
Disaggregation of Revenue [Line Items]
Revenues	$ (2)	$ 0	$ (3)	$ 0

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REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract Liability Balances (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total contract liabilities	$ 2,743	$ 2,692	$ 2,527	$ 978	$ 960	$ 941
Deferred revenue related to the paid membership program
Disaggregation of Revenue [Line Items]
Total contract liabilities	943		833
Deferred revenue related to the loyalty program
Disaggregation of Revenue [Line Items]
Total contract liabilities	875		814
Deferred revenue related to travel distribution and destination management services
Disaggregation of Revenue [Line Items]
Total contract liabilities	721		629
Advanced deposits
Disaggregation of Revenue [Line Items]
Total contract liabilities	52		61
Initial fees received from franchise owners
Disaggregation of Revenue [Line Items]
Total contract liabilities	44		42
Deferred revenue related to insurance programs
Disaggregation of Revenue [Line Items]
Total contract liabilities	22		52
Other deferred revenue
Disaggregation of Revenue [Line Items]
Total contract liabilities	$ 86		$ 96

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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, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Contract with Customer, Liability [Roll Forward]
Contract liabilities, beginning balance	$ 2,692	$ 2,527	$ 960	$ 941	$ 2,527	$ 941
Cash received and other	1,283	1,410	133	105
Revenue recognized	(1,232)	(1,245)	(115)	(86)
Contract liabilities, ending balance	2,743	$ 2,692	978	$ 960	2,743	978
Revenue recognized from opening balance	$ 168		$ 78		$ 669	$ 147

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REVENUE FROM CONTRACTS WITH CUSTOMERS- Remaining Performance Obligation (Details) $ in Millions	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 475
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent recognized	20.00%
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		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021
Schedule of Debt and Equity Method Investments
Equity method investments	$ 185		$ 185			$ 216
Foreign currency translation adjustment			8	$ (16)
HTM debt securities	73		73			53
Held-to-maturity securities, fair value	100		100			77
Equity securities without a readily determinable fair value	12		12			12
Held for Operating Programs
Schedule of Debt and Equity Method Investments
Available-for-sale debt securities	164		164			141
Equity securities	61		61			89
Affiliated Entity | World Of Hyatt | Held for Operating Programs
Schedule of Debt and Equity Method Investments
HTM debt securities	139		139
Affiliated Entity | Xenia | Held for Operating Programs
Schedule of Debt and Equity Method Investments
HTM debt securities						$ 4
Foreign currency translation adjustments
Schedule of Debt and Equity Method Investments
Foreign currency translation adjustment	5	$ 2	5	(20)
Owned and leased hotels
Schedule of Debt and Equity Method Investments
Equity method investment, net sales proceeds	23	17	23	17
Equity method investment, realized gain on disposal	4	0	4	0
Owned and leased hotels | Foreign currency translation adjustments
Schedule of Debt and Equity Method Investments
Foreign currency translation adjustment	$ 5		$ 5
Grand Hyatt Sao Paulo
Schedule of Debt and Equity Method Investments
Cash acquired				6
Repayment of third-party mortgage loan		$ 78		78	$ 78
Gain on asset acquisition				$ 69	$ 69

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DEBT AND EQUITY SECURITIES - Held to Fund Operating Programs (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Held for Operating Programs
Schedule of Investments
Total marketable securities held to fund operating programs	$ 1,194	$ 1,292
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(254)	(173)
Marketable securities held to fund operating programs included in other assets	940	1,119
Loyalty program
Schedule of Investments
Total marketable securities held to fund operating programs	654	601
Deferred compensation plans held in rabbi trusts
Schedule of Investments
Total marketable securities held to fund operating programs	426	543
Captive insurance company
Schedule of Investments
Total marketable securities held to fund operating programs	$ 114	$ 148

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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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$ (46)	$ 20	$ (78)	$ 23
Other income (loss), net	(12)	4	(30)	(5)
Other comprehensive loss	(3)	0	(10)	(1)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$ 0	$ 4	$ 1	$ 13

