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 March 31, 2024

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 May 3, 2024, there were 45,179,171 shares of the registrant's Class A common stock, $0.01 par value, outstanding and 56,003,598 shares of the registrant's Class B common stock, $0.01 par value, outstanding.

HYATT HOTELS CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED MARCH 31, 2024

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	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	46
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	47
Item 1A.	Risk Factors	47
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3.	Defaults Upon Senior Securities	47
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	49
Signatures		50

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements.

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions of dollars, except per share amounts)

(Unaudited)

	Three Months Ended
	March 31, 2024		March 31, 2023
REVENUES:
Base management fees	$	98	$	91
Incentive management fees	64		57
Franchise and other fees	100		83
Gross fees	262		231
Contra revenue	(13)		(10)
Net fees	249		221
Owned and leased	309		314
Distribution	319		328
Other revenues	35		88
Revenues for reimbursed costs	802		729
Total revenues	1,714		1,680
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
General and administrative	172		157
Owned and leased	250		240
Distribution	274		258
Other direct costs	45		98
Integration costs	4		4
Depreciation and amortization	92		98
Reimbursed costs	836		749
Total direct and general and administrative expenses	1,673		1,604
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	24		18
Equity earnings (losses) from unconsolidated hospitality ventures	75		(2)
Interest expense	(38)		(33)
Gains on sales of real estate and other	403		—
Asset impairments	(17)		(2)
Other income (loss), net	53		48
Income before income taxes	541		105
Provision for income taxes	(19)		(47)
Net income	522		58
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	522	$	58
EARNINGS PER CLASS A AND CLASS B SHARE:
Net income attributable to Hyatt Hotels Corporation—Basic	$	5.08	$	0.55
Net income attributable to Hyatt Hotels Corporation—Diluted	$	4.93	$	0.53

See accompanying Notes to condensed consolidated financial statements.

1

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions of dollars)

(Unaudited)

	Three Months Ended
	March 31, 2024		March 31, 2023
Net income	$	522	$	58
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $4 and $— for the three months ended March 31, 2024 and March 31, 2023, respectively	(18)		15
Derivative instrument adjustments, net of tax of $— for the three months ended March 31, 2024 and March 31, 2023	—		1
Pension liabilities adjustments, net of tax of $— for the three months ended March 31, 2024 and March 31, 2023	(1)		—
Available-for-sale debt securities unrealized fair value adjustments, net of tax of $1 and $— for the three months ended March 31, 2024 and March 31, 2023, respectively	(3)		3
Other comprehensive income (loss)	(22)		19
Comprehensive income	500		77
Comprehensive income attributable to noncontrolling interests	—		—
Comprehensive income attributable to Hyatt Hotels Corporation	$	500	$	77

See accompanying Notes to condensed consolidated financial statements.

2

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

	March 31, 2024		December 31, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	740	$	881
Restricted cash	16		34
Short-term investments	54		15
Receivables, net of allowances of $51 and $50 at March 31, 2024 and December 31, 2023, respectively	895		883
Inventories	9		9
Prepaids and other assets	193		195
Prepaid income taxes	58		51
Assets held for sale	42		62
Total current assets	2,007		2,130
Equity method investments	277		211
Property and equipment, net	2,258		2,340
Financing receivables, net of allowances of $40 and $42 at March 31, 2024 and December 31, 2023, respectively	136		73
Operating lease right-of-use assets	343		369
Goodwill	2,273		3,205
Intangibles, net	1,565		1,670
Deferred tax assets	434		358
Other assets	2,426		2,477
TOTAL ASSETS	$	11,719	$	12,833
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	751	$	751
Accounts payable	539		493
Accrued expenses and other current liabilities	439		468
Current contract liabilities	1,464		1,598
Accrued compensation and benefits	145		210
Current operating lease liabilities	37		41
Liabilities held for sale	7		17
Total current liabilities	3,382		3,578
Long-term debt	2,304		2,305
Long-term contract liabilities	750		1,759
Long-term operating lease liabilities	252		273
Other long-term liabilities	1,371		1,351
Total liabilities	8,059		9,266
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 March 31, 2024 and December 31, 2023	—		—
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 45,162,644 issued and outstanding at March 31, 2024, and Class B common stock, $0.01 par value per share, 387,998,010 shares authorized, 56,003,598 shares issued and outstanding at March 31, 2024. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 44,275,818 issued and outstanding at December 31, 2023, and Class B common stock, $0.01 par value per share, 390,751,535 shares authorized, 58,757,123 shares issued and outstanding at December 31, 2023	1		1
Additional paid-in capital	—		—
Retained earnings	3,853		3,738
Accumulated other comprehensive loss	(197)		(175)
Total stockholders' equity	3,657		3,564
Noncontrolling interests in consolidated subsidiaries	3		3
Total equity	3,660		3,567
TOTAL LIABILITIES AND EQUITY	$	11,719	$	12,833

See accompanying Notes to condensed consolidated financial statements.

3

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of dollars)

(Unaudited)

	Three Months Ended
	March 31, 2024		March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	522	$	58
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	92		98
Gains on sales of real estate and other	(403)		—
Amortization of share awards	31		31
Amortization of operating lease right-of-use assets	10		9
Deferred income taxes	(87)		(19)
Asset impairments	17		2
Equity (earnings) losses from unconsolidated hospitality ventures	(75)		2
Contra revenue	13		10
Unrealized gains, net	(13)		(43)
Contingent consideration liability fair value adjustment	(4)		—
Working capital changes and other	139		77
Net cash provided by operating activities	242		225
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments	(310)		(35)
Proceeds from marketable securities and short-term investments	175		86
Contributions to equity method and other investments	(6)		(31)
Acquisitions, net of cash acquired	—		(125)
Capital expenditures	(34)		(30)
Issuance of financing receivables	—		(13)
Proceeds from sales of real estate and other, net of cash disposed	214		—
Other investing activities	3		(1)
Net cash provided by (used in) investing activities	42		(149)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common stock	(388)		(106)
Dividends paid	(15)		—
Repayments and repurchases of debt	(1)		(14)
Payment of withholding taxes for stock-based compensation	(40)		(13)
Net cash used in financing activities	(444)		(133)
Effect of exchange rate changes on cash	(2)		(4)
Net decrease in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale	(162)		(61)
Net change in cash, cash equivalents, and restricted cash classified as assets held for sale	3		—
Net decrease in cash, cash equivalents, and restricted cash	(159)		(61)
Cash, cash equivalents, and restricted cash—Beginning of year	919		1,067
Cash, cash equivalents, and restricted cash—End of period	$	760	$	1,006

See accompanying Notes to condensed consolidated financial statements.

4

HYATT HOTELS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions of dollars)

(Unaudited)

Supplemental disclosure of cash flow information:

	March 31, 2024		March 31, 2023
Cash and cash equivalents	$	740	$	948
Restricted cash (1)	16		20
Restricted cash included in other assets (1)	4		38
Total cash, cash equivalents, and restricted cash	$	760	$	1,006
(1) Restricted cash generally represents collateral for certain obligations, escrow deposits, and other arrangements.

	Three Months Ended
	March 31, 2024		March 31, 2023
Cash paid during the period for interest	$	39	$	19
Cash paid during the period for income taxes	$	15	$	16
Cash paid for amounts included in the measurement of operating lease liabilities	$	12	$	11
Non-cash investing and financing activities are as follows:
Change in accrued capital expenditures	$	(2)	$	4
Non-cash contributions to equity method and other investments (Note 4)	$	20	$	—
Non-cash issuance of financing receivable (Note 6)	$	41	$	—
Non-cash right-of-use assets obtained in exchange for operating lease liabilities	$	3	$	4
Non-cash repurchases of common stock (Note 13)	$	—	$	8
Non-cash redemption of financing receivable	$	—	$	20
Non-cash contingent consideration liability assumed in acquisition (Note 6)	$	—	$	107

See accompanying Notes to condensed consolidated financial statements.

5

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 Loss		Noncontrolling Interests in Consolidated Subsidiaries		Total
	Class	Class	Class		Class
	A	B	A		B
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
BALANCE—January 1, 2024	44,275,818	58,757,123	$	1	$	—	$	—	$	3,738	$	(175)	$	3	$	3,567
Total comprehensive income	—	—	—		—		—		522		(22)		—		500
Repurchases of common stock (1)	(528,427)	(1,987,229)	—		—		(2)		(387)		—		—		(389)
Employee stock plan issuance	13,475	—	—		—		2		—		—		—		2
Share-based payment activity	635,482	—	—		—		—		(5)		—		—		(5)
Cash dividends declared of $0.15 per share (see Note 13)	—	—	—		—		—		(15)		—		—		(15)
Class share conversions	766,296	(766,296)	—		—		—		—		—		—		—
BALANCE—March 31, 2024	45,162,644	56,003,598	$	1	$	—	$	—	$	3,853	$	(197)	$	3	$	3,660
(1) 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.

    

See accompanying Notes to condensed consolidated financial statements.

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HYATT HOTELS CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in millions of dollars, unless otherwise indicated)

(Unaudited)

1.    ORGANIZATION

Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries 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 and vacation units. We also offer distribution and destination management services through ALG Vacations and a boutique and luxury global travel platform through Mr & Mrs Smith. At March 31, 2024, our hotel portfolio included 1,341 hotels, comprising 323,405 rooms throughout the world, of which 699 hotels are located in the United States, comprising 156,851 rooms, and 124 are all-inclusive resorts, comprising 42,412 rooms. At March 31, 2024, our portfolio of properties operated in 78 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 trade names 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 ("Quarterly Report") 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:

•"hospitality ventures" refer 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 and vacation 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 Vacation 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 we license our trademarks to and that are part of the Hyatt Vacation 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 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, 2023 (the "2023 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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Segment Realignment—During the three months ended March 31, 2024, we realigned our reportable segments to align with our business strategy, the organizational changes for certain members of our leadership team, and the manner in which our chief operating decision maker ("CODM") assesses performance and makes decisions regarding the allocation of resources. The segment realignment had no impact on our condensed consolidated financial position or results of operations. Prior period segment results have been recast to reflect our new reportable segments. See Note 16 for a summary of our revised reportable segments and summarized consolidated financial information by segment.

