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, 2023

OR

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

For the transition period from                      to                     

Commission File No. 001-34521

HYATT HOTELS CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware	20-1480589
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

     150 North Riverside Plaza

     8th Floor, Chicago, Illinois                     60606

     (Address of Principal Executive Offices)                     (Zip Code)

(312) 750-1234

(Registrant's Telephone Number, Including Area Code)

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

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No  ☐

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

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

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

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

At July 28, 2023, there were 45,917,088 shares of the registrant's Class A common stock, $0.01 par value, outstanding and 58,917,749 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, 2023

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	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59
Item 4.	Controls and Procedures	60
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	61
Item 1A.	Risk Factors	61
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3.	Defaults Upon Senior Securities	61
Item 4.	Mine Safety Disclosures	61
Item 5.	Other Information	61
Item 6.	Exhibits	62
Signatures		63

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements.

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions of dollars, except per share amounts)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
REVENUES:
Owned and leased hotels	$	341	$	331	$	655	$	602
Management, franchise, license, and other fees	248		204		479		358
Contra revenue	(12)		(9)		(22)		(18)
Net management, franchise, license, and other fees	236		195		457		340
Distribution and destination management	273		256		601		502
Other revenues	71		61		159		138
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	784		640		1,513		1,180
Total revenues	1,705		1,483		3,385		2,762
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels	257		229		497		439
Distribution and destination management	224		206		482		400
Depreciation and amortization	99		105		197		224
Other direct costs	87		69		185		136
Selling, general, and administrative	142		76		303		187
Costs incurred on behalf of managed and franchised properties	789		628		1,538		1,184
Direct and selling, general, and administrative expenses	1,598		1,313		3,202		2,570
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	17		(46)		35		(77)
Equity earnings (losses) from unconsolidated hospitality ventures	(1)		1		(3)		(8)
Interest expense	(31)		(38)		(64)		(78)
Gains on sales of real estate	—		251		—		251
Asset impairments	(5)		(7)		(7)		(10)
Other income (loss), net	8		(19)		56		(29)
INCOME BEFORE INCOME TAXES	95		312		200		241
PROVISION FOR INCOME TAXES	(27)		(106)		(74)		(108)
NET INCOME	68		206		126		133
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—		—		—		—
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$	68	$	206	$	126	$	133
EARNINGS PER SHARE—Basic
Net income	$	0.64	$	1.88	$	1.19	$	1.21
Net income attributable to Hyatt Hotels Corporation	$	0.64	$	1.88	$	1.19	$	1.21
EARNINGS PER SHARE—Diluted
Net income	$	0.63	$	1.85	$	1.16	$	1.19
Net income attributable to Hyatt Hotels Corporation	$	0.63	$	1.85	$	1.16	$	1.19

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions of dollars)

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Net income	$	68	$	206	$	126	$	133
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $(1) for the three and six months ended June 30, 2023 and $— for the three and six months ended and six months ended June 30, 2022	19		(34)		34		(13)
Derivative instrument adjustments, net of tax of $(1) for the three and six months ended June 30, 2023 and $— for the three and six months ended and six months ended June 30, 2022	1		1		2		3
Available-for-sale debt securities unrealized fair value adjustments, net of tax of $— for the three and six months ended June 30, 2023 and June 30, 2022	(3)		(3)		—		(10)
Pension liabilities adjustment, net of tax of $— for the three and six months ended June 30, 2023 and June 30, 2022	—		2		—		—
Other comprehensive income (loss)	17		(34)		36		(20)
COMPREHENSIVE INCOME	85		172		162		113
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	—		—		—		—
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$	85	$	172	$	162	$	113

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

	June 30, 2023		December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	882	$	991
Restricted cash	45		39
Short-term investments	24		158
Receivables, net of allowances of $55 and $63 at June 30, 2023 and December 31, 2022, respectively	787		834
Inventories	10		9
Prepaids and other assets	192		180
Prepaid income taxes	50		39
Total current assets	1,990		2,250
Equity method investments	182		178
Property and equipment, net	2,384		2,384
Financing receivables, net of allowances of $40 and $44 at June 30, 2023 and December 31, 2022, respectively	64		60
Operating lease right-of-use assets	383		385
Goodwill	3,205		3,101
Intangibles, net	1,785		1,668
Deferred tax assets	293		257
Other assets	2,303		2,029
TOTAL ASSETS	$	12,589	$	12,312
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	46	$	660
Accounts payable	486		500
Accrued expenses and other current liabilities	444		415
Current contract liabilities	1,442		1,438
Accrued compensation and benefits	162		235
Current operating lease liabilities	41		39
Total current liabilities	2,621		3,287
Long-term debt	3,053		2,453
Long-term contract liabilities	1,637		1,495
Long-term operating lease liabilities	289		298
Other long-term liabilities	1,304		1,077
Total liabilities	8,904		8,610
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at both June 30, 2023 and December 31, 2022	—		—
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 45,902,599 issued and outstanding at June 30, 2023, and Class B common stock, $0.01 par value per share, 390,912,161 shares authorized, 58,917,749 shares issued and outstanding at June 30, 2023. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 47,482,787 issued and outstanding at December 31, 2022, and Class B common stock, $0.01 par value per share, 390,912,161 shares authorized, 58,917,749 shares issued and outstanding at December 31, 2022	1		1
Additional paid-in capital	155		318
Retained earnings	3,732		3,622
Accumulated other comprehensive loss	(206)		(242)
Total stockholders' equity	3,682		3,699
Noncontrolling interests in consolidated subsidiaries	3		3
Total equity	3,685		3,702
TOTAL LIABILITIES AND EQUITY	$	12,589	$	12,312

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of dollars)

(Unaudited)

	Six Months Ended
	June 30, 2023		June 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	126	$	133
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	197		224
Gains on sales of real estate	—		(251)
Amortization of share awards	46		44
Amortization of operating lease right-of-use assets	19		17
Deferred income taxes	(27)		(2)
Asset impairments	7		10
Equity losses from unconsolidated hospitality ventures	3		8
Loss on extinguishment of debt	—		8
Contra revenue	22		18
Unrealized (gains) losses, net	(25)		44
Working capital changes and other	3		130
Net cash provided by operating activities	371		383
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments	(230)		(662)
Proceeds from marketable securities and short-term investments	308		387
Contributions to equity method and other investments	(35)		(5)
Return of equity method and other investments	—		23
Acquisitions, net of cash acquired	(175)		(39)
Capital expenditures	(80)		(104)
Issuance of financing receivables	(20)		(10)
Proceeds from sales of real estate, net of cash disposed	—		591
Other investing activities	(6)		20
Net cash provided by (used in) investing activities	(238)		201
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments and repurchases of debt	(20)		(16)
Repurchases of common stock	(214)		(101)
Dividends paid	(16)		—
Utilization of restricted cash for legal defeasance of Series 2005 Bonds	—		(8)
Other financing activities	(13)		(17)
Net cash used in financing activities	(263)		(142)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(6)		11
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(136)		453
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR	1,067		1,065
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD	$	931	$	1,518

See accompanying Notes to condensed consolidated financial statements.

Supplemental disclosure of cash flow information:

	June 30, 2023		June 30, 2022
Cash and cash equivalents	$	882	$	1,428
Restricted cash (1)	45		53
Restricted cash included in other assets (1)	4		37
Total cash, cash equivalents, and restricted cash	$	931	$	1,518
(1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.

	Six Months Ended
	June 30, 2023		June 30, 2022
Cash paid during the period for interest	$	57	$	68
Cash paid during the period for income taxes	$	84	$	39
Cash paid for amounts included in the measurement of operating lease liabilities	$	23	$	22
Non-cash investing and financing activities are as follows:
Change in accrued capital expenditures	$	6	$	8
Non-cash redemption of financing receivables	$	20	$	—
Non-cash right-of-use assets obtained in exchange for operating lease liabilities	$	8	$	3
Non-cash contingent consideration liability assumed in acquisition (see Note 6)	$	107	$	—
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.

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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, 2022	50,322,050	59,653,271	$	1	$	—	$	640	$	3,167	$	(245)	$	3	$	3,566
Total comprehensive 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	—	—	—		—		—		206		(34)		—		172
Repurchases of common stock	(1,210,402)	—	—		—		(101)		—		—		—		(101)
Employee stock plan issuance	13,963	—	—		—		1		—		—		—		1
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
BALANCE—January 1, 2023	47,482,787	58,917,749	$	1	$	—	$	318	$	3,622	$	(242)	$	3	$	3,702
Total comprehensive income	—	—	—		—		—		58		19		—		77
Repurchases of common stock (1)	(1,018,931)	—	—		—		(98)		—		—		—		(98)
Liability for repurchases of common stock (2)	—	—	—		—		(8)		—		—		—		(8)
Employee stock plan issuance	13,925	—	—		—		1		—		—		—		1
Share-based payment activity	366,917	—	—		—		22		—		—		—		22
BALANCE—March 31, 2023	46,844,698	58,917,749	$	1	$	—	$	235	$	3,680	$	(223)	$	3	$	3,696
Total comprehensive income	—	—	—		—		—		68		17		—		85
Repurchases of common stock (3)	(968,629)	—	—		—		(101)		—		—		—		(101)
Employee stock plan issuance	18,337	—	—		—		2		—		—		—		2
Share-based payment activity	8,193	—	—		—		19		—		—		—		19
Cash dividends of $0.15 per share (see Note 13)	—	—	—		—		—		(16)		—		—		(16)
BALANCE—June 30, 2023	45,902,599	58,917,749	$	1	$	—	$	155	$	3,732	$	(206)	$	3	$	3,685
(1) Includes the settlement of 1,018,931 shares repurchased for $106 million of cash, offset by the payment of a $9 million liability for shares not settled as of December 31, 2022, and also includes a $1 million liability for the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.
(2) Represents repurchases of 73,368 shares for $8 million that were initiated prior to March 31, 2023, but settled in the second quarter of 2023.
(3) Includes the settlement of 968,629 shares repurchased for $108 million of cash, offset by the payment of a $8 million liability for shares not settled as of March 31, 2023, and also includes a $1 million liability for the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.

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 have offerings that consist of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential, vacation, and condominium units. We also offer distribution and destination management services through ALG Vacations, a paid membership program through the Unlimited Vacation Club, and a global travel platform through Mr & Mrs Smith. At June 30, 2023, our hotel portfolio included 602 full service hotels, comprising 187,879 rooms throughout the world; 575 select service hotels, comprising 84,571 rooms, of which 452 hotels are located in the United States; and 120 all-inclusive resorts, comprising 38,721 rooms. At June 30, 2023, our portfolio of properties operated in 76 countries around the world. Additionally, 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.

Unless otherwise specified or required by the context, references in this Quarterly Report on Form 10-Q to "Hyatt," the "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries. As used in these Notes and throughout this Quarterly Report on Form 10-Q:

•"condominium units" refer to whole ownership residential units (condominium and private residences) that we provide services to and, in some cases, manage the rental programs and/or homeowner associations associated with such units;

•"hospitality ventures" refers to entities in which we own less than a 100% equity interest;

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

•"loyalty program" refers to the World of Hyatt guest loyalty program that is operated for the benefit of participating properties and generates substantial repeat guest business by rewarding frequent stays with points that can be redeemed for hotel nights and other valuable rewards;

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

•"residential units" refer to residential units that we manage, own, or to which we provide services or license our trademarks (such as serviced apartments and Hyatt-branded residential units) that are typically part of a mixed-use project and located either adjacent to or near a full service hotel that is a member of our portfolio of properties or in unique leisure locations; and

•"vacation units" refer to the fractional and timeshare vacation properties with respect to which we license our trademarks and that are part of the Hyatt Residence Club.

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, 2022 (the "2022 Form 10-K").

6

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

Reference Rate Reform—In March 2020, the Financial Accounting Standards Board ("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 ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 was effective upon issuance and defers the sunset date of Topic 848 by two years, extending the provisions of ASU 2020-04 through December 31, 2024. During the six months ended June 30, 2023, we amended certain LIBOR-based contracts and adopted the provisions of ASU 2020-04 in conjunction with the amendments. We are also in the process of converting other LIBOR-based contracts to alternative reference rates. ASU 2020-04 did not materially impact our condensed consolidated financial statements upon adoption and is not expected to have a material future impact as we continue to apply optional expedients or exceptions.

7

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, 2023
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	217	$	—	$	—	$	—	$	7	$	—	$	(7)	$	217
Food and beverage	84		—		—		—		—		—		—		84
Other	40		—		—		—		—		—		—		40
Owned and leased hotels	341		—		—		—		7		—		(7)		341
Base management fees	—		64		17		11		14		—		(10)		96
Incentive management fees	—		20		22		8		13		—		(4)		59
Franchise, license, and other fees	—		58		3		4		9		19		—		93
Management, franchise, license, and other fees	—		142		42		23		36		19		(14)		248
Contra revenue	—		(6)		(1)		(3)		(2)		—		—		(12)
Net management, franchise, license, and other fees	—		136		41		20		34		19		(14)		236
Distribution and destination management	—		—		—		—		273		—		—		273
Other revenues	—		22		—		—		43		6		—		71
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		687		41		24		32		—		—		784
Total	$	341	$	845	$	82	$	44	$	389	$	25	$	(21)	$	1,705
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.

8

	Six Months Ended June 30, 2023
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	415	$	—	$	—	$	—	$	7	$	—	$	(15)	$	407
Food and beverage	169		—		—		—		—		—		—		169
Other	79		—		—		—		—		—		—		79
Owned and leased hotels	663		—		—		—		7		—		(15)		655
Base management fees	—		126		33		18		29		—		(19)		187
Incentive management fees	—		40		40		16		29		—		(9)		116
Franchise, license, and other fees	—		109		7		8		17		35		—		176
Management, franchise, license, and other fees	—		275		80		42		75		35		(28)		479
Contra revenue	—		(12)		(2)		(6)		(2)		—		—		(22)
Net management, franchise, license, and other fees	—		263		78		36		73		35		(28)		457
Distribution and destination management	—		—		—		—		601		—		—		601
Other revenues	—		63		—		—		84		12		—		159
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		1,327		76		46		64		—		—		1,513
Total	$	663	$	1,653	$	154	$	82	$	829	$	47	$	(43)	$	3,385
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.

9

	Three Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising (2)		EAME management and franchising (2)		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	209	$	—	$	—	$	—	$	4	$	—	$	(8)	$	205
Food and beverage	87		—		—		—		—		—		—		87
Other	39		—		—		—		—		—		—		39
Owned and leased hotels	335		—		—		—		4		—		(8)		331
Base management fees	—		61		10		9		9		—		(10)		79
Incentive management fees	—		18		7		7		17		—		(4)		45
Franchise, license, and other fees	—		53		4		2		10		11		—		80
Management, franchise, license, and other fees	—		132		21		18		36		11		(14)		204
Contra revenue	—		(6)		(1)		(2)		—		—		—		(9)
Net management, franchise, license, and other fees	—		126		20		16		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		39		18		26		—		—		640
Total	$	335	$	708	$	59	$	34	$	355	$	13	$	(21)	$	1,483
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
(2) Amounts presented have been adjusted for changes within the segments effective on January 1, 2023 (see Note 16).

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	Six Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising (2)		EAME management and franchising (2)		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	376	$	—	$	—	$	—	$	4	$	—	$	(14)	$	366
Food and beverage	156		—		—		—		—		—		—		156
Other	80		—		—		—		—		—		—		80
Owned and leased hotels	612		—		—		—		4		—		(14)		602
Base management fees	—		107		18		15		17		—		(18)		139
Incentive management fees	—		30		12		13		36		—		(6)		85
Franchise, license, and other fees	—		90		7		3		13		21		—		134
Management, franchise, license, and other fees	—		227		37		31		66		21		(24)		358
Contra revenue	—		(12)		(2)		(4)		—		—		—		(18)
Net management, franchise, license, and other fees	—		215		35		27		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		71		36		55		—		—		1,180
Total	$	612	$	1,296	$	106	$	63	$	694	$	27	$	(36)	$	2,762
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
(2) Amounts presented have been adjusted for changes within the segments effective on January 1, 2023 (see Note 16).

Contract Balances

Our contract assets, included in receivables, net on our condensed consolidated balance sheets, were insignificant at both June 30, 2023 and December 31, 2022. 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, 2023		December 31, 2022
Deferred revenue related to the paid membership program	$	1,122	$	1,013
Deferred revenue related to the loyalty program	1,062		928
Deferred revenue related to travel distribution and destination management services	655		732
Advanced deposits	60		61
Initial fees received from franchise owners	44		45
Deferred revenue related to insurance programs	29		66
Other deferred revenue	107		88
Total contract liabilities	$	3,079	$	2,933

Revenue recognized during the three months ended June 30, 2023 and June 30, 2022 included in the contract liabilities balance at the beginning of each year was $220 million and $168 million, respectively. Revenue recognized during the six months ended June 30, 2023 and June 30, 2022 included in the contract liabilities balance at the beginning of each year was $874 million and $669 million, respectively. This revenue primarily relates to travel distribution and destination management services, the loyalty program, and the Unlimited Vacation Club paid membership program.

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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 $530 million at June 30, 2023, approximately 20% of which we expect to recognize over the next 12 months, with the remainder to be recognized thereafter.

4.    DEBT AND EQUITY SECURITIES

We invest in debt and equity securities that we believe are strategically and operationally important to our business. These investments take the form of (i) equity method investments where we have the ability to significantly influence the operations of the entity, (ii) marketable securities held to fund operating programs and for investment purposes, and (iii) other types of investments.

Equity Method Investments

Equity method investments were $182 million and $178 million at June 30, 2023 and December 31, 2022, 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, net of a $5 million reclassification from accumulated other comprehensive loss (see Note 13).

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, 2023		December 31, 2022
Loyalty program (Note 8)	$	814	$	728
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	470		420
Captive insurance company (Note 8)	104		110
Total marketable securities held to fund operating programs	$	1,388	$	1,258
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(354)		(339)
Marketable securities held to fund operating programs included in other assets	$	1,034	$	919

At June 30, 2023 and December 31, 2022, marketable securities held to fund operating programs included:

•$230 million and $174 million, respectively, of available-for-sale ("AFS") debt securities with contractual maturity dates ranging from 2023 through 2069. The amortized cost of our AFS debt securities approximates fair value;

•$65 million and $62 million, respectively, of equity securities with a readily determinable fair value;

•$28 million and $138 million, respectively, of time deposits classified as held-to-maturity ("HTM") debt securities with contractual maturity dates ranging from 2023 through 2026. The amortized cost of our time deposits approximates fair value.

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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,
	2023		2022		2023		2022
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	14	$	(46)	$	31	$	(78)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	6		(22)		15		(37)
Other income (loss), net (Note 18)	(1)		(12)		5		(30)
Other comprehensive income (loss) (Note 13)	(3)		(3)		—		(10)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	3	$	—	$	4	$	1
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	2		1		2		1
(1) Unrealized and realized gains and losses recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts are offset by amounts recognized in owned and leased hotels expenses and selling, general, and administrative expenses with no impact to net income.
(2) Unrealized and realized gains and losses recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties related to investments held to fund rabbi trusts are offset by amounts recognized in costs incurred on behalf of managed and franchised properties with no impact on net income.

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, 2023		December 31, 2022
Interest-bearing money market funds	$	140	$	430
Common shares in Playa N.V. (Note 8)	99		79
Time deposits (1)	14		10
Total marketable securities held for investment purposes	$	253	$	519
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(154)		(440)
Marketable securities held for investment purposes included in other assets	$	99	$	79
(1) Time deposits have contractual maturity dates in 2023. The amortized cost of our time deposits approximates fair value.

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, 2023 or June 30, 2022. Net unrealized gains (losses) recognized on our condensed consolidated statements of income were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Other income (loss), net (Note 18)	$	(17)	$	(22)	$	20	$	(14)

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Fair Value—We measure marketable securities at fair value on a recurring basis:

	June 30, 2023		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	482	$	482	$	—	$	—
Mutual funds	535		—		—		535
Common shares in Playa N.V.	99		—		—		99
Level Two - Significant Other Observable Inputs
Time deposits	42		2		14		26
U.S. government obligations	237		—		1		236
U.S. government agencies	57		—		9		48
Corporate debt securities	142		—		—		142
Mortgage-backed securities	19		—		—		19
Asset-backed securities	24		—		—		24
Municipal and provincial notes and bonds	4		—		—		4
Total	$	1,641	$	484	$	24	$	1,133

	December 31, 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	$	620	$	620	$	—	$	—
Mutual funds	482		—		—		482
Common shares in Playa N.V.	79		—		—		79
Level Two - Significant Other Observable Inputs
Time deposits	148		1		145		2
U.S. government obligations	237		—		3		234
U.S. government agencies	55		—		8		47
Corporate debt securities	109		—		2		107
Mortgage-backed securities	21		—		—		21
Asset-backed securities	21		—		—		21
Municipal and provincial notes and bonds	5		—		—		5
Total	$	1,777	$	621	$	158	$	998

During the six months ended June 30, 2023 and June 30, 2022, 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 hold investments in third-party entities associated with certain of our hotels. The investments are redeemable on various dates through 2062 and recorded as HTM debt securities within other assets on our condensed consolidated balance sheets:

	June 30, 2023		December 31, 2022
HTM debt securities	$	97	$	96
Less: allowance for credit losses	(30)		(31)
Total HTM debt securities, net of allowances	$	67	$	65

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

	2023		2022
Allowance at January 1	$	31	$	38
Provisions, net (1)	1		1
Allowance at March 31	$	32	$	39
Provisions, net (1)	1		1
Write-offs	(3)		—
Allowance at June 30	$	30	$	40
(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 $84 million and $81 million at June 30, 2023 and December 31, 2022, respectively. The fair values of our investments in preferred shares, 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 the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value. The remaining HTM debt securities are classified as Level Two in the fair value hierarchy due to the use and weighting of multiple market inputs being considered in the final price of the security.

Convertible Debt Security—During the six months ended June 30, 2023, we invested in a $30 million convertible debt security, which is classified as AFS and recorded within other assets on our condensed consolidated balance sheet, associated with a franchised property. The investment has a contractual maturity date in 2029. At June 30, 2023, the amortized cost of our convertible debt investment approximates fair value. Based on the lack of available market data, we have classified the investment as Level Three in the fair value hierarchy. During the three and six months ended June 30, 2023, there were no unrealized or realized gains or losses recognized on our investment.

Equity Securities Without a Readily Determinable Fair Value—At June 30, 2023 and December 31, 2022, we held $16 million and $12 million, respectively, 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, 2023 and December 31, 2022, we had $787 million and $834 million, respectively, of net receivables recorded on our condensed consolidated balance sheets.

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

	2023		2022
Allowance at January 1	$	63	$	53
Provisions, net	3		7
Write-offs	(3)		(4)
Allowance at March 31	$	63	$	56
Provisions (reversals), net	(7)		6
Write-offs	(1)		(2)
Other	—		(1)
Allowance at June 30	$	55	$	59

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Financing Receivables

	June 30, 2023		December 31, 2022
Unsecured financing to hotel owners	$	116	$	120
Less: current portion of financing receivables, included in receivables, net	(12)		(16)
Less: allowance for credit losses	(40)		(44)
Total long-term financing receivables, net of allowances	$	64	$	60

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

	2023		2022
Allowance at January 1	$	44	$	69
Provisions (reversals), net	(1)		—
Foreign currency exchange, net	—		3
Allowance at March 31	$	43	$	72
Write-offs	(2)		(1)
Provisions (reversals), net	(1)		(7)
Foreign currency exchange, net	—		(4)
Allowance at June 30	$	40	$	60

Credit Monitoring—Our unsecured financing receivables were as follows:

	June 30, 2023
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	112	$	(39)	$	73	$	21
Other financing arrangements	4		(1)		3		—
Total unsecured financing receivables	$	116	$	(40)	$	76	$	21

	December 31, 2022
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	118	$	(43)	$	75	$	22
Other financing arrangements	2		(1)		1		1
Total unsecured financing receivables	$	120	$	(44)	$	76	$	23

Fair Value—We estimated the fair value of financing receivables to be approximately $121 million and $117 million at June 30, 2023 and December 31, 2022, 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

Mr & Mrs Smith—During the three months ended June 30, 2023, Hyatt acquired 100% of the outstanding shares of Smith Global Limited ("Mr & Mrs Smith") in a business combination through a locked box structure. The enterprise value of £53 million was subject to customary adjustments related to indebtedness and net working capital as of the locked box date, as well as a value accrual representing the economic value from the locked box date through the acquisition date (the "Mr & Mrs Smith Acquisition").

16

We closed on the transaction on June 2, 2023 and paid cash of £58 million (approximately $72 million using exchange rates as of the acquisition date).

Net assets acquired were determined as follows:

Cash paid, net of cash acquired	$	50
Cash acquired	22
Net assets acquired	$	72

The acquisition includes technology related to a global travel platform, brand name, and relationships with affiliated hotel owners. Following the acquisition date, fee revenues and operating expenses of Mr & Mrs Smith were recognized in our condensed consolidated statements of income and were insignificant for the period from the acquisition date through June 30, 2023.

Our condensed consolidated balance sheet at June 30, 2023 reflects 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 discounted future cash flow models, the relief from royalty method, or a cost-based approach. Depending on the valuation method, these estimates include revenue projections based on long-term growth rates, expected attrition, historical cost information, and/or an obsolescence factor, all of which are primarily Level Three assumptions. The remaining assets and liabilities were recorded at their carrying values, which approximate their fair values.

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 date of acquisition.

The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date:

Cash and cash equivalents	$	22
Receivables	6
Prepaids and other assets	1
Goodwill (1)	40
Indefinite-lived intangibles (2)	12
Customer relationship intangibles (3)	12
Other intangibles (4)	16
Deferred tax assets	1
Total assets acquired	$	110
Accounts payable	$	1
Accrued expenses and other current liabilities	21
Current contract liabilities	6
Other long-term liabilities	10
Total liabilities assumed	$	38
Total net assets acquired attributable to Hyatt Hotels Corporation	$	72

(1) The goodwill, which is recorded in corporate and other, is attributable to growth opportunities we expect to realize through direct booking access to properties within the Mr & Mrs Smith platform through our distribution channels. Goodwill is not tax deductible.

(2) Relates to the Mr & Mrs Smith brand name.

(3) Amortized over a useful life of 12 years.

(4) Amortized over a useful life of 10 years.