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DEBT AND EQUITY SECURITIES - Held for Investment Purposes (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Schedule of Investments
Common shares in Playa N.V. (Note 8)	$ 83	$ 97
Held for Investment Purposes
Schedule of Investments
Interest-bearing money market funds	765	231
Time deposits	379	255
Common shares in Playa N.V. (Note 8)	83	97
Total marketable securities held to fund operating programs	1,227	583
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(1,144)	(486)
Marketable securities held for investment purposes included in other assets	$ 83	$ 97

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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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Playa Hotels & Resorts N.V.
Schedule of Investments
Other income (loss), net (Note 18)	$ (22)	$ 1	$ (14)	$ 18

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DEBT AND EQUITY SECURITIES - Fair Value of Investments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	$ 2,421	$ 1,875
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	871	397
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	487	632
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	83	97
Level Two - Significant Other Observable Inputs | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Available-for-sale debt securities	518	259
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	234	235
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	56	58
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	119	137
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	23	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	24	28
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	6	8
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	871	432
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	871	397
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	35
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
Total	527	227
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	515	221
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	3	0
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	2	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	7	6
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
Total	1,023	1,216
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	487	632
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	83	97
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	3	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	231	235
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	54	58
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	112	131
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	23	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	24	28
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	$ 6	$ 8

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DEBT AND EQUITY SECURITIES - Schedule of Debt and Equity Securities HTM (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]
HTM debt securities	$ 113		$ 91
Less: allowance for credit losses	(40)	$ (39)	(38)	$ (29)	$ (22)	$ (21)
Total HTM debt securities, net of allowances	$ 73		$ 53

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DEBT AND EQUITY SECURITIES - Activity in HTM Debt Security Allowance (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 39	$ 38	$ 22	$ 21
Provisions	1	1	7	1
Ending balance	$ 40	$ 39	$ 29	$ 22

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RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Net receivables	$ 699				$ 633
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance beginning balance	56	$ 53	$ 57	$ 56
Provisions	6	7	4	1
Other	(3)	(4)	(3)	0
Allowance ending balance	$ 59	$ 56	$ 58	$ 57

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RECEIVABLES - Schedule of Financing Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable
Less: allowance for credit losses	$ (60)		$ (69)
Total long-term financing receivables, net of allowances	63		41
Unsecured Financing
Accounts, Notes, Loans and Financing Receivable
Unsecured financing to hotel owners	137		133
Less: current portion of financing receivables, included in receivables, net	(14)		(23)
Less: allowance for credit losses	(60)	$ (72)	(69)	$ (120)	$ (115)	$ (114)
Total long-term financing receivables, net of allowances	$ 63		$ 41

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RECEIVABLES - Allowance for Losses and Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Allowance for Losses and Impairments
Allowance beginning balance		$ 69
Allowance ending balance	$ 60
Unsecured Financing
Allowance for Losses and Impairments
Allowance beginning balance	72	69	$ 115	$ 114
Provisions and reversals, net	(7)	0	3	3
Foreign currency exchange, net	(4)	3	2	(2)
Write-offs	(1)		0
Allowance ending balance	$ 60	$ 72	$ 120	$ 115

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RECEIVABLES - Credit Monitoring (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Unsecured Financing Receivables
Related allowance	$ (60)		$ (69)
Unsecured Financing
Unsecured Financing Receivables
Gross loan balance (principal and interest)	137		133
Related allowance	(60)	$ (72)	(69)	$ (120)	$ (115)	$ (114)
Net financing receivables	77		64
Gross receivables on nonaccrual status	48		47
Unsecured Financing | Loans
Unsecured Financing Receivables
Gross loan balance (principal and interest)	135		130
Related allowance	(59)		(67)
Net financing receivables	76		63
Gross receivables on nonaccrual status	48		47
Unsecured Financing | Other financing arrangements
Unsecured Financing Receivables
Gross loan balance (principal and interest)	2		3
Related allowance	(1)		(2)
Net financing receivables	1		1
Gross receivables on nonaccrual status	$ 0		$ 0

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RECEIVABLES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Significant unobservable inputs (Level Three)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Financing receivables	$ 108	$ 88