In conjunction with the segment realignment, certain financial statement line item descriptions were revised within our condensed consolidated statements of income. The composition of the accounts within these financial statement line items remains unchanged. The changes include:

New financial statement line item	Previously-used financial statement line item
Owned and leased revenues	Owned and leased hotels revenues
Franchise and other fee revenues	Franchise, license, and other fee revenues
Revenues for reimbursed costs	Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
General and administrative expenses (1)	Selling, general, and administrative expenses
Integration costs (2)	Selling, general, and administrative expenses
Owned and leased expenses	Owned and leased hotels expenses
Reimbursed costs	Costs incurred on behalf of managed and franchised properties
(1) Excludes integration costs.
(2) Includes expenses incurred related to the integration of recently acquired businesses, including certain compensation expenses, professional fees, sales and marketing expenses, and technology expenses.

Additionally, distribution and destination management revenues and expenses are not presented as the accounts under these previously-used financial statement line items are now included in the following:

Distribution revenues—Represents revenues derived from the ALG Vacations business, which were previously recognized in distribution and destination management revenues, and commission fee revenues related to Mr & Mrs Smith, which were previously recognized in other fee revenues.

Distribution expenses—Consists of expenses related to the ALG Vacations business, which were previously recognized in distribution and destination management expenses, and general and administrative expenses related to Mr & Mrs Smith, which were previously recognized in selling, general, and administrative expenses.

2.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Summary of Significant Accounting Policies

Our significant accounting policies are detailed in Part IV, Item 15, "Exhibits and Financial Statement Schedule—Note 2 to our Consolidated Financial Statements" within the 2023 Form 10-K. During the three months ended March 31, 2024, we completed a restructuring of the entity that owns the Unlimited Vacation Club paid membership program business and sold 80% of the entity to an unrelated third party for $80 million. As a result of the transaction, we deconsolidated the entity as we no longer have a controlling financial interest and accounted for our remaining 20% ownership interest as an equity method investment in an unconsolidated hospitality venture (the "UVC Transaction"). For additional information about the UVC Transaction, see Note 4. Our accounting policies have been updated as follows:

Variable Interest Entities—We determine at the inception of each arrangement whether an entity in which we have made an investment or in which we have other variable interests is considered a variable interest entity ("VIE"). We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If we are not the primary beneficiary of a VIE, we account for the investment or other variable interests in a VIE in accordance with the applicable GAAP. On a quarterly basis, we determine whether any changes in the interest or relationship with the entity impact the determination of whether we are still the primary beneficiary.

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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 year ended December 31, 2023, we adopted the provisions of ASU 2020-04. We amended certain LIBOR-based contracts during the three months ended March 31, 2024 and the year ended December 31, 2023, and we are 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 apply optional expedients or exceptions.

Future Adoption of Accounting Standards

Disclosure Improvements—In October 2023, the FASB issued Accounting Standards Update No. 2023-06 ("ASU 2023-06"), Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. ASU 2023-06 modifies the disclosure and presentation requirements for certain FASB Accounting Standards Codification topics to align with the regulations of the Securities and Exchange Commission ("SEC"). The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from its regulations becomes effective, if the SEC removes the disclosure by June 30, 2027. The provisions of ASU 2023-06 are to be applied prospectively, with early adoption prohibited. We do not expect the adoption of ASU 2023-06 to have a material impact on our condensed consolidated financial statements and accompanying Notes.

Segment Reporting—In November 2023, the FASB issued Accounting Standards Update No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to evaluate segment performance. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and require retrospective adoption for all prior periods presented. We are currently assessing the impact of adopting ASU 2023-07.

Income Taxes—In December 2023, the FASB issued Accounting Standards Update No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced annual income tax disclosures, including (1) disaggregation of effective tax rate reconciliation categories, (2) additional information for reconciling items that meet a quantitative threshold, and (3) income taxes paid by jurisdiction. The provisions of ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively for all prior periods presented. We are currently assessing the impact of adopting ASU 2023-09.

3.    REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated Revenues

See Note 16 for our revenues disaggregated by the nature of the product or service.

Contract Balances

Contract assets, included in receivables, net on our condensed consolidated balance sheets, were $2 million and insignificant at March 31, 2024 and December 31, 2023, respectively. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant at year end.

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Contract liabilities were comprised of the following:

	March 31, 2024		December 31, 2023
Deferred revenue related to the loyalty program	$	1,214	$	1,130
Deferred revenue related to distribution and destination management services	695		719
Advanced deposits	66		57
Deferred revenue related to insurance programs	54		75
Initial fees received from franchise owners	45		45
Deferred revenue related to the paid membership program (1)	—		1,204
Other deferred revenue	140		127
Total contract liabilities	$	2,214	$	3,357
(1) The change from December 31, 2023 is due to balances written off to gains on sale of real estate and other on our condensed consolidated statements of income during the three months ended March 31, 2024 as a result of the UVC Transaction (see Note 4).

Revenue recognized during the three months ended March 31, 2024 and March 31, 2023 included in the contract liabilities balance at the beginning of each year was $623 million and $654 million, respectively. This revenue primarily relates to distribution and destination management services and the loyalty 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 $120 million at March 31, 2024, approximately 15% 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 $277 million and $211 million at March 31, 2024 and December 31, 2023, respectively.

Unconsolidated hospitality venture in India—During the year ended December 31, 2023, one of our unconsolidated hospitality ventures in India publicly filed a draft red herring prospectus with the Securities and Exchange Board of India in conjunction with a proposed initial public offering ("IPO") of equity shares, subject to market conditions and regulatory approvals. On February 28, 2024, our unconsolidated hospitality venture completed its IPO on the BSE Limited and National Stock Exchange of India Limited stock exchanges and issued 50,000,000 equity shares. Both prior and subsequent to the IPO, we hold 86,251,192 equity shares in the entity. At March 31, 2024, the price per share of the principal market for the equity shares was ₹517.55 (approximately $6.21 using exchange rates as of March 31, 2024).

As a result of the IPO, our ownership interest in the unconsolidated hospitality venture was diluted from 50.0% to 38.8%. As we maintain the ability to significantly influence the operations of the entity, we recorded an increase to our equity method investment and recognized a $79 million non-cash pre-tax dilution gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income during the three months ended March 31, 2024.

UVC Transaction—During the three months ended March 31, 2024, we completed the UVC Transaction and accounted for the sale of our controlling financial interest in the entity as a business disposition. We received $41 million of proceeds, net of $39 million of cash disposed; recorded a $20 million equity method investment representing the fair value of our retained investment in the entity; and recorded $86 million of guarantee liabilities as described below. The transaction resulted in a $231 million pre-tax gain, which was recognized in gains on sales

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of real estate and other on our condensed consolidated statements of income during the three months ended March 31, 2024. We will continue to manage the Unlimited Vacation Club business under a long-term management agreement and license and royalty agreement. The operating results of the Unlimited Vacation Club business prior to the UVC Transaction are reported within our distribution segment.

The fair value of our retained investment in the entity was determined using a Black-Scholes-Merton option-pricing model of our common shares in the entity. The valuation methodology includes assumptions and judgments regarding volatility and discount rates, which are primarily Level Three assumptions.

In conjunction with the transaction, we agreed to guarantee up to $70 million of our hospitality venture partner's investment upon the occurrence of certain events, and we recorded a $25 million guarantee liability at fair value in other long-term liabilities on our condensed consolidated balance sheet (see Note 10). The fair value was estimated using the with and without method, which includes projected cash flows based on contract terms. The valuation methodology includes assumptions and judgments regarding discount rates and length of time, which are primarily Level Three assumptions.

Additionally, we agreed to indemnify the unconsolidated hospitality venture, the primary obligor to the foreign taxing authorities, for obligations the entity may incur as a result of uncertain tax positions. Following the transaction, we accounted for the indemnification as a guarantee. We derecognized the long-term income taxes payable related to the uncertain tax positions and recorded a $61 million guarantee liability at fair value in other long-term liabilities on our condensed consolidated balance sheet at March 31, 2024 (see Note 10). The fair value of the indemnification was estimated using a probability-based weighting approach to determine the likelihood of payment of the tax liability, penalties, and interest related to the 2013 through 2018 tax years. The valuation methodology includes assumptions and judgments regarding probability weighting, discount rates, and expected timing of cash flows, which are primarily Level Three assumptions. At March 31, 2024, the indemnification had a maximum exposure of $100 million.

The entity that owns the Unlimited Vacation Club business is classified as a VIE in which we hold a variable interest but are not the primary beneficiary, and we account for our common ownership interest as an equity method investment. At March 31, 2024, we had $19 million and $82 million recorded in equity method investments and other long-term liabilities, respectively, on our condensed consolidated balance sheet related to this unconsolidated VIE. At March 31, 2024, our maximum exposure to loss was $189 million, which includes the carrying amount of our equity method investment and the maximum exposure under the aforementioned guarantee and indemnification (see Note 12).