We recognized $4 million of transaction costs, primarily related to financial advisory and legal fees, in other income (loss), net on our condensed consolidated statements of income during both the three and six months ended June 30, 2023 (see Note 18).

17

Dream Hotel Group—During the six months ended June 30, 2023, a Hyatt affiliate acquired 100% of the limited liability company interests of each of Chatwal Hotels & Resorts, LLC, DHG Manager, LLC, and each of the subsidiaries of DHG Manager, LLC (collectively, "Dream Hotel Group") for $125 million of base consideration, subject to customary adjustments related to working capital and indebtedness, and up to an additional $175 million of contingent consideration to be paid through 2028 upon the achievement of certain milestones related to the development of additional hotels and/or potential new hotels previously identified by the sellers (the "Dream Acquisition").

We closed on the transaction on February 2, 2023 and paid $125 million of cash. Upon acquisition, we recorded a $107 million contingent consideration liability at fair value in other long-term liabilities on our condensed consolidated balance sheet. The fair value was estimated using a Monte Carlo simulation to model the likelihood of achieving the agreed-upon milestones based on available information as of the acquisition date. The valuation methodology includes assumptions and judgments regarding the discount rate, estimated probability of achieving the milestones, and expected timing of payments, which are primarily Level Three assumptions. The contingent consideration liability will be remeasured at fair value on a quarterly basis (see Note 12).

Net assets acquired were determined as follows:

Cash paid	$	125
Fair value of contingent consideration	107
Net assets acquired	$	232

The acquisition includes management and license agreements for both operating and additional hotels that are expected to open in the future, primarily across North America, and the affiliated trade names for three lifestyle hotel brands. Following the acquisition date, fee revenues and operating expenses of Dream Hotel Group were recognized in our condensed consolidated statements of income and were insignificant for the three months ended June 30, 2023 and for the period from the acquisition date through June 30, 2023.

Our condensed consolidated balance sheet at June 30, 2023 reflects 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 remaining assets and liabilities were recorded at their carrying values, which approximate their fair values.

During the three months ended June 30, 2023, the fair values of certain assets acquired and liabilities assumed were revised. The measurement period adjustments primarily resulted from the refinement of certain assumptions, including contract terms and useful lives, 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, 2023 include a $20 million decrease in intangibles, net with a corresponding increase to goodwill. During the three months ended June 30, 2023, we recognized an insignificant reduction of amortization expense on our condensed consolidated statements of income that would have been recognized during the three months ended March 31, 2023, 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 date of acquisition.

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The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date:

Receivables	$	1
Goodwill (1)	61
Indefinite-lived intangibles (2)	21
Management agreement intangibles (3)	143
Other intangibles (2)	7
Total assets acquired	$	233
Long-term contract liabilities	$	1
Total liabilities assumed	$	1
Total net assets acquired attributable to Hyatt Hotels Corporation	$	232

(1) The goodwill, which is tax deductible and recorded on the Americas management and franchising segment, is attributable to the growth opportunities we expect to realize by expanding our lifestyle offerings and providing global travelers with an increased number of elevated hospitality experiences.

(2) Includes intangible assets related to the Dream Hotels, The Chatwal, and Unscripted Hotels brand names. Certain brand names are amortized over useful lives of 20 years.

(3) Amortized over useful lives of approximately 9 to 22 years, with a weighted-average useful life of approximately 17 years.

During the three and six months ended June 30, 2023, we recognized an insignificant amount and $7 million, respectively, of transaction costs, primarily related to regulatory, financial advisory, and legal fees, in other income (loss), net on our condensed consolidated statements of income (see Note 18).

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 during the three months ended June 30, 2022. The operating results 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 during the three months ended June 30, 2022. The operating results of this hotel prior to the sale remain within our owned and leased hotels segment.

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. 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 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 during the three months ended June 30, 2022. The assets disposed represented the entirety of the reporting unit and therefore, no business operations remained to support the related goodwill, which was therefore impaired. The operating results of this hotel prior to the sale remain within our owned and leased hotels segment.

19

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 during the three months ended June 30, 2022. The operating results of this hotel prior to the sale remain within our owned and leased hotels segment.

7.    INTANGIBLES, NET

		June 30, 2023
	Weighted- average useful lives in years	Gross carrying value		Accumulated amortization		Net carrying value
Management and franchise agreement intangibles	15	$	919	$	(217)	$	702
Brand and other indefinite-lived intangibles	—	626		—		626
Customer relationships intangibles	8	620		(194)		426
Other intangibles	9	45		(14)		31
Total		$	2,210	$	(425)	$	1,785

	December 31, 2022
	Gross carrying value		Accumulated amortization		Net carrying value
Management and franchise agreement intangibles	$	786	$	(184)	$	602
Brand and other indefinite-lived intangibles	593		—		593
Customer relationships intangibles	608		(145)		463
Other intangibles	22		(12)		10
Total	$	2,009	$	(341)	$	1,668

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Amortization expense	$	45	$	51	$	89	$	111

8.    OTHER ASSETS

	June 30, 2023		December 31, 2022
Management and franchise agreement assets constituting payments to customers (1)	$	810	$	699
Marketable securities held to fund rabbi trusts (Note 4)	470		420
Marketable securities held to fund the loyalty program (Note 4)	447		406
Deferred costs related to the paid membership program	150		106
Marketable securities held for captive insurance company (Note 4)	117		93
Long-term investments (Note 4)	113		77
Common shares in Playa N.V. (Note 4)	99		79
Long-term restricted cash	4		37
Other	93		112
Total other assets	$	2,303	$	2,029
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.

9.    DEBT

At June 30, 2023 and December 31, 2022, we had $3,099 million and $3,113 million, respectively, of total debt, which included $46 million and $660 million, respectively, recorded in current maturities of long-term debt on our condensed consolidated balance sheets. At June 30, 2023, a portion of our 1.300% senior notes due 2023 (the

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"2023 Notes") was classified as long-term on our condensed consolidated balance sheet based on our intent and ability to refinance the debt on a long-term basis (see Note 19).

Senior Notes Repurchases—During the six months ended June 30, 2023, we repurchased $18 million of the 2023 Notes in the open market.

Revolving Credit Facility—During the six months ended June 30, 2023 and June 30, 2022, we had no borrowings or repayments on our revolving credit facility in effect for each of the respective periods. At both June 30, 2023 and December 31, 2022, we had no balance outstanding. At June 30, 2023, we had $1,496 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding.

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

•$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. We classified our other debt instruments and revolving credit facility, if applicable, as Level Three based on the lack of available market data. 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, 2023
	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)	$	3,105	$	3,035	$	—	$	3,003	$	32

(1) Excludes $6 million of finance lease obligations and $12 million of unamortized discounts and deferred financing fees.

	December 31, 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 (2)	$	3,121	$	3,006	$	—	$	2,976	$	30

(2) Excludes $7 million of finance lease obligations and $15 million of unamortized discounts and deferred financing fees.

10.    OTHER LONG-TERM LIABILITIES

	June 30, 2023		December 31, 2022
Deferred compensation plans funded by rabbi trusts (Note 4)	$	470	$	420
Income taxes payable	389		339
Guarantee liabilities (Note 12)	128		124
Contingent consideration liability (Note 12)	105		—
Deferred income taxes (Note 11)	85		72
Self-insurance liabilities (Note 12)	71		68
Other	56		54
Total other long-term liabilities	$	1,304	$	1,077

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11.    INCOME TAXES

The provision for income taxes for the three and six months ended June 30, 2023 was $27 million and $74 million, respectively, compared to the provision for income taxes of $106 million and $108 million for the three and six months ended June 30, 2022, respectively. The decrease in the provision for income taxes for the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, was primarily driven by sales of Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill, and The Confidante Miami Beach in 2022.

We are subject to audits by federal, state, and foreign tax authorities. U.S. tax years 2018 through 2020 are currently under field exam. 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 year ended December 31, 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 income tax payment of $243 million (including $85 million of estimated interest, net of federal tax benefit) for all assessed years. As future tax benefits will be recognized at the reduced U.S. corporate income tax rate, $95 million of the tax payment and related interest would have an impact on the effective tax rate, if recognized. We believe we have an adequate uncertain tax liability recorded in connection with this matter.

At June 30, 2023 and December 31, 2022, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $292 million and $253 million, respectively, of which $124 million and $102 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, 2023, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in various business ventures up to $356 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, 2023, our performance guarantees had $110 million of remaining maximum exposure and expire between 2023 and 2042.

Through acquisitions, we acquired certain management agreements with performance guarantees based on annual performance levels and with expiration dates between 2023 and 2045. Contract terms within certain management agreements limit our exposure, and therefore, we are unable to reasonably estimate our maximum potential future payments.

At June 30, 2023 and December 31, 2022, we had $95 million and $108 million, respectively, of total performance guarantee liabilities, which included $91 million and $96 million, respectively, recorded in other long-term liabilities and $4 million and $12 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 both June 30, 2023 and December 31, 2022, we had an insignificant amount 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 third-party owners, franchisees, and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms.

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Geographical region	Maximum potential future payments (1)		Maximum exposure net of recoverability from third parties (1)		Other long-term liabilities recorded at June 30, 2023		Other long-term liabilities recorded at December 31, 2022		Year of guarantee expiration
United States (2), (3)	$	110	$	41	$	11	$	3	various, through 2027
All foreign (2), (4)	199		180		26		25		various, through 2031
Total	$	309	$	221	$	37	$	28

(1) Our maximum exposure is generally based on a specified percentage of the total principal due upon borrower default.

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

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

(4) Under certain debt repayment guarantees associated with hotel properties in India, we have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party, and therefore, we expect our maximum exposure for these guarantees to be approximately $84 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, 2023, we are not aware, nor have we received any notification, that our unconsolidated hospitality ventures, third-party owners, or franchisees 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 $140 million and $124 million at June 30, 2023 and December 31, 2022, respectively. Based on the lack of available market data, we have classified our guarantees as Level Three in the fair value hierarchy.

Contingent Consideration Fair Value—We may pay up to an additional $175 million of contingent consideration through 2028 as a result of the Dream Acquisition (see Note 6). The contingent consideration liability is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy. The following table summarizes the changes in fair value:

	2023
Fair value as of acquisition date and at March 31	$	107
Adjustments recognized in other income (loss), net (Note 18)	(1)
Fair value at June 30	$	106
Less: current portion of contingent consideration liability included in accrued expenses and other current liabilities	(1)
Contingent consideration liability included in other long-term liabilities (Note 10)	$	105

Insurance—We obtain commercial insurance for potential losses from general liability, property, automobile, workers' compensation, employment practices liability, crime, cyber, and other miscellaneous risks. A portion of the risk is retained 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 $42 million and $39 million at June 30, 2023 and December 31, 2022, 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 $71 million and $68 million at June 30, 2023 and December 31, 2022, respectively, and are recorded in other long-term liabilities on our condensed consolidated balance sheets (see Note 10).

Collective Bargaining Agreements—At June 30, 2023, approximately 20% 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.

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Surety and Other Bonds—Surety and other bonds issued on our behalf were $49 million at June 30, 2023 and primarily relate to our insurance programs, taxes, licenses, construction liens, and utilities for our lodging operations.

Letters of Credit—Letters of credit outstanding on our behalf at June 30, 2023 were $290 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 certain debt repayment guarantees, which are only called on if the borrower defaults on its obligations or 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 or franchised 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 the respective third-party hotel owners or franchisees.

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, 2023, 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, 2023		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2023
Foreign currency translation adjustments	$	(187)	$	19	$	—	$	(168)
AFS debt securities unrealized fair value adjustments	(8)		(3)		—		(11)
Derivative instrument adjustments (1)	(28)		—		1		(27)
Accumulated other comprehensive loss	$	(223)	$	16	$	1	$	(206)
(1) 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 Jan 1, 2023		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2023
Foreign currency translation adjustments	$	(202)	$	34	$	—	$	(168)
AFS debt securities unrealized fair value adjustments	(11)		—		—		(11)
Derivative instrument adjustments (2)	(29)		—		2		(27)
Accumulated other comprehensive loss	$	(242)	$	34	$	2	$	(206)
(2) 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, 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)	$	(185)	$	(39)	$	5	$	(219)
AFS debt securities unrealized fair value adjustments	(8)		(3)		—		(11)
Pension liabilities adjustment	(6)		1		1		(4)
Derivative instrument adjustments (4)	(32)		—		1		(31)
Accumulated other comprehensive loss	$	(231)	$	(41)	$	7	$	(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.
	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 (5)	$	(206)	$	(18)	$	5	$	(219)
AFS debt securities unrealized fair value adjustments	(1)		(10)		—		(11)
Pension liabilities adjustment	(4)		—		—		(4)
Derivative instrument adjustments (6)	(34)		—		3		(31)
Accumulated other comprehensive loss	$	(245)	$	(28)	$	8	$	(265)
(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 an unconsolidated hospitality venture (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.

Share Repurchases—On December 18, 2019 and May 10, 2023, our board of directors authorized repurchases of up to $750 million and $1,055 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. At June 30, 2023, we had $1.4 billion remaining under the combined share repurchase authorizations.

During the six months ended June 30, 2023, we repurchased 1,987,560 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $107.94 per share for an aggregate purchase price of $214 million, excluding insignificant related expenses. The shares repurchased included the repurchase of 106,116 shares for $9 million, which was initiated prior to December 31, 2022 and settled during the six months ended June 30, 2023. At December 31, 2022, the $9 million share repurchase liability was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet. The shares repurchased during the six months ended June 30, 2023 represented approximately 2% of our total shares of common stock outstanding at December 31, 2022. The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares.

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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.

Dividend—The following tables summarize dividends paid to Class A and Class B shareholders of record:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Class A Common Stock	$	7	$	—	$	7	$	—
Class B Common Stock	9		—		9		—
Total cash dividends paid	$	16	$	—	$	16	$	—

Date declared	Dividend per share amount for Class A and Class B		Date of record	Date paid
May 11, 2023	$	0.15	May 30, 2023	June 12, 2023

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 (i) 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, and (ii) insignificant amounts related to employees of our owned hotels recognized in owned and leased hotels expenses on our condensed consolidated statements of income. Stock-based compensation expense recognized in selling, general, and administrative expenses and distribution and destination management expenses on our condensed consolidated statements of income related to these awards was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
SARs	$	—	$	1	$	11	$	11
RSUs	8		8		25		24
PSUs	8		3		12		5
Total	$	16	$	12	$	48	$	40

SARs—During the six months ended June 30, 2023, we granted 284,912 SARs to employees with a weighted-average grant date fair value of $48.54. 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.

RSUs—During the six months ended June 30, 2023, we granted 425,879 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $111.74. 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.

PSUs—During the six months ended June 30, 2023, we granted 133,383 PSUs to employees with a weighted-average grant date fair value of $120.64. 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.

Our total unearned compensation for our stock-based compensation programs at June 30, 2023 was $4 million for SARs, $39 million for RSUs, and $29 million for PSUs, which will be recognized in selling, general, and administrative expenses and distribution and destination management expenses over a weighted-average period of 2 years.

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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 2023 and 2022 is the brother-in-law of our Executive Chairman. During the three and six months ended June 30, 2023, we incurred $3 million and $7 million, respectively, of legal fees with this firm. During the three and six months ended June 30, 2022, we incurred $4 million and $6 million, respectively, of legal fees with this firm. At June 30, 2023 and December 31, 2022, we had $3 million and insignificant amounts, respectively, due to the law firm.

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 of fees during both the three months ended June 30, 2023 and June 30, 2022. During the six months ended June 30, 2023 and June 30, 2022, we recognized $12 million and $10 million, respectively, of fees. 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, 2023 and June 30, 2022, we recognized $1 million of income related to these guarantees. During both the six months ended June 30, 2023 and June 30, 2022, we recognized $3 million of income related to these guarantees. At June 30, 2023 and December 31, 2022, we had $39 million and $33 million, respectively, of net receivables due from these properties, inclusive of $22 million and $21 million, respectively, classified as financing receivables on our condensed consolidated balance sheets. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%.

In addition to the aforementioned fees, we provide system-wide services on behalf of owners of managed and franchised properties and administer the loyalty program for the benefit of Hyatt's portfolio of properties. 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.

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. 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. Effective January 1, 2023, we changed the strategic and operational oversight for our properties located in the Indian subcontinent. Revenues associated with these properties are now reported in the ASPAC management and franchising segment. The segment changes have been reflected retrospectively for the three and six months ended June 30, 2022. 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 unconsolidated hospitality ventures' Adjusted EBITDA, 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 programs and are eliminated in consolidation.

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•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 Greater China, East and Southeast Asia, the Indian subcontinent, and Oceania. 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 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, and Central Asia. 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 ("ALG")—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.

Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, license, 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 the results related to our co-branded credit card programs, results of Mr & Mrs Smith, and unallocated corporate expenses.

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	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Owned and leased hotels
Owned and leased hotels revenues	$	341	$	335	$	663	$	612
Intersegment revenues (1)	7		8		15		14
Adjusted EBITDA	84		99		158		153
Depreciation and amortization	45		44		91		96
Americas management and franchising
Management, franchise, license, and other fees revenues	142		132		275		227
Contra revenue	(6)		(6)		(12)		(12)
Other revenues	22		25		63		63
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	687		557		1,327		1,018
Intersegment revenues (1)	11		12		24		21
Adjusted EBITDA	122		117		241		202
Depreciation and amortization	7		6		13		11
ASPAC management and franchising
Management, franchise, license, and other fees revenues	42		21		80		37
Contra revenue	(1)		(1)		(2)		(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	41		39		76		71
Adjusted EBITDA	37		9		62		16
Depreciation and amortization	1		1		1		1
EAME management and franchising
Management, franchise, license, and other fees revenues	23		18		42		31
Contra revenue	(3)		(2)		(6)		(4)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	24		18		46		36
Intersegment revenues (1)	3		2		4		3
Adjusted EBITDA	16		10		28		14
Apple Leisure Group
Owned and leased hotels revenues	7		4		7		4
Management, franchise, license, and other fees revenues	36		36		75		66
Contra revenue	(2)		—		(2)		—
Distribution and destination management revenues	273		256		601		502
Other revenues	43		33		84		67
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	32		26		64		55
Adjusted EBITDA	49		54		128		110
Depreciation and amortization	39		47		79		102
Corporate and other
Revenues	25		13		47		27
Intersegment revenues (1)	—		(1)		—		(2)
Adjusted EBITDA	(35)		(34)		(77)		(72)
Depreciation and amortization	7		7		13		14
Eliminations
Revenues (1)	(21)		(21)		(43)		(36)
Adjusted EBITDA	—		—		1		1
TOTAL
Revenues	$	1,705	$	1,483	$	3,385	$	2,762
Adjusted EBITDA	273		255		541		424
Depreciation and amortization	99		105		197		224
(1) Intersegment revenues are included in management, franchise, license, 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 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,
	2023		2022		2023		2022
Net income attributable to Hyatt Hotels Corporation	$	68	$	206	$	126	$	133
Interest expense	31		38		64		78
Provision for income taxes	27		106		74		108
Depreciation and amortization	99		105		197		224
EBITDA	225		455		461		543
Contra revenue	12		9		22		18
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(784)		(640)		(1,513)		(1,180)
Costs incurred on behalf of managed and franchised properties	789		628		1,538		1,184
Equity (earnings) losses from unconsolidated hospitality ventures	1		(1)		3		8
Stock-based compensation expense (Note 14)	16		12		48		40
Gains on sales of real estate (Note 6)	—		(251)		—		(251)
Asset impairments	5		7		7		10
Other (income) loss, net (Note 18)	(8)		19		(56)		29
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		17		31		23
Adjusted EBITDA	$	273	$	255	$	541	$	424

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17.    EARNINGS PER SHARE

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	68	$	206	$	126	$	133
Net income attributable to noncontrolling interests	—		—		—		—
Net income attributable to Hyatt Hotels Corporation	$	68	$	206	$	126	$	133
Denominator:
Basic weighted-average shares outstanding	105,533,506		109,953,302		105,958,853		110,062,212
Stock-based compensation	2,446,867		1,973,560		2,462,334		2,120,840
Diluted weighted-average shares outstanding	107,980,373		111,926,862		108,421,187		112,183,052
Basic Earnings Per Share:
Net income	$	0.64	$	1.88	$	1.19	$	1.21
Net income attributable to noncontrolling interests	—		—		—		—
Net income attributable to Hyatt Hotels Corporation	$	0.64	$	1.88	$	1.19	$	1.21
Diluted Earnings Per Share:
Net income	$	0.63	$	1.85	$	1.16	$	1.19
Net income attributable to noncontrolling interests	—		—		—		—
Net income attributable to Hyatt Hotels Corporation	$	0.63	$	1.85	$	1.16	$	1.19

The computations of diluted net earnings per share for the three and six months ended June 30, 2023 and June 30, 2022 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,
	2023	2022	2023	2022
SARs	29,400	11,500	5,100	9,200
RSUs	200	10,500	1,600	1,700

18.    OTHER INCOME (LOSS), NET

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest income	$	15	$	9	$	32	$	15
Depreciation recovery	5		4		9		8
Guarantee amortization income (Note 12)	4		5		7		7
Loss on extinguishment of debt	—		(8)		—		(8)
Credit loss reversals (provisions), net (Note 4 and Note 5)	—		6		—		5
Guarantee expense (Note 12)	(1)		(1)		(12)		(8)
Transaction costs (Note 6)	(4)		1		(11)		—
Unrealized gains (losses), net (Note 4)	(18)		(34)		25		(44)
Other, net	7		(1)		6		(4)
Other income (loss), net	$	8	$	(19)	$	56	$	(29)

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19.    SUBSEQUENT EVENT

On July 6, 2023, we issued $600 million of 5.750% senior notes due 2027 at an issue price of 99.975% (the "2027 Notes"). We received approximately $597 million of net proceeds, after deducting underwriting discounts and other offering expenses. We intend to use the net proceeds from the issuance of the 2027 Notes, together with cash on hand, to repay all of the 2023 Notes at or prior to maturity. Any remaining proceeds will be used for general corporate purposes and to pay fees and expenses related to the issuance of the 2027 Notes. At June 30, 2023, we classified approximately $597 million of the 2023 Notes as long-term on our condensed consolidated balance sheet based on our intent and ability to refinance the debt on a long-term basis with the remaining $41 million outstanding classified as current (see Note 9).

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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; 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; 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, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; 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 or other pandemics, epidemics or other health crises; 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 our ability to successfully integrate completed acquisitions with existing operations, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; 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; risks associated with the introduction of new brand concepts, including 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 information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations.

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

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

At June 30, 2023, our hotel portfolio consisted of 1,297 hotels (311,171 rooms), including:

•484 managed properties (145,397 rooms), all of which we operate under management and hotel services agreements with third-party property owners;

•621 franchised properties (104,027 rooms), all of which are owned by third parties that have franchise agreements with us and are operated by third parties;

•120 all-inclusive resorts (38,721 rooms), including 106 owned by third parties (34,289 rooms) and operated under management or marketing services agreements, 8 owned by a third party in which we hold common shares (3,153 rooms) and operated under franchise agreements, and 6 operating leased properties (1,279 rooms);

•23 owned properties (10,187 rooms), 1 finance leased property (171 rooms), and 4 operating leased properties (1,697 rooms), all of which we manage;

•19 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,150 rooms); and

•23 franchised properties (3,821 rooms) operated by an unconsolidated hospitality venture in connection with a master license agreement by Hyatt; 6 of these properties (1,254 rooms) are leased by the unconsolidated hospitality venture.

Our property portfolio also included:

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

•36 residential units, which consist of branded residences and serviced apartments. We manage all of the serviced apartments and those branded residential units that participate in a rental program with an adjacent Hyatt-branded hotel; and

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

Additionally, 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 distribution and destination management services through ALG Vacations, a paid membership program through the Unlimited Vacation Club, and a global travel platform through Mr & Mrs Smith.

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

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

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•Americas management and franchising ("Americas") 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") consists of our management and franchising of properties located in Greater China, East and Southeast Asia, the Indian subcontinent, and Oceania;

•EAME management and franchising ("EAME") consists of our management and franchising of properties located in Europe, Africa, the Middle East, and Central Asia; and

•Apple Leisure Group 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 primarily within Mexico, the Caribbean, and Central America.

Within corporate and other, we include results related to our co-branded credit card programs, results from Mr & Mrs Smith, and unallocated corporate expenses.

Effective January 1, 2023, our EAME and ASPAC management and franchising segments have been geographically realigned. See Part I, Item 1 "Financial Statements—Note 16 to our Condensed Consolidated Financial Statements" for further discussion of our segment structure.

Overview of Financial Results

Consolidated revenues increased $222 million, or 15.0%, during the quarter ended June 30, 2023 compared to the quarter ended June 30, 2022. The increases in owned and leased hotels revenues; management, franchise license, and other fees revenues; and revenues for the reimbursement of costs incurred on behalf of managed and franchised properties of $10 million, $44 million, and $144 million, respectively, were driven by improved operating performance as compared to the prior year, largely driven by increased demand and ADR. Distribution and destination management revenues increased $17 million, compared to 2022, primarily driven by higher pricing.

Comparable system-wide hotels revenue per available room ("RevPAR") for the quarter ended June 30, 2023 was $148, which represented an improvement of 15.0% compared to the quarter ended June 30, 2022 in constant currency. The increase was primarily driven by higher demand and ADR across all segments, with the most significant increase from the ASPAC management and franchising segment as Greater China, benefiting from the easing of travel restrictions, was the final major market to exceed pre-COVID-19 pandemic levels in the second quarter of 2023. See "—Segment Results" for discussion of RevPAR by segment.

During the three months ended June 30, 2023, compared to the three months ended June 30, 2022, leisure transient travel remained strong and business transient demand continued to improve. We also experienced continued growth in group travel, as system-wide group rooms revenues increased 14% compared to the three months ended June 30, 2022.

For the quarter ended June 30, 2023, we reported net income attributable to Hyatt Hotels Corporation of $68 million, representing a decrease of $138 million, compared to the three months ended June 30, 2022, primarily driven by gains recognized on the sales of real estate in 2022 partially offset by an associated decrease in our provision for income taxes. Our consolidated Adjusted EBITDA for the quarter ended June 30, 2023 was $273 million, an increase of $18 million compared to the quarter ended June 30, 2022, primarily driven by increased management and franchise fees, most significantly in our ASPAC management and franchising 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, 2023, we returned $108 million of capital to our stockholders through share repurchases and $16 million through the reinstatement of our quarterly dividend payments.