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ACQUISITIONS AND DISPOSITIONS - Acquisitions Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 01, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Net income (loss)		$ 206	$ (9)	$ 133	$ (313)
Assumptions Adjustment
Business Acquisition [Line Items]
Net income (loss)		0
Alila Ventana Big Su
Business Acquisition [Line Items]
Asset acquisition			146
Property and equipment acquired			149
Grand Hyatt Sao Paulo
Business Acquisition [Line Items]
Property and equipment acquired				101
Asset acquisition, voting rights acquired							50.00%
Cash paid							$ 6
Repayment of third-party mortgage loan			$ 78		78		78
Gain on asset acquisition					$ 69		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%
Apple Leisure Group
Business Acquisition [Line Items]
Ownership interest acquired						100.00%
Casablanca Global GP Limited
Business Acquisition [Line Items]
Ownership interest acquired						100.00%
ALG Acquisition
Business Acquisition [Line Items]
Purchase price						$ 2,700
Outstanding liability balance						$ 69
Net assets acquired	$ 2,718
Purchase price adjustments	$ 39
Business combination, other long term liabilities				74
Business combination tax impacts				10
Decrease in intangibles				41
Reduction of property plant and equipment				16
Increase in goodwill				131
ALG Acquisition | Assumptions Adjustment
Business Acquisition [Line Items]
Net income (loss)				$ (11)

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ACQUISITIONS AND DISPOSITIONS - Net Assets Acquired (Details) - USD ($) $ in Millions		6 Months Ended
	Nov. 01, 2021	Jun. 30, 2022	Jun. 30, 2021
Acquired Indefinite-lived Intangible Assets [Line Items]
Cash paid, net of cash acquired		$ 39	$ 230
ALG Acquisition
Acquired Indefinite-lived Intangible Assets [Line Items]
Cash paid, net of cash acquired	$ 2,718
Cash and cash equivalents acquired	460
Restricted cash acquired	16
Net assets acquired	$ 3,194

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ACQUISITIONS AND DISPOSITIONS - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions		6 Months Ended
	Nov. 01, 2021	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 3,080	$ 2,965
Management agreement intangibles | Minimum
Business Acquisition [Line Items]
Weighted- average useful lives in years	1 year
Management agreement intangibles | Maximum
Business Acquisition [Line Items]
Weighted- average useful lives in years	15 years
Management agreement intangibles | Weighted Average
Business Acquisition [Line Items]
Weighted- average useful lives in years	11 years
Customer relationships intangibles
Business Acquisition [Line Items]
Weighted- average useful lives in years		9 years
Customer relationships intangibles | Minimum
Business Acquisition [Line Items]
Weighted- average useful lives in years	4 years
Customer relationships intangibles | Maximum
Business Acquisition [Line Items]
Weighted- average useful lives in years	11 years
Customer relationships intangibles | Weighted Average
Business Acquisition [Line Items]
Weighted- average useful lives in years	8 years
Apple Leisure Group
Business Acquisition [Line Items]
Cash and cash equivalents		$ 460
Restricted cash		16
Receivables		168
Prepaids and other assets		74
Property and equipment		6
Financing receivables, net		19
Operating lease right-of-use assets		78
Goodwill		2,808
Indefinite-lived intangibles		503
Other assets		42
Total assets acquired		5,278
Accounts payable		255
Accrued expenses and other current liabilities		97
Current contract liabilities		646
Accrued compensation and benefits		49
Current operating lease liabilities		8
Long-term contract liabilities		747
Long-term operating lease liabilities		70
Other long-term liabilities		212
Total liabilities assumed		2,084
Total net assets acquired attributable to Hyatt Hotels Corporation		3,194
Goodwill expected tax deductible amount		36
Apple Leisure Group | Management agreement intangibles
Business Acquisition [Line Items]
Finite-lived intangibles		481
Apple Leisure Group | Customer relationships intangibles
Business Acquisition [Line Items]
Finite-lived intangibles		608
Apple Leisure Group | Other intangibles
Business Acquisition [Line Items]
Finite-lived intangibles		$ 15