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:

	March 31, 2024		December 31, 2023
Loyalty program (Note 8)	$	816	$	807
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	526		489
Captive insurance company (Note 8)	136		94
Total marketable securities held to fund operating programs	$	1,478	$	1,390
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(280)		(320)
Marketable securities held to fund operating programs included in other assets	$	1,198	$	1,070

At March 31, 2024 and December 31, 2023, marketable securities held to fund operating programs included:

•$470 million and $330 million, respectively, of available-for-sale ("AFS") debt securities with contractual maturity dates ranging from 2024 through 2069. The amortized cost of our AFS debt securities approximates fair value;

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•$25 million, in both periods, of time deposits classified as held-to-maturity ("HTM") debt securities with a contractual maturity date in 2025. The amortized cost of our time deposits approximates fair value;

•$16 million and $15 million, respectively, of equity securities with a readily determinable fair value.

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

	Three Months Ended March 31,
	2024		2023
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	22	$	17
Revenues for reimbursed costs (2)	11		9
Other income (loss), net (Note 18)	—		6
Other comprehensive income (loss) (Note 13)	(4)		3
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	2	$	1
Revenues for reimbursed costs (2)	1		—
(1) Unrealized and realized gains 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 expenses and general and administrative expenses with no impact on net income.
(2) Unrealized and realized gains recognized in revenues for reimbursed costs related to investments held to fund rabbi trusts are offset by amounts recognized in reimbursed costs 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:

	March 31, 2024		December 31, 2023
Interest-bearing money market funds	$	234	$	284
Common shares in Playa N.V. (Note 8)	118		105
Time deposits (1)	14		11
Total marketable securities held for investment purposes	$	366	$	400
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(247)		(294)
Marketable securities held for investment purposes included in other assets	$	119	$	106
(1) Time deposits have contractual maturities on various dates through 2025. 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 of these common shares during the three months ended March 31, 2024 or March 31, 2023. Net unrealized gains recognized on our condensed consolidated statements of income were as follows:

	Three Months Ended March 31,
	2024		2023
Other income (loss), net (Note 18)	$	13	$	37

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

	March 31, 2024		Cash and cash equivalents		Short-term investments		Other assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	465	$	465	$	—	$	—
Mutual funds and exchange-traded funds	532		—		—		532
Common shares	128		—		—		128
Level Two—Significant Other Observable Inputs
Time deposits	39		3		10		26
U.S. government obligations	325		5		16		304
U.S. government agencies	27		—		—		27
Corporate debt securities	274		—		28		246
Mortgage-backed securities	22		—		—		22
Asset-backed securities	28		—		—		28
Municipal and provincial notes and bonds	4		—		—		4
Total	$	1,844	$	473	$	54	$	1,317

	December 31, 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	$	599	$	599	$	—	$	—
Mutual funds and exchange-traded funds	495		—		—		495
Common shares	114		—		—		114
Level Two—Significant Other Observable Inputs
Time deposits	36		—		10		26
U.S. government obligations	250		—		—		250
U.S. government agencies	37		—		—		37
Corporate debt securities	212		—		5		207
Mortgage-backed securities	19		—		—		19
Asset-backed securities	24		—		—		24
Municipal and provincial notes and bonds	4		—		—		4
Total	$	1,790	$	599	$	15	$	1,176

During the three months ended March 31, 2024 and March 31, 2023, 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:

	March 31, 2024		December 31, 2023
HTM debt securities	$	53	$	53
Less: allowance for credit losses	(13)		(13)
Total HTM debt securities, net of allowances	$	40	$	40

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

	2024		2023
Allowance at January 1	$	13	$	31
Provisions, net (1)	—		1
Allowance at March 31	$	13	$	32
(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 $42 million and $41 million at March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2023, we invested in a $30 million convertible debt security associated with a franchised property, which is classified as AFS and recorded in other assets on our condensed consolidated balance sheets. The investment has a contractual maturity date in 2029. The convertible debt investment is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy. We estimated the fair value of this investment to be $39 million at both March 31, 2024 and December 31, 2023. The fair value is estimated using a discounted future cash flow model, and the primary sensitivity in the model is the selection of an appropriate discount rate. Fluctuations in our assumptions could result in different estimates of fair value. During the three months ended March 31, 2024 and March 31, 2023, we recognized an insignificant amount and no amount of unrealized gains or losses, respectively, on our investment.

Equity Securities Without a Readily Determinable Fair Value—At both March 31, 2024 and December 31, 2023, we held $16 million of investments in equity securities without a readily determinable fair value, which are recorded within other assets on our condensed consolidated balance sheets and represent investments in entities where we do not have the ability to significantly influence the operations of the entity.

5.    RECEIVABLES

Receivables

At March 31, 2024 and December 31, 2023, we had $895 million and $883 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:

	2024		2023
Allowance at January 1	$	50	$	63
Provisions, net	3		3
Write-offs	(2)		(3)
Allowance at March 31	$	51	$	63

Financing Receivables

	March 31, 2024		December 31, 2023
Unsecured financing to hotel owners	$	199	$	137
Less: current portion of financing receivables, included in receivables, net	(23)		(22)
Less: allowance for credit losses	(40)		(42)
Total long-term financing receivables, net of allowances	$	136	$	73

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

	2024		2023
Allowance at January 1	$	42	$	44
Reversals, net	(1)		(1)
Foreign currency exchange, net	(1)		—
Allowance at March 31	$	40	$	43

Credit Monitoring—Our unsecured financing receivables were as follows:

	March 31, 2024
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	191	$	(38)	$	153	$	21
Other financing arrangements	8		(2)		6		—
Total unsecured financing receivables	$	199	$	(40)	$	159	$	21

	December 31, 2023
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	128	$	(39)	$	89	$	22
Other financing arrangements	9		(3)		6		—
Total unsecured financing receivables	$	137	$	(42)	$	95	$	22

Fair Value—We estimated the fair value of financing receivables to be approximately $185 million and $133 million at March 31, 2024 and December 31, 2023, 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 year ended December 31, 2023, we acquired 100% of the outstanding shares of Smith Global Limited, doing business as 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.

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 boutique and luxury global travel platform, brand name, and relationships with affiliated hotel owners.

Our condensed consolidated balance sheets at both March 31, 2024 and December 31, 2023 reflect preliminary estimates of the fair value of the assets acquired and liabilities assumed based on available information as of the acquisition date. The fair values of intangible assets acquired are estimated using 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

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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)	39
Indefinite-lived intangibles (2)	12
Customer relationships intangibles (3)	12
Other intangibles (4)	16
Deferred tax assets	2
Total assets acquired	$	110
Accounts payable	$	1
Accrued expenses and other current liabilities	7
Current contract liabilities	17
Long-term contract liabilities	3
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 on the distribution segment, 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.

Dream Hotel Group—During the three months ended March 31, 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.

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.

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

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recognized on our condensed consolidated statements of income and were insignificant for the period from the acquisition date through March 31, 2023.

Our condensed consolidated balance sheets at both March 31, 2024 and December 31, 2023 reflect 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 were 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 year ended December 31, 2023, the fair values of certain assets acquired and liabilities assumed were finalized. 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 December 31, 2023 include a $21 million decrease in intangibles, net with a corresponding increase to goodwill.

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

Receivables	$	1
Goodwill (1)	62
Indefinite-lived intangibles (2)	20
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 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 months ended March 31, 2023, we recognized $7 million 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

Hyatt Regency Aruba Resort Spa and Casino—During the three months ended March 31, 2024, we sold the shares of the entities that own Hyatt Regency Aruba Resort Spa and Casino to an unrelated third party and accounted for the transaction as an asset disposition. We received $173 million of proceeds, net of cash disposed, closing costs, and proration adjustments, and issued a $41 million unsecured financing receivable with a maturity date greater than one year (see Note 5). Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $172 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income during the three months ended March 31, 2024. In connection with the disposition, we recognized a $15 million goodwill impairment charge in asset impairments on our condensed consolidated statements of income during the three months ended March 31, 2024. 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 and financial position of this hotel prior to the sale remain within our owned and leased segment. At December 31, 2023, we classified the assets and liabilities as held for sale on our condensed consolidated balance sheet.

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Held for Sale

Park Hyatt Zurich—During the three months ended March 31, 2024, we signed an asset transfer agreement to sell Park Hyatt Zurich for a sales price of 270 million Swiss Francs ("CHF") (approximately $300 million using exchange rates as of the closing date), including CHF 41 million (approximately $45 million) of seller financing. At March 31, 2024, the related assets and liabilities were classified as held for sale within our owned and leased segment on our condensed consolidated balance sheet. Assets held for sale were $42 million, which primarily consists of $40 million of property and equipment, net, and liabilities held for sale were $7 million, of which $2 million relates to accrued expenses and other current liabilities. On April 4, 2024, we completed the sale of the property to an unrelated third party and entered into a long-term management agreement.

7.    INTANGIBLES, NET

		March 31, 2024
	Weighted- average useful lives in years	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	15	$	903	$	(266)	$	637
Brand and other indefinite-lived intangibles	—	608		—		608
Customer relationships intangibles	10	410		(116)		294
Other intangibles	11	32		(6)		26
Total		$	1,953	$	(388)	$	1,565

	December 31, 2023
	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	$	906	$	(248)	$	658
Brand and other indefinite-lived intangibles	608		—		608
Customer relationships intangibles	620		(243)		377
Other intangibles	33		(6)		27
Total	$	2,167	$	(497)	$	1,670

	Three Months Ended March 31,
	2024		2023
Amortization expense	$	36	$	44

8.    OTHER ASSETS

	March 31, 2024		December 31, 2023
Management and hotel services agreement and franchise agreement assets constituting payments to customers (1)	$	884	$	896
Marketable securities held to fund the loyalty program (Note 4)	595		495
Marketable securities held to fund rabbi trusts (Note 4)	526		489
Common shares in Playa N.V. (Note 4)	118		105
Long-term investments (Note 4)	96		96
Marketable securities held for captive insurance company (Note 4)	77		86
Deferred costs related to the paid membership program	—		194
Other	130		116
Total other assets	$	2,426	$	2,477
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.