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Results of Operations

Three and Six Months Ended June 30, 2023 Compared with Three and Six Months Ended June 30, 2022

Discussion on Consolidated Results

For additional information regarding our consolidated results, refer to our condensed consolidated statements of income included in this quarterly report. 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: 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,
	2023		2022		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	332	$	300	$	32	10.3	%	$	1
Non-comparable owned and leased hotels revenues	9		31		(22)		(69.7)	%	—
Total owned and leased hotels revenues	$	341	$	331	$	10	2.8	%	$	1

	Six Months Ended June 30,
	2023		2022		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	642	$	509	$	133	26.1	%	$	—
Non-comparable owned and leased hotels revenues	13		93		$	(80)	(85.8)	%	—
Total owned and leased hotels revenues	$	655	$	602	$	53	8.7	%	$	—

Comparable owned and leased hotels revenues increased during the three and six months ended June 30, 2023, compared to the same periods in the prior year, driven by increased demand, which contributed to increased rooms and food and beverage revenues, as well as higher ADR in most markets. The six months ended June 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

The decreases in non-comparable owned and leased hotels revenues during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, were primarily driven by disposition activity in 2022.

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Management, franchise, license, and other fees revenues.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Base management fees	$	96	$	79	$	17	21.2	%
Incentive management fees	59		45		14		30.8	%
Franchise, license, and other fees	93		80		13		16.1	%
Management, franchise, license, and other fees	$	248	$	204	$	44	21.3	%

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Management, franchise, license, and other fees	$	248	$	204	$	44	21.3	%
Contra revenue	(12)		(9)		(3)		(20.5)	%
Net management, franchise, license, and other fees	$	236	$	195	$	41	21.3	%

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Base management fees	$	187	$	139	$	48	34.2	%
Incentive management fees	116		85		31		36.7	%
Franchise, license, and other fees	176		134		42		31.4	%
Management, franchise, license and other fees	$	479	$	358	$	121	33.7	%

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Management, franchise, license, and other fees	$	479	$	358	$	121	33.7	%
Contra revenue	(22)		(18)		(4)		(22.4)	%
Net management, franchise, license, and other fees	$	457	$	340	$	117	34.3	%

The increases in base and incentive management fees during the three and six months ended June 30, 2023, compared to the same periods in the prior year, were due to increased demand and ADR across the portfolio, with the largest increases within the ASPAC management and franchising segment, most notably in Greater China due to eased travel restrictions. The six months ended June 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

The increases in franchise, license, and other fees revenues for the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, were primarily driven by franchise fees in the Americas management and franchising segment due to increased demand and ADR in the United States and increased license fees related to our co-branded credit card programs. The increase in franchise fees during the six months ended June 30, 2023, compared to the same period in the prior year, was also driven by the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022.

Distribution and destination management revenues. During the three and six months ended June 30, 2023, distribution and destination management revenues increased $17 million and $99 million, respectively, compared to the three and six months ended June 30, 2022, primarily driven by higher pricing. The six months ended June 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

Other revenues. During the three and six months ended June 30, 2023, other revenues increased $10 million and $21 million, respectively, compared to the three and six months ended June 30, 2022, primarily driven by the Unlimited Vacation Club paid membership program due to higher use of free nights and packaged gifts provided through the program as well as increased amortization of membership contracts, which continue to be signed at higher average prices.

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

	Three Months Ended June 30,
	2023		2022		Change
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	$	784	$	640	$	144	22.5	%
Less: rabbi trust impact (1)	(8)		21		(29)		(136.8)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties, excluding rabbi trust impact	$	776	$	661	$	115	17.2	%
(1) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within costs incurred on behalf of managed and franchised properties.

	Six Months Ended June 30,
	2023		2022		Change
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	$	1,513	$	1,180	$	333	28.2	%
Less: rabbi trust impact (2)	(17)		36		(53)		(147.2)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	1,496	$	1,216	$	280	22.9	%
(2) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within costs incurred on behalf of managed and franchised properties.

Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties increased during the three and six months ended June 30, 2023, compared to the same periods in the prior year, 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. The higher reimbursements for expenses were due to improved hotel operating performance driven by increased demand, ADR, and the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022, as well as portfolio growth.

Owned and leased hotels expenses.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Comparable owned and leased hotels expenses	$	244	$	211	$	(33)	(16.1)	%
Non-comparable owned and leased hotels expenses	11		23		12		52.8	%
Rabbi trust impact	2		(5)		(7)		(131.1)	%
Total owned and leased hotels expenses	$	257	$	229	$	(28)	(12.1)	%

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Comparable owned and leased hotels expenses	$	474	$	383	$	(91)	(23.9)	%
Non-comparable owned and leased hotels expenses	19		64		45		70.3	%
Rabbi trust impact	4		(8)		(12)		(138.5)	%
Total owned and leased hotels expenses	$	497	$	439	$	(58)	(13.2)	%

The increases in comparable owned and leased hotels expenses during the three and six months ended June 30, 2023, compared to the same periods in the prior year, were primarily due to increased fixed and variable expenses at certain hotels. The six months ended June 30, 2022 were also impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022, which contributed to lower variable expenses.

The decreases in non-comparable owned and leased hotels expenses during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, were primarily driven by disposition activity in 2022.

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Distribution and destination management expenses. During the three and six months ended June 30, 2023, distribution and destination management expenses increased $18 million and $82 million, respectively, compared to the three and six months ended June 30, 2022, primarily driven by increases in certain variable overhead expenses. Distribution and destination management expenses also increased during the six months ended June 30, 2023, compared to the same period in the prior year, due to higher departure volume and the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022.

Depreciation and amortization expenses. Depreciation and amortization expenses decreased $6 million and $27 million during the three and six months ended June 30, 2023, respectively, compared to the three and six months ended June 30, 2022, primarily driven by the use of an accelerated amortization method for certain ALG intangible assets, which resulted in increased amortization expense in 2022, as well as dispositions of owned hotels.

Other direct costs.  During the three and six months ended June 30, 2023, other direct costs increased $18 million and $49 million, respectively, compared to the same periods in the prior year, primarily driven by the Unlimited Vacation Club paid membership program and our co-branded credit card programs. The increase in the Unlimited Vacation Club paid membership program expenses was due to increased marketing and overhead costs from incremental contract sales as well as increased amortization of deferred commission expenses related to membership contract sales and upgrades, while the increase in our co-branded credit card programs was driven by a higher volume of point transfers.     

Selling, general, and administrative expenses.

	Three Months Ended June 30,
	2023		2022		Change
Selling, general, and administrative expenses	$	142	$	76	$	66	86.0	%
Less: rabbi trust impact	(15)		41		(56)		(136.3)	%
Less: stock-based compensation expense	(15)		(12)		(3)		(19.8)	%
Adjusted selling, general, and administrative expenses	$	112	$	105	$	7	6.2	%

	Six Months Ended June 30,
	2023		2022		Change
Selling, general, and administrative expenses	$	303	$	187	$	116	61.8	%
Less: rabbi trust impact	(31)		69		(100)		(145.8)	%
Less: stock-based compensation expense	(46)		(40)		(6)		(13.1)	%
Adjusted selling, general, and administrative expenses	$	226	$	216	$	10	4.5	%

Selling, general, and administrative expenses increased during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, primarily driven by the improved 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. See "—Non-GAAP Measures" for further discussion of Adjusted selling, general, and administrative expenses.

40

Costs incurred on behalf of managed and franchised properties.

	Three Months Ended June 30,
	2023		2022		Change
Costs incurred on behalf of managed and franchised properties	$	789	$	628	$	161	25.6	%
Less: rabbi trust impact (1)	(8)		21		(29)		(136.8)	%
Costs incurred on behalf of managed and franchised properties, excluding rabbi trust impact	$	781	$	649	$	132	20.2	%
(1) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.

	Six Months Ended June 30,
	2023		2022		Change
Costs incurred on behalf of managed and franchised properties	$	1,538	$	1,184	$	354	29.9	%
Less: rabbi trust impact (2)	(17)		36		(53)		(147.2)	%
Costs incurred on behalf of managed and franchised properties excluding rabbi trust impact	$	1,521	$	1,220	$	301	24.6	%
(2) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within revenues for the reimbursement of costs incurred on behalf of managed and franchised properties.

Costs incurred on behalf of managed and franchised properties increased during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, 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. The higher expenses were due to improved hotel operating performance driven by increased demand, ADR, and the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022, as well as portfolio growth.

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

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Rabbi trust gains (losses) allocated to selling, general, and administrative expenses	$	15	$	(41)	$	56	136.3	%
Rabbi trust gains (losses) allocated to owned and leased hotels expenses	2		(5)		7		131.1	%
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	17	$	(46)	$	63	135.7	%

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Rabbi trust gains (losses) allocated to selling, general, and administrative expenses	$	31	$	(69)	$	100	145.8	%
Rabbi trust gains (losses) allocated to owned and leased hotels expenses	4		(8)		12		138.5	%
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	35	$	(77)	$	112	145.0	%

Net gains (losses) and interest income from marketable securities held to fund rabbi trusts increased during the three and six months ended June 30, 2023, compared to the same periods in the prior year, driven by the performance of the underlying invested assets.

Equity earnings (losses) from unconsolidated hospitality ventures. During the three months ended June 30, 2023, equity earnings from unconsolidated hospitality ventures decreased $2 million compared to the same period in the prior year. The equity losses from unconsolidated hospitality ventures decreased $5 million during the six months ended June 30, 2023, compared to the same period in the prior year, driven by a decrease in Hyatt's share of unconsolidated hospitality venture losses, primarily due to improved hotel performance.

41

Interest expense. Interest expense decreased $7 million and $14 million during the three and six months ended June 30, 2023, respectively, compared to the same periods in the prior year, driven by repurchases and redemptions of certain of our Senior Notes in 2023 and 2022. See Part I, Item 1, "Financial Statements—Note 9 to our 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.

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

Asset impairments During the three and six months ended June 30, 2023, we recognized $5 million and $7 million, respectively, of impairment charges related to intangible assets, primarily as a result of contract terminations.

During 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 impairment charges related to intangible assets, primarily as a result of contract terminations.

Other income (loss), net.   Other income (loss), net increased $27 million and $85 million during the three and six months ended June 30, 2023, respectively, compared to the same periods in the prior year. See Part I, Item 1 "Financial Statements—Note 18 to our Condensed Consolidated Financial Statements" for additional information.

Provision for income taxes.

	Three Months Ended June 30,
	2023			2022			Change
Income before income taxes	$	95		$	312		$	(217)	(69.8)	%
Provision for income taxes	(27)			(106)			79		75.0	%
Effective tax rate	27.9		%	33.7		%			(5.8)	%

	Six Months Ended June 30,
	2023			2022			Change
Income before income taxes	$	200		$	241		$	(41)	(17.2)	%
Provision for income taxes	(74)			(108)			34		31.8	%
Effective tax rate	36.8		%	44.7		%			(7.9)	%

The decreases in provision for income taxes during the three and six months ended months ended June 30, 2023, compared to the three and six months ended June 30, 2022, were primarily driven by the sales of Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill, and The Confidante Miami Beach in 2022. See Part I, Item 1 "Financial Statements—Note 11 to our Condensed Consolidated Financial Statements" for additional information.

42

Segment Results

As described in Part I, Item 1 "Financial Statements—Note 16 to our Condensed Consolidated Financial Statements," we evaluate segment operating performance using owned and leased hotels revenues; management, franchise, license, and other fees revenues; distribution and destination management revenues; and Adjusted EBITDA. Segment results for the three and six months ended June 30, 2022 have been adjusted retrospectively to reflect the change in reportable segments effective January 1, 2023.

Owned and leased hotels segment revenues.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	333	$	304	$	29	9.6	%	$	1
Non-comparable owned and leased hotels revenues	8		31		(23)		(73.3)	%	—
Total segment revenues	$	341	$	335	$	6	2.0	%	$	1

	Six Months Ended June 30,
	2023		2022		Better / (Worse)				Currency Impact
Comparable owned and leased hotels revenues	$	651	$	519	$	132	25.5	%	$	—
Non-comparable owned and leased hotels revenues	12		93		(81)		(87.0)	%	—
Total segment revenues	$	663	$	612	$	51	8.4	%	$	—

Comparable owned and leased hotels revenues increased during the three and six months ended June 30, 2023, compared to the same periods in the prior year, driven by increased demand, which contributed to increased rooms and food and beverage revenues, as well as higher ADR in most markets. The six months ended June 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

Non-comparable owned and leased hotels revenues decreased during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, primarily driven by disposition activity in 2022.

		Three Months Ended June 30,
		RevPAR				Occupancy			ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable owned and leased hotels	26	$	206	10.1	%	74.0	%	3.9% pts	$	278	4.4	%

		Six Months Ended June 30,
		RevPAR				Occupancy			ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable owned and leased hotels	26	$	199	27.2	%	71.6	%	11.3% pts	$	278	7.1	%

The increases in RevPAR at our comparable owned and leased hotels during the three and six months ended June 30, 2023, compared to the same periods in the prior year, were driven by strong ADR as well as group demand and growth in business transient travel. The six months ended June 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

During the three and six months ended June 30, 2023, no properties were removed from the comparable owned and leased hotels results.

43

Owned and leased hotels segment Adjusted EBITDA.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Owned and leased hotels Adjusted EBITDA	$	67	$	82	$	(15)	(17.9)	%
Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA	17		17		—		(0.2)	%
Segment Adjusted EBITDA	$	84	$	99	$	(15)	(14.8)	%

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Owned and leased hotels Adjusted EBITDA	$	127	$	130	$	(3)	(1.8)	%
Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA	31		23		8		32.1	%
Segment Adjusted EBITDA	$	158	$	153	$	5	3.4	%

Owned and leased hotels Adjusted EBITDA decreased during the three months ended June 30, 2023, compared to the three months ended June 30, 2022, primarily due to disposition activity in 2022 as well as increased fixed and variable expenses at certain comparable owned and leased hotels.

Owned and leased hotels Adjusted EBITDA decreased during the six months ended June 30, 2023, compared to the same period in the prior year, due to decreased Adjusted EBITDA from disposition activity in 2022 partially offset by increased Adjusted EBITDA at our comparable owned and leased hotels primarily due to higher demand in most markets. The increase of Adjusted EBITDA at our comparable owned and leased hotels was also driven by the recovery from the COVID-19 Omicron variant that negatively impacted travel in the beginning of 2022.

Our pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA increased during the six months ended June 30, 2023, compared to the same period in 2022, primarily driven by improved hotel performance.

44

Americas management and franchising segment revenues.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Segment revenues
Management, franchise, license, and other fees	$	142	$	132	$	10	8.0	%
Contra revenue	(6)		(6)		—		0.5	%
Other revenues	22		25		(3)		(12.7)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	687		557		130		23.6	%
Total segment revenues	$	845	$	708	$	137	19.6	%
(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.

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Segment revenues
Management, franchise, license, and other fees	$	275	$	227	$	48	21.1	%
Contra revenue	(12)		(12)		—		(4.8)	%
Other revenues	63		63		—		(0.1)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	1,327		1,018		309		30.4	%
Total segment revenues	$	1,653	$	1,296	$	357	27.5	%
(2) 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, license, and other fees for the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, were driven by increases in management and franchise fees primarily due to improved group demand, continued strength in transient travel, and portfolio growth.

	Three Months Ended June 30,
		RevPAR				Occupancy			ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable Americas system-wide hotels	705	$	158	4.9	%	72.9	%	1.7% pts	$	217	2.5	%

	Six Months Ended June 30,
		RevPAR				Occupancy			ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable Americas system-wide hotels	705	$	148	15.6	%	68.9	%	6.0% pts	$	215	5.6	%

The RevPAR increases at our comparable Americas system-wide hotels during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, were driven by improved group demand and transient RevPAR. The six months ended June 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

During the three months ended June 30, 2023, we removed three properties from the comparable Americas system-wide hotel results as they left the hotel portfolio. During the six months ended June 30, 2023, we removed three additional properties from the comparable Americas system-wide hotel results as two properties left the hotel portfolio and one property underwent a significant renovation.

45

Americas management and franchising segment Adjusted EBITDA.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Segment Adjusted EBITDA	$	122	$	117	$	5	4.7	%

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Segment Adjusted EBITDA	$	241	$	202	$	39	19.6	%

Adjusted EBITDA increased during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, primarily driven by the increases in management and franchise fees.

ASPAC management and franchising segment revenues.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Segment revenues
Management, franchise, license, and other fees	$	42	$	21	$	21	98.7	%
Contra revenue	(1)		(1)		—		16.7	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	41		39		2		2.7	%
Total segment revenues	$	82	$	59	$	23	37.0	%
(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.

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Segment revenues
Management, franchise, license, and other fees	$	80	$	37	$	43	113.8	%
Contra revenue	(2)		(2)		—		15.8	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	76		71		5		6.3	%
Total segment revenues	$	154	$	106	$	48	44.3	%
(2) 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.

Management, franchise, license, and other fees increased for the three and six months ended June 30, 2023, compared to the same periods in the prior year, due to increases in management fees across all markets driven by strong demand and ADR. In Greater China, management fees have increased due to the easing of COVID-19 pandemic travel restrictions.

		Three Months Ended June 30,
		RevPAR				Occupancy			ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable ASPAC system-wide hotels	204	$	111	78.7	%	68.5	%	20.3% pts	$	162	25.7	%

		Six Months Ended June 30,
		RevPAR				Occupancy			ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable ASPAC system-wide hotels	204	$	110	90.9	%	66.5	%	22.3% pts	$	165	26.9	%

46

Comparable ASPAC system-wide hotels RevPAR increased for the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, due to increased demand and ADR in most markets, with the increase in Greater China primarily due to travel restrictions being eased resulting in RevPAR rates exceeding pre-COVID-19 pandemic levels beginning in the second quarter of 2023.

During the three and six months ended June 30, 2023, we removed one property from the comparable ASPAC system-wide hotels results as it is undergoing a significant renovation.

ASPAC management and franchising segment Adjusted EBITDA.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Segment Adjusted EBITDA	$	37	$	9	$	28	316.5	%

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Segment Adjusted EBITDA	$	62	$	16	$	46	293.5	%

Adjusted EBITDA increased during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, primarily driven by the increases in management fees.

EAME management and franchising segment revenues.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Segment revenues
Management, franchise, license, and other fees	$	23	$	18	$	5	29.2	%
Contra revenue	(3)		(2)		(1)		(68.0)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	24		18		6		32.9	%
Total segment revenues	$	44	$	34	$	10	28.9	%
(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.

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Segment revenues
Management, franchise, license, and other fees	$	42	$	31	$	11	36.7	%
Contra revenue	(6)		(4)		(2)		(64.1)	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	46		36		10		29.3	%
Total segment revenues	$	82	$	63	$	19	30.6	%
(2) 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, license, and other fees during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, were driven by increases in management fees, primarily Western and Southern Europe and the Middle East, due to higher demand and ADR resulting from travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

		Three Months Ended June 30,
		RevPAR				Occupancy			ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable EAME system-wide hotels	95	$	173	21.0	%	69.7	%	6.2% pts	$	248	10.1	%

47

		Six Months Ended June 30,
		RevPAR				Occupancy			ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable EAME system-wide hotels	95	$	155	31.3	%	66.4	%	10.7% pts	$	234	10.1	%

Comparable EAME system-wide hotels RevPAR increased during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, primarily driven by increased transient and group demand and ADR throughout most markets driven in part by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

During the three months ended June 30, 2023, we removed one property from the comparable EAME system-wide hotel results as it left the hotel portfolio. During the six months ended June 30, 2023, we removed two additional properties from the comparable EAME system-wide hotel results as one property left the hotel portfolio and one property underwent a significant renovation.

EAME management and franchising segment Adjusted EBITDA.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Segment Adjusted EBITDA	$	16	$	10	$	6	52.1	%

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Segment Adjusted EBITDA	$	28	$	14	$	14	99.6	%

Adjusted EBITDA increased during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, primarily driven by the increases in management fees.

48

Apple Leisure Group segment revenues.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Segment revenues
Owned and leased hotels	$	7	$	4	$	3	56.1	%
Management, franchise, license, and other fees	36		36		—		(0.3)	%
Contra revenue	(2)		—		(2)		(380.1)	%
Distribution and destination management	273		256		17		6.9	%
Other revenues	43		33		10		28.3	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (1)	32		26		6		20.6	%
Total segment revenues	$	389	$	355	$	34	9.6	%
(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.

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Segment revenues
Owned and leased hotels	$	7	$	4	$	3	56.4	%
Management, franchise, license, and other fees	75		66		9		14.0	%
Contra revenue	(2)		—		(2)		(302.7)	%
Distribution and destination management	601		502		99		19.8	%
Other revenues	84		67		17		25.7	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	64		55		9		14.3	%
Total segment revenues	$	829	$	694	$	135	19.4	%
(2) 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 increase in management, franchise, license, and other fees during the six months ended June 30, 2023, compared to the six months ended June 30, 2022, was driven by an increase in base management fees due to higher ADR and occupancy in the Americas, partially offset by decreased incentive fees as hotel profits were negatively impacted by currency. The six months ended June 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

The increases in distribution and destination management revenues during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, were primarily driven by higher pricing. The six months ended June 30, 2022 were also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

Other revenues increased during the three and six months ended June 30, 2023, compared to the same periods in the prior year, driven by the use of free nights and packaged gifts provided through Unlimited Vacation Club paid membership program as well as increased amortization of membership contracts, which continue to be signed at higher average prices.

		Three Months Ended June 30,
		Net Package RevPAR				Occupancy			Net Package ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable ALG system-wide hotels	81	$	195	7.8	%	73.8	%	1.2% pts	$	265	6.2	%

49

		Six Months Ended June 30,
		Net Package RevPAR				Occupancy			Net Package ADR
	Number of comparable hotels	2023		vs. 2022 (in constant $)		2023		vs. 2022	2023		vs. 2022 (in constant $)
Comparable ALG system-wide hotels	81	$	226	18.1	%	75.5	%	5.4% pts	$	299	9.7	%

The Net Package RevPAR increases at our comparable ALG system-wide hotels during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, were driven by strong ADR. The six months ended June 30, 2022 was also negatively impacted by travel disruptions as a result of the COVID-19 Omicron variant in the beginning of 2022.

During the three and six months ended June 30, 2023, we removed one property from the comparable ALG system-wide hotel results as it left the hotel portfolio.

Apple Leisure Group segment Adjusted EBITDA.

	Three Months Ended June 30,
	2023		2022		Change
Segment Adjusted EBITDA	$	49	$	54	$	(5)	(9.1)	%
Net Deferral activity
Increase in deferred revenue	$	51	$	52	$	(1)	(1.0)	%
Increase in deferred costs	(23)		(27)		4		14.8	%
Net Deferrals	$	28	$	25	$	3	14.9	%
Increase in Net Financed Contracts	$	14	$	15	$	(1)	(5.4)	%

	Six Months Ended June 30,
	2023		2022		Change
Segment Adjusted EBITDA	$	128	$	110	$	18	15.9	%
Net Deferral activity
Increase in deferred revenue	$	109	$	101	$	8	8.0	%
Increase in deferred costs	(50)		(52)		2		4.2	%
Net Deferrals	$	59	$	49	$	10	21.3	%
Increase in Net Financed Contracts	$	31	$	22	$	9	43.5	%

Adjusted EBITDA decreased during the three months ended June 30, 2023, compared to the three months ended June 30, 2022. Net Package RevPAR growth and favorable pricing within ALG Vacations were more than offset by increased expenses within the Unlimited Vacation Club paid membership program, unfavorable currency impacts on hotel profits, and one-time strategic investments. During the six months ended June 30, 2023, compared to the six months ended June 30, 2022, Adjusted EBITDA increased primarily due to improved margins for ALG Vacations and increased management fees, partially offset by the aforementioned decrease related to the Unlimited Vacation Club paid membership program and unfavorable impact of currency on hotel profits.

During the six months ended June 30, 2023, compared to the six months ended June 30, 2022, Net Deferrals and Net Financed Contracts increased due to the sale of the Unlimited Vacation Club membership contracts.

Net Deferrals represent cash received in the period for both membership down payments and monthly installment payments on financed contracts, less cash paid for costs incurred to sell new contracts, net of revenues and expenses recognized on our condensed consolidated statements of income during the period.

Net Financed Contracts represent contractual future cash flows due to the Company over an average term of less than 4 years, less expenses that will be incurred to fulfill the contract, net of monthly cash installment payments received during the period. At June 30, 2023 and December 31, 2022, the Net Financed Contract balance not recorded on our condensed consolidated balance sheets was $217 million and $186 million, respectively.

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Corporate and other.

	Three Months Ended June 30,
	2023		2022		Better / (Worse)
Revenues	$	25	$	13	$	12	83.0	%
Adjusted EBITDA	$	(35)	$	(34)	$	(1)	(2.1)	%

	Six Months Ended June 30,
	2023		2022		Better / (Worse)
Revenues	$	47	$	27	$	20	73.2	%
Adjusted EBITDA	$	(77)	$	(72)	$	(5)	(7.3)	%

Revenues increased during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, primarily driven by increased license fee revenues related to our co-branded credit card programs.

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.

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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 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. Comparable system-wide hotels also exclude properties for which comparable results are not available. We may use variations of comparable system-wide hotels to specifically refer to comparable system-wide Americas hotels, including our wellness resorts, or our all-inclusive resorts, for those properties that we manage or franchise within the Americas management and franchising segment, comparable system-wide ASPAC hotels for those properties we manage or franchise within the ASPAC management and franchising segment, comparable system-wide EAME hotels for those properties that we manage or franchise within the EAME management and franchising segment, or comparable system-wide ALG all-inclusive resorts for those properties that we manage within the Apple Leisure Group 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

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damage, business interruption, or undergone large-scale renovations during the periods being compared. Comparable owned and leased hotels also excludes properties 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.

Average Daily Rate

ADR represents hotel room revenues, divided by the total number of rooms sold in a given period. ADR measures the average room price attained by a hotel and ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. ADR is a commonly used performance measure in our industry, and we use ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described below.

Occupancy

Occupancy represents the total number of rooms sold divided by the total number of rooms available at a hotel or group of hotels. Occupancy measures the utilization of a hotel's available capacity. We use occupancy to gauge demand at a specific hotel or group of hotels in a given period. Occupancy levels also help us determine achievable ADR levels as demand for hotel rooms increases or decreases.

RevPAR

RevPAR is the product of the ADR and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a hotel property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. RevPAR is a commonly used performance measure in our industry.

RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a hotel would lead to increases in room revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs, and could also result in increased ancillary revenues, including food and beverage. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal impacts to variable operating costs.

Net Package ADR

Net Package ADR represents net package revenues divided by the total number of rooms sold in a given period. Net package revenues generally include revenue derived from the sale of package revenue at all-inclusive resorts comprised of rooms revenue, food and beverage, and entertainment, net of compulsory tips paid to employees. Net Package ADR measures the average room price attained by a hotel, and Net Package ADR trends provide useful information concerning the pricing environment and the nature of the customer base of a hotel or group of hotels. Net Package ADR is a commonly used performance measure in our industry, and we use Net Package ADR to assess the pricing levels that we are able to generate by customer group, as changes in rates have a different effect on overall revenues and incremental profitability than changes in occupancy, as described above.

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Net Package RevPAR

Net Package RevPAR is the product of the net package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of package revenue comprised of rooms revenue, food and beverage, and entertainment, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. Net Package RevPAR is a commonly used performance measure in our industry.

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, 2023, the Net Financed Contract balance not recorded on our condensed consolidated balance sheet was $217 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. We believe Net Deferrals is useful to investors as it represents cash received that will be recognized as revenue in future periods.

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

	Three Months Ended June 30,
	2023		2022		Change
Net income attributable to Hyatt Hotels Corporation	$	68	$	206	$	(138)	(67.2)	%
Interest expense	31		38		(7)		(17.2)	%
Provision for income taxes	27		106		(79)		(75.0)	%
Depreciation and amortization	99		105		(6)		(5.0)	%
EBITDA	225		455		(230)		(50.5)	%
Contra revenue	12		9		3		20.5	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(784)		(640)		(144)		(22.5)	%
Costs incurred on behalf of managed and franchised properties	789		628		161		25.6	%
Equity (earnings) losses from unconsolidated hospitality ventures	1		(1)		2		186.6	%
Stock-based compensation expense	16		12		4		25.0	%
Gains on sales of real estate	—		(251)		251		100.2	%
Asset impairments	5		7		(2)		(27.0)	%
Other (income) loss, net	(8)		19		(27)		(142.2)	%
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		17		—		(0.2)	%
Adjusted EBITDA	$	273	$	255	$	18	6.9	%

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	Six Months Ended June 30,
	2023		2022		Change
Net income attributable to Hyatt Hotels Corporation	$	126	$	133	$	(7)	(5.4)	%
Interest expense	64		78		(14)		(17.1)	%
Provision for income taxes	74		108		(34)		(31.8)	%
Depreciation and amortization	197		224		(27)		(12.2)	%
EBITDA	461		543		(82)		(15.1)	%
Contra revenue	22		18		4		22.4	%
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(1,513)		(1,180)		(333)		(28.2)	%
Costs incurred on behalf of managed and franchised properties	1,538		1,184		354		29.9	%
Equity (earnings) losses from unconsolidated hospitality ventures	3		8		(5)		(65.8)	%
Stock-based compensation expense	48		40		8		18.4	%
Gains on sales of real estate	—		(251)		251		100.4	%
Asset impairments	7		10		(3)		(29.2)	%
Other (income) loss, net	(56)		29		(85)		(296.0)	%
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA	31		23		8		32.1	%
Adjusted EBITDA	$	541	$	424	$	117	27.5	%

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 stockholders, 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.

During the quarter ended June 30, 2023, we completed the Mr & Mrs Smith Acquisition and paid £58 million (approximately $72 million) using cash on hand. On July 6, 2023, we issued the 2027 Notes and received approximately $597 million of net proceeds, which are intended to be used, together with cash on hand, to repay all of the 2023 Notes at or prior to maturity. See Part I, Item 1 “Financial Statements—Note 6 and Note 19, respectively, to our Condensed Consolidated Financial Statements” for additional information.

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. As of August 3, 2023, we have realized $721 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, 2023, we returned $108 million of capital to our stockholders through share repurchases. During the three months ended June 30, 2023, we made $16 million of quarterly dividend payments.

We believe that our cash position, short-term investments, cash from operations, borrowing capacity under our revolving credit facility, and 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.

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Recent Transactions Affecting our Liquidity and Capital Resources

During the six months ended June 30, 2023 and June 30, 2022, various transactions impacted our liquidity. See "—Sources and Uses of Cash."

Sources and Uses of Cash

	Six Months Ended June 30,
	2023		2022
Cash provided by (used in):
Operating activities	$	371	$	383
Investing activities	(238)		201
Financing activities	(263)		(142)
Effect of exchange rate changes on cash	(6)		11
Net increase (decrease) in cash, cash equivalents, and restricted cash	$	(136)	$	453

Cash Flows from Operating Activities

Cash provided by operating activities decreased $12 million for the six months ended June 30, 2023 compared to the six months ended June 30, 2022. We continue to see improved performance across the portfolio driven by continued recovery from the COVID-19 pandemic, offset by an increase in cash paid for taxes.

Cash Flows from Investing Activities

During the six months ended June 30, 2023:

•We acquired Dream Hotel Group for $125 million of cash.

•We invested $80 million in capital expenditures (see "—Capital Expenditures").

•We acquired Mr & Mrs Smith for £58 million, approximately $72 million of cash, or $50 million net of cash acquired, using exchange rates as of the acquisition date.

•We invested $30 million in an convertible debt security.

•We issued $20 million of financing receivables.

•We received $78 million of net proceeds from the sale of marketable securities and short-term investments.

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.

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Cash Flows from Financing Activities

During the six months ended June 30, 2023:

•We repurchased 1,987,560 shares of Class A common stock for an aggregate purchase price of $214 million, inclusive of the payment of a $9 million liability for the repurchase of 106,116 shares recorded at December 31, 2022.

•We repurchased $18 million of our Senior Notes.

•We paid one quarterly $0.15 per share cash dividend on Class A and Class B common stock totaling $16 million.

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.

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, 2023			December 31, 2022
Consolidated debt (1)	$	3,099		$	3,113
Stockholders' equity	3,682			3,699
Total capital	6,781			6,812
Total debt to total capital	45.7		%	45.7		%
Consolidated debt (1)	3,099			3,113
Less: cash and cash equivalents and short-term investments	(906)			(1,149)
Net consolidated debt	$	2,193		$	1,964
Net debt to total capital	32.3		%	28.8		%

(1) Excludes approximately $542 million and $538 million of our share of unconsolidated hospitality venture indebtedness at June 30, 2023 and December 31, 2022, 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,
	2023		2022
Maintenance and technology	$	50	$	40
Enhancements to existing properties	30		59
Other	—		5
Total capital expenditures	$	80	$	104

The decrease in capital expenditures is primarily driven by renovation spend at certain owned hotels in 2022, partially offset by renovations of a recently acquired property in 2023. Total capital expenditures for the six months ended June 30, 2023 and June 30, 2022 include $12 million and $13 million, respectively, related to ALG. Our capital expenditures continue to be below pre-COVID-19 pandemic levels, primarily as a result of our net dispositions of owned assets.

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Senior Notes

The table below sets forth the outstanding principal balance of our Senior Notes at June 30, 2023, as described in Part I, Item 1 "Financial Statements—Note 9 to our Condensed Consolidated Financial Statements." Interest on the Senior Notes is payable semi-annually.

	Outstanding principal amount
$700 million senior unsecured notes maturing in 2023—1.300%	$	638
$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	$	3,073

We are in compliance with all applicable covenants under the indenture governing our Senior Notes at June 30, 2023.

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, 2023 and December 31, 2022, we had no balance outstanding. See Part I, Item 1 "Financial Statements—Note 9 to our Condensed Consolidated Financial Statements."

We are in compliance with all applicable covenants under the revolving credit facility at June 30, 2023.

Letters of Credit

We issue letters of credit either under the revolving credit facility or directly with financial institutions. We had $286 million and $263 million in letters of credit issued directly with financial institutions outstanding at June 30, 2023 and December 31, 2022, respectively. At June 30, 2023, these letters of credit, which mature on various dates through 2024, had weighted-average fees of approximately 144 basis points. See Part I, Item 1 "Financial Statements—Note 12 to our Condensed Consolidated Financial Statements."

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 2022 Form 10-K, with an additional consideration below.

Contingent Consideration

Contingent consideration payable arising from acquisitions is recorded at fair value as a liability on the acquisition date and remeasured at each reporting date. Changes in fair value are recognized in other income (loss), net on our condensed consolidated statements of income. In order to estimate the fair value, we generally utilize a Monte Carlo simulation to model the probability of possible outcomes. Changes to the significant assumptions or factors used to determine fair value, in particular assumptions related to the selection of discount rates, probabilities of achieving the contractual milestones, and timing of payments, could affect the fair value measurement upon acquisition and each reporting period thereafter. See Part I, Item 1, "Financial Statements—Note 6 to our Condensed Consolidated Financial Statements."

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Item 3.    Quantitative and Qualitative Disclosures About Market Risk.

We are exposed to market risk, primarily from changes in interest rates and foreign currency exchange rates. In certain situations, we seek to reduce earnings and cash flow volatility associated with changes in interest rates and foreign currency exchange rates by entering into financial arrangements to provide a hedge against a portion of the risks associated with such volatility. We continue to have exposure to such risks to the extent they are not hedged. We enter into derivative financial arrangements to the extent they meet the objectives described above, and we do not use derivatives for trading or speculative purposes. At June 30, 2023, 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, 2023 and December 31, 2022, we did not hold any interest rate swap or outstanding interest rate lock contracts.

The following table sets forth the contractual maturities and the total fair values at June 30, 2023 for our financial instruments materially affected by interest rate risk:

	Maturities by Period
	2023		2024		2025		2026		2027		Thereafter		Total carrying amount (1)			Total fair value (1)
Fixed-rate debt	$	639	$	746	$	450	$	400	$	—	$	839	$	3,074		$	3,003
Average interest rate (2)													3.52		%
Floating-rate debt	$	2	$	4	$	4	$	4	$	4	$	13	$	31		$	32
Average interest rate (2)													8.02		%

(1) Excludes $6 million of finance lease obligations and $12 million of unamortized discounts and deferred financing fees.

(2) Average interest rate at June 30, 2023.

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, which relate to intercompany transactions, with terms of less than one year, were $154 million and $155 million at June 30, 2023 and December 31, 2022, 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 2022 Form 10-K.

For the three and six months ended June 30, 2023, the effects of these derivative instruments resulted in $4 million and $6 million of net losses, respectively, recognized in other income (loss), net on our condensed consolidated statements of income. 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. 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, 2023 and December 31, 2022, we had $1 million of liabilities recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to derivative instruments.

59

Item 4. Controls and Procedures.

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

Changes in Internal Control Over Financial Reporting.

There has been no change in the Company's internal control over financial reporting during the Company's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

60

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 Condensed Consolidated Financial Statements" for more information related to tax and legal contingencies.

Item 1A. Risk Factors.

At June 30, 2023, 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, 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 on a settlement date basis during the quarter ended June 30, 2023:

	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, 2023	73,368	$	109.93	73,368	$	444,551,274
May 1 to May 31, 2023	474,174	111.23		474,174	$	1,446,807,644
June 1 to June 30, 2023	421,087	112.22		421,087	$	1,399,551,401
Total	968,629	$	111.56	968,629

(1)On December 18, 2019 and May 10, 2023, our board of directors approved expansions of our share repurchase program. Under each approval, we are authorized to purchase up to $750 million and $1,055 million, respectively, 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. At June 30, 2023, we had approximately $1.4 billion remaining under the combined share repurchase authorizations.

Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not Applicable.

Item 5.    Other Information.

On May 15, 2023, Susan D. Kronick, Director, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of 100% of the net shares received after any vesting event with respect to her Annual Equity Retainer awarded pursuant to the Company's Amended and Restated Summary of Non-Employee Director Compensation Policy until December 31, 2024. The Annual Equity Retainer is payable in shares of Class A common stock with a grant date fair value of $170,000 on the date of the Company's Annual Meeting of Stockholders, payable in arrears for service since the prior annual meeting. The Annual Equity Retainer is fully vested on the date of grant in respect of the prior years' service and is pro-rated and paid in cash in the event the director terminates service prior to the annual meeting at which the grant is made. In May 2023, Ms. Kronick's Annual Equity Retainer resulted in her acquisition of 1,508 shares of Class A common stock.

61

Item 6.    Exhibits.

Exhibit Number	Exhibit Description
3.1	Amended and Restated Certificate of Incorporation of Hyatt Hotels (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K (File No. 001-34521) filed with the Securities and Exchange Commission on February 16, 2023)
3.2	Amended and Restated Bylaws of Hyatt Hotels Corporation (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-34521) filed with the Securities and Exchange Commission on September 16, 2022)
+10.1	Form of 2023-2025 Performance Share Unit Agreement under the Fourth Amended and Restated Hyatt Hotels Corporation Long-Term Incentive Plan (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 18, 2023
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 or arrangement.

62

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 3, 2023	By:	/s/ Mark S. Hoplamazian
			Mark S. Hoplamazian
			President and Chief Executive Officer
			(Principal Executive Officer)

		Hyatt Hotels Corporation
Date:	August 3, 2023	By:	/s/ Joan Bottarini
			Joan Bottarini
			Executive Vice President, Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)

63

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 3, 2023	/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 3, 2023	/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, 2023, 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 3, 2023	/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, 2023, 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 3, 2023	/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, 2023	Jul. 28, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-34521
Entity Registrant Name	HYATT HOTELS CORPORATION
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	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		45,917,088
Common Class B
Document Information
Entity Common Stock, Shares Outstanding		58,917,749

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES:
Total revenues	$ 1,705	$ 1,483	$ 3,385	$ 2,762
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Depreciation and amortization	99	105	197	224
Other direct costs	87	69	185	136
Selling, general, and administrative	142	76	303	187
Direct and selling, general, and administrative expenses	1,598	1,313	3,202	2,570
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	17	(46)	35	(77)
Equity earnings (losses) from unconsolidated hospitality ventures	(1)	1	(3)	(8)
Interest expense	(31)	(38)	(64)	(78)
Gains on sales of real estate	0	251	0	251
Asset impairments	(5)	(7)	(7)	(10)
Other income (loss), net	8	(19)	56	(29)
INCOME BEFORE INCOME TAXES	95	312	200	241
PROVISION FOR INCOME TAXES	(27)	(106)	(74)	(108)
NET INCOME	68	206	126	133
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 68	$ 206	$ 126	$ 133
EARNINGS PER SHARE—Basic
Net income (in dollars per share)	$ 0.64	$ 1.88	$ 1.19	$ 1.21
Net income attributable to Hyatt Hotels Corporation (in dollars per share)	0.64	1.88	1.19	1.21
EARNINGS PER SHARE—Diluted
Net income (in dollars per share)	0.63	1.85	1.16	1.19
Net income attributable to Hyatt Hotels Corporation (in dollars per share)	$ 0.63	$ 1.85	$ 1.16	$ 1.19
Owned and leased hotels
REVENUES:
Total revenues	$ 341	$ 331	$ 655	$ 602
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	257	229	497	439
Net management, franchise, license, and other fees
REVENUES:
Total revenues	236	195	457	340
Management, franchise, license, and other fees
REVENUES:
Total revenues	248	204	479	358
Contra revenue
REVENUES:
Total revenues	(12)	(9)	(22)	(18)
Distribution and destination management
REVENUES:
Total revenues	273	256	601	502
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	224	206	482	400
Other revenues
REVENUES:
Total revenues	71	61	159	138
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
REVENUES:
Total revenues	784	640	1,513	1,180
Costs incurred on behalf of managed and franchised properties
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	$ 789	$ 628	$ 1,538	$ 1,184

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 68	$ 206	$ 126	$ 133
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $(1) for the three and six months ended June 30, 2023 and $— for the three and six months ended and six months ended June 30, 2022	19	(34)	34	(13)
Derivative instrument adjustments, net of tax of $(1) for the three and six months ended June 30, 2023 and $— for the three and six months ended and six months ended June 30, 2022	1	1	2	3
Available-for-sale debt securities unrealized fair value adjustments, net of tax of $— for the three and six months ended June 30, 2023 and June 30, 2022	(3)	(3)	0	(10)
Pension liabilities adjustment, net of tax of $— for the three and six months ended June 30, 2023 and June 30, 2022	0	2	0	0
Other comprehensive income (loss)	17	(34)	36	(20)
COMPREHENSIVE INCOME	85	172	162	113
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 85	$ 172	$ 162	$ 113

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - Parentheticals - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ (1)	$ 0	$ (1)	$ 0
Unrealized gains on derivative activity, tax	(1)	0	(1)	0
Unrealized losses on available-for-sale debt securities, tax	0	0	0	0
Unrecognized pension cost, tax	$ 0	$ 0	$ 0	$ 0

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023		Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 882		$ 991
Restricted cash	45	[1],[2]	39
Short-term investments	24		158
Receivables, net of allowances of $55 and $63 at June 30, 2023 and December 31, 2022, respectively	787		834
Inventories	10		9
Prepaids and other assets	192		180
Prepaid income taxes	50		39
Total current assets	1,990		2,250
Equity method investments	182		178
Property and equipment, net	2,384		2,384
Financing receivables, net of allowances of $40 and $44 at June 30, 2023 and December 31, 2022, respectively	64		60
Operating lease right-of-use assets	383		385
Goodwill	3,205		3,101
Intangibles, net	1,785		1,668
Deferred tax assets	293		257
Other assets	2,303		2,029
TOTAL ASSETS	12,589		12,312
CURRENT LIABILITIES:
Current maturities of long-term debt	46		660
Accounts payable	486		500
Accrued expenses and other current liabilities	444		415
Current contract liabilities	1,442		1,438
Accrued compensation and benefits	162		235
Current operating lease liabilities	41		39
Total current liabilities	2,621		3,287
Long-term debt	3,053		2,453
Long-term contract liabilities	1,637		1,495
Long-term operating lease liabilities	289		298
Other long-term liabilities	1,304		1,077
Total liabilities	8,904		8,610
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at both June 30, 2023 and December 31, 2022	0		0
Common stock	1		1
Additional paid-in capital	155		318
Retained earnings	3,732		3,622
Accumulated other comprehensive loss	(206)		(242)
Total stockholders' equity	3,682		3,699
Noncontrolling interests in consolidated subsidiaries	3		3
Total equity	3,685		3,702
TOTAL LIABILITIES AND EQUITY	$ 12,589		$ 12,312

[1] (1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.

[2] (1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - Parentheticals - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts receivable, current	$ 55	$ 63
Financing receivable, allowance for credit loss	$ 40	$ 44
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares, outstanding (in shares)	45,902,599	47,482,787
Common stock, shares, issued (in shares)	45,902,599	47,482,787
Common Class B
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	390,912,161	390,912,161
Common stock, shares, outstanding (in shares)	58,917,749	58,917,749
Common stock, shares, issued (in shares)	58,917,749	58,917,749

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 126	$ 133
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		197	224
Gains on sales of real estate		0	(251)
Amortization of share awards		46	44
Amortization of operating lease right-of-use assets		19	17
Deferred income taxes		(27)	(2)
Asset impairments		7	10
Equity losses from unconsolidated hospitality ventures		3	8
Loss on extinguishment of debt		0	8
Contra revenue		22	18
Unrealized (gains) losses, net		(25)	44
Working capital changes and other		3	130
Net cash provided by operating activities		371	383
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments		(230)	(662)
Proceeds from marketable securities and short-term investments		308	387
Contributions to equity method and other investments		(35)	(5)
Return of equity method and other investments		0	23
Acquisitions, net of cash acquired		(175)	(39)
Capital expenditures		(80)	(104)
Issuance of financing receivables		(20)	(10)
Proceeds from sales of real estate, net of cash disposed		0	591
Other investing activities		(6)	20
Net cash provided by (used in) investing activities		(238)	201
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments and repurchases of debt		(20)	(16)
Repurchases of common stock		(214)	(101)
Dividends paid		(16)	0
Utilization of restricted cash for legal defeasance of Series 2005 Bonds		0	(8)
Other financing activities		(13)	(17)
Net cash used in financing activities		(263)	(142)
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(6)	11
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, INCLUDING CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CLASSIFIED WITHIN CURRENT ASSETS HELD FOR SALE		(136)	453
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR		1,067	1,065
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD		931	1,518
Supplemental disclosure of cash flow information:
Cash and cash equivalents		882	1,428
Restricted cash	[1],[2]	45	53
Restricted cash included in other assets	[2]	4	37	[1]
Total cash, cash equivalents, and restricted cash		931	1,518
Cash paid during the period for interest		57	68
Cash paid during the period for income taxes		84	39
Cash paid for amounts included in the measurement of operating lease liabilities		23	22
Non-cash investing and financing activities are as follows:
Change in accrued capital expenditures		6	8
Non-cash right-of-use assets obtained in exchange for operating lease liabilities		8	3
Non-cash redemption of financing receivable		20	0
Non-cash contingent consideration liability assumed in acquisition (see Note 6)		107	0
Non-cash legal defeasance of Series 2005 Bonds (see Note 6)		0	166
Non-cash reduction in right-of-use assets and operating lease liabilities for lease reassessment		0	12
Non-cash held-to-maturity debt security received (see Note 6)		$ 0	$ 19

[1] (1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.

[2] (1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions		Total	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, 2021								50,322,050		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 (loss) Income		(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		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 (loss) Income		113
Class share conversions (in shares)							635,522		(635,522)
Cash dividends		0					$ 0		$ 0
Common stock, shares, ending balance (in shares) at Jun. 30, 2022								50,096,332		59,017,749
Balance, end of period at Jun. 30, 2022		3,612	573	3,300	(265)	3		$ 1		$ 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 (loss) Income		172		206	(34)
Repurchases of common stock (in shares)								(1,210,402)
Repurchases of common stock (in shares)		(101)	(101)
Employee stock plan issuance (in shares)								13,963
Employee stock plan issuance		1	1
Share-based payment activity (in shares)								19,623
Share-based payment activity		16	16
Cash dividends		0					$ 0		$ 0
Common stock, shares, ending balance (in shares) at Jun. 30, 2022								50,096,332		59,017,749
Balance, end of period at Jun. 30, 2022		3,612	573	3,300	(265)	3		$ 1		$ 0
Common stock, shares, beginning balance (in shares) at Dec. 31, 2022							47,482,787	47,482,787	58,917,749	58,917,749
Balance, beginning of period at Dec. 31, 2022		3,702	318	3,622	(242)	3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive (loss) Income		77		58	19
Repurchases of common stock (in shares)	[1]							(1,018,931)
Repurchases of common stock (in shares)	[1]	(98)	(98)
Liability for repurchases of common stock	[2]	(8)	(8)
Employee stock plan issuance (in shares)								13,925
Employee stock plan issuance		1	1
Share-based payment activity (in shares)								366,917
Share-based payment activity		22	22
Common stock, shares, ending balance (in shares) at Mar. 31, 2023								46,844,698		58,917,749
Balance, end of period at Mar. 31, 2023		3,696	235	3,680	(223)	3		$ 1		$ 0
Common stock, shares, beginning balance (in shares) at Dec. 31, 2022							47,482,787	47,482,787	58,917,749	58,917,749
Balance, beginning of period at Dec. 31, 2022		3,702	318	3,622	(242)	3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive (loss) Income		162
Cash dividends		(16)					$ (7)		$ (9)
Common stock, shares, ending balance (in shares) at Jun. 30, 2023							45,902,599	45,902,599	58,917,749	58,917,749
Balance, end of period at Jun. 30, 2023		3,685	155	3,732	(206)	3		$ 1		$ 0
Common stock, shares, beginning balance (in shares) at Mar. 31, 2023								46,844,698		58,917,749
Balance, beginning of period at Mar. 31, 2023		3,696	235	3,680	(223)	3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive (loss) Income		85		68	17
Repurchases of common stock (in shares)	[3]							(968,629)
Repurchases of common stock (in shares)	[3]	(101)	(101)
Employee stock plan issuance (in shares)								18,337
Employee stock plan issuance		2	2
Share-based payment activity (in shares)								8,193
Share-based payment activity		19	19
Cash dividends		(16)		(16)			$ (7)		$ (9)
Common stock, shares, ending balance (in shares) at Jun. 30, 2023							45,902,599	45,902,599	58,917,749	58,917,749
Balance, end of period at Jun. 30, 2023		$ 3,685	$ 155	$ 3,732	$ (206)	$ 3		$ 1		$ 0

[1] (1) Includes the settlement of 1,018,931 shares repurchased for $106 million of cash, offset by the payment of a $9 million liability for shares not settled as of December 31, 2022, and also includes a $1 million liability for the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.

[2] (2) Represents repurchases of 73,368 shares for $8 million that were initiated prior to March 31, 2023, but settled in the second quarter of 2023.

[3] (3) Includes the settlement of 968,629 shares repurchased for $108 million of cash, offset by the payment of a $8 million liability for shares not settled as of March 31, 2023, and also includes a $1 million liability for the 1% U.S. federal excise tax on certain share repurchases enacted by the Inflation Reduction Act of 2022.

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - Parenthetical - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Shares repurchased and not settled yet (in shares)	106,116	968,629	73,368	1,018,931
Non-cash repurchases of common stock (see Note 13)	$ 9	$ 108	$ 8	$ 106
Excise tax payable		1	$ 1
Liability for shares	$ 9	$ 8		$ 9

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ORGANIZATION

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

ORGANIZATION

Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries have offerings that consist of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential, vacation, and condominium units. We also offer distribution and destination management services through ALG Vacations, a paid membership program through the Unlimited Vacation Club, and a global travel platform through Mr & Mrs Smith. At June 30, 2023, our hotel portfolio included 602 full service hotels, comprising 187,879 rooms throughout the world; 575 select service hotels, comprising 84,571 rooms, of which 452 hotels are located in the United States; and 120 all-inclusive resorts, comprising 38,721 rooms. At June 30, 2023, our portfolio of properties operated in 76 countries around the world. Additionally, 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.