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ACQUISITIONS AND DISPOSITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - Grand Hyatt Sao Paulo - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Asset Acquisition [Line Items]
Cash paid	$ 6
Repayment of third-party mortgage loan	$ 78	$ 78
Fair value of our previously-held equity method investment		6
Net assets acquired		$ 90

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ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Contract Revenue Bonds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-term debt	$ 166		$ 166
Unamortized discount	4		4
The Confidante | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	227		227
Pre-tax gain			24
Hyatt Regency Indian Wells Resort & Spa | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	136		136
Pre-tax gain			40
Grand Hyatt San Antonio River Walk | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	109		109
Pre-tax gain	137
Held-to-maturity debt security	19		19
Disposal group, including discontinued operation, release of restricted cash	18		18
Goodwill impairment charges	7		7
Grand Hyatt San Antonio River Walk | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Contract Revenue Bonds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-term debt	166		166
Unamortized discount	4		4
The Driskill | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	$ 119		119
Pre-tax gain			$ 51
Hyatt Regency Lost Pines Resort and Spa | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration		$ 268
Pre-tax gain		$ 104

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INTANGIBLES, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangibles	$ 2,069	$ 2,125
Less: accumulated amortization	(259)	(148)
Intangibles, net	1,810	1,977
Brand and other indefinite-lived intangibles
Indefinite-lived Intangible Assets [Line Items]
Brand and other indefinite-lived intangibles	626	646
Management and franchise agreement intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 814	835
Weighted- average useful lives in years	14 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 608	586
Weighted- average useful lives in years	9 years
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 21	$ 58
Weighted- average useful lives in years	5 years

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INTANGIBLES, NET - Amortization Expense Table (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 51	$ 7	$ 111	$ 14

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OTHER ASSETS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Assets, Noncurrent [Abstract]
Management and franchise agreement assets constituting payments to customers	$ 619	$ 571
Marketable securities held to fund rabbi trusts (Note 4)	426	543
Marketable securities held to fund the loyalty program (Note 4)	414	439
Marketable securities held for captive insurance company (Note 4)	100	137
Long-term investments (Note 4)	85	65
Common shares in Playa N.V. (Note 4)	83	97
Long-term restricted cash	37	48
Other	181	134
Total other assets	$ 1,945	$ 2,034

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DEBT - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Instrument
Long-term debt, net of current maturities	$ 3,798,000,000		$ 3,798,000,000		$ 3,968,000,000
Revolving credit facility, outstanding balance	0		0		$ 0
Loss on extinguishment of debt	8,000,000	$ 0	8,000,000	$ 0
Contract Revenue Bonds
Debt Instrument
Long-term debt	166,000,000		166,000,000
Unamortized discount	4,000,000		4,000,000
Loss on extinguishment of debt			8,000,000
2023 Floating Rate Notes | Senior Notes
Debt Instrument
Long-term debt, face value	300,000,000		300,000,000
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%
2023 Fixed Rate Notes | Senior Notes
Debt Instrument
Long-term debt, face value	$ 700,000,000		$ 700,000,000
Debt instrument, stated percent	1.30%		1.30%
2024 Notes | Senior Notes
Debt Instrument
Long-term debt, face value	$ 750,000,000		$ 750,000,000
Debt instrument, stated percent	1.80%		1.80%
Repurchases senior notes	$ 4,000,000		$ 4,000,000
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%
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%
Repurchases senior notes	$ 1,000,000		$ 1,000,000
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%
Repurchases senior notes	$ 10,000,000		$ 10,000,000
Revolving Credit Facility
Debt Instrument
Revolving credit facility, remaining borrowing capacity	1,496,000,000		1,496,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument
Line of credit commitment	1,500,000,000		1,500,000,000
Sublimit	250,000,000		250,000,000
Additional borrowing capacity	500,000,000		500,000,000
Letter of Credit
Debt Instrument
Maximum borrowing capacity	274,000,000		274,000,000
Letter of Credit | Line of Credit
Debt Instrument
Maximum borrowing capacity	$ 300,000,000		$ 300,000,000