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9.    DEBT

At March 31, 2024 and December 31, 2023, we had $3,055 million and $3,056 million, respectively, of total debt, which included $751 million, in both periods, recorded in current maturities of long-term debt on our condensed consolidated balance sheets.

Senior Notes Repurchases—During the three months ended March 31, 2023, we repurchased $13 million of our senior notes due 2023 in the open market.

Revolving Credit Facility—During the three months ended March 31, 2024 and March 31, 2023, we had no borrowings or repayments on our revolving credit facility in effect for each of the respective periods. At both March 31, 2024 and December 31, 2023, we had no balance outstanding. At March 31, 2024, 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.

•$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

•$600 million of 5.750% senior notes due 2027

•$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.

	March 31, 2024
	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)	$	3,062	$	3,053	$	—	$	3,025	$	28

(1) Excludes $5 million of finance lease obligations and $12 million of unamortized discounts and deferred financing fees.

	December 31, 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 (2)	$	3,063	$	3,062	$	—	$	3,032	$	30

(2) Excludes $6 million of finance lease obligations and $13 million of unamortized discounts and deferred financing fees.

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10.    OTHER LONG-TERM LIABILITIES

	March 31, 2024		December 31, 2023
Deferred compensation plans funded by rabbi trusts (Note 4)	$	526	$	489
Income taxes payable	337		407
Guarantee liabilities (Note 12)	209		142
Contingent consideration liability (Note 12)	111		115
Self-insurance liabilities (Note 12)	74		73
Deferred income taxes (Note 11)	48		66
Other	66		59
Total other long-term liabilities	$	1,371	$	1,351

11.    TAXES

The provision for income taxes for the three months ended March 31, 2024 and March 31, 2023 was $19 million and $47 million, respectively. The decrease in the provision for income taxes for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was primarily due to a non-cash tax benefit as a result of the release of a valuation allowance on certain foreign deferred tax assets. This decrease was partially offset by the earnings impact from both the sale of Hyatt Regency Aruba Resort Spa and Casino and the UVC Transaction recognized during the three months ended March 31, 2024.

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 have been subject to a U.S. Tax Court case concerning the tax treatment of the loyalty program in which the Internal Revenue Service is asserting that loyalty program contributions are taxable income to the Company. U.S. tax years 2012 through 2017 are pending the outcome of the issue currently in U.S. Tax Court.

The Tax Court issued an opinion on October 2, 2023 related to the aforementioned case and determined that the Company must recognize approximately $12 million in net taxable income for the tax years 2009 through 2011, but that the Company need not recognize approximately $228 million in net taxable income that preceded 2009. The Company is evaluating the Tax Court's decision and potential appeal options. In order to appeal the Tax Court's ruling, the Company would be required to pay the tax liability and interest related to the 2009 through 2011 tax years as determined by the Tax Court, which is estimated to be $2 million. If the Company were to appeal and the Tax Court's opinion is upheld on appeal, the estimated income tax payment due for the subsequent years 2012 through 2024 is $236 million, including $35 million of estimated interest, net of federal benefit. We believe we have an adequate uncertain tax liability recorded in accordance with Accounting Standards Codification 740, Income Taxes, for this matter and believe that the ultimate outcome of this matter will not have a material effect on our consolidated financial position, results of operations, or liquidity.

At March 31, 2024 and December 31, 2023, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $289 million and $301 million, respectively, of which $92 million and $120 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 benefits within the next 12 months.

Through a prior acquisition, we assumed an assessment of additional corporate income tax related to disallowed deductions taken on historical tax returns from the Mexican tax authorities that was in process of being appealed. During the three months ended March 31, 2024, we appealed the assessment to a higher court. Our filing position is more likely than not to be sustained, and therefore, we do not have an uncertain tax liability recorded for this matter. At March 31, 2024, the unrecognized tax liability is approximately $37 million.

Further, the Mexican tax authorities disallowed credits taken on historical tax returns, resulting in additional value added tax. In accordance with Accounting Standards Codification 450, Contingencies, we have not recorded a liability in connection with this matter as we do not believe a loss is probable. At March 31, 2024, our maximum exposure is not expected to exceed $14 million.

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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 March 31, 2024, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in various business ventures up to $462 million, net of any related letters of credit.

Performance Guarantees—Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. Except as described below, at March 31, 2024, our performance guarantees had $98 million of remaining maximum exposure and expire between 2024 and 2042.

Through acquisitions, we acquired certain management and hotel services agreements with performance guarantees based on annual performance levels and with expiration dates between 2027 and 2045. Contract terms within certain management and hotel services agreements limit our exposure, and therefore, we are unable to reasonably estimate our maximum potential future payments.

At March 31, 2024 and December 31, 2023, we had $93 million and $99 million, respectively, of total performance guarantee liabilities, which included $85 million and $91 million, respectively, recorded in other long-term liabilities. At both March 31, 2024 and December 31, 2023, we had $8 million recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

Additionally, we enter into certain management and hotel services agreements 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 contract. At March 31, 2024 and December 31, 2023, we had no amount and an insignificant amount, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these performance cure payments.

Debt Repayment Guarantees—We enter into various debt repayment guarantees in order to assist 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 March 31, 2024		Other long-term liabilities recorded at December 31, 2023		Year of guarantee expiration (2)
United States (3), (4)	$	140	$	41	$	27	$	30	various, through 2027
All foreign (3), (5)	84		62		15		21		various, through 2034
Total	$	224	$	103	$	42	$	51

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

(2) Certain underlying debt agreements have extension periods which are not reflected in the year of guarantee expiration.

(3) 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.

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

(5) Under a certain debt repayment guarantee 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 this guarantee to be approximately $25 million, taking into account our partner's 50% reimbursement commitment.

At March 31, 2024, we are not aware, nor have we received any notification, that our third-party owners, franchisees, or unconsolidated hospitality ventures are not current on their debt service obligations where we have provided a debt repayment guarantee.

Other Guarantees—We may be obligated to fund up to $170 million related to certain guarantees as a result of the UVC Transaction (see Note 4). At March 31, 2024, we had $82 million of guarantee liabilities recorded in other long-term liabilities on our condensed consolidated balance sheet associated with these guarantees.

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Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be $228 million and $148 million at March 31, 2024 and December 31, 2023, 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 our acquisition of Dream Hotel Group (see Note 6). At March 31, 2024, we had $174 million of potential future consideration remaining. The contingent consideration liability, which is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy, is recorded in other long-term liabilities on our condensed consolidated balance sheets. The following table summarizes the change in fair value recognized in other income (loss), net on our condensed consolidated statements of income:

	2024		2023
Fair value at January 1	$	115	$	—
Fair value as of acquisition date (Note 6)	—		107
Change in fair value (Note 18)	(4)		—
Fair value at March 31 (Note 10)	$	111	$	107

Insurance—We obtain insurance for potential losses from general liability, property, automobile, aviation, environmental, workers' compensation, employment practices, crime, cyber, and other miscellaneous risks. A portion of these risks 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 $41 million at both March 31, 2024 and December 31, 2023 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 $74 million and $73 million at March 31, 2024 and December 31, 2023, respectively, and are recorded in other long-term liabilities on our condensed consolidated balance sheets (see Note 10).

Collective Bargaining Agreements—At March 31, 2024, approximately 21% of our U.S.-based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment, and orderly settlement of labor disputes. Certain employees are covered by union-sponsored, multi-employer pension and health plans pursuant to agreements between various unions and us. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good.

Surety and Other Bonds—Surety and other bonds issued on our behalf were $246 million at March 31, 2024 and primarily relate to our insurance programs, litigation, taxes, licenses, liens, and utilities for our lodging operations.

Letters of Credit—Letters of credit outstanding on our behalf at March 31, 2024 were $157 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 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

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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 (see Note 11), 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 March 31, 2024, our maximum exposure is not expected to exceed $19 million.

13.    EQUITY

Accumulated Other Comprehensive Loss

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

	Balance at January 1, 2024		Current period other comprehensive loss before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2024
Foreign currency translation adjustments (1)	$	(156)	$	(21)	$	3	$	(174)
AFS debt securities unrealized fair value adjustments	4		(3)		—		1
Pension liabilities adjustments (2)	—		—		(1)		(1)
Derivative instrument adjustments (3)	(23)		(1)		1		(23)
Accumulated other comprehensive loss	$	(175)	$	(25)	$	3	$	(197)
(1) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the dilution of our ownership interest in an unconsolidated hospitality venture in India (Note 4).
(2) The amount reclassified from accumulated other comprehensive loss primarily included realized gains recognized in gains on sales of real estate and other related to the UVC Transaction (Note 4).
(3) 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 $5 million of losses, net of insignificant tax impacts, over the next 12 months.
	Balance at January 1, 2023		Current period other comprehensive income before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2023
Foreign currency translation adjustments	$	(202)	$	15	$	—	$	(187)
AFS debt securities unrealized fair value adjustments	(11)		3		—		(8)
Derivative instrument adjustments (4)	(29)		—		1		(28)
Accumulated other comprehensive loss	$	(242)	$	18	$	1	$	(223)
(4) 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

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be suspended or discontinued at any time. At March 31, 2024, we had $773 million remaining under the total share repurchase authorization.