Unless otherwise specified or required by the context, references in this Quarterly Report on Form 10-Q to "Hyatt," the "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries. As used in these Notes and throughout this Quarterly Report on Form 10-Q:

•"condominium units" refer to whole ownership residential units (condominium and private residences) that we provide services to and, in some cases, manage the rental programs and/or homeowner associations associated with such units;

•"hospitality ventures" refers to entities in which we own less than a 100% equity interest;

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

•"loyalty program" refers to the World of Hyatt guest loyalty program that is operated for the benefit of participating properties and generates substantial repeat guest business by rewarding frequent stays with points that can be redeemed for hotel nights and other valuable rewards;

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

•"residential units" refer to residential units that we manage, own, or to which we provide services or license our trademarks (such as serviced apartments and Hyatt-branded residential units) that are typically part of a mixed-use project and located either adjacent to or near a full service hotel that is a member of our portfolio of properties or in unique leisure locations; and

•"vacation units" refer to the fractional and timeshare vacation properties with respect to which we license our trademarks and that are part of the Hyatt Residence Club.

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, 2022 (the "2022 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, 2023

Accounting Policies [Abstract]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Adopted Accounting Standards

Reference Rate Reform—In March 2020, the Financial Accounting Standards Board ("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 ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 was effective upon issuance and defers the sunset date of Topic 848 by two years, extending the provisions of ASU 2020-04 through December 31, 2024. During the six months ended June 30, 2023, we amended certain LIBOR-based contracts and adopted the provisions of ASU 2020-04 in conjunction with the amendments. We are also in the process of converting other LIBOR-based contracts to alternative reference rates. ASU 2020-04 did not materially impact our condensed consolidated financial statements upon adoption and is not expected to have a material future impact as we continue to apply optional expedients or exceptions.

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REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2023

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, 2023
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	217	$	—	$	—	$	—	$	7	$	—	$	(7)	$	217
Food and beverage	84		—		—		—		—		—		—		84
Other	40		—		—		—		—		—		—		40
Owned and leased hotels	341		—		—		—		7		—		(7)		341
Base management fees	—		64		17		11		14		—		(10)		96
Incentive management fees	—		20		22		8		13		—		(4)		59
Franchise, license, and other fees	—		58		3		4		9		19		—		93
Management, franchise, license, and other fees	—		142		42		23		36		19		(14)		248
Contra revenue	—		(6)		(1)		(3)		(2)		—		—		(12)
Net management, franchise, license, and other fees	—		136		41		20		34		19		(14)		236
Distribution and destination management	—		—		—		—		273		—		—		273
Other revenues	—		22		—		—		43		6		—		71
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		687		41		24		32		—		—		784
Total	$	341	$	845	$	82	$	44	$	389	$	25	$	(21)	$	1,705
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.

	Six Months Ended June 30, 2023
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	415	$	—	$	—	$	—	$	7	$	—	$	(15)	$	407
Food and beverage	169		—		—		—		—		—		—		169
Other	79		—		—		—		—		—		—		79
Owned and leased hotels	663		—		—		—		7		—		(15)		655
Base management fees	—		126		33		18		29		—		(19)		187
Incentive management fees	—		40		40		16		29		—		(9)		116
Franchise, license, and other fees	—		109		7		8		17		35		—		176
Management, franchise, license, and other fees	—		275		80		42		75		35		(28)		479
Contra revenue	—		(12)		(2)		(6)		(2)		—		—		(22)
Net management, franchise, license, and other fees	—		263		78		36		73		35		(28)		457
Distribution and destination management	—		—		—		—		601		—		—		601
Other revenues	—		63		—		—		84		12		—		159
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		1,327		76		46		64		—		—		1,513
Total	$	663	$	1,653	$	154	$	82	$	829	$	47	$	(43)	$	3,385
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.

	Three Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising (2)		EAME management and franchising (2)		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	209	$	—	$	—	$	—	$	4	$	—	$	(8)	$	205
Food and beverage	87		—		—		—		—		—		—		87
Other	39		—		—		—		—		—		—		39
Owned and leased hotels	335		—		—		—		4		—		(8)		331
Base management fees	—		61		10		9		9		—		(10)		79
Incentive management fees	—		18		7		7		17		—		(4)		45
Franchise, license, and other fees	—		53		4		2		10		11		—		80
Management, franchise, license, and other fees	—		132		21		18		36		11		(14)		204
Contra revenue	—		(6)		(1)		(2)		—		—		—		(9)
Net management, franchise, license, and other fees	—		126		20		16		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		39		18		26		—		—		640
Total	$	335	$	708	$	59	$	34	$	355	$	13	$	(21)	$	1,483
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
(2) Amounts presented have been adjusted for changes within the segments effective on January 1, 2023 (see Note 16).

	Six Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising (2)		EAME management and franchising (2)		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	376	$	—	$	—	$	—	$	4	$	—	$	(14)	$	366
Food and beverage	156		—		—		—		—		—		—		156
Other	80		—		—		—		—		—		—		80
Owned and leased hotels	612		—		—		—		4		—		(14)		602
Base management fees	—		107		18		15		17		—		(18)		139
Incentive management fees	—		30		12		13		36		—		(6)		85
Franchise, license, and other fees	—		90		7		3		13		21		—		134
Management, franchise, license, and other fees	—		227		37		31		66		21		(24)		358
Contra revenue	—		(12)		(2)		(4)		—		—		—		(18)
Net management, franchise, license, and other fees	—		215		35		27		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		71		36		55		—		—		1,180
Total	$	612	$	1,296	$	106	$	63	$	694	$	27	$	(36)	$	2,762
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
(2) Amounts presented have been adjusted for changes within the segments effective on January 1, 2023 (see Note 16).

Contract Balances

Our contract assets, included in receivables, net on our condensed consolidated balance sheets, were insignificant at both June 30, 2023 and December 31, 2022. 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, 2023		December 31, 2022
Deferred revenue related to the paid membership program	$	1,122	$	1,013
Deferred revenue related to the loyalty program	1,062		928
Deferred revenue related to travel distribution and destination management services	655		732
Advanced deposits	60		61
Initial fees received from franchise owners	44		45
Deferred revenue related to insurance programs	29		66
Other deferred revenue	107		88
Total contract liabilities	$	3,079	$	2,933

Revenue recognized during the three months ended June 30, 2023 and June 30, 2022 included in the contract liabilities balance at the beginning of each year was $220 million and $168 million, respectively. Revenue recognized during the six months ended June 30, 2023 and June 30, 2022 included in the contract liabilities balance at the beginning of each year was $874 million and $669 million, respectively. This revenue primarily relates to travel distribution and destination management services, the loyalty program, and the Unlimited Vacation Club 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 $530 million at June 30, 2023, approximately 20% of which we expect to recognize over the next 12 months, with the remainder to be recognized thereafter.

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DEBT AND EQUITY SECURITIES

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

DEBT AND EQUITY SECURITIES

DEBT AND EQUITY SECURITIES

We invest in debt and equity securities that we believe are strategically and operationally important to our business. These investments take the form of (i) equity method investments where we have the ability to significantly influence the operations of the entity, (ii) marketable securities held to fund operating programs and for investment purposes, and (iii) other types of investments.

Equity Method Investments

Equity method investments were $182 million and $178 million at June 30, 2023 and December 31, 2022, 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, net of a $5 million reclassification from accumulated other comprehensive loss (see Note 13).

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, 2023		December 31, 2022
Loyalty program (Note 8)	$	814	$	728
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	470		420
Captive insurance company (Note 8)	104		110
Total marketable securities held to fund operating programs	$	1,388	$	1,258
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(354)		(339)
Marketable securities held to fund operating programs included in other assets	$	1,034	$	919

At June 30, 2023 and December 31, 2022, marketable securities held to fund operating programs included:

•$230 million and $174 million, respectively, of available-for-sale ("AFS") debt securities with contractual maturity dates ranging from 2023 through 2069. The amortized cost of our AFS debt securities approximates fair value;

•$65 million and $62 million, respectively, of equity securities with a readily determinable fair value;

•$28 million and $138 million, respectively, of time deposits classified as held-to-maturity ("HTM") debt securities with contractual maturity dates ranging from 2023 through 2026. The amortized cost of our time deposits approximates 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,
	2023		2022		2023		2022
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	14	$	(46)	$	31	$	(78)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	6		(22)		15		(37)
Other income (loss), net (Note 18)	(1)		(12)		5		(30)
Other comprehensive income (loss) (Note 13)	(3)		(3)		—		(10)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	3	$	—	$	4	$	1
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	2		1		2		1
(1) Unrealized and realized gains and losses recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts are offset by amounts recognized in owned and leased hotels expenses and selling, general, and administrative expenses with no impact to net income.
(2) Unrealized and realized gains and losses recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties related to investments held to fund rabbi trusts are offset by amounts recognized in costs incurred on behalf of managed and franchised properties with no impact on net income.

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, 2023		December 31, 2022
Interest-bearing money market funds	$	140	$	430
Common shares in Playa N.V. (Note 8)	99		79
Time deposits (1)	14		10
Total marketable securities held for investment purposes	$	253	$	519
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(154)		(440)
Marketable securities held for investment purposes included in other assets	$	99	$	79
(1) Time deposits have contractual maturity dates in 2023. The amortized cost of our time deposits approximates fair value.

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, 2023 or June 30, 2022. Net unrealized gains (losses) recognized on our condensed consolidated statements of income were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Other income (loss), net (Note 18)	$	(17)	$	(22)	$	20	$	(14)

Fair Value—We measure marketable securities at fair value on a recurring basis:

	June 30, 2023		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	482	$	482	$	—	$	—
Mutual funds	535		—		—		535
Common shares in Playa N.V.	99		—		—		99
Level Two - Significant Other Observable Inputs
Time deposits	42		2		14		26
U.S. government obligations	237		—		1		236
U.S. government agencies	57		—		9		48
Corporate debt securities	142		—		—		142
Mortgage-backed securities	19		—		—		19
Asset-backed securities	24		—		—		24
Municipal and provincial notes and bonds	4		—		—		4
Total	$	1,641	$	484	$	24	$	1,133

	December 31, 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	$	620	$	620	$	—	$	—
Mutual funds	482		—		—		482
Common shares in Playa N.V.	79		—		—		79
Level Two - Significant Other Observable Inputs
Time deposits	148		1		145		2
U.S. government obligations	237		—		3		234
U.S. government agencies	55		—		8		47
Corporate debt securities	109		—		2		107
Mortgage-backed securities	21		—		—		21
Asset-backed securities	21		—		—		21
Municipal and provincial notes and bonds	5		—		—		5
Total	$	1,777	$	621	$	158	$	998

During the six months ended June 30, 2023 and June 30, 2022, 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 hold investments in third-party entities associated with certain of our hotels. The investments are redeemable on various dates through 2062 and recorded as HTM debt securities within other assets on our condensed consolidated balance sheets:

	June 30, 2023		December 31, 2022
HTM debt securities	$	97	$	96
Less: allowance for credit losses	(30)		(31)
Total HTM debt securities, net of allowances	$	67	$	65

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

	2023		2022
Allowance at January 1	$	31	$	38
Provisions, net (1)	1		1
Allowance at March 31	$	32	$	39
Provisions, net (1)	1		1
Write-offs	(3)		—
Allowance at June 30	$	30	$	40
(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 $84 million and $81 million at June 30, 2023 and December 31, 2022, respectively. The fair values of our investments in preferred shares, 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 the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value. The remaining HTM debt securities are classified as Level Two in the fair value hierarchy due to the use and weighting of multiple market inputs being considered in the final price of the security.

Convertible Debt Security—During the six months ended June 30, 2023, we invested in a $30 million convertible debt security, which is classified as AFS and recorded within other assets on our condensed consolidated balance sheet, associated with a franchised property. The investment has a contractual maturity date in 2029. At June 30, 2023, the amortized cost of our convertible debt investment approximates fair value. Based on the lack of available market data, we have classified the investment as Level Three in the fair value hierarchy. During the three and six months ended June 30, 2023, there were no unrealized or realized gains or losses recognized on our investment.

Equity Securities Without a Readily Determinable Fair Value—At June 30, 2023 and December 31, 2022, we held $16 million and $12 million, respectively, 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, 2023

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

RECEIVABLES

RECEIVABLES

Receivables

At June 30, 2023 and December 31, 2022, we had $787 million and $834 million, respectively, of net receivables recorded on our condensed consolidated balance sheets.

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

	2023		2022
Allowance at January 1	$	63	$	53
Provisions, net	3		7
Write-offs	(3)		(4)
Allowance at March 31	$	63	$	56
Provisions (reversals), net	(7)		6
Write-offs	(1)		(2)
Other	—		(1)
Allowance at June 30	$	55	$	59

Financing Receivables

	June 30, 2023		December 31, 2022
Unsecured financing to hotel owners	$	116	$	120
Less: current portion of financing receivables, included in receivables, net	(12)		(16)
Less: allowance for credit losses	(40)		(44)
Total long-term financing receivables, net of allowances	$	64	$	60

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

	2023		2022
Allowance at January 1	$	44	$	69
Provisions (reversals), net	(1)		—
Foreign currency exchange, net	—		3
Allowance at March 31	$	43	$	72
Write-offs	(2)		(1)
Provisions (reversals), net	(1)		(7)
Foreign currency exchange, net	—		(4)
Allowance at June 30	$	40	$	60

Credit Monitoring—Our unsecured financing receivables were as follows:

	June 30, 2023
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	112	$	(39)	$	73	$	21
Other financing arrangements	4		(1)		3		—
Total unsecured financing receivables	$	116	$	(40)	$	76	$	21

	December 31, 2022
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	118	$	(43)	$	75	$	22
Other financing arrangements	2		(1)		1		1
Total unsecured financing receivables	$	120	$	(44)	$	76	$	23

Fair Value—We estimated the fair value of financing receivables to be approximately $121 million and $117 million at June 30, 2023 and December 31, 2022, 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, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

Acquisitions

Mr & Mrs Smith—During the three months ended June 30, 2023, Hyatt acquired 100% of the outstanding shares of Smith Global Limited ("Mr & Mrs Smith") in a business combination through a locked box structure. The enterprise value of £53 million was subject to customary adjustments related to indebtedness and net working capital as of the locked box date, as well as a value accrual representing the economic value from the locked box date through the acquisition date (the "Mr & Mrs Smith Acquisition").

We closed on the transaction on June 2, 2023 and paid cash of £58 million (approximately $72 million using exchange rates as of the acquisition date).

Net assets acquired were determined as follows:

Cash paid, net of cash acquired	$	50
Cash acquired	22
Net assets acquired	$	72

The acquisition includes technology related to a global travel platform, brand name, and relationships with affiliated hotel owners. Following the acquisition date, fee revenues and operating expenses of Mr & Mrs Smith were recognized in our condensed consolidated statements of income and were insignificant for the period from the acquisition date through June 30, 2023.

Our condensed consolidated balance sheet at June 30, 2023 reflects 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 discounted future cash flow models, the relief from royalty method, or a cost-based approach. Depending on the valuation method, these estimates include revenue projections based on long-term growth rates, expected attrition, historical cost information, and/or an obsolescence factor, all of which are primarily Level Three assumptions. The remaining assets and liabilities were recorded at their carrying values, which approximate their fair values.

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 date of acquisition.

The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date:

Cash and cash equivalents	$	22
Receivables	6
Prepaids and other assets	1
Goodwill (1)	40
Indefinite-lived intangibles (2)	12
Customer relationship intangibles (3)	12
Other intangibles (4)	16
Deferred tax assets	1
Total assets acquired	$	110
Accounts payable	$	1
Accrued expenses and other current liabilities	21
Current contract liabilities	6
Other long-term liabilities	10
Total liabilities assumed	$	38
Total net assets acquired attributable to Hyatt Hotels Corporation	$	72

(1) The goodwill, which is recorded in corporate and other, is attributable to growth opportunities we expect to realize through direct booking access to properties within the Mr & Mrs Smith platform through our distribution channels. Goodwill is not tax deductible.

(2) Relates to the Mr & Mrs Smith brand name.

(3) Amortized over a useful life of 12 years.

(4) Amortized over a useful life of 10 years.

We recognized $4 million of transaction costs, primarily related to financial advisory and legal fees, in other income (loss), net on our condensed consolidated statements of income during both the three and six months ended June 30, 2023 (see Note 18).

Dream Hotel Group—During the six months ended June 30, 2023, a Hyatt affiliate acquired 100% of the limited liability company interests of each of Chatwal Hotels & Resorts, LLC, DHG Manager, LLC, and each of the subsidiaries of DHG Manager, LLC (collectively, "Dream Hotel Group") for $125 million of base consideration, subject to customary adjustments related to working capital and indebtedness, and up to an additional $175 million of contingent consideration to be paid through 2028 upon the achievement of certain milestones related to the development of additional hotels and/or potential new hotels previously identified by the sellers (the "Dream Acquisition").

We closed on the transaction on February 2, 2023 and paid $125 million of cash. Upon acquisition, we recorded a $107 million contingent consideration liability at fair value in other long-term liabilities on our condensed consolidated balance sheet. The fair value was estimated using a Monte Carlo simulation to model the likelihood of achieving the agreed-upon milestones based on available information as of the acquisition date. The valuation methodology includes assumptions and judgments regarding the discount rate, estimated probability of achieving the milestones, and expected timing of payments, which are primarily Level Three assumptions. The contingent consideration liability will be remeasured at fair value on a quarterly basis (see Note 12).

Net assets acquired were determined as follows:

Cash paid	$	125
Fair value of contingent consideration	107
Net assets acquired	$	232

The acquisition includes management and license agreements for both operating and additional hotels that are expected to open in the future, primarily across North America, and the affiliated trade names for three lifestyle hotel brands. Following the acquisition date, fee revenues and operating expenses of Dream Hotel Group were recognized in our condensed consolidated statements of income and were insignificant for the three months ended June 30, 2023 and for the period from the acquisition date through June 30, 2023.

Our condensed consolidated balance sheet at June 30, 2023 reflects 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 remaining assets and liabilities were recorded at their carrying values, which approximate their fair values.

During the three months ended June 30, 2023, the fair values of certain assets acquired and liabilities assumed were revised. The measurement period adjustments primarily resulted from the refinement of certain assumptions, including contract terms and useful lives, 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, 2023 include a $20 million decrease in intangibles, net with a corresponding increase to goodwill. During the three months ended June 30, 2023, we recognized an insignificant reduction of amortization expense on our condensed consolidated statements of income that would have been recognized during the three months ended March 31, 2023, 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 date of acquisition.

The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date:

Receivables	$	1
Goodwill (1)	61
Indefinite-lived intangibles (2)	21
Management agreement intangibles (3)	143
Other intangibles (2)	7
Total assets acquired	$	233
Long-term contract liabilities	$	1
Total liabilities assumed	$	1
Total net assets acquired attributable to Hyatt Hotels Corporation	$	232

(1) The goodwill, which is tax deductible and recorded on the Americas management and franchising segment, is attributable to the growth opportunities we expect to realize by expanding our lifestyle offerings and providing global travelers with an increased number of elevated hospitality experiences.

(2) Includes intangible assets related to the Dream Hotels, The Chatwal, and Unscripted Hotels brand names. Certain brand names are amortized over useful lives of 20 years.

(3) Amortized over useful lives of approximately 9 to 22 years, with a weighted-average useful life of approximately 17 years.

During the three and six months ended June 30, 2023, we recognized an insignificant amount and $7 million, respectively, of transaction costs, primarily related to regulatory, financial advisory, and legal fees, in other income (loss), net on our condensed consolidated statements of income (see Note 18).

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 during the three months ended June 30, 2022. The operating results 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 during the three months ended June 30, 2022. The operating results of this hotel prior to the sale remain within our owned and leased hotels segment.

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. 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 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 during the three months ended June 30, 2022. The assets disposed represented the entirety of the reporting unit and therefore, no business operations remained to support the related goodwill, which was therefore impaired. The operating results of this hotel prior to the sale remain within our owned and leased hotels segment.

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 during the three months ended June 30, 2022. The operating results 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, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES, NET

INTANGIBLES, NET

		June 30, 2023
	Weighted- average useful lives in years	Gross carrying value		Accumulated amortization		Net carrying value
Management and franchise agreement intangibles	15	$	919	$	(217)	$	702
Brand and other indefinite-lived intangibles	—	626		—		626
Customer relationships intangibles	8	620		(194)		426
Other intangibles	9	45		(14)		31
Total		$	2,210	$	(425)	$	1,785

	December 31, 2022
	Gross carrying value		Accumulated amortization		Net carrying value
Management and franchise agreement intangibles	$	786	$	(184)	$	602
Brand and other indefinite-lived intangibles	593		—		593
Customer relationships intangibles	608		(145)		463
Other intangibles	22		(12)		10
Total	$	2,009	$	(341)	$	1,668

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Amortization expense	$	45	$	51	$	89	$	111

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OTHER ASSETS

6 Months Ended

Jun. 30, 2023

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

OTHER ASSETS

OTHER ASSETS

	June 30, 2023		December 31, 2022
Management and franchise agreement assets constituting payments to customers (1)	$	810	$	699
Marketable securities held to fund rabbi trusts (Note 4)	470		420
Marketable securities held to fund the loyalty program (Note 4)	447		406
Deferred costs related to the paid membership program	150		106
Marketable securities held for captive insurance company (Note 4)	117		93
Long-term investments (Note 4)	113		77
Common shares in Playa N.V. (Note 4)	99		79
Long-term restricted cash	4		37
Other	93		112
Total other assets	$	2,303	$	2,029
(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, 2023

Debt Disclosure [Abstract]

DEBT

DEBT At June 30, 2023 and December 31, 2022, we had $3,099 million and $3,113 million, respectively, of total debt, which included $46 million and $660 million, respectively, recorded in current maturities of long-term debt on our condensed consolidated balance sheets. At June 30, 2023, a portion of our 1.300% senior notes due 2023 (the

"2023 Notes") was classified as long-term on our condensed consolidated balance sheet based on our intent and ability to refinance the debt on a long-term basis (see Note 19).

Senior Notes Repurchases—During the six months ended June 30, 2023, we repurchased $18 million of the 2023 Notes in the open market.

Revolving Credit Facility—During the six months ended June 30, 2023 and June 30, 2022, we had no borrowings or repayments on our revolving credit facility in effect for each of the respective periods. At both June 30, 2023 and December 31, 2022, we had no balance outstanding. At June 30, 2023, we had $1,496 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding.

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

•$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. We classified our other debt instruments and revolving credit facility, if applicable, as Level Three based on the lack of available market data. 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, 2023
	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)	$	3,105	$	3,035	$	—	$	3,003	$	32

(1) Excludes $6 million of finance lease obligations and $12 million of unamortized discounts and deferred financing fees.

	December 31, 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 (2)	$	3,121	$	3,006	$	—	$	2,976	$	30

(2) Excludes $7 million of finance lease obligations and $15 million of unamortized discounts and deferred financing fees.

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OTHER LONG-TERM LIABILITIES

6 Months Ended

Jun. 30, 2023

Other Liabilities [Abstract]

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

	June 30, 2023		December 31, 2022
Deferred compensation plans funded by rabbi trusts (Note 4)	$	470	$	420
Income taxes payable	389		339
Guarantee liabilities (Note 12)	128		124
Contingent consideration liability (Note 12)	105		—
Deferred income taxes (Note 11)	85		72
Self-insurance liabilities (Note 12)	71		68
Other	56		54
Total other long-term liabilities	$	1,304	$	1,077

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INCOME TAXES

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The provision for income taxes for the three and six months ended June 30, 2023 was $27 million and $74 million, respectively, compared to the provision for income taxes of $106 million and $108 million for the three and six months ended June 30, 2022, respectively. The decrease in the provision for income taxes for the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, was primarily driven by sales of Hyatt Regency Indian Wells Resort & Spa, Grand Hyatt San Antonio River Walk, The Driskill, and The Confidante Miami Beach in 2022.

We are subject to audits by federal, state, and foreign tax authorities. U.S. tax years 2018 through 2020 are currently under field exam. 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 year ended December 31, 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 income tax payment of $243 million (including $85 million of estimated interest, net of federal tax benefit) for all assessed years. As future tax benefits will be recognized at the reduced U.S. corporate income tax rate, $95 million of the tax payment and related interest would have an impact on the effective tax rate, if recognized. We believe we have an adequate uncertain tax liability recorded in connection with this matter.

At June 30, 2023 and December 31, 2022, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $292 million and $253 million, respectively, of which $124 million and $102 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, 2023

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, 2023, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in various business ventures up to $356 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, 2023, our performance guarantees had $110 million of remaining maximum exposure and expire between 2023 and 2042.

Through acquisitions, we acquired certain management agreements with performance guarantees based on annual performance levels and with expiration dates between 2023 and 2045. Contract terms within certain management agreements limit our exposure, and therefore, we are unable to reasonably estimate our maximum potential future payments.

At June 30, 2023 and December 31, 2022, we had $95 million and $108 million, respectively, of total performance guarantee liabilities, which included $91 million and $96 million, respectively, recorded in other long-term liabilities and $4 million and $12 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 both June 30, 2023 and December 31, 2022, we had an insignificant amount 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 third-party owners, franchisees, and unconsolidated hospitality ventures in obtaining third-party financing or to obtain more favorable borrowing terms.

Geographical region	Maximum potential future payments (1)		Maximum exposure net of recoverability from third parties (1)		Other long-term liabilities recorded at June 30, 2023		Other long-term liabilities recorded at December 31, 2022		Year of guarantee expiration
United States (2), (3)	$	110	$	41	$	11	$	3	various, through 2027
All foreign (2), (4)	199		180		26		25		various, through 2031
Total	$	309	$	221	$	37	$	28

(1) Our maximum exposure is generally based on a specified percentage of the total principal due upon borrower default.

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

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

(4) Under certain debt repayment guarantees associated with hotel properties in India, we have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party, and therefore, we expect our maximum exposure for these guarantees to be approximately $84 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, 2023, we are not aware, nor have we received any notification, that our unconsolidated hospitality ventures, third-party owners, or franchisees 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 $140 million and $124 million at June 30, 2023 and December 31, 2022, respectively. Based on the lack of available market data, we have classified our guarantees as Level Three in the fair value hierarchy.

Contingent Consideration Fair Value—We may pay up to an additional $175 million of contingent consideration through 2028 as a result of the Dream Acquisition (see Note 6). The contingent consideration liability is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy. The following table summarizes the changes in fair value:

	2023
Fair value as of acquisition date and at March 31	$	107
Adjustments recognized in other income (loss), net (Note 18)	(1)
Fair value at June 30	$	106
Less: current portion of contingent consideration liability included in accrued expenses and other current liabilities	(1)
Contingent consideration liability included in other long-term liabilities (Note 10)	$	105

Insurance—We obtain commercial insurance for potential losses from general liability, property, automobile, workers' compensation, employment practices liability, crime, cyber, and other miscellaneous risks. A portion of the risk is retained 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 $42 million and $39 million at June 30, 2023 and December 31, 2022, 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 $71 million and $68 million at June 30, 2023 and December 31, 2022, respectively, and are recorded in other long-term liabilities on our condensed consolidated balance sheets (see Note 10).