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DEBT - Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Finance lease obligations	$ 7	$ 7
Unamortized discount and deferred financing fees	20	29
Quoted prices in active markets for identical assets (Level One)
Debt Instrument
Debt	0	0
Significant other observable inputs (Level Two)
Debt Instrument
Debt	3,707	4,193
Significant unobservable inputs (Level Three)
Debt Instrument
Debt	41	37
Carrying value
Debt Instrument
Debt	3,817	4,000
Fair value
Debt Instrument
Debt	$ 3,748	$ 4,230

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OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other Liabilities [Abstract]
Deferred compensation plans funded by rabbi trusts (Note 4)	$ 426	$ 543
Income taxes payable	299	281
Guarantee liabilities (Note 12)	147	92
Deferred income taxes (Note 11)	79	93
Self-insurance liabilities (Note 12)	66	66
Other	55	64
Total other long-term liabilities	$ 1,072	$ 1,139

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INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Contingency [Line Items]
Provision for income taxes	$ 106	$ 15	$ 108	$ 201
Estimated income tax liability based on taxing authority’s assessment			18
Unrecognized tax benefits	216		216		$ 205
Amount of unrecognized tax benefits that would affect the tax rate if recognized	$ 196		196		$ 186
Settlement with Taxing Authority
Income Tax Contingency [Line Items]
Estimated income tax liability based on taxing authority’s assessment			227
Federal tax benefit			$ 69

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COMMITMENTS AND CONTINGENCIES - Commitments and Performance Guarantees Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Performance Guarantee
Loss Contingencies
Remaining maximum exposure	$ 111
Guarantor obligations, liability, current carrying value	115	$ 52
Performance Guarantee | Other long-term Liabilities
Loss Contingencies
Guarantor obligations, liability, current carrying value	109	41
Performance Guarantee | Accrued Expenses and Other Current Liabilities
Loss Contingencies
Guarantor obligations, liability, current carrying value	6	11
Performance Test Clause Guarantee
Loss Contingencies
Guarantor obligations, liability, current carrying value	6	$ 7
Various Business Ventures
Loss Contingencies
Commitment to loan or investment	$ 317

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COMMITMENTS AND CONTINGENCIES - Schedule of Debt Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Loss Contingencies
Other long-term liabilities recorded	$ 147	$ 92
Debt Repayment and Other Guarantees
Loss Contingencies
Maximum potential future payments	341
Maximum exposure net of recoverability from third parties	248
Other long-term liabilities recorded	38	51
Debt Repayment and Other Guarantees | Hotel Properties in India | Joint Venture
Loss Contingencies
Maximum exposure net of recoverability from third parties	$ 93
Debt repayment and other guarantees, equity method investment, ownership percentage	50.00%
Debt Repayment and Other Guarantees | United States
Loss Contingencies
Maximum potential future payments	$ 134
Maximum exposure net of recoverability from third parties	51
Other long-term liabilities recorded	6	10
Debt Repayment and Other Guarantees | Non-US
Loss Contingencies
Maximum potential future payments	207
Maximum exposure net of recoverability from third parties	197
Other long-term liabilities recorded	$ 32	$ 41

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COMMITMENTS AND CONTINGENCIES - Guarantee Liabilities Fair Value Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Guarantees, fair value disclosure	$ 141	$ 87

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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, 2022	Dec. 31, 2021
Loss Contingencies
Self insurance reserve, current	$ 33	$ 34
Self-insurance reserve, noncurrent	66	$ 66
Surety bonds	46
Estimated income tax liability based on taxing authority’s assessment	18
Letter of Credit
Loss Contingencies
Maximum borrowing capacity	274
Reducing capacity under revolving credit facility	$ 4
Various US
Loss Contingencies
Multiemployer plans, collective-bargaining arrangement, percentage of participants	21.00%