During the three months ended March 31, 2024, we repurchased 2,515,656 shares of Class A and Class B common stock. The shares of common stock were repurchased at a weighted-average price of $154.09 per share for an aggregate purchase price of $388 million, excluding insignificant related expenses. The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares, while the shares of Class B common stock repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares retired (see Note 15).

During the three months ended March 31, 2023, we repurchased 1,018,931 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $104.50 per share for an aggregate purchase price of $106 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, but settled during the three months ended March 31, 2023.

In addition to the aforementioned share repurchases, we initiated the repurchase of 73,368 shares for $8 million prior to March 31, 2023, but did not settle the repurchases until April 2023.

Dividend—The following tables summarize dividends declared to Class A and Class B stockholders of record:

	Three Months Ended March 31,
	2024		2023
Class A common stock	$	6	$	—
Class B common stock	9		—
Total cash dividends declared	$	15	$	—

Date declared	Dividend per share amount for Class A and Class B		Date of record	Date paid
February 14, 2024	$	0.15	February 28, 2024	March 12, 2024

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 owners and are recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income and (ii) insignificant amounts related to employees of our owned and leased hotels recognized in owned and leased expenses on our condensed consolidated statements of income. Stock-based compensation expense recognized in general and administrative expenses, distribution expenses, and integration costs on our condensed consolidated statements of income related to these awards was as follows:

	Three Months Ended March 31,
	2024		2023
SARs	$	12	$	11
RSUs	16		17
PSUs	3		4
Total	$	31	$	32

SARs—During the three months ended March 31, 2024, we granted 219,570 SARs to employees with a weighted-average grant date fair value of $68.83. During the three months ended March 31, 2023, we granted 284,912 SARs to employees with a weighted-average grant date fair value of $48.54.

RSUs—During the three months ended March 31, 2024, we granted 280,081 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $156.91. During the three months ended

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March 31, 2023, we granted 405,464 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $111.70.

PSUs—During the three months ended March 31, 2024 and March 31, 2023, we did not grant any PSUs under our LTIP.

Our total unearned compensation for our stock-based compensation programs at March 31, 2024 was $4 million for SARs, $48 million for RSUs, and $17 million for PSUs, which will be recognized in general and administrative expenses, distribution expenses, and integration costs over a weighted-average period of two years with respect to SARs and PSUs and three years with respect to RSUs.

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 2024 and 2023 is the brother-in-law of our Executive Chairman. During the three months ended March 31, 2024 and March 31, 2023, we incurred $6 million and $4 million, respectively, of legal fees with this firm. At March 31, 2024 and December 31, 2023, we had $6 million and $2 million, respectively, due to the law firm.

Equity Method Investments—We have equity method investments in entities that own, operate, manage, or franchise properties or other hospitality-related businesses, including the Unlimited Vacation Club paid membership program, for which we receive management, franchise, license, or royalty fees. We recognized $15 million and $6 million of fee revenues during the three months ended March 31, 2024 and March 31, 2023, respectively. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 4 and Note 12) to these entities. During the three months ended March 31, 2024 and March 31, 2023, we recognized $1 million and $2 million, respectively, of income related to these guarantees. At March 31, 2024 and December 31, 2023, we had $74 million and $43 million, respectively, of net receivables due from these entities, inclusive of $44 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 20% to 50%.

In addition to the aforementioned fees, we provide services related to sales and revenue management, marketing, global property and guest services (including reservation and customer support), digital and technology, and digital media (collectively, "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 owners and franchisees and are recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income.

Class B Share Conversion—During the three months ended March 31, 2024, 766,296 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.

Class B Share Repurchase—During the three months ended March 31, 2024, we repurchased 1,987,229 shares of Class B common stock at a weighted-average price of $156.67 per share, for an aggregate purchase price of approximately $312 million. The shares of Class B common stock were repurchased in privately negotiated transactions from a limited liability company owned directly and indirectly by trusts for the benefit of certain Pritzker family members and a private foundation affiliated with certain Pritzker family members and were retired subsequent to March 31, 2024, thereby reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount.

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 CODM to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. We define our reportable segments as follows:

•Management and franchising—This segment derives its earnings primarily from the provision of management, franchising, and hotel services, or the licensing of our intellectual property to, (i) our property portfolio, (ii) our co-branded credit card programs, and (iii) other hospitality-related businesses, including the

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Unlimited Vacation Club following the UVC Transaction. This segment also includes revenues for reimbursed costs primarily related to payroll at managed properties where we are the employer, as well as costs associated with 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 our owned and leased hotels and commission fees earned from certain ALG Vacations bookings, both of which are eliminated in consolidation.

•Owned and leased—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 management fee expenses paid to our management and franchising segment, 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.

•Distribution—This segment derives its earnings from distribution and destination management services offered through ALG Vacations and the boutique and luxury global travel platform offered through Mr & Mrs Smith. Prior to the UVC Transaction, this segment also included earnings from a paid membership program offering benefits exclusively at certain all-inclusive resorts in Mexico, the Caribbean, and Central America. Adjusted EBITDA includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.

Within overhead, we include unallocated corporate expenses.

Our CODM evaluates performance based on gross fee revenues; owned and leased revenues; distribution revenues; other revenues; and Adjusted EBITDA. Our CODM does not evaluate our operating segments using discrete asset information. 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 hotel services agreement and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); revenues for reimbursed costs; reimbursed costs 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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Summarized consolidated financial information by segment was as follows:

	Three Months Ended March 31, 2024
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	107	$	—	$	—	$	—	$	(9)	$	98
Incentive management fees	68		—		—		—		(4)		64
Franchise and other fees	102		—		—		—		(2)		100
Gross fees	277		—		—		—		(15)		262
Contra revenue	(13)		—		—		—		—		(13)
Net fees	264		—		—		—		(15)		249
Rooms and packages	—		194		—		—		(7)		187
Food and beverage	—		83		—		—		—		83
Other	—		39		—		—		—		39
Owned and leased	—		316		—		—		(7)		309
Distribution	—		—		319		—		—		319
Other revenues	9		—		26		—		—		35
Revenues for reimbursed costs	802		—		—		—		—		802
Total revenues	$	1,075	$	316	$	345	$	—	$	(22)	$	1,714
Intersegment revenues (1)	$	15	$	7	$	—	$	—	$	—	$	22
Adjusted EBITDA	$	203	$	60	$	39	$	(51)	$	1	$	252
Depreciation and amortization	$	19	$	44	$	21	$	8	$	—	$	92
(1) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.

	Three Months Ended March 31, 2023
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	100	$	—	$	—	$	—	$	(9)	$	91
Incentive management fees	62		—		—		—		(5)		57
Franchise and other fees	85		—		—		—		(2)		83
Gross fees	247		—		—		—		(16)		231
Contra revenue	(10)		—		—		—		—		(10)
Net fees	237		—		—		—		(16)		221
Rooms and packages	—		198		—		—		(8)		190
Food and beverage	—		85		—		—		—		85
Other	—		39		—		—		—		39
Owned and leased	—		322		—		—		(8)		314
Distribution	—		—		328		—		—		328
Other revenues	47		—		41		—		—		88
Revenues for reimbursed costs	729		—		—		—		—		729
Total revenues	$	1,013	$	322	$	369	$	—	$	(24)	$	1,680
Intersegment revenues (1)	$	16	$	8	$	—	$	—	$	—	$	24
Adjusted EBITDA	$	184	$	71	$	58	$	(46)	$	1	$	268
Depreciation and amortization	$	19	$	46	$	27	$	6	$	—	$	98
(1) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.

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

	Three Months Ended March 31,
	2024		2023
Net income attributable to Hyatt Hotels Corporation	$	522	$	58
Interest expense	38		33
Provision for income taxes	19		47
Depreciation and amortization	92		98
Contra revenue	13		10
Revenues for reimbursed costs	(802)		(729)
Reimbursed costs	836		749
Equity (earnings) losses from unconsolidated hospitality ventures	(75)		2
Stock-based compensation expense (Note 14)	31		32
Gains on sales of real estate and other (Note 4 and Note 6)	(403)		—
Asset impairments	17		2
Other (income) loss, net (Note 18)	(53)		(48)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		14
Adjusted EBITDA	$	252	$	268

17.    EARNINGS PER SHARE

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

	Three Months Ended March 31,
	2024		2023
Numerator:
Net income	$	522	$	58
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	522	$	58
Denominator:
Basic weighted-average shares outstanding (1)	102,777,418		106,389,110
Stock-based compensation	3,126,173		2,541,102
Diluted weighted-average shares outstanding (1)	105,903,591		108,930,212
Basic Earnings Per Class A and Class B Share:
Net income	$	5.08	$	0.55
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	5.08	$	0.55
Diluted Earnings Per Class A and Class B Share:
Net income	$	4.93	$	0.53
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	4.93	$	0.53
(1) The computations reflect a reduction in shares outstanding at March 31, 2023 for the repurchases of 73,368 shares that were initiated prior to March 31, 2023, but settled in the second quarter of 2023 (see Note 13).

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The computations of diluted earnings per Class A and Class B share for the three months ended March 31, 2024 and March 31, 2023 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 March 31,
	2024	2023
SARs	1,800	7,000
RSUs	2,800	1,400

18.    OTHER INCOME (LOSS), NET

	Three Months Ended March 31,
	2024		2023
Interest income	$	22	$	17
Unrealized gains, net (Note 4)	13		43
Guarantee amortization income (Note 12)	11		3
Depreciation recovery	6		4
Contingent consideration liability fair value adjustment (Note 12)	4		—
Transaction costs (Note 6)	(1)		(7)
Guarantee expense (Note 12)	(3)		(11)
Other, net	1		(1)
Other income (loss), net	$	53	$	48

19.    SUBSEQUENT EVENTS

On April 23, 2024, we sold Hyatt Regency San Antonio Riverwalk to an unrelated third party for approximately $230 million and entered into a long-term management agreement for the property.