Collective Bargaining Agreements—At June 30, 2023, approximately 20% 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 $49 million at June 30, 2023 and primarily relate to our insurance programs, taxes, licenses, construction liens, and utilities for our lodging operations.

Letters of Credit—Letters of credit outstanding on our behalf at June 30, 2023 were $290 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 certain debt repayment guarantees, which are only called on if the borrower defaults on its obligations or 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 or franchised 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 the respective third-party hotel owners or franchisees.

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, 2023, our maximum exposure is not expected to exceed $18 million.

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EQUITY

6 Months Ended

Jun. 30, 2023

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, 2023		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2023
Foreign currency translation adjustments	$	(187)	$	19	$	—	$	(168)
AFS debt securities unrealized fair value adjustments	(8)		(3)		—		(11)
Derivative instrument adjustments (1)	(28)		—		1		(27)
Accumulated other comprehensive loss	$	(223)	$	16	$	1	$	(206)
(1) 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 Jan 1, 2023		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2023
Foreign currency translation adjustments	$	(202)	$	34	$	—	$	(168)
AFS debt securities unrealized fair value adjustments	(11)		—		—		(11)
Derivative instrument adjustments (2)	(29)		—		2		(27)
Accumulated other comprehensive loss	$	(242)	$	34	$	2	$	(206)
(2) 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, 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)	$	(185)	$	(39)	$	5	$	(219)
AFS debt securities unrealized fair value adjustments	(8)		(3)		—		(11)
Pension liabilities adjustment	(6)		1		1		(4)
Derivative instrument adjustments (4)	(32)		—		1		(31)
Accumulated other comprehensive loss	$	(231)	$	(41)	$	7	$	(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.
	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 (5)	$	(206)	$	(18)	$	5	$	(219)
AFS debt securities unrealized fair value adjustments	(1)		(10)		—		(11)
Pension liabilities adjustment	(4)		—		—		(4)
Derivative instrument adjustments (6)	(34)		—		3		(31)
Accumulated other comprehensive loss	$	(245)	$	(28)	$	8	$	(265)
(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 an unconsolidated hospitality venture (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.

Share Repurchases—On December 18, 2019 and May 10, 2023, our board of directors authorized repurchases of up to $750 million and $1,055 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. At June 30, 2023, we had $1.4 billion remaining under the combined share repurchase authorizations.

During the six months ended June 30, 2023, we repurchased 1,987,560 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $107.94 per share for an aggregate purchase price of $214 million, excluding insignificant related expenses. The shares repurchased included the repurchase of 106,116 shares for $9 million, which was initiated prior to December 31, 2022 and settled during the six months ended June 30, 2023. At December 31, 2022, the $9 million share repurchase liability was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet. The shares repurchased during the six months ended June 30, 2023 represented approximately 2% of our total shares of common stock outstanding at December 31, 2022. The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares.

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.

Dividend—The following tables summarize dividends paid to Class A and Class B shareholders of record:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Class A Common Stock	$	7	$	—	$	7	$	—
Class B Common Stock	9		—		9		—
Total cash dividends paid	$	16	$	—	$	16	$	—

Date declared	Dividend per share amount for Class A and Class B		Date of record	Date paid
May 11, 2023	$	0.15	May 30, 2023	June 12, 2023

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STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

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 (i) 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, and (ii) insignificant amounts related to employees of our owned hotels recognized in owned and leased hotels expenses on our condensed consolidated statements of income. Stock-based compensation expense recognized in selling, general, and administrative expenses and distribution and destination management expenses on our condensed consolidated statements of income related to these awards was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
SARs	$	—	$	1	$	11	$	11
RSUs	8		8		25		24
PSUs	8		3		12		5
Total	$	16	$	12	$	48	$	40

SARs—During the six months ended June 30, 2023, we granted 284,912 SARs to employees with a weighted-average grant date fair value of $48.54. 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.

RSUs—During the six months ended June 30, 2023, we granted 425,879 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $111.74. 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.

PSUs—During the six months ended June 30, 2023, we granted 133,383 PSUs to employees with a weighted-average grant date fair value of $120.64. 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.

Our total unearned compensation for our stock-based compensation programs at June 30, 2023 was $4 million for SARs, $39 million for RSUs, and $29 million for PSUs, which will be recognized in selling, general, and administrative expenses and distribution and destination management expenses over a weighted-average period of 2 years.

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RELATED-PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2023

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 2023 and 2022 is the brother-in-law of our Executive Chairman. During the three and six months ended June 30, 2023, we incurred $3 million and $7 million, respectively, of legal fees with this firm. During the three and six months ended June 30, 2022, we incurred $4 million and $6 million, respectively, of legal fees with this firm. At June 30, 2023 and December 31, 2022, we had $3 million and insignificant amounts, respectively, due to the law firm.

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 of fees during both the three months ended June 30, 2023 and June 30, 2022. During the six months ended June 30, 2023 and June 30, 2022, we recognized $12 million and $10 million, respectively, of fees. 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, 2023 and June 30, 2022, we recognized $1 million of income related to these guarantees. During both the six months ended June 30, 2023 and June 30, 2022, we recognized $3 million of income related to these guarantees. At June 30, 2023 and December 31, 2022, we had $39 million and $33 million, respectively, of net receivables due from these properties, inclusive of $22 million and $21 million, respectively, classified as financing receivables on our condensed consolidated balance sheets. Our ownership interest in these unconsolidated hospitality ventures varies from 24% to 50%.

In addition to the aforementioned fees, we provide system-wide services on behalf of owners of managed and franchised properties and administer the loyalty program for the benefit of Hyatt's portfolio of properties. 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.

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. 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, 2023

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. Effective January 1, 2023, we changed the strategic and operational oversight for our properties located in the Indian subcontinent. Revenues associated with these properties are now reported in the ASPAC management and franchising segment. The segment changes have been reflected retrospectively for the three and six months ended June 30, 2022. 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 unconsolidated hospitality ventures' Adjusted EBITDA, 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 programs 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 Greater China, East and Southeast Asia, the Indian subcontinent, and Oceania. 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 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, and Central Asia. 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 ("ALG")—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.

Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, license, 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 the results related to our co-branded credit card programs, results of Mr & Mrs Smith, and unallocated corporate expenses.

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Owned and leased hotels
Owned and leased hotels revenues	$	341	$	335	$	663	$	612
Intersegment revenues (1)	7		8		15		14
Adjusted EBITDA	84		99		158		153
Depreciation and amortization	45		44		91		96
Americas management and franchising
Management, franchise, license, and other fees revenues	142		132		275		227
Contra revenue	(6)		(6)		(12)		(12)
Other revenues	22		25		63		63
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	687		557		1,327		1,018
Intersegment revenues (1)	11		12		24		21
Adjusted EBITDA	122		117		241		202
Depreciation and amortization	7		6		13		11
ASPAC management and franchising
Management, franchise, license, and other fees revenues	42		21		80		37
Contra revenue	(1)		(1)		(2)		(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	41		39		76		71
Adjusted EBITDA	37		9		62		16
Depreciation and amortization	1		1		1		1
EAME management and franchising
Management, franchise, license, and other fees revenues	23		18		42		31
Contra revenue	(3)		(2)		(6)		(4)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	24		18		46		36
Intersegment revenues (1)	3		2		4		3
Adjusted EBITDA	16		10		28		14
Apple Leisure Group
Owned and leased hotels revenues	7		4		7		4
Management, franchise, license, and other fees revenues	36		36		75		66
Contra revenue	(2)		—		(2)		—
Distribution and destination management revenues	273		256		601		502
Other revenues	43		33		84		67
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	32		26		64		55
Adjusted EBITDA	49		54		128		110
Depreciation and amortization	39		47		79		102
Corporate and other
Revenues	25		13		47		27
Intersegment revenues (1)	—		(1)		—		(2)
Adjusted EBITDA	(35)		(34)		(77)		(72)
Depreciation and amortization	7		7		13		14
Eliminations
Revenues (1)	(21)		(21)		(43)		(36)
Adjusted EBITDA	—		—		1		1
TOTAL
Revenues	$	1,705	$	1,483	$	3,385	$	2,762
Adjusted EBITDA	273		255		541		424
Depreciation and amortization	99		105		197		224
(1) Intersegment revenues are included in management, franchise, license, 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 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,
	2023		2022		2023		2022
Net income attributable to Hyatt Hotels Corporation	$	68	$	206	$	126	$	133
Interest expense	31		38		64		78
Provision for income taxes	27		106		74		108
Depreciation and amortization	99		105		197		224
EBITDA	225		455		461		543
Contra revenue	12		9		22		18
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(784)		(640)		(1,513)		(1,180)
Costs incurred on behalf of managed and franchised properties	789		628		1,538		1,184
Equity (earnings) losses from unconsolidated hospitality ventures	1		(1)		3		8
Stock-based compensation expense (Note 14)	16		12		48		40
Gains on sales of real estate (Note 6)	—		(251)		—		(251)
Asset impairments	5		7		7		10
Other (income) loss, net (Note 18)	(8)		19		(56)		29
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		17		31		23
Adjusted EBITDA	$	273	$	255	$	541	$	424

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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	68	$	206	$	126	$	133
Net income attributable to noncontrolling interests	—		—		—		—
Net income attributable to Hyatt Hotels Corporation	$	68	$	206	$	126	$	133
Denominator:
Basic weighted-average shares outstanding	105,533,506		109,953,302		105,958,853		110,062,212
Stock-based compensation	2,446,867		1,973,560		2,462,334		2,120,840
Diluted weighted-average shares outstanding	107,980,373		111,926,862		108,421,187		112,183,052
Basic Earnings Per Share:
Net income	$	0.64	$	1.88	$	1.19	$	1.21
Net income attributable to noncontrolling interests	—		—		—		—
Net income attributable to Hyatt Hotels Corporation	$	0.64	$	1.88	$	1.19	$	1.21
Diluted Earnings Per Share:
Net income	$	0.63	$	1.85	$	1.16	$	1.19
Net income attributable to noncontrolling interests	—		—		—		—
Net income attributable to Hyatt Hotels Corporation	$	0.63	$	1.85	$	1.16	$	1.19

The computations of diluted net earnings per share for the three and six months ended June 30, 2023 and June 30, 2022 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,
	2023	2022	2023	2022
SARs	29,400	11,500	5,100	9,200
RSUs	200	10,500	1,600	1,700

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OTHER INCOME (LOSS), NET

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

OTHER INCOME (LOSS), NET

OTHER INCOME (LOSS), NET

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest income	$	15	$	9	$	32	$	15
Depreciation recovery	5		4		9		8
Guarantee amortization income (Note 12)	4		5		7		7
Loss on extinguishment of debt	—		(8)		—		(8)
Credit loss reversals (provisions), net (Note 4 and Note 5)	—		6		—		5
Guarantee expense (Note 12)	(1)		(1)		(12)		(8)
Transaction costs (Note 6)	(4)		1		(11)		—
Unrealized gains (losses), net (Note 4)	(18)		(34)		25		(44)
Other, net	7		(1)		6		(4)
Other income (loss), net	$	8	$	(19)	$	56	$	(29)

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SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTOn July 6, 2023, we issued $600 million of 5.750% senior notes due 2027 at an issue price of 99.975% (the "2027 Notes"). We received approximately $597 million of net proceeds, after deducting underwriting discounts and other offering expenses. We intend to use the net proceeds from the issuance of the 2027 Notes, together with cash on hand, to repay all of the 2023 Notes at or prior to maturity. Any remaining proceeds will be used for general corporate purposes and to pay fees and expenses related to the issuance of the 2027 Notes. At June 30, 2023, we classified approximately $597 million of the 2023 Notes as long-term on our condensed consolidated balance sheet based on our intent and ability to refinance the debt on a long-term basis with the remaining $41 million outstanding classified as current (see Note 9).

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 68	$ 206	$ 126	$ 133

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Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 15, 2023, Susan D. Kronick, Director, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of 100% of the net shares received after any vesting event with respect to her Annual Equity Retainer awarded pursuant to the Company's Amended and Restated Summary of Non-Employee Director Compensation Policy until December 31, 2024. The Annual Equity Retainer is payable in shares of Class A common stock with a grant date fair value of $170,000 on the date of the Company's Annual Meeting of Stockholders, payable in arrears for service since the prior annual meeting. The Annual Equity Retainer is fully vested on the date of grant in respect of the prior years' service and is pro-rated and paid in cash in the event the director terminates service prior to the annual meeting at which the grant is made. In May 2023, Ms. Kronick's Annual Equity Retainer resulted in her acquisition of 1,508 shares of Class A common stock.
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Susan D. Kronick [Member]
Trading Arrangements, by Individual
Name	Susan D. Kronick
Title	Director
Adoption Date	May 15, 2023
Arrangement Duration	596 days
Aggregate Available	1,508	1,508

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)

6 Months Ended

Jun. 30, 2023

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

Adopted Accounting Standards

Reference Rate Reform—In March 2020, the Financial Accounting Standards Board ("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 ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In December 2022, the FASB issued Accounting Standards Update No. 2022-06 ("ASU 2022-06"), Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 was effective upon issuance and defers the sunset date of Topic 848 by two years, extending the provisions of ASU 2020-04 through December 31, 2024. During the six months ended June 30, 2023, we amended certain LIBOR-based contracts and adopted the provisions of ASU 2020-04 in conjunction with the amendments. We are also in the process of converting other LIBOR-based contracts to alternative reference rates. ASU 2020-04 did not materially impact our condensed consolidated financial statements upon adoption and is not expected to have a material future impact as we continue to apply optional expedients or exceptions.

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 from general liability, property, automobile, workers' compensation, employment practices liability, crime, cyber, and other miscellaneous risks. A portion of the risk is retained 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 or franchised 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 the respective third-party hotel owners or franchisees.

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. Effective January 1, 2023, we changed the strategic and operational oversight for our properties located in the Indian subcontinent. Revenues associated with these properties are now reported in the ASPAC management and franchising segment. The segment changes have been reflected retrospectively for the three and six months ended June 30, 2022. 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 unconsolidated hospitality ventures' Adjusted EBITDA, 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 programs 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 Greater China, East and Southeast Asia, the Indian subcontinent, and Oceania. 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 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, and Central Asia. 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 ("ALG")—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.

Our CODM evaluates performance based on owned and leased hotels revenues; management, franchise, license, 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, 2023

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, 2023
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	217	$	—	$	—	$	—	$	7	$	—	$	(7)	$	217
Food and beverage	84		—		—		—		—		—		—		84
Other	40		—		—		—		—		—		—		40
Owned and leased hotels	341		—		—		—		7		—		(7)		341
Base management fees	—		64		17		11		14		—		(10)		96
Incentive management fees	—		20		22		8		13		—		(4)		59
Franchise, license, and other fees	—		58		3		4		9		19		—		93
Management, franchise, license, and other fees	—		142		42		23		36		19		(14)		248
Contra revenue	—		(6)		(1)		(3)		(2)		—		—		(12)
Net management, franchise, license, and other fees	—		136		41		20		34		19		(14)		236
Distribution and destination management	—		—		—		—		273		—		—		273
Other revenues	—		22		—		—		43		6		—		71
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		687		41		24		32		—		—		784
Total	$	341	$	845	$	82	$	44	$	389	$	25	$	(21)	$	1,705
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.

	Six Months Ended June 30, 2023
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising		EAME management and franchising		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	415	$	—	$	—	$	—	$	7	$	—	$	(15)	$	407
Food and beverage	169		—		—		—		—		—		—		169
Other	79		—		—		—		—		—		—		79
Owned and leased hotels	663		—		—		—		7		—		(15)		655
Base management fees	—		126		33		18		29		—		(19)		187
Incentive management fees	—		40		40		16		29		—		(9)		116
Franchise, license, and other fees	—		109		7		8		17		35		—		176
Management, franchise, license, and other fees	—		275		80		42		75		35		(28)		479
Contra revenue	—		(12)		(2)		(6)		(2)		—		—		(22)
Net management, franchise, license, and other fees	—		263		78		36		73		35		(28)		457
Distribution and destination management	—		—		—		—		601		—		—		601
Other revenues	—		63		—		—		84		12		—		159
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	—		1,327		76		46		64		—		—		1,513
Total	$	663	$	1,653	$	154	$	82	$	829	$	47	$	(43)	$	3,385
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.

	Three Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising (2)		EAME management and franchising (2)		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	209	$	—	$	—	$	—	$	4	$	—	$	(8)	$	205
Food and beverage	87		—		—		—		—		—		—		87
Other	39		—		—		—		—		—		—		39
Owned and leased hotels	335		—		—		—		4		—		(8)		331
Base management fees	—		61		10		9		9		—		(10)		79
Incentive management fees	—		18		7		7		17		—		(4)		45
Franchise, license, and other fees	—		53		4		2		10		11		—		80
Management, franchise, license, and other fees	—		132		21		18		36		11		(14)		204
Contra revenue	—		(6)		(1)		(2)		—		—		—		(9)
Net management, franchise, license, and other fees	—		126		20		16		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		39		18		26		—		—		640
Total	$	335	$	708	$	59	$	34	$	355	$	13	$	(21)	$	1,483
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
(2) Amounts presented have been adjusted for changes within the segments effective on January 1, 2023 (see Note 16).

	Six Months Ended June 30, 2022
	Owned and leased hotels		Americas management and franchising		ASPAC management and franchising (2)		EAME management and franchising (2)		Apple Leisure Group		Corporate and other		Eliminations		Total
Rooms revenues (1)	$	376	$	—	$	—	$	—	$	4	$	—	$	(14)	$	366
Food and beverage	156		—		—		—		—		—		—		156
Other	80		—		—		—		—		—		—		80
Owned and leased hotels	612		—		—		—		4		—		(14)		602
Base management fees	—		107		18		15		17		—		(18)		139
Incentive management fees	—		30		12		13		36		—		(6)		85
Franchise, license, and other fees	—		90		7		3		13		21		—		134
Management, franchise, license, and other fees	—		227		37		31		66		21		(24)		358
Contra revenue	—		(12)		(2)		(4)		—		—		—		(18)
Net management, franchise, license, and other fees	—		215		35		27		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		71		36		55		—		—		1,180
Total	$	612	$	1,296	$	106	$	63	$	694	$	27	$	(36)	$	2,762
(1) Apple Leisure Group includes package revenues for all-inclusive leased properties.
(2) Amounts presented have been adjusted for changes within the segments effective on January 1, 2023 (see Note 16).

Schedule of of Contract Liability

Contract liabilities were comprised of the following:

	June 30, 2023		December 31, 2022
Deferred revenue related to the paid membership program	$	1,122	$	1,013
Deferred revenue related to the loyalty program	1,062		928
Deferred revenue related to travel distribution and destination management services	655		732
Advanced deposits	60		61
Initial fees received from franchise owners	44		45
Deferred revenue related to insurance programs	29		66
Other deferred revenue	107		88
Total contract liabilities	$	3,079	$	2,933

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DEBT AND EQUITY SECURITIES (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of 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, 2023		December 31, 2022
Loyalty program (Note 8)	$	814	$	728
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	470		420
Captive insurance company (Note 8)	104		110
Total marketable securities held to fund operating programs	$	1,388	$	1,258
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(354)		(339)
Marketable securities held to fund operating programs included in other assets	$	1,034	$	919

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,
	2023		2022		2023		2022
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	14	$	(46)	$	31	$	(78)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	6		(22)		15		(37)
Other income (loss), net (Note 18)	(1)		(12)		5		(30)
Other comprehensive income (loss) (Note 13)	(3)		(3)		—		(10)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	3	$	—	$	4	$	1
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties (2)	2		1		2		1
(1) Unrealized and realized gains and losses recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts are offset by amounts recognized in owned and leased hotels expenses and selling, general, and administrative expenses with no impact to net income.
(2) Unrealized and realized gains and losses recognized in revenues for the reimbursement of costs incurred on behalf of managed and franchised properties related to investments held to fund rabbi trusts are offset by amounts recognized in costs incurred on behalf of managed and franchised properties with no impact on net income.

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, 2023		December 31, 2022
Interest-bearing money market funds	$	140	$	430
Common shares in Playa N.V. (Note 8)	99		79
Time deposits (1)	14		10
Total marketable securities held for investment purposes	$	253	$	519
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(154)		(440)
Marketable securities held for investment purposes included in other assets	$	99	$	79
(1) Time deposits have contractual maturity dates in 2023. The amortized cost of our time deposits approximates fair value.

Schedule of Unrealized Gain (Loss) on Investments

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Other income (loss), net (Note 18)	$	(17)	$	(22)	$	20	$	(14)

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

We measure marketable securities at fair value on a recurring basis:

	June 30, 2023		Cash and cash equivalents		Short-term investments		Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	482	$	482	$	—	$	—
Mutual funds	535		—		—		535
Common shares in Playa N.V.	99		—		—		99
Level Two - Significant Other Observable Inputs
Time deposits	42		2		14		26
U.S. government obligations	237		—		1		236
U.S. government agencies	57		—		9		48
Corporate debt securities	142		—		—		142
Mortgage-backed securities	19		—		—		19
Asset-backed securities	24		—		—		24
Municipal and provincial notes and bonds	4		—		—		4
Total	$	1,641	$	484	$	24	$	1,133

	December 31, 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	$	620	$	620	$	—	$	—
Mutual funds	482		—		—		482
Common shares in Playa N.V.	79		—		—		79
Level Two - Significant Other Observable Inputs
Time deposits	148		1		145		2
U.S. government obligations	237		—		3		234
U.S. government agencies	55		—		8		47
Corporate debt securities	109		—		2		107
Mortgage-backed securities	21		—		—		21
Asset-backed securities	21		—		—		21
Municipal and provincial notes and bonds	5		—		—		5
Total	$	1,777	$	621	$	158	$	998

Schedule of Debt Securities, Held-to-maturity

We hold investments in third-party entities associated with certain of our hotels. The investments are redeemable on various dates through 2062 and recorded as HTM debt securities within other assets on our condensed consolidated balance sheets:

	June 30, 2023		December 31, 2022
HTM debt securities	$	97	$	96
Less: allowance for credit losses	(30)		(31)
Total HTM debt securities, net of allowances	$	67	$	65

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:

	2023		2022
Allowance at January 1	$	31	$	38
Provisions, net (1)	1		1
Allowance at March 31	$	32	$	39
Provisions, net (1)	1		1
Write-offs	(3)		—
Allowance at June 30	$	30	$	40
(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, 2023

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:

	2023		2022
Allowance at January 1	$	63	$	53
Provisions, net	3		7
Write-offs	(3)		(4)
Allowance at March 31	$	63	$	56
Provisions (reversals), net	(7)		6
Write-offs	(1)		(2)
Other	—		(1)
Allowance at June 30	$	55	$	59

Schedule of Financing Receivables

Financing Receivables

	June 30, 2023		December 31, 2022
Unsecured financing to hotel owners	$	116	$	120
Less: current portion of financing receivables, included in receivables, net	(12)		(16)
Less: allowance for credit losses	(40)		(44)
Total long-term financing receivables, net of allowances	$	64	$	60

Schedule of Allowance for Losses and Impairments

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

	2023		2022
Allowance at January 1	$	44	$	69
Provisions (reversals), net	(1)		—
Foreign currency exchange, net	—		3
Allowance at March 31	$	43	$	72
Write-offs	(2)		(1)
Provisions (reversals), net	(1)		(7)
Foreign currency exchange, net	—		(4)
Allowance at June 30	$	40	$	60

Schedule of Credit Monitoring

Our unsecured financing receivables were as follows:

	June 30, 2023
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	112	$	(39)	$	73	$	21
Other financing arrangements	4		(1)		3		—
Total unsecured financing receivables	$	116	$	(40)	$	76	$	21

	December 31, 2022
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	118	$	(43)	$	75	$	22
Other financing arrangements	2		(1)		1		1
Total unsecured financing receivables	$	120	$	(44)	$	76	$	23

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ACQUISITIONS AND DISPOSITIONS (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

Net assets acquired were determined as follows:

Cash paid, net of cash acquired	$	50
Cash acquired	22
Net assets acquired	$	72

Schedule of Identifiable Net Assets Acquired

The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date:

Cash and cash equivalents	$	22
Receivables	6
Prepaids and other assets	1
Goodwill (1)	40
Indefinite-lived intangibles (2)	12
Customer relationship intangibles (3)	12
Other intangibles (4)	16
Deferred tax assets	1
Total assets acquired	$	110
Accounts payable	$	1
Accrued expenses and other current liabilities	21
Current contract liabilities	6
Other long-term liabilities	10
Total liabilities assumed	$	38
Total net assets acquired attributable to Hyatt Hotels Corporation	$	72

(1) The goodwill, which is recorded in corporate and other, is attributable to growth opportunities we expect to realize through direct booking access to properties within the Mr & Mrs Smith platform through our distribution channels. Goodwill is not tax deductible.

(2) Relates to the Mr & Mrs Smith brand name.

(3) Amortized over a useful life of 12 years.

(4) Amortized over a useful life of 10 years.

We recognized $4 million of transaction costs, primarily related to financial advisory and legal fees, in other income (loss), net on our condensed consolidated statements of income during both the three and six months ended June 30, 2023 (see Note 18).

Net assets acquired were determined as follows:

Cash paid	$	125
Fair value of contingent consideration	107
Net assets acquired	$	232

The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date:

Receivables	$	1
Goodwill (1)	61
Indefinite-lived intangibles (2)	21
Management agreement intangibles (3)	143
Other intangibles (2)	7
Total assets acquired	$	233
Long-term contract liabilities	$	1
Total liabilities assumed	$	1
Total net assets acquired attributable to Hyatt Hotels Corporation	$	232

(1) The goodwill, which is tax deductible and recorded on the Americas management and franchising segment, is attributable to the growth opportunities we expect to realize by expanding our lifestyle offerings and providing global travelers with an increased number of elevated hospitality experiences.

(2) Includes intangible assets related to the Dream Hotels, The Chatwal, and Unscripted Hotels brand names. Certain brand names are amortized over useful lives of 20 years.

(3) Amortized over useful lives of approximately 9 to 22 years, with a weighted-average useful life of approximately 17 years.