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EQUITY - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 3,524	$ 2,888	$ 3,566	$ 3,214
Current period other comprehensive income (loss) before reclassification			(28)	(10)
Amount reclassified from accumulated other comprehensive loss			8	(16)
Balance, end of period	3,612	2,909	3,612	2,909
Interest Rate Contract
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount of loss reclassified from accumulated other comprehensive loss			6
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(185)	(191)	(206)	(145)
Current period other comprehensive income (loss) before reclassification	(39)	15	(18)	(9)
Amount reclassified from accumulated other comprehensive loss	5	2	5	(20)
Balance, end of period	(219)	(174)	(219)	(174)
Unrealized losses on AFS debt securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(8)	0	(1)	1
Current period other comprehensive income (loss) before reclassification	(3)	0	(10)	(1)
Amount reclassified from accumulated other comprehensive loss	0	0	0	0
Balance, end of period	(11)	0	(11)	0
Unrecognized pension benefit (cost)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(6)	(7)	(4)	(7)
Current period other comprehensive income (loss) before reclassification	1	0	0	0
Amount reclassified from accumulated other comprehensive loss	1	0	0	0
Balance, end of period	(4)	(7)	(4)	(7)
Unrealized gains (losses) on derivative instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(32)	(39)	(34)	(41)
Current period other comprehensive income (loss) before reclassification	0	0	0	0
Amount reclassified from accumulated other comprehensive loss	1	2	3	4
Balance, end of period	(31)	(37)	(31)	(37)
Accumulated other comprehensive loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(231)	(237)	(245)	(192)
Current period other comprehensive income (loss) before reclassification	(41)	15
Amount reclassified from accumulated other comprehensive loss	7	4
Balance, end of period	$ (265)	$ (218)	$ (265)	$ (218)

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EQUITY - Share Repurchase (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Stock repurchase program, authorized amount (up to)			$ 750,000,000	$ 750,000,000
Stock repurchased during period (in shares)	1,210,402	0
Weighted-average price per share (in dollars per share)	$ 83.34
Aggregate purchase price	$ 101,000,000
Shares repurchased as a percentage of total common stock outstanding	1.00%
Stock repurchase program, remaining authorized repurchase amount	$ 827,000,000

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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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 12	$ 8	$ 40	$ 36
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	1	1	11	10
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	8	3	24	16
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 3	$ 4	$ 5	$ 10

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STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	359,113	396,889
Grants in period, weighted-average fair value at grant date (in dollars per share)	$ 37.56	$ 28.68
Total unearned compensation	$ 4
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	520,935	407,585
Grants in period, weighted-average fair value at grant date (in dollars per share)	$ 91.75	$ 80.31
Total unearned compensation	$ 47
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	176,756	153,256
Grants in period, weighted-average fair value at grant date (in dollars per share)	$ 81.14	$ 82.02
Total unearned compensation	$ 23
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 - Legal Services (Details) - Family Member of Management - Related Party Legal Services - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction
Legal services	$ 4	$ 6
Due to related party	$ 4	$ 4	$ 0

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RELATED-PARTY TRANSACTIONS - Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Minimum | Unconsolidated Hospitality Ventures
Related Party Transaction
Equity method investment, ownership percentage	24.00%		24.00%
Maximum | Unconsolidated Hospitality Ventures
Related Party Transaction
Equity method investment, ownership percentage	50.00%		50.00%
Equity Method Investee
Related Party Transaction
Net receivables from related parties	$ 51		$ 51		$ 29
Franchise or License Fees | Equity Method Investee
Related Party Transaction
Revenue from related parties	$ 6	$ 3	10	$ 4
Related Parties Guarantees | Equity Method Investee
Related Party Transaction
Revenue from related parties			$ 3	$ 2

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RELATED-PARTY TRANSACTIONS - Share Conversion (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Common Class B
Related Party Transaction
Conversion of stock, shares converted (in shares)	614,831	635,522	1,415,000
Common stock, par value per share (in dollars per share)		$ 0.01		$ 0.01
Common Class A
Related Party Transaction
Common stock, par value per share (in dollars per share)		$ 0.01		$ 0.01