On May 1, 2024, we sold Hyatt Regency Green Bay to an unrelated third party for approximately $5 million and entered into a long-term franchise agreement for the property.

On May 8, 2024, our board of directors authorized the repurchase of up to an additional $1 billion of our common stock. Following the authorization, we had approximately $1.8 billion remaining under the total share repurchase authorization.

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

This Quarterly Report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, and financial performance, and prospective or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the factors discussed in our filings with the SEC, including our Annual Report on Form 10-K; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and 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 geopolitical 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; 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 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; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute our strategy to expand our management and hotel services and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures; declines in the value of our real estate assets; unforeseen terminations of our management and hotel services agreements 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, 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 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.

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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.

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 and vacation units.

At March 31, 2024, our hotel portfolio consisted of 1,341 hotels (323,405 rooms), including:

•488 managed properties (145,854 rooms), all of which we operate under management and hotel services agreements with third-party owners;

•638 franchised properties (109,800 rooms), all of which are owned by third parties that have franchise agreements with us and are operated by third parties;

•124 all-inclusive resorts (42,412 rooms), including 110 owned by third parties (37,984 rooms) and operated under management and hotel 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 (1,275 rooms);

•22 owned properties (9,803 rooms), 1 finance leased property (171 rooms), and 4 operating leased properties (1,697 rooms), all of which we manage;

•22 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,638 rooms); and

•40 franchised properties (6,030 rooms) operated by an unconsolidated hospitality venture in connection with a master license agreement by Hyatt; 6 of these properties (1,246 rooms) are leased by the unconsolidated hospitality venture.

Our property portfolio also included:

•22 vacation units (1,997 rooms) under the Hyatt Vacation Club brand and operated by third parties; and

•39 residential units (4,323 rooms), 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.

Additionally, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other trade names or marks owned by such hotels or licensed by third parties. We also offer distribution and destination management services through ALG Vacations and a boutique and luxury 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.

During the quarter ending March 31, 2024, we realigned our reportable segments to align with our business strategy, the organizational changes for certain members of our leadership team, and the manner in which our CODM assesses performance and makes decisions regarding the allocation of resources. A summary of our reportable segments is as follows:

•Management and franchising, which consists of the provision of management, franchising, and hotel services, or the licensing of our intellectual property to, (i) our property portfolio, (ii) our co-branded credit card programs, and (iii) other hospitality-related businesses, including the Unlimited Vacation Club following the UVC Transaction;

•Owned and leased, which consists of our owned and leased hotel portfolio and, for purposes of owned and leased segment Adjusted EBITDA, our pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA based on our ownership percentage of each venture; and

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•Distribution, which consists of distribution and destination management services offered through ALG Vacations and the boutique and luxury global travel platform offered through Mr & Mrs Smith. Prior to the UVC Transaction, this segment also included the Unlimited Vacation Club paid membership program.

Within overhead, we include unallocated corporate expenses.

Segment operating information for the three months ended March 31, 2023 have been recast to reflect these segment changes. See Part I, Item 1 "Financial Statements—Note 1 and Note 16 to our Condensed Consolidated Financial Statements" for further discussion of our segment structure.

Overview of Financial Results

Consolidated revenues increased $34 million, or 2.0%, during the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023. Gross fee revenues increased $31 million and revenues for reimbursed costs increased $73 million driven by improved operating performance and growth of our portfolio, compared to the three months ended March 31, 2023, largely driven by increased demand and ADR. Distribution revenues decreased $9 million due to the normalization of demand and higher pricing in 2023, other revenues decreased $53 million primarily driven by the sale of the Destination Residential Management business in the third quarter of 2023 and the UVC Transaction, and owned and leased revenues decreased $5 million due to noncomparable hotels.

Comparable system-wide hotels revenue per available room ("RevPAR") for the quarter ended March 31, 2024 was $132, which represented a 5.5% improvement compared to the quarter ended March 31, 2023 in constant currency. The increase was primarily driven by higher ADR across almost all geographies in the management and franchising segment, with the most significant increases in Asia Pacific (excluding Greater China) and Americas (excluding United States).

Comparable system-wide all-inclusive resorts Net Package RevPAR for the quarter ended March 31, 2024 was $312, which represented a 11.0% improvement, compared to the quarter ended March 31, 2023 in reported dollars, primarily driven by higher demand and ADR. See "—Segment Results" for discussion of RevPAR by geography for our management and franchising segment.

During the three months ended March 31, 2024, compared to the three months ended March 31, 2023, leisure transient travel remained strong and business transient demand continued to improve. We also experienced continued growth in group travel as comparable system-wide group rooms revenues increased 5.5% and group booking pace was up 8.1% at our full service managed hotels in the United States for April through December 2024 compared to the same period in 2023.

For the quarter ended March 31, 2024, we reported $522 million of net income attributable to Hyatt Hotels Corporation, representing a $464 million increase, compared to the three months ended March 31, 2023, primarily driven by gains on sales of real estate and other and an increase in equity earnings (losses) from unconsolidated hospitality ventures. The increase in gross fee revenues was more than offset by decreased distribution revenues, increased general and administrative expenses, and increased distribution expenses. Our consolidated Adjusted EBITDA for the quarter ended March 31, 2024 was $252 million, a $16 million decrease compared to the quarter ended March 31, 2023. See "—Results of Operations" and "—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 attributable to Hyatt Hotels Corporation to consolidated Adjusted EBITDA.

During the quarter ended March 31, 2024, we returned $403 million of capital to our stockholders through $388 million of share repurchases and $15 million of quarterly dividend payments.

Results of Operations

Three Months Ended March 31, 2024 Compared with Three Months Ended March 31, 2023

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

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income: revenues for reimbursed costs; general and administrative expenses; owned and leased expenses; reimbursed costs; and net gains (losses) and interest income from marketable securities held to fund rabbi trusts.

Fee revenues.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)
Base management fees	$	98	$	91	$	7	7.8	%
Incentive management fees	64		57		7		11.2	%
Franchise and other fees	100		83		17		21.0	%
Gross fees	$	262	$	231	$	31	13.4	%
Contra revenue	(13)		(10)		(3)		(22.3)	%
Net fees	$	249	$	221	$	28	13.0	%

The increases in management and franchise fees during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, were driven by strong demand in leisure transient and group travel, higher ADR, most notably in Asia Pacific (excluding Greater China) and Americas (excluding United States), and portfolio growth. The increase in other fees during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was primarily driven by management and royalty fees related to the management of and licensing of certain of our brands to the Unlimited Vacation Club following the UVC Transaction and increased license fees related to our co-branded credit card programs.

Owned and leased revenues.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)				Currency Impact
Comparable owned and leased revenues	$	289	$	285	$	4	1.4	%	$	2
Non-comparable owned and leased revenues	20		29		(9)		(31.9)	%	—
Total owned and leased revenues	$	309	$	314	$	(5)	(1.7)	%	$	2

Comparable owned and leased revenues increased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily driven by increased business transient demand as well as higher ADR.

Non-comparable owned and leased revenues decreased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily driven by the sale of Hyatt Regency Aruba Resort Spa and Casino, partially offset by increased revenues at a recently renovated hotel in the United States.

Distribution revenues. During the three months ended March 31, 2024, distribution revenues decreased $9 million, compared to the three months ended March 31, 2023, primarily driven by ALG Vacations due to the normalization of demand and higher pricing in 2023, partially offset by commission fee revenues related to Mr & Mrs Smith, which was acquired in the second quarter of 2023.

Other revenues. During the three months ended March 31, 2024, other revenues decreased $53 million, compared to the three months ended March 31, 2023, primarily driven by the Destination Residential Management business, which was sold during the third quarter of 2023, and the UVC Transaction, partially offset by an increase in revenues related to our co-branded credit card programs.

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Revenues for reimbursed costs.

	Three Months Ended March 31,
	2024		2023		Change
Revenues for reimbursed costs	$	802	$	729	$	73	9.9	%
Less: rabbi trust impact (1)	(12)		(9)		(3)		(26.6)	%
Revenues for reimbursed costs, excluding rabbi trust impact	$	790	$	720	$	70	9.7	%
(1) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within reimbursed costs.

Revenues for reimbursed costs increased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, driven by higher reimbursements for payroll and related expenses at managed properties where we are the employer and reimbursed 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 and ADR as well as portfolio growth.

General and administrative expenses.

	Three Months Ended March 31,
	2024		2023		Change
General and administrative expenses	$	172	$	157	$	15	9.8	%
Less: rabbi trust impact	(22)		(16)		(6)		(35.2)	%
Less: stock-based compensation expense	(29)		(31)		2		3.6	%
Adjusted general and administrative expenses	$	121	$	110	$	11	9.7	%

General and administrative expenses increased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily driven by increased payroll and related costs and professional fees as well as improved market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts.

Adjusted 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.

Owned and leased expenses.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)
Comparable owned and leased expenses	$	233	$	221	$	(12)	(5.5)	%
Non-comparable owned and leased expenses	15		17		2		15.1	%
Rabbi trust impact	2		2		—		(19.0)	%
Total owned and leased expenses	$	250	$	240	$	(10)	(4.1)	%

The increase in comparable owned and leased expenses during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was primarily due to increased variable expenses at certain hotels, most notably payroll and related costs.