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INTANGIBLES, NET (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

		June 30, 2023
	Weighted- average useful lives in years	Gross carrying value		Accumulated amortization		Net carrying value
Management and franchise agreement intangibles	15	$	919	$	(217)	$	702
Brand and other indefinite-lived intangibles	—	626		—		626
Customer relationships intangibles	8	620		(194)		426
Other intangibles	9	45		(14)		31
Total		$	2,210	$	(425)	$	1,785

	December 31, 2022
	Gross carrying value		Accumulated amortization		Net carrying value
Management and franchise agreement intangibles	$	786	$	(184)	$	602
Brand and other indefinite-lived intangibles	593		—		593
Customer relationships intangibles	608		(145)		463
Other intangibles	22		(12)		10
Total	$	2,009	$	(341)	$	1,668

Schedule of Indefinite-Lived Intangible Assets

		June 30, 2023
	Weighted- average useful lives in years	Gross carrying value		Accumulated amortization		Net carrying value
Management and franchise agreement intangibles	15	$	919	$	(217)	$	702
Brand and other indefinite-lived intangibles	—	626		—		626
Customer relationships intangibles	8	620		(194)		426
Other intangibles	9	45		(14)		31
Total		$	2,210	$	(425)	$	1,785

	December 31, 2022
	Gross carrying value		Accumulated amortization		Net carrying value
Management and franchise agreement intangibles	$	786	$	(184)	$	602
Brand and other indefinite-lived intangibles	593		—		593
Customer relationships intangibles	608		(145)		463
Other intangibles	22		(12)		10
Total	$	2,009	$	(341)	$	1,668

Schedule of Intangible Assets Amortization Expense

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Amortization expense	$	45	$	51	$	89	$	111

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OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

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

Schedule of Other Assets

	June 30, 2023		December 31, 2022
Management and franchise agreement assets constituting payments to customers (1)	$	810	$	699
Marketable securities held to fund rabbi trusts (Note 4)	470		420
Marketable securities held to fund the loyalty program (Note 4)	447		406
Deferred costs related to the paid membership program	150		106
Marketable securities held for captive insurance company (Note 4)	117		93
Long-term investments (Note 4)	113		77
Common shares in Playa N.V. (Note 4)	99		79
Long-term restricted cash	4		37
Other	93		112
Total other assets	$	2,303	$	2,029
(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, 2023

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. We classified our other debt instruments and revolving credit facility, if applicable, as Level Three based on the lack of available market data. 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, 2023
	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)	$	3,105	$	3,035	$	—	$	3,003	$	32

(1) Excludes $6 million of finance lease obligations and $12 million of unamortized discounts and deferred financing fees.

	December 31, 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 (2)	$	3,121	$	3,006	$	—	$	2,976	$	30

(2) Excludes $7 million of finance lease obligations and $15 million of unamortized discounts and deferred financing fees.

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OTHER LONG-TERM LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2023

Other Liabilities [Abstract]

Schedule of Other Long-Term Liabilities

	June 30, 2023		December 31, 2022
Deferred compensation plans funded by rabbi trusts (Note 4)	$	470	$	420
Income taxes payable	389		339
Guarantee liabilities (Note 12)	128		124
Contingent consideration liability (Note 12)	105		—
Deferred income taxes (Note 11)	85		72
Self-insurance liabilities (Note 12)	71		68
Other	56		54
Total other long-term liabilities	$	1,304	$	1,077

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COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Debt Repayment and Other Guarantees

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

Geographical region	Maximum potential future payments (1)		Maximum exposure net of recoverability from third parties (1)		Other long-term liabilities recorded at June 30, 2023		Other long-term liabilities recorded at December 31, 2022		Year of guarantee expiration
United States (2), (3)	$	110	$	41	$	11	$	3	various, through 2027
All foreign (2), (4)	199		180		26		25		various, through 2031
Total	$	309	$	221	$	37	$	28

(1) Our maximum exposure is generally based on a specified percentage of the total principal due upon borrower default.

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

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

(4) Under certain debt repayment guarantees associated with hotel properties in India, we have the contractual right to recover amounts funded from an unconsolidated hospitality venture, which is a related party, and therefore, we expect our maximum exposure for these guarantees to be approximately $84 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.

Schedule of Contingent Consideration Fair Value

The contingent consideration liability is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy. The following table summarizes the changes in fair value:

	2023
Fair value as of acquisition date and at March 31	$	107
Adjustments recognized in other income (loss), net (Note 18)	(1)
Fair value at June 30	$	106
Less: current portion of contingent consideration liability included in accrued expenses and other current liabilities	(1)
Contingent consideration liability included in other long-term liabilities (Note 10)	$	105

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EQUITY (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2023
Foreign currency translation adjustments	$	(187)	$	19	$	—	$	(168)
AFS debt securities unrealized fair value adjustments	(8)		(3)		—		(11)
Derivative instrument adjustments (1)	(28)		—		1		(27)
Accumulated other comprehensive loss	$	(223)	$	16	$	1	$	(206)
(1) 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 Jan 1, 2023		Current period other comprehensive income (loss) before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at June 30, 2023
Foreign currency translation adjustments	$	(202)	$	34	$	—	$	(168)
AFS debt securities unrealized fair value adjustments	(11)		—		—		(11)
Derivative instrument adjustments (2)	(29)		—		2		(27)
Accumulated other comprehensive loss	$	(242)	$	34	$	2	$	(206)
(2) 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, 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)	$	(185)	$	(39)	$	5	$	(219)
AFS debt securities unrealized fair value adjustments	(8)		(3)		—		(11)
Pension liabilities adjustment	(6)		1		1		(4)
Derivative instrument adjustments (4)	(32)		—		1		(31)
Accumulated other comprehensive loss	$	(231)	$	(41)	$	7	$	(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.
	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 (5)	$	(206)	$	(18)	$	5	$	(219)
AFS debt securities unrealized fair value adjustments	(1)		(10)		—		(11)
Pension liabilities adjustment	(4)		—		—		(4)
Derivative instrument adjustments (6)	(34)		—		3		(31)
Accumulated other comprehensive loss	$	(245)	$	(28)	$	8	$	(265)
(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 an unconsolidated hospitality venture (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.

Schedule of Dividends Paid

The following tables summarize dividends paid to Class A and Class B shareholders of record:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Class A Common Stock	$	7	$	—	$	7	$	—
Class B Common Stock	9		—		9		—
Total cash dividends paid	$	16	$	—	$	16	$	—

Date declared	Dividend per share amount for Class A and Class B		Date of record	Date paid
May 11, 2023	$	0.15	May 30, 2023	June 12, 2023

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STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2023

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 and distribution and destination management expenses on our condensed consolidated statements of income related to these awards was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
SARs	$	—	$	1	$	11	$	11
RSUs	8		8		25		24
PSUs	8		3		12		5
Total	$	16	$	12	$	48	$	40

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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Summarized Consolidated Financial Information by Segment

The table below shows summarized consolidated financial information by segment. Included within corporate and other are the results related to our co-branded credit card programs, results of Mr & Mrs Smith, and unallocated corporate expenses.

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Owned and leased hotels
Owned and leased hotels revenues	$	341	$	335	$	663	$	612
Intersegment revenues (1)	7		8		15		14
Adjusted EBITDA	84		99		158		153
Depreciation and amortization	45		44		91		96
Americas management and franchising
Management, franchise, license, and other fees revenues	142		132		275		227
Contra revenue	(6)		(6)		(12)		(12)
Other revenues	22		25		63		63
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	687		557		1,327		1,018
Intersegment revenues (1)	11		12		24		21
Adjusted EBITDA	122		117		241		202
Depreciation and amortization	7		6		13		11
ASPAC management and franchising
Management, franchise, license, and other fees revenues	42		21		80		37
Contra revenue	(1)		(1)		(2)		(2)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	41		39		76		71
Adjusted EBITDA	37		9		62		16
Depreciation and amortization	1		1		1		1
EAME management and franchising
Management, franchise, license, and other fees revenues	23		18		42		31
Contra revenue	(3)		(2)		(6)		(4)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	24		18		46		36
Intersegment revenues (1)	3		2		4		3
Adjusted EBITDA	16		10		28		14
Apple Leisure Group
Owned and leased hotels revenues	7		4		7		4
Management, franchise, license, and other fees revenues	36		36		75		66
Contra revenue	(2)		—		(2)		—
Distribution and destination management revenues	273		256		601		502
Other revenues	43		33		84		67
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	32		26		64		55
Adjusted EBITDA	49		54		128		110
Depreciation and amortization	39		47		79		102
Corporate and other
Revenues	25		13		47		27
Intersegment revenues (1)	—		(1)		—		(2)
Adjusted EBITDA	(35)		(34)		(77)		(72)
Depreciation and amortization	7		7		13		14
Eliminations
Revenues (1)	(21)		(21)		(43)		(36)
Adjusted EBITDA	—		—		1		1
TOTAL
Revenues	$	1,705	$	1,483	$	3,385	$	2,762
Adjusted EBITDA	273		255		541		424
Depreciation and amortization	99		105		197		224
(1) Intersegment revenues are included in management, franchise, license, 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 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,
	2023		2022		2023		2022
Net income attributable to Hyatt Hotels Corporation	$	68	$	206	$	126	$	133
Interest expense	31		38		64		78
Provision for income taxes	27		106		74		108
Depreciation and amortization	99		105		197		224
EBITDA	225		455		461		543
Contra revenue	12		9		22		18
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	(784)		(640)		(1,513)		(1,180)
Costs incurred on behalf of managed and franchised properties	789		628		1,538		1,184
Equity (earnings) losses from unconsolidated hospitality ventures	1		(1)		3		8
Stock-based compensation expense (Note 14)	16		12		48		40
Gains on sales of real estate (Note 6)	—		(251)		—		(251)
Asset impairments	5		7		7		10
Other (income) loss, net (Note 18)	(8)		19		(56)		29
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		17		31		23
Adjusted EBITDA	$	273	$	255	$	541	$	424

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EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of the Calculation of Basic and Diluted Earnings Per Share

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	68	$	206	$	126	$	133
Net income attributable to noncontrolling interests	—		—		—		—
Net income attributable to Hyatt Hotels Corporation	$	68	$	206	$	126	$	133
Denominator:
Basic weighted-average shares outstanding	105,533,506		109,953,302		105,958,853		110,062,212
Stock-based compensation	2,446,867		1,973,560		2,462,334		2,120,840
Diluted weighted-average shares outstanding	107,980,373		111,926,862		108,421,187		112,183,052
Basic Earnings Per Share:
Net income	$	0.64	$	1.88	$	1.19	$	1.21
Net income attributable to noncontrolling interests	—		—		—		—
Net income attributable to Hyatt Hotels Corporation	$	0.64	$	1.88	$	1.19	$	1.21
Diluted Earnings Per Share:
Net income	$	0.63	$	1.85	$	1.16	$	1.19
Net income attributable to noncontrolling interests	—		—		—		—
Net income attributable to Hyatt Hotels Corporation	$	0.63	$	1.85	$	1.16	$	1.19

Schedule of Antidilutive Securities Excluded from Computation of Losses Per Share

The computations of diluted net earnings per share for the three and six months ended June 30, 2023 and June 30, 2022 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,
	2023	2022	2023	2022
SARs	29,400	11,500	5,100	9,200
RSUs	200	10,500	1,600	1,700

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OTHER INCOME (LOSS), NET (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Other Income (Loss), Net

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest income	$	15	$	9	$	32	$	15
Depreciation recovery	5		4		9		8
Guarantee amortization income (Note 12)	4		5		7		7
Loss on extinguishment of debt	—		(8)		—		(8)
Credit loss reversals (provisions), net (Note 4 and Note 5)	—		6		—		5
Guarantee expense (Note 12)	(1)		(1)		(12)		(8)
Transaction costs (Note 6)	(4)		1		(11)		—
Unrealized gains (losses), net (Note 4)	(18)		(34)		25		(44)
Other, net	7		(1)		6		(4)
Other income (loss), net	$	8	$	(19)	$	56	$	(29)

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ORGANIZATION (Details)	Jun. 30, 2023 hotel room country
Organization
Number of countries in which entity operates | country	76
Full Service
Organization
Number of hotels operated or franchised	602
Number of rooms operated or franchised | room	187,879
Number of hotels operated or marketed	120
Number of rooms operated or marketed | room	38,721
Select Service
Organization
Number of hotels operated or franchised	575
Number of rooms operated or franchised | room	84,571
Select Service | United States
Organization
Number of hotels operated or franchised	452

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 1,705	$ 1,483	$ 3,385	$ 2,762
Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	341	331	655	602
Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	217	205	407	366
Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	84	87	169	156
Other
Disaggregation of Revenue [Line Items]
Revenues	40	39	79	80
Net management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	236	195	457	340
Management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	248	204	479	358
Base management fees
Disaggregation of Revenue [Line Items]
Revenues	96	79	187	139
Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	59	45	116	85
Franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	93	80	176	134
Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(12)	(9)	(22)	(18)
Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	273	256	601	502
Other revenues
Disaggregation of Revenue [Line Items]
Revenues	71	61	159	138
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	784	640	1,513	1,180
Operating Segments | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	341	335	663	612
Operating Segments | Owned and leased hotels | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	341	335	663	612
Operating Segments | Owned and leased hotels | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	217	209	415	376
Operating Segments | Owned and leased hotels | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	84	87	169	156
Operating Segments | Owned and leased hotels | Other
Disaggregation of Revenue [Line Items]
Revenues	40	39	79	80
Operating Segments | Owned and leased hotels | Net management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Owned and leased hotels | Management, franchise, license, 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, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Owned and leased hotels | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Owned and leased hotels | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Owned and leased hotels | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Owned and leased hotels | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Americas management and franchising
Disaggregation of Revenue [Line Items]
Revenues	845	708	1,653	1,296
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, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	136	126	263	215
Operating Segments | Americas management and franchising | Management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	142	132	275	227
Operating Segments | Americas management and franchising | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	64	61	126	107
Operating Segments | Americas management and franchising | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	20	18	40	30
Operating Segments | Americas management and franchising | Franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	58	53	109	90
Operating Segments | Americas management and franchising | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(6)	(6)	(12)	(12)
Operating Segments | Americas management and franchising | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Americas management and franchising | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	22	25	63	63
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	687	557	1,327	1,018
Operating Segments | ASPAC management and franchising
Disaggregation of Revenue [Line Items]
Revenues	82	59	154	106
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, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	41	20	78	35
Operating Segments | ASPAC management and franchising | Management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	42	21	80	37
Operating Segments | ASPAC management and franchising | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	17	10	33	18
Operating Segments | ASPAC management and franchising | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	22	7	40	12
Operating Segments | ASPAC management and franchising | Franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	3	4	7	7
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	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	41	39	76	71
Operating Segments | EAME management and franchising
Disaggregation of Revenue [Line Items]
Revenues	44	34	82	63
Operating Segments | EAME management and franchising | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | EAME management and franchising | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | EAME management and franchising | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | EAME management and franchising | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | EAME management and franchising | Net management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	20	16	36	27
Operating Segments | EAME management and franchising | Management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	23	18	42	31
Operating Segments | EAME management and franchising | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	11	9	18	15
Operating Segments | EAME management and franchising | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	8	7	16	13
Operating Segments | EAME management and franchising | Franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	4	2	8	3
Operating Segments | EAME management and franchising | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(3)	(2)	(6)	(4)
Operating Segments | EAME management and franchising | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | EAME management and franchising | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | EAME management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Disaggregation of Revenue [Line Items]
Revenues	24	18	46	36
Operating Segments | Apple Leisure Group
Disaggregation of Revenue [Line Items]
Revenues	389	355	829	694
Operating Segments | Apple Leisure Group | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	7	4	7	4
Operating Segments | Apple Leisure Group | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	7	4	7	4
Operating Segments | Apple Leisure Group | Food and beverage
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Apple Leisure Group | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Operating Segments | Apple Leisure Group | Net management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	34	36	73	66
Operating Segments | Apple Leisure Group | Management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	36	36	75	66
Operating Segments | Apple Leisure Group | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	14	9	29	17
Operating Segments | Apple Leisure Group | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	13	17	29	36
Operating Segments | Apple Leisure Group | Franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	9	10	17	13
Operating Segments | Apple Leisure Group | Contra revenue
Disaggregation of Revenue [Line Items]
Revenues	(2)	0	(2)	0
Operating Segments | Apple Leisure Group | Distribution and destination management
Disaggregation of Revenue [Line Items]
Revenues	273	256	601	502
Operating Segments | Apple Leisure Group | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	43	33	84	67
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	32	26	64	55
Corporate and other
Disaggregation of Revenue [Line Items]
Revenues	25	13	47	27
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, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	19	11	35	21
Corporate and other | Management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	19	11	35	21
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, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	19	11	35	21
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	0	0
Corporate and other | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	6	2	12	6
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
Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(21)	(21)	(43)	(36)
Eliminations | Owned and leased hotels
Disaggregation of Revenue [Line Items]
Revenues	(7)	(8)	(15)	(14)
Eliminations | Rooms revenues
Disaggregation of Revenue [Line Items]
Revenues	(7)	(8)	(15)	(14)
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, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	(14)	(14)	(28)	(24)
Eliminations | Management, franchise, license, and other fees
Disaggregation of Revenue [Line Items]
Revenues	(14)	(14)	(28)	(24)
Eliminations | Base management fees
Disaggregation of Revenue [Line Items]
Revenues	(10)	(10)	(19)	(18)
Eliminations | Incentive management fees
Disaggregation of Revenue [Line Items]
Revenues	(4)	(4)	(9)	(6)
Eliminations | Franchise, license, and 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	0	0
Eliminations | Other revenues
Disaggregation of Revenue [Line Items]
Revenues	0	1	0	2
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	(7)	(8)	(15)	(14)
Eliminations | Americas management and franchising
Disaggregation of Revenue [Line Items]
Revenues	(11)	(12)	(24)	(21)
Eliminations | EAME management and franchising
Disaggregation of Revenue [Line Items]
Revenues	$ (3)	$ (2)	$ (4)	$ (3)

XML

REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of of Contract Liability (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total contract liabilities	$ 3,079	$ 2,933
Deferred revenue related to the paid membership program
Disaggregation of Revenue [Line Items]
Total contract liabilities	1,122	1,013
Deferred revenue related to the loyalty program
Disaggregation of Revenue [Line Items]
Total contract liabilities	1,062	928
Deferred revenue related to travel distribution and destination management services
Disaggregation of Revenue [Line Items]
Total contract liabilities	655	732
Advanced deposits
Disaggregation of Revenue [Line Items]
Total contract liabilities	60	61
Initial fees received from franchise owners
Disaggregation of Revenue [Line Items]
Total contract liabilities	44	45
Deferred revenue related to insurance programs
Disaggregation of Revenue [Line Items]
Total contract liabilities	29	66
Other deferred revenue
Disaggregation of Revenue [Line Items]
Total contract liabilities	$ 107	$ 88

XML

REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue recognized from opening balance	$ 220	$ 168	$ 874	$ 669

XML

REVENUE FROM CONTRACTS WITH CUSTOMERS - Remaining Performance Obligation (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 530
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 530
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent recognized	20.00%
Remaining performance obligation, period	12 months

XML

DEBT AND EQUITY SECURITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Debt and Equity Method Investments
Equity method investments	$ 182		$ 182		$ 178
Foreign currency translation adjustment	(1)	$ (7)	(2)	$ (8)
HTM debt securities	67		67		65
Held-to-maturity securities, fair value	84		84		81
Realized gain (loss)			0
Unrealized gain (loss)			0
Equity securities without a readily determinable fair value	16		16		12
Foreign Currency Translation Adjustments
Schedule of Debt and Equity Method Investments
Foreign currency translation adjustment	0		0	(5)
Equity Method Investment One | Owned and Leased Hotels Segment
Schedule of Debt and Equity Method Investments
Equity method investment, net sales proceeds		23		23
Equity method investment, realized gain on disposal		4		$ 4
Equity Method Investment One | Owned and Leased Hotels Segment | Foreign Currency Translation Adjustments
Schedule of Debt and Equity Method Investments
Foreign currency translation adjustment		$ (5)
Held for Operating Programs
Schedule of Debt and Equity Method Investments
Debt securities, available-for-sale	230		230		174
Equity securities	65		65		62
Held for Operating Programs | Affiliated Entity | World Of Hyatt
Schedule of Debt and Equity Method Investments
HTM debt securities	$ 28		28
Held for Operating Programs | Affiliated Entity | Xenia
Schedule of Debt and Equity Method Investments
HTM debt securities					$ 138
Convertible Debt Securities
Schedule of Debt and Equity Method Investments
Payment to acquire AFS securities			$ 30

XML

DEBT AND EQUITY SECURITIES - Schedule of Marketable Securities Held to Fund Operating Programs (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Held for Operating Programs
Schedule of Investments
Total marketable securities held to fund operating programs	$ 1,388	$ 1,258
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(354)	(339)
Marketable securities held to fund operating programs included in other assets	1,034	919
Loyalty program
Schedule of Investments
Total marketable securities held to fund operating programs	814	728
Deferred compensation plans held in rabbi trusts
Schedule of Investments
Total marketable securities held to fund operating programs	470	420
Captive insurance company
Schedule of Investments
Total marketable securities held to fund operating programs	$ 104	$ 110

XML

DEBT AND EQUITY SECURITIES - Schedule of Net Gains and Interest Income from Marketable Securities Held to Fund Operating Programs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$ 14	$ (46)	$ 31	$ (78)
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	6	(22)	15	(37)
Other income (loss), net (Note 18)	(1)	(12)	5	(30)
Other comprehensive income (loss) (Note 13)	(3)	(3)	0	(10)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	3	0	4	1
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties	$ 2	$ 1	$ 2	$ 1

XML

DEBT AND EQUITY SECURITIES - Schedule of Marketable Securities Held for Investment Purposes (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments
Common shares in Playa N.V. (Note 8)	$ 99	$ 79
Held for Investment Purposes
Schedule of Investments
Interest-bearing money market funds	140	430
Common shares in Playa N.V. (Note 8)	99	79
Time deposits	14	10
Total marketable securities held to fund operating programs	253	519
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(154)	(440)
Marketable securities held for investment purposes included in other assets	$ 99	$ 79

XML

DEBT AND EQUITY SECURITIES - Schedule of Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Playa Hotels & Resorts N.V.
Schedule of Investments
Other income (loss), net (Note 18)	$ (17)	$ (22)	$ 20	$ (14)

XML

DEBT AND EQUITY SECURITIES - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	$ 1,641	$ 1,777
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	482	620
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	535	482
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	99	79
Level Two - Significant Other Observable Inputs | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	42	148
Level Two - Significant Other Observable Inputs | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	237	237
Level Two - Significant Other Observable Inputs | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	57	55
Level Two - Significant Other Observable Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	142	109
Level Two - Significant Other Observable Inputs | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	19	21
Level Two - Significant Other Observable Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	24	21
Level Two - Significant Other Observable Inputs | Municipal and provincial notes and bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	4	5
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	484	621
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	482	620
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
Debt securities, available-for-sale	2	1
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
Debt securities, available-for-sale	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
Debt securities, available-for-sale	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
Debt securities, available-for-sale	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
Debt securities, available-for-sale	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
Debt securities, available-for-sale	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
Debt securities, available-for-sale	0	0
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	24	158
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
Debt securities, available-for-sale	14	145
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	1	3
Short-term investments | Level Two - Significant Other Observable Inputs | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	9	8
Short-term investments | Level Two - Significant Other Observable Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	0	2
Short-term investments | Level Two - Significant Other Observable Inputs | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	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
Debt securities, available-for-sale	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
Debt securities, available-for-sale	0	0
Other assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	1,133	998
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	535	482
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	99	79
Other assets | Level Two - Significant Other Observable Inputs | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	26	2
Other assets | Level Two - Significant Other Observable Inputs | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	236	234
Other assets | Level Two - Significant Other Observable Inputs | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	48	47
Other assets | Level Two - Significant Other Observable Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	142	107
Other assets | Level Two - Significant Other Observable Inputs | Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	19	21
Other assets | Level Two - Significant Other Observable Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	24	21
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
Debt securities, available-for-sale	$ 4	$ 5

XML

DEBT AND EQUITY SECURITIES - Schedule of Debt and Equity Securities HTM (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
HTM debt securities	$ 97		$ 96
Less: allowance for credit losses	(30)	$ (32)	(31)	$ (40)	$ (39)	$ (38)
Total HTM debt securities, net of allowances	$ 67		$ 65

XML

DEBT AND EQUITY SECURITIES - Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 32	$ 31	$ 39	$ 38
Provisions , net	1	1	1	1
Write-offs	(3)		0
Ending balance	$ 30	$ 32	$ 40	$ 39

XML

RECEIVABLES - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Net receivables	$ 787				$ 834
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance beginning balance	63	$ 63	$ 56	$ 53
Provisions (reversals), net	(7)	3	6	7
Write-offs	(1)	(3)	(2)	(4)
Other	0		(1)
Allowance ending balance	$ 55	$ 63	$ 59	$ 56

XML

RECEIVABLES - Schedule of Financing Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable
Less: allowance for credit losses	$ (40)		$ (44)
Total long-term financing receivables, net of allowances	64		60
Unsecured Financing
Accounts, Notes, Loans and Financing Receivable
Unsecured financing to hotel owners	116		120
Less: current portion of financing receivables, included in receivables, net	(12)		(16)
Less: allowance for credit losses	$ (40)	$ (43)	$ (44)	$ (60)	$ (72)	$ (69)

XML

RECEIVABLES - Schedule of Allowance for Losses and Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Allowance for Losses and Impairments
Allowance beginning balance		$ 44
Allowance ending balance	$ 40
Unsecured Financing
Allowance for Losses and Impairments
Allowance beginning balance	43	44	$ 72	$ 69
Provisions (reversals), net	(1)	(1)	(7)	0
Foreign currency exchange, net	0	0	(4)	3
Write-offs	(2)		(1)
Allowance ending balance	$ 40	$ 43	$ 60	$ 72

XML

RECEIVABLES - Schedule of Credit Monitoring (Details) - USD ($) $ in Millions	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Unsecured Financing Receivables
Related allowance	$ (40)		$ (44)
Unsecured Financing
Unsecured Financing Receivables
Gross loan balance (principal and interest)	116		120
Related allowance	(40)	$ (43)	(44)	$ (60)	$ (72)	$ (69)
Net financing receivables	76		76
Gross receivables on nonaccrual status	21		23
Unsecured Financing | Loans
Unsecured Financing Receivables
Gross loan balance (principal and interest)	112		118
Related allowance	(39)		(43)
Net financing receivables	73		75
Gross receivables on nonaccrual status	21		22
Unsecured Financing | Other financing arrangements
Unsecured Financing Receivables
Gross loan balance (principal and interest)	4		2
Related allowance	(1)		(1)
Net financing receivables	3		1
Gross receivables on nonaccrual status	$ 0		$ 1