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SEGMENT INFORMATION - Summarized Consolidated Financial Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information
Total revenues	$ 1,483	$ 663	$ 2,762	$ 1,101
Adjusted EBITDA	255	55	424	35
Depreciation and amortization	105	74	224	148
Owned and leased hotels
Segment Reporting Information
Total revenues	331	191	602	295
Management, franchise, and other fees
Segment Reporting Information
Total revenues	204	93	358	156
Contra revenue
Segment Reporting Information
Total revenues	(9)	(9)	(18)	(17)
Other revenues
Segment Reporting Information
Total revenues	61	22	138	41
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	640	366	1,180	626
Distribution and destination management
Segment Reporting Information
Total revenues	256	0	502	0
Operating Segments | Owned and leased hotels
Segment Reporting Information
Total revenues	335	194	612	301
Adjusted EBITDA	99	12	153	(17)
Depreciation and amortization	44	58	96	117
Operating Segments | Owned and leased hotels | Owned and leased hotels
Segment Reporting Information
Total revenues	335	194	612	301
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 | Owned and leased hotels | Distribution and destination management
Segment Reporting Information
Total revenues	0		0
Operating Segments | Americas management and franchising
Segment Reporting Information
Total revenues	708	407	1,296	685
Adjusted EBITDA	117	54	202	82
Depreciation and amortization	6	6	11	11
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	132	66	227	104
Operating Segments | Americas management and franchising | Contra revenue
Segment Reporting Information
Total revenues	(6)	(5)	(12)	(9)
Operating Segments | Americas management and franchising | Other revenues
Segment Reporting Information
Total revenues	25	19	63	36
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	557	327	1,018	554
Operating Segments | Americas management and franchising | Distribution and destination management
Segment Reporting Information
Total revenues	0		0
Operating Segments | ASPAC management and franchising
Segment Reporting Information
Total revenues	51	43	93	77
Adjusted EBITDA	6	10	11	15
Depreciation and amortization	1	1	1	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	18	20	32	35
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	34	24	63	44
Operating Segments | ASPAC management and franchising | Distribution and destination management
Segment Reporting Information
Total revenues	0		0
Operating Segments | EAME/SW Asia management and franchising
Segment Reporting Information
Total revenues	42	18	76	35
Adjusted EBITDA	13	(1)	19	(1)
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	21	6	36	13
Operating Segments | EAME/SW Asia management and franchising | Contra revenue
Segment Reporting Information
Total revenues	(2)	(3)	(4)	(6)
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	23	15	44	28
Operating Segments | EAME/SW Asia management and franchising | Distribution and destination management
Segment Reporting Information
Total revenues	0		0
Operating Segments | Apple Leisure Group
Segment Reporting Information
Total revenues	355		694
Adjusted EBITDA	54	0	110	0
Depreciation and amortization	47	0	102	0
Operating Segments | Apple Leisure Group | Owned and leased hotels
Segment Reporting Information
Total revenues	4	0	4	0
Operating Segments | Apple Leisure Group | Management, franchise, and other fees
Segment Reporting Information
Total revenues	36	0	66	0
Operating Segments | Apple Leisure Group | Contra revenue
Segment Reporting Information
Total revenues	0		0
Operating Segments | Apple Leisure Group | Other revenues
Segment Reporting Information
Total revenues	33	0	67	0
Operating Segments | Apple Leisure Group | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	26	0	55	0
Operating Segments | Apple Leisure Group | Distribution and destination management
Segment Reporting Information
Total revenues	256	0	502	0
Operating Segments | Corporate and other
Segment Reporting Information
Adjusted EBITDA	(34)	(21)	(72)	(45)
Depreciation and amortization	7	9	14	18
Operating Segments | Corporate and other | Revenues
Segment Reporting Information
Total revenues	13	11	27	19
Eliminations
Segment Reporting Information
Total revenues	(21)	(10)	(36)	(16)
Adjusted EBITDA	0	1	1	1
Eliminations | Owned and leased hotels
Segment Reporting Information
Total revenues	(8)	(3)	(14)	(6)
Eliminations | Management, franchise, and other fees
Segment Reporting Information
Total revenues	(14)	(7)	(24)	(10)
Eliminations | Contra revenue
Segment Reporting Information
Total revenues	0	0	0	0
Eliminations | Other revenues
Segment Reporting Information
Total revenues	1	0	2	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 | Distribution and destination management
Segment Reporting Information
Total revenues	0		0
Eliminations | Owned and leased hotels
Segment Reporting Information
Total revenues	(8)	(3)	(14)	(6)
Eliminations | Americas management and franchising
Segment Reporting Information
Total revenues	(12)	(7)	(21)	(10)
Eliminations | EAME/SW Asia management and franchising
Segment Reporting Information
Total revenues	(2)	0	(3)	0
Eliminations | Corporate and other
Segment Reporting Information
Total revenues	$ 1	$ 0	$ 2	$ 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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information
Net income (loss) attributable to Hyatt Hotels Corporation	$ 206	$ (9)	$ 133	$ (313)
Interest expense	38	42	78	83
Provision for income taxes	106	15	108	201
Depreciation and amortization	105	74	224	148
EBITDA	455	122	543	119
Total revenues	(1,483)	(663)	(2,762)	(1,101)
Equity (earnings) losses from unconsolidated hospitality ventures	(1)	34	8	(20)
Stock-based compensation expense (Note 14)	12	8	40	36
Gains on sales of real estate	251	105	251	105
Asset impairments	7	2	10	2
Other (income) loss, net (Note 18)	19	(25)	29	(37)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17	1	23	(3)
Adjusted EBITDA	255	55	424	35
Contra revenue
Segment Reporting Information
Total revenues	9	9	18	17
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	(640)	(366)	(1,180)	(626)
Costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Costs incurred on behalf of managed and franchised properties	$ 628	$ 375	$ 1,184	$ 652