The decrease in non-comparable owned and leased expenses during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was primarily driven by the sale of Hyatt Regency Aruba Resort Spa and Casino, partially offset by expenses at a recently renovated hotel in the United States.

Distribution expenses. During the three months ended March 31, 2024, compared to the three months ended March 31, 2023, distribution expenses increased $16 million primarily driven by ALG Vacations due to an increase in certain variable costs, in part due to a change in product mix, and expenses related to Mr & Mrs Smith, which was acquired in the second quarter of 2023, most notably payroll and related costs and marketing costs.

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Other direct costs.  During the three months ended March 31, 2024, other direct costs decreased $53 million, compared to the three months ended March 31, 2023, primarily driven by the Destination Residential Management business, which was sold during the third quarter of 2023, and the UVC Transaction.

Depreciation and amortization expenses. Depreciation and amortization expenses decreased $6 million during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, due to the UVC Transaction and the sale of Hyatt Regency Aruba Resort Spa and Casino.

Reimbursed costs.

	Three Months Ended March 31,
	2024		2023		Change
Reimbursed costs	$	836	$	749	$	87	11.6	%
Less: rabbi trust impact (1)	(12)		(9)		(3)		(26.6)	%
Reimbursed costs, excluding rabbi trust impact	$	824	$	740	$	84	11.4	%
(1) The change is driven by the market performance of the underlying invested assets and offsets with the rabbi trust impact within revenues for reimbursed costs.

Reimbursed costs increased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, 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 and ADR as well as portfolio growth.

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

	Three Months Ended March 31,
	2024		2023		Better / (Worse)
Rabbi trust gains (losses) allocated to general and administrative expenses	$	22	$	16	$	6	35.2	%
Rabbi trust gains (losses) allocated to owned and leased expenses	2		2		—		19.0	%
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$	24	$	18	$	6	33.7	%

Net gains (losses) and interest income from marketable securities held to fund rabbi trusts increased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, driven by the performance of the underlying invested assets.

Equity earnings (losses) from unconsolidated hospitality ventures.

	Three Months Ended March 31,
	2024		2023
Gain on dilution of ownership interest in an unconsolidated hospitality venture	$	79	$	—
Hyatt's share of unconsolidated hospitality ventures' foreign currency exchange, net	2		1
Hyatt's share of unconsolidated hospitality ventures' net losses excluding foreign currency	(10)		(4)
Other	4		1
Equity earnings (losses) from unconsolidated hospitality ventures	$	75	$	(2)

See Part I, Item 1, "Financial Statements—Note 4 to our Condensed Consolidated Financial Statements" for additional information.

Interest expense. Interest expense increased $5 million during three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily due to the issuance of senior notes in 2023, offset by the redemption of certain of our Senior Notes in 2023. See Part I, Item 1, "Financial Statements—Note 9 to our Condensed Consolidated Financial Statements" for additional information.

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Gains on sales of real estate and other. During the three months ended March 31, 2024, we recognized a $231 million pre-tax gain related to the UVC Transaction and a $172 million pre-tax gain related to the sale of Hyatt Regency Aruba Resort Spa and Casino. See Part I, Item 1 "Financial Statements—Note 4 and Note 6 to our Condensed Consolidated Financial Statements" for additional information.

Asset impairments. During the three months ended March 31, 2024, we recognized a $15 million goodwill impairment charge in connection with the sale of Hyatt Regency Aruba Resort Spa and Casino. See Part I, Item 1 "Financial Statements—Note 6 to our Condensed Consolidated Financial Statements" for additional information.

Provision for income taxes.

	Three Months Ended March 31,
	2024			2023			Change
Income before income taxes	$	541		$	105		$	436	412.6	%
Provision for income taxes	(19)			(47)			28		60.9	%
Effective tax rate	3.4		%	44.8		%			(41.4)	%

The decreases in the provision for income taxes and effective tax rate for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, were primarily due to a non-cash tax benefit as a result of the release of a valuation allowance on certain foreign deferred tax assets, partially offset by the earnings impact from both the sale of Hyatt Regency Aruba Resort Spa and Casino and the UVC Transaction recognized during the three months ended March 31, 2024. See Part I, Item 1 "Financial Statements—Note 11 to our Condensed Consolidated Financial Statements" for additional information.

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 gross fee revenues; owned and leased revenues; distribution revenues; other revenues; and Adjusted EBITDA.

Management and franchising segment revenues.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)
Base fees	$	107	$	100	$	7	6.8	%
Incentive fees	68		62		6		8.6	%
Franchise and other fees	102		85		17		20.1	%
Gross fees (1), (2)	277		247		30		11.8	%
Contra revenue	(13)		(10)		(3)		(22.3)	%
Net fees (1), (2)	264		237		27		11.3	%
Other revenues	9		47		(38)		(80.8)	%
Revenues for reimbursed costs (1)	802		729		73		9.9	%
Total segment revenues (2)	$	1,075	$	1,013	$	62	6.1	%
(1) See "—Results of Operations" for further discussion regarding the increases in fee revenues and revenues for reimbursed costs.
(2) Includes $15 million and $16 million of intersegment revenues for the three months ended March 31, 2024 and March 31, 2023, respectively.

The decrease in other revenues during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was driven by the Destination Residential Management business, which was sold during the third quarter of 2023, partially offset by an increase related to our co-branded credit card programs.

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The table below includes comparable RevPAR, occupancy, and ADR by geography and for system-wide managed and franchised properties.

		Three Months Ended March 31,
		RevPAR				Occupancy				ADR
	Number of comparable hotels (1)	2024		vs. 2023 (in constant $)		2024		vs. 2023		2024		vs. 2023 (in constant $)
Comparable system-wide hotels	1,104	$	132	5.5	%	65.2	%	2.2	% pts	$	202	2.0	%
United States	655	$	133	0.2	%	64.6	%	0.4	% pts	$	205	(0.4)	%
Americas (excluding United States)	70	$	199	12.3	%	69.7	%	3.7	% pts	$	285	6.4	%
Greater China	124	$	88	11.5	%	65.8	%	4.9	% pts	$	134	3.3	%
Asia Pacific (excluding Greater China)	111	$	147	21.4	%	70.0	%	7.3	% pts	$	210	8.9	%
Europe	104	$	116	10.2	%	56.8	%	2.8	% pts	$	203	4.7	%
Middle East & Africa	40	$	150	5.7	%	67.3	%	(0.4)	% pts	$	222	6.3	%
(1) Consists of hotels that we manage, franchise, own, lease, or provide services to, excluding all-inclusive properties.
		Three Months Ended March 31,
		Net Package RevPAR				Occupancy				Net Package ADR
	Number of comparable resorts (1)	2024		vs. 2023 (in reported $)		2024		vs. 2023		2024		vs. 2023 (in reported $)
Comparable system-wide all-inclusive resorts	98	$	312	11.0	%	81.3	%	3.9	% pts	$	384	5.7	%
Americas (excluding United States)	63	$	352	10.3	%	81.2	%	3.8	% pts	$	433	5.2	%
Europe	35	$	132	24.5	%	81.8	%	4.5	% pts	$	161	17.7	%
(1) Consists of all-inclusive properties that we manage, franchise, lease, or provide services to.

RevPAR increases at our comparable system-wide hotels during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, were driven by strong demand in leisure transient and group travel, most notably in Japan and Southeast Asia. In Greater China, the RevPAR increase is primarily due to the easing of COVID-19 pandemic travel restrictions during the first quarter of 2023.

Net Package RevPAR increases at our comparable all-inclusive resorts during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, were driven by strong demand and Net Package ADR.

During the three months ended March 31, 2024, we removed three properties from comparable system-wide hotel results as one property in the United States underwent significant renovations, one property in Asia Pacific (excluding Greater China) left the hotel portfolio, and one property in Europe temporarily suspended operations.

During the three months ended March 31, 2024, we removed nine properties from comparable system-wide all-inclusive resort results including one property in the Americas (excluding United States) that underwent an expansion, and one property in the Americas (excluding United States) that left the portfolio, six properties in Europe that experienced seasonal closures, and one property in Europe that left the hotel portfolio.

Management and franchising segment Adjusted EBITDA.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)
Segment Adjusted EBITDA	$	203	$	184	$	19	10.2	%

Adjusted EBITDA increased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily driven by the increase in gross fee revenues, partially offset by an increase in general and administrative expenses, which was primarily due to payroll and related costs.

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Owned and leased segment revenues.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)				Currency Impact
Comparable owned and leased revenues	$	296	$	293	$	3	1.1	%	$	2
Non-comparable owned and leased revenues	20		29		(9)		(31.9)	%	—
Total segment revenues (1), (2)	$	316	$	322	$	(6)	(1.8)	%	$	2
(1) See "—Results of Operations" for further discussion regarding the increase in owned and leased revenues.
(2) Includes $7 million and $8 million of intersegment revenues for the three months ended March 31, 2024 and March 31, 2023, respectively.

		Three Months Ended March 31,
		RevPAR				Occupancy				ADR
	Number of comparable hotels	2024		vs. 2023 (in constant $)		2024		vs. 2023		2024		vs. 2023 (in constant $)
Comparable owned and leased hotels	26	$	178	0.1	%	67.0	%	(0.9)	% pts	$	266	1.4	%

During the three months ended March 31, 2024, we removed one property from comparable owned and leased results as the property was sold.

Owned and leased segment Adjusted EBITDA.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)
Owned and leased Adjusted EBITDA (1)	$	43	$	57	$	(14)	(25.4)	%
Pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA	17		14		3		21.0	%
Segment Adjusted EBITDA	$	60	$	71	$	(11)	(16.5)	%
(1) See "—Results of Operations" for further discussion regarding the decrease in owned and leased revenues and the increase in owned and leased expenses.