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RECEIVABLES - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Significant unobservable inputs (Level Three)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Financing receivables	$ 121	$ 117

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ACQUISITIONS AND DISPOSITIONS - Acquisitions Narrative (Details) £ in Millions, $ in Millions				3 Months Ended		6 Months Ended
	Jun. 02, 2023 USD ($)	Jun. 02, 2023 GBP (£)	Feb. 02, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 GBP (£)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Business Acquisition [Line Items]
Cash paid						$ 175	$ 39
Increase in goodwill				$ 20
Mr and Mrs Smith
Business Acquisition [Line Items]
Ownership interest acquired				100.00%		100.00%
Purchase price	$ 72	£ 58
Cash paid	$ 50
Transaction costs				$ 4		$ 4
Net assets acquired | £					£ 53
Dream Hotel Group
Business Acquisition [Line Items]
Ownership interest acquired				100.00%		100.00%
Purchase price			$ 125
Cash paid			125			$ 125
Outstanding liability balance				$ 175		175
Transaction costs				0		$ 7
Net assets acquired			$ 232
ALG Acquisition
Business Acquisition [Line Items]
Decrease in intangibles				$ 20

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ACQUISITIONS AND DISPOSITIONS - Schedule of Net Assets Acquired (Details) £ in Millions, $ in Millions			6 Months Ended
	Jun. 02, 2023 USD ($)	Jun. 02, 2023 GBP (£)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Cash paid			$ 175	$ 39
Mr and Mrs Smith
Acquired Indefinite-lived Intangible Assets [Line Items]
Cash paid	$ 50
Cash acquired	22
Purchase price	$ 72	£ 58

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ACQUISITIONS AND DISPOSITIONS - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions			3 Months Ended	6 Months Ended
	Jun. 02, 2023	Feb. 02, 2023	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 3,205	$ 3,205	$ 3,101
Customer relationships intangibles
Business Acquisition [Line Items]
Weighted- average useful lives in years				8 years
Mr and Mrs Smith
Business Acquisition [Line Items]
Cash and cash equivalents	$ 22
Receivables	6
Prepaids and other assets	1
Goodwill	40
Indefinite-lived intangibles	12
Deferred tax assets	1
Total assets acquired	110
Accounts payable	1
Accrued expenses and other current liabilities	21
Current contract liabilities	6
Other long-term liabilities	10
Total liabilities assumed	38
Total net assets acquired attributable to Hyatt Hotels Corporation	72
Transaction costs			4	$ 4
Mr and Mrs Smith | Other
Business Acquisition [Line Items]
Finite-lived intangibles	$ 16
Weighted- average useful lives in years	10 years
Mr and Mrs Smith | Customer relationships intangibles
Business Acquisition [Line Items]
Finite-lived intangibles	$ 12
Weighted- average useful lives in years	12 years
Dream Hotel Group
Business Acquisition [Line Items]
Receivables		$ 1
Goodwill		61
Indefinite-lived intangibles		21
Total assets acquired		233
Long-term contract liabilities		1
Total liabilities assumed		1
Total net assets acquired attributable to Hyatt Hotels Corporation		232
Transaction costs			$ 0	$ 7
Dream Hotel Group | Other
Business Acquisition [Line Items]
Finite-lived intangibles		$ 7
Weighted- average useful lives in years		20 years
Dream Hotel Group | Management agreement intangibles
Business Acquisition [Line Items]
Finite-lived intangibles		$ 143
Dream Hotel Group | Management agreement intangibles | Minimum
Business Acquisition [Line Items]
Weighted- average useful lives in years		9 years
Dream Hotel Group | Management agreement intangibles | Maximum
Business Acquisition [Line Items]
Weighted- average useful lives in years		22 years
Dream Hotel Group | Management agreement intangibles | Weighted Average
Business Acquisition [Line Items]
Weighted- average useful lives in years		17 years

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ACQUISITIONS AND DISPOSITIONS - Schedule of Identifiable Net Assets Acquired (Details) - USD ($) $ in Millions		6 Months Ended
	Feb. 02, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Acquired Indefinite-lived Intangible Assets [Line Items]
Cash paid		$ 175	$ 39
Fair value of contingent consideration		105		$ 0
Dream Hotel Group
Acquired Indefinite-lived Intangible Assets [Line Items]
Cash paid	$ 125	$ 125
Fair value of contingent consideration	107
Net assets acquired	$ 232

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ACQUISITIONS AND DISPOSITIONS - Dispositions Narrative (Details) $ in Millions	3 Months Ended
	Jun. 30, 2022 USD ($)
Disposal Group, Disposed of by Sale | The Confidante
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	$ 227
Pre-tax gain	24
Disposal Group, Disposed of by Sale | The Driskill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	119
Pre-tax gain	51
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Grand Hyatt San Antonio River Walk
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	109
Pre-tax gain	137
Held-to-maturity debt security	19
Disposal group, including discontinued operation, release of restricted cash	18
Goodwill impairment charges	7
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Grand Hyatt San Antonio River Walk | Contract Revenue Bonds
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Long-term debt	166
Unamortized discount	4
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Hyatt Regency Indian Wells Resort & Spa
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	136
Pre-tax gain	$ 40

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INTANGIBLES, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 2,210	$ 2,009
Accumulated amortization	(425)	(341)
Net carrying value	1,785	1,668
Brand and other indefinite-lived intangibles
Indefinite-lived Intangible Assets [Line Items]
Brand and other indefinite-lived intangibles	$ 626	593
Management and franchise agreement intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted- average useful lives in years	15 years
Gross carrying value	$ 919	786
Accumulated amortization	(217)	(184)
Net carrying value	$ 702	602
Customer relationships intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted- average useful lives in years	8 years
Gross carrying value	$ 620	608
Accumulated amortization	(194)	(145)
Net carrying value	$ 426	463
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted- average useful lives in years	9 years
Gross carrying value	$ 45	22
Accumulated amortization	(14)	(12)
Net carrying value	$ 31	$ 10

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INTANGIBLES, NET - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 45	$ 51	$ 89	$ 111

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OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023		Dec. 31, 2022	Jun. 30, 2022	[1],[2]
Total other assets
Management and franchise agreement assets constituting payments to customers	$ 810		$ 699
Marketable securities held to fund rabbi trusts (Note 4)	470		420
Marketable securities held to fund the loyalty program (Note 4)	447		406
Deferred costs related to the paid membership program	150		106
Marketable securities held for captive insurance company (Note 4)	117		93
Long-term investments (Note 4)	113		77
Common shares in Playa N.V. (Note 4)	99		79
Long-term restricted cash	4	[1]	37	$ 37
Other	93		112
Total other assets	$ 2,303		$ 2,029

[1] (1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.

[2] (1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.

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DEBT - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt Instrument
Long-term debt and lease obligation	$ 3,099,000,000		$ 3,113,000,000
Current maturities of long-term debt	46,000,000		660,000,000
2023 Notes Floating Rate | Senior Notes
Debt Instrument
Repurchases senior notes	$ 18,000,000
2023 Fixed Rate Notes | Senior Notes
Debt Instrument
Debt instrument, stated percent	1.30%
Long-term debt, face value	$ 700,000,000
2024 Notes | Senior Notes
Debt Instrument
Debt instrument, stated percent	1.80%
Long-term debt, face value	$ 750,000,000
2025 Notes | Senior Notes
Debt Instrument
Debt instrument, stated percent	5.375%
Long-term debt, face value	$ 450,000,000
2026 Notes | Senior Notes
Debt Instrument
Debt instrument, stated percent	4.85%
Long-term debt, face value	$ 400,000,000
2028 Notes | Senior Notes
Debt Instrument
Debt instrument, stated percent	4.375%
Long-term debt, face value	$ 400,000,000
2030 Notes | Senior Notes
Debt Instrument
Debt instrument, stated percent	5.75%
Long-term debt, face value	$ 450,000,000
Revolving Credit Facility
Debt Instrument
Borrowings from revolving credit facility during period	0	$ 0
Repayments of revolving credit facility during period	0	$ 0
Revolving credit facility, outstanding balance	0		$ 0
Revolving credit facility, remaining borrowing capacity	$ 1,496,000,000

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DEBT - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument
Finance lease obligations	$ 6	$ 7
Unamortized discount and deferred financing fees	12	15
Quoted prices in active markets for identical assets (Level One)
Debt Instrument
Debt	0	0
Significant other observable inputs (Level Two)
Debt Instrument
Debt	3,003	2,976
Significant unobservable inputs (Level Three)
Debt Instrument
Debt	32	30
Carrying value
Debt Instrument
Debt	3,105	3,121
Fair value
Debt Instrument
Debt	$ 3,035	$ 3,006

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OTHER LONG-TERM LIABILITIES - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities [Abstract]
Deferred compensation plans funded by rabbi trusts (Note 4)	$ 470	$ 420
Income taxes payable	389	339
Guarantee liabilities (Note 12)	128	124
Contingent consideration liability (Note 12)	105	0
Deferred income taxes (Note 11)	85	72
Self-insurance liabilities (Note 12)	71	68
Other	56	54
Other long-term liabilities	$ 1,304	$ 1,077

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INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Contingency [Line Items]
Provision for income taxes	$ 27	$ 106	$ 74	$ 108
Estimated income tax liability based on taxing authority’s assessment			18
Amount of unrecognized tax benefits that would affect the tax rate if recognized	124		124		$ 102
Unrecognized tax benefits	292		292		$ 253
Settlement with Taxing Authority
Income Tax Contingency [Line Items]
Estimated income tax liability based on taxing authority’s assessment			243
Federal tax benefit			85
Settlement with Taxing Authority | Domestic Tax Authority
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits that would affect the tax rate if recognized	$ 95		$ 95

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COMMITMENTS AND CONTINGENCIES - Commitments and Performance Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Performance Guarantee
Loss Contingencies
Remaining maximum exposure	$ 110
Guarantor obligations, liability, current carrying value	95	$ 108
Performance Guarantee | Other long-term Liabilities
Loss Contingencies
Guarantor obligations, liability, current carrying value	91	96
Performance Guarantee | Accrued Expenses and Other Current Liabilities
Loss Contingencies
Guarantor obligations, liability, current carrying value	4	$ 12
Various Business Ventures
Loss Contingencies
Commitment to loan or investment	$ 356

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COMMITMENTS AND CONTINGENCIES - Schedule of Debt Repayment and Other Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies
Other long-term liabilities recorded	$ 128	$ 124
Debt Repayment and Other Guarantees
Loss Contingencies
Maximum potential future payments	309
Maximum exposure net of recoverability from third parties	221
Other long-term liabilities recorded	37	28
Debt Repayment and Other Guarantees | Hotel Properties in India | Joint Venture
Loss Contingencies
Maximum exposure net of recoverability from third parties	$ 84
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	$ 110
Maximum exposure net of recoverability from third parties	41
Other long-term liabilities recorded	11	3
Debt Repayment and Other Guarantees | All foreign
Loss Contingencies
Maximum potential future payments	199
Maximum exposure net of recoverability from third parties	180
Other long-term liabilities recorded	$ 26	$ 25

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COMMITMENTS AND CONTINGENCIES - Schedule of Contingent Consideration Fair Value (Details) - Contingent Consideration $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value as of acquisition date and at March 31	$ 107
Adjustments recognized in other income (loss), net (Note 18)	(1)
Fair value at June 30	106
Accrued expenses and other current liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at June 30	1
Other long-term Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at June 30	$ 105

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COMMITMENTS AND CONTINGENCIES - Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters of Credit, and Other (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies
Guarantees, fair value disclosure	$ 140	$ 124
Self insurance reserve, current	42	39
Self-insurance liabilities, noncurrent	71	$ 68
Surety bonds	49
Estimated income tax liability based on taxing authority’s assessment	18
Dream Hotel Group
Loss Contingencies
Outstanding liability balance	175
Letter of Credit
Loss Contingencies
Letters of credit outstanding	290
Reducing capacity under revolving credit facility	$ 4
Various US
Loss Contingencies
Multiemployer plans, collective-bargaining arrangement, percentage of participants	20.00%

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EQUITY - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 3,696	$ 3,524	$ 3,702	$ 3,566
Current period other comprehensive income (loss) before reclassification	16	(41)	34	(28)
Amount reclassified from accumulated other comprehensive loss	1	7	2	8
Balance, end of period	3,685	3,612	3,685	3,612
Interest Rate Contract
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassification out of AOCI within next 12 months			6
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(187)	(185)	(202)	(206)
Current period other comprehensive income (loss) before reclassification	19	(39)	34	(18)
Amount reclassified from accumulated other comprehensive loss	0		0	5
Balance, end of period	(168)	(219)	(168)	(219)
Foreign currency translation adjustments | Equity Method Investment One | Owned and Leased Hotels Segment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount reclassified from accumulated other comprehensive loss		5
AFS debt securities unrealized fair value adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(8)	(8)	(11)	(1)
Current period other comprehensive income (loss) before reclassification	(3)	(3)	0	(10)
Amount reclassified from accumulated other comprehensive loss	0	0	0	0
Balance, end of period	(11)	(11)	(11)	(11)
Pension liabilities adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period		(6)		(4)
Current period other comprehensive income (loss) before reclassification		1		0
Amount reclassified from accumulated other comprehensive loss		1		0
Balance, end of period		(4)		(4)
Unrealized gains (losses) on derivative instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(28)	(32)	(29)	(34)
Current period other comprehensive income (loss) before reclassification	0	0	0	0
Amount reclassified from accumulated other comprehensive loss	1	1	2	3
Balance, end of period	(27)	(31)	(27)	(31)
Accumulated other comprehensive loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(223)	(231)	(242)	(245)
Balance, end of period	$ (206)	$ (265)	$ (206)	$ (265)

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EQUITY - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 10, 2023	Dec. 18, 2019
Equity [Abstract]
Stock repurchase program, authorized amount (up to)							$ 1,055,000,000	$ 750,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 1,400,000,000		$ 1,400,000,000
Stock repurchased during period (in shares)				1,987,560	1,210,402
Weighted-average price per share (in dollars per share)				$ 107.94	$ 83.34
Aggregate purchase price				$ 214,000,000	$ 101,000,000
Shares repurchased and not settled yet (in shares)	106,116	968,629	73,368			1,018,931
Stock repurchased and retired during period, value, not settled yet	$ 9,000,000	$ 108,000,000	$ 8,000,000			$ 106,000,000
Shares repurchased as a percentage of total common stock outstanding				2.00%	1.00%
Stock Repurchased And Retired During Period, Liability To Be Paid	$ 9,000,000					$ 9,000,000

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EQUITY - Schedule of Dividends Paid (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Jun. 12, 2023	May 11, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Dividends Payable [Line Items]
Total cash dividends paid			$ 16	$ 0	$ 16	$ 0
Cash dividend declared (in dollars per share)		$ 0.15			$ 0.15
Cash dividend paid (in dollars per share)	$ 0.15
Common Class A
Dividends Payable [Line Items]
Total cash dividends paid			7	0	$ 7	0
Common Class B
Dividends Payable [Line Items]
Total cash dividends paid			$ 9	$ 0	$ 9	$ 0

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STOCK-BASED COMPENSATION - Schedule of Compensation Expense Related to Long-Term Incentive Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 16	$ 12	$ 48	$ 40
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	0	1	11	11
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	8	8	25	24
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 8	$ 3	$ 12	$ 5

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STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	284,912	359,113
Grants in period, weighted-average fair value at grant date (in dollars per share)	$ 48.54	$ 37.56
Total unearned compensation	$ 4
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	425,879	520,935
Grants in period, weighted-average fair value at grant date (in dollars per share)	$ 111.74	$ 91.75
Total unearned compensation	$ 39
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	133,383	176,756
Grants in period, weighted-average fair value at grant date (in dollars per share)	$ 120.64	$ 81.14
Total unearned compensation	$ 29
SARs ,RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Amortization period, deferred compensation expense	2 years

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RELATED-PARTY TRANSACTIONS - Legal Services (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction
Selling, general, and administrative	$ 142	$ 76	$ 303	$ 187
Related Party | Related Party Legal Services
Related Party Transaction
Selling, general, and administrative	3	$ 4	7	$ 6
Due to related party	$ 3		$ 3		$ 0

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RELATED-PARTY TRANSACTIONS - Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction
Net receivables	$ 787		$ 787		$ 834
Financing receivable	$ 64		$ 64		60
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%
Related Party
Related Party Transaction
Net receivables	$ 39		$ 39		33
Financing receivable	22		22		$ 21
Franchise or License Fees | Related Party
Related Party Transaction
Related party amounts	6	$ 6	12	$ 10
Related Parties Guarantees | Related Party
Related Party Transaction
Related party amounts	$ 1	$ 1	$ 3	$ 3

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RELATED-PARTY TRANSACTIONS - Share Conversion (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Common Class B
Related Party Transaction
Class share conversions (in shares)	(635,522)
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01
Common Class A
Related Party Transaction
Class share conversions (in shares)	635,522
Common stock, par value per share (in dollars per share)		$ 0.01	$ 0.01

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SEGMENT INFORMATION - Schedule of Summarized Consolidated Financial Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information
Total revenues	$ 1,705	$ 1,483	$ 3,385	$ 2,762
Adjusted EBITDA	273	255	541	424
Depreciation and amortization	99	105	197	224
Owned and leased hotels
Segment Reporting Information
Total revenues	341	331	655	602
Management, franchise, license, and other fees
Segment Reporting Information
Total revenues	248	204	479	358
Contra revenue
Segment Reporting Information
Total revenues	(12)	(9)	(22)	(18)
Other revenues
Segment Reporting Information
Total revenues	71	61	159	138
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	784	640	1,513	1,180
Distribution and destination management
Segment Reporting Information
Total revenues	273	256	601	502
Corporate and other | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	0	0
Operating Segments | Owned and leased hotels
Segment Reporting Information
Total revenues	341	335	663	612
Adjusted EBITDA	84	99	158	153
Depreciation and amortization	45	44	91	96
Operating Segments | Owned and leased hotels | Owned and leased hotels
Segment Reporting Information
Total revenues	341	335	663	612
Operating Segments | Owned and leased hotels | Management, franchise, license, 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	0	0
Operating Segments | Americas management and franchising
Segment Reporting Information
Total revenues	845	708	1,653	1,296
Adjusted EBITDA	122	117	241	202
Depreciation and amortization	7	6	13	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, license, and other fees
Segment Reporting Information
Total revenues	142	132	275	227
Operating Segments | Americas management and franchising | Contra revenue
Segment Reporting Information
Total revenues	(6)	(6)	(12)	(12)
Operating Segments | Americas management and franchising | Other revenues
Segment Reporting Information
Total revenues	22	25	63	63
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	687	557	1,327	1,018
Operating Segments | Americas management and franchising | Distribution and destination management
Segment Reporting Information
Total revenues	0	0	0	0
Operating Segments | ASPAC management and franchising
Segment Reporting Information
Total revenues	82	59	154	106
Adjusted EBITDA	37	9	62	16
Depreciation and amortization	1	1	1	1
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, license, and other fees
Segment Reporting Information
Total revenues	42	21	80	37
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	41	39	76	71
Operating Segments | ASPAC management and franchising | Distribution and destination management
Segment Reporting Information
Total revenues	0	0	0	0
Operating Segments | EAME management and franchising
Segment Reporting Information
Total revenues	44	34	82	63
Adjusted EBITDA	16	10	28	14
Operating Segments | EAME management and franchising | Owned and leased hotels
Segment Reporting Information
Total revenues	0	0	0	0
Operating Segments | EAME management and franchising | Management, franchise, license, and other fees
Segment Reporting Information
Total revenues	23	18	42	31
Operating Segments | EAME management and franchising | Contra revenue
Segment Reporting Information
Total revenues	(3)	(2)	(6)	(4)
Operating Segments | EAME management and franchising | Other revenues
Segment Reporting Information
Total revenues	0	0	0	0
Operating Segments | EAME management and franchising | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	24	18	46	36
Operating Segments | EAME management and franchising | Distribution and destination management
Segment Reporting Information
Total revenues	0	0	0	0
Operating Segments | Apple Leisure Group
Segment Reporting Information
Total revenues	389	355	829	694
Adjusted EBITDA	49	54	128	110
Depreciation and amortization	39	47	79	102
Operating Segments | Apple Leisure Group | Owned and leased hotels
Segment Reporting Information
Total revenues	7	4	7	4
Operating Segments | Apple Leisure Group | Management, franchise, license, and other fees
Segment Reporting Information
Total revenues	36	36	75	66
Operating Segments | Apple Leisure Group | Contra revenue
Segment Reporting Information
Total revenues	(2)	0	(2)	0
Operating Segments | Apple Leisure Group | Other revenues
Segment Reporting Information
Total revenues	43	33	84	67
Operating Segments | Apple Leisure Group | Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	32	26	64	55
Operating Segments | Apple Leisure Group | Distribution and destination management
Segment Reporting Information
Total revenues	273	256	601	502
Operating Segments | Corporate and other
Segment Reporting Information
Adjusted EBITDA	(35)	(34)	(77)	(72)
Depreciation and amortization	7	7	13	14
Operating Segments | Corporate and other | Revenues
Segment Reporting Information
Total revenues	25	13	47	27
Eliminations
Segment Reporting Information
Total revenues	(21)	(21)	(43)	(36)
Adjusted EBITDA	0	0	1	1
Eliminations | Owned and leased hotels
Segment Reporting Information
Total revenues	(7)	(8)	(15)	(14)
Eliminations | Management, franchise, license, and other fees
Segment Reporting Information
Total revenues	(14)	(14)	(28)	(24)
Eliminations | Contra revenue
Segment Reporting Information
Total revenues	0	0	0	0
Eliminations | Other revenues
Segment Reporting Information
Total revenues	0	1	0	2
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	0	0
Eliminations | Owned and leased hotels
Segment Reporting Information
Total revenues	(7)	(8)	(15)	(14)
Eliminations | Americas management and franchising
Segment Reporting Information
Total revenues	(11)	(12)	(24)	(21)
Eliminations | EAME management and franchising
Segment Reporting Information
Total revenues	(3)	(2)	(4)	(3)
Eliminations | Corporate and other
Segment Reporting Information
Total revenues	$ 0	$ 1	$ 0	$ 2

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SEGMENT INFORMATION - Schedule of Reconciliation of Consolidated Adjusted EBITDA to EBITDA and a Reconciliation of EBITDA to Net Income Attributable to Hyatt Hotels Corporation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information
Net income attributable to Hyatt Hotels Corporation	$ 68	$ 206	$ 126	$ 133
Interest expense	31	38	64	78
Provision for income taxes	27	106	74	108
Depreciation and amortization	99	105	197	224
EBITDA	225	455	461	543
Total revenues	(1,705)	(1,483)	(3,385)	(2,762)
Equity (earnings) losses from unconsolidated hospitality ventures	1	(1)	3	8
Stock-based compensation expense (Note 14)	16	12	48	40
Gains on sales of real estate	0	(251)	0	(251)
Asset impairments	5	7	7	10
Other (income) loss, net (Note 18)	(8)	19	(56)	29
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17	17	31	23
Adjusted EBITDA	273	255	541	424
Contra revenue
Segment Reporting Information
Total revenues	12	9	22	18
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Total revenues	(784)	(640)	(1,513)	(1,180)
Costs incurred on behalf of managed and franchised properties
Segment Reporting Information
Costs incurred on behalf of managed and franchised properties	$ 789	$ 628	$ 1,538	$ 1,184

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EARNINGS 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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 68	$ 206	$ 126	$ 133
Net income attributable to noncontrolling interests	0	0	0	0
NET INCOME ATTRIBUTABLE TO HYATT HOTELS CORPORATION	$ 68	$ 206	$ 126	$ 133
Denominator:
Basic weighted-average shares outstanding (in shares)	105,533,506	109,953,302	105,958,853	110,062,212
Share-based compensation (in shares)	2,446,867	1,973,560	2,462,334	2,120,840
Diluted weighted-average shares outstanding (in shares)	107,980,373	111,926,862	108,421,187	112,183,052
Basic Earnings Per Share:
Net income (in dollars per share)	$ 0.64	$ 1.88	$ 1.19	$ 1.21
Net income attributable to noncontrolling interests (in dollars per share)	0	0	0	0
Net income attributable to Hyatt Hotels Corporation (in dollars per share)	0.64	1.88	1.19	1.21
Diluted Earnings Per Share:
Net income (in dollars per share)	0.63	1.85	1.16	1.19
Net income attributable to noncontrolling interests (in dollars per share)	0	0	0	0
Net income attributable to Hyatt Hotels Corporation (in dollars per share)	$ 0.63	$ 1.85	$ 1.16	$ 1.19

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EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Losses Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	29,400	11,500	5,100	9,200
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	200	10,500	1,600	1,700

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OTHER INCOME (LOSS), NET - Schedule of Other Income (Loss), Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Interest income	$ 15	$ 9	$ 32	$ 15
Depreciation recovery	5	4	9	8
Guarantee amortization income (Note 12)	4	5	7	7
Loss on extinguishment of debt	0	(8)	0	(8)
Credit loss reversals (provisions), net (Note 4 and Note 5)	0	6	0	5
Guarantee expense (Note 12)	(1)	(1)	(12)	(8)
Transaction costs (Note 6)	(4)	1	(11)	0
Unrealized gains (losses), net (Note 4)	(18)	(34)	25	(44)
Other, net	7	(1)	6	(4)
Other income (loss), net	$ 8	$ (19)	$ 56	$ (29)

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SUBSEQUENT EVENT (Details) - Senior Notes - USD ($)	Jul. 06, 2023	Jun. 30, 2023
5.750% Senior Notes Due 2027 | Subsequent Event
Subsequent Event [Line Items]
Long-term debt	$ 600,000,000
Debt instrument, stated percent	5.75%
Issue price percentage	99.975%
Proceeds from issuance of debt	$ 597,000,000
2023 Fixed Rate Notes
Subsequent Event [Line Items]
Long-term debt		$ 700,000,000
Debt instrument, stated percent		1.30%
Long-term debt gross		$ 597,000,000
Debt, current		$ 41,000,000