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EARNINGS (LOSSES) PER SHARE - Schedule of the Calculation of Basic and Diluted Earnings (Losses) Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income (loss)	$ 206	$ (9)	$ 133	$ (313)
Net income (loss) attributable to noncontrolling interests	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 206	$ (9)	$ 133	$ (313)
Denominator:
Basic weighted-average shares outstanding (in shares)	109,953,302	101,898,773	110,062,212	101,713,331
Share-based compensation (in shares)	1,973,560	0	2,120,840	0
Diluted weighted-average shares outstanding (in shares)	111,926,862	101,898,773	112,183,052	101,713,331
Basic Earnings (Losses) Per Share:
Net income (loss) (in dollars per share)	$ 1.88	$ (0.08)	$ 1.21	$ (3.07)
Net income (loss) attributable to noncontrolling interests (in dollars per share)	0	0	0	0
Net income (loss) attributable to Hyatt Hotels Corporation (in dollars per share)	1.88	(0.08)	1.21	(3.07)
Diluted Earnings (Losses) Per Share:
Net income (loss) (in dollars per share)	1.85	(0.08)	1.19	(3.07)
Net income (loss) attributable to noncontrolling interests (in dollars per share)	0	0	0	0
Net income (loss) attributable to Hyatt Hotels Corporation (in dollars per share)	$ 1.85	$ (0.08)	$ 1.19	$ (3.07)

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EARNINGS (LOSSES) PER SHARE - Anti-Dilutive Shares Issued (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	11,500	1,321,700	9,200	1,317,600
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	10,500	587,900	1,700	584,100

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OTHER INCOME (LOSS), NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Other Income and Expenses [Abstract]
Unrealized gains (losses), net (Note 4)	$ (34)	$ 5	$ (44)	$ 13
Loss on extinguishment of debt (Note 9)	(8)	0	(8)	0
Foreign currency gains (losses), net	(3)	13	(2)	7
Performance guarantee expense (Note 12)	(1)	(4)	(8)	(5)
Depreciation recovery	4	5	8	9
Performance guarantee liability amortization (Note 12)	5	0	7	1
Credit loss provisions and reversals, net (Note 4 and Note 5)	6	(8)	5	(10)
Interest income	9	8	15	14
Other, net	3	6	(2)	8
Other income (loss), net	$ (19)	$ 25	$ (29)	$ 37

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SUBSEQUENT EVENTS (Details) $ in Millions	Aug. 03, 2022 USD ($)
Subsequent Event | Hotel Irvine
Subsequent Event [Line Items]
Payments to acquire real estate	$ 135