Our pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA increased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily driven by improved hotel performance as well as new hotels related to our unconsolidated hospitality venture in India.

Distribution segment revenues.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)
Distribution revenues (1)	$	319	$	328	$	(9)	(2.5)	%
Other revenues	26		41		(15)		(37.9)	%
Total segment revenues	$	345	$	369	$	(24)	(6.5)	%
(1) See "—Results of Operations" for further discussion regarding the decrease in distribution revenues.

Other revenues decreased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, driven by the UVC Transaction.

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Distribution segment Adjusted EBITDA.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)
Segment Adjusted EBITDA	$	39	$	58	$	(19)	(31.7)	%

Adjusted EBITDA decreased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily driven by the decrease in distribution revenues and increase in distribution expenses (see "—Results of Operations" for further discussion), partially offset by lower general and administrative expenses as a result of the UVC Transaction.

Overhead.

	Three Months Ended March 31,
	2024		2023		Better / (Worse)
Adjusted EBITDA	$	(51)	$	(46)	$	(5)	(9.0)	%

Adjusted EBITDA decreased during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily driven by payroll and related costs.

Non-GAAP Measures

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

We use the term Adjusted EBITDA throughout this Quarterly Report. Adjusted EBITDA, as we define it, is a non-GAAP measure. 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;

•amortization of management and hotel services agreement and franchise agreement assets and performance cure payments, which constitute payments to customers (Contra revenue);

•revenues for reimbursed costs;

•reimbursed costs 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 overhead 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

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determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both.

We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with results from other companies within our industry.

Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit (provision) for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; Contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted. We exclude revenues for reimbursed costs and reimbursed costs 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 reimbursed costs 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 is not a substitute 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. 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 consolidated Adjusted EBITDA.

Adjusted General and Administrative Expenses

Adjusted general and administrative expenses, as we define it, is a non-GAAP measure. Adjusted general and administrative expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted 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 general and administrative expenses to Adjusted general and administrative expenses.

ADR

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.

Comparable system-wide and Comparable owned and leased

"Comparable system-wide" represents all properties we manage, franchise, or provide services to, including owned and leased properties, that are operated for the entirety of the periods being compared and that have not

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sustained substantial damage, business interruption, or undergone large scale renovations during the periods being compared. Comparable system-wide also excludes properties for which comparable results are not available. We may use variations of comparable system-wide to specifically refer to comparable system-wide hotels, including our wellness resorts, or our all-inclusive resorts, for those properties that we manage, franchise, or provide services to within the management and franchising segment. "Comparable owned and leased" represents all properties we own or lease that are operated and consolidated for the entirety of the periods being compared and have not sustained substantial damage, business interruption, or undergone large-scale renovations during the periods being compared. Comparable owned and leased also excludes properties for which comparable results are not available. We may use variations of comparable owned and leased to specifically refer to comparable owned and leased hotels, including our wellness resorts, or our all inclusive resorts, for those properties that we own and lease within the owned and leased segment. Comparable system-wide and comparable owned and leased are commonly used as a basis of measurement in our industry. "Non-comparable system-wide" or "non-comparable owned and leased" represent all properties 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.

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.

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.

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.

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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.

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

	Three Months Ended March 31,
	2024		2023		Change
Net income attributable to Hyatt Hotels Corporation	$	522	$	58	$	464	797.0	%
Interest expense	38		33		5		16.2	%
Provision for income taxes	19		47		(28)		(60.9)	%
Depreciation and amortization	92		98		(6)		(6.1)	%
Contra revenue	13		10		3		22.3	%
Revenues for reimbursed costs	(802)		(729)		(73)		(9.9)	%
Reimbursed costs	836		749		87		11.6	%
Equity (earnings) losses from unconsolidated hospitality ventures	(75)		2		(77)		NM
Stock-based compensation expense	31		32		(1)		(2.1)	%
Gains on sales of real estate and other	(403)		—		(403)		NM
Asset impairments	17		2		15		661.7	%
Other (income) loss, net	(53)		(48)		(5)		(8.3)	%
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		14		3		21.0	%
Adjusted EBITDA	$	252	$	268	$	(16)	(5.9)	%

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 necessary, we borrow cash under our revolving credit facility or from other third-party sources and raise funds by issuing debt or equity securities. We maintain a cash investment policy that emphasizes the preservation of capital.

We expect to successfully execute our commitment announced in August 2021 to realize $2.0 billion of gross proceeds from the disposition of owned assets, net of acquisitions, by the end of 2024. As of May 9, 2024, we have realized $1,496 million of proceeds from the net disposition of owned assets as part of this commitment, including the following dispositions that were completed in the second quarter of 2024:

•On April 4, 2024, we completed the sale of Park Hyatt Zurich for a sales price of CHF 270 million (approximately $300 million using exchange rates as of the closing date), including CHF 41 million (approximately $45 million) of seller financing;

•On April 23, 2024, we completed the sale of Hyatt Regency San Antonio Riverwalk for a sales price of $230 million; and

•On May 1, 2024, we completed the sale of Hyatt Regency Green Bay for a sales price of $5 million.

See Part I, Item 1 "Financial Statements—Note 6 and Note 19 to our Condensed Consolidated Financial Statements" for additional information.

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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 March 31, 2024, we returned $403 million of capital to our stockholders through $388 million of share repurchases, inclusive of $76 million of Class A common stock and $312 million of Class B common stock, and $15 million of quarterly dividend payments. See Part I, Item 1 "Financial Statements—Note 13 and Note 15 to our Condensed Consolidated Financial Statements" for additional information.

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.

Recent Transactions Affecting our Liquidity and Capital Resources

During both the three months ended March 31, 2024 and March 31, 2023, various transactions impacted our liquidity. See "—Sources and Uses of Cash."

Sources and Uses of Cash

	Three Months Ended March 31,
	2024		2023
Cash provided by (used in):
Operating activities	$	242	$	225
Investing activities	42		(149)
Financing activities	(444)		(133)
Effect of exchange rate changes on cash	(2)		(4)
Net change in cash, cash equivalents, and restricted cash classified as assets held for sale	3		—
Net decrease in cash, cash equivalents, and restricted cash	$	(159)	$	(61)

Cash Flows from Operating Activities

Cash provided by operating activities increased $17 million for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, primarily due to improved performance across the portfolio, offset by an increase in cash paid for interest.

Cash Flows from Investing Activities

During the three months ended March 31, 2024:

•We received $173 million of proceeds, net of cash disposed, closing costs, and proration adjustments, from the sale of Hyatt Regency Aruba Resort Spa and Casino.

•We received $41 million of proceeds, net of $39 million of cash disposed, from the UVC Transaction.

•We invested $135 million in net purchases of marketable securities and short-term investments.

•We invested $34 million in capital expenditures (see "—Capital Expenditures").

During the three months ended March 31, 2023:

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

•We invested $30 million in capital expenditures (see "—Capital Expenditures").

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

•     We received $51 million of net proceeds from the sale of marketable securities and short-term investments.

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Cash Flows from Financing Activities

During the three months ended March 31, 2024:

•We repurchased 2,515,656 shares of common stock for an aggregate purchase price of $388 million.

•We paid one quarterly $0.15 per share cash dividend on outstanding shares of Class A and Class B common stock totaling $15 million.

During the three months ended March 31, 2023:

•We repurchased 1,018,931 shares of Class A common stock for an aggregate purchase price of $106 million, inclusive of the payment of a $9 million liability for the repurchase of 106,116 shares recorded at December 31, 2022.

•We repurchased $13 million of our Senior Notes.

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

	March 31, 2024			December 31, 2023
Consolidated debt (1)	$	3,055		$	3,056
Stockholders' equity	3,657			3,564
Total capital	6,712			6,620
Total debt-to-total capital	45.5		%	46.2		%
Consolidated debt (1)	3,055			3,056
Less: cash and cash equivalents and short-term investments (2)	(794)			(896)
Net consolidated debt	$	2,261		$	2,160
Net debt-to-total capital	33.7		%	32.6		%

(1) Excludes approximately $457 million and $548 million of our share of unconsolidated hospitality venture indebtedness at March 31, 2024 and December 31, 2023, respectively, substantially all of which is non-recourse to us and a portion of which we guarantee pursuant to separate agreements.

(2) Excludes approximately $3 million of cash and cash equivalents reclassified to assets held for sale at December 31, 2023.

Capital Expenditures

We routinely make capital expenditures to enhance our business. We classify our capital expenditures into maintenance and technology and enhancements to existing properties. We have been, and will continue to be, disciplined with respect to our capital spending, taking into account our cash flows from operations.

	Three Months Ended March 31,
	2024		2023
Maintenance and technology	$	27	$	22
Enhancements to existing properties	7		8
Total capital expenditures	$	34	$	30

The increase in capital expenditures is primarily driven by increased maintenance and technology spend at certain regional offices.

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Senior Notes

The table below sets forth the outstanding principal balance of our Senior Notes at March 31, 2024, as described in Part I, Item 1 "Financial Statements—Note 9 to our Condensed Consolidated Financial Statements." Interest on the outstanding Senior Notes is payable semi-annually.

	Outstanding principal amount
$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
$600 million senior unsecured notes maturing in 2027—5.750%	600
$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	$	3,035

We are in compliance with all applicable covenants under the indenture governing our Senior Notes at March 31, 2024.

Revolving Credit Facility

Our 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024.

Letters of Credit

We issue letters of credit either under our revolving credit facility or directly with financial institutions. We had $153 million and $256 million in letters of credit issued directly with financial institutions outstanding at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, these letters of credit, which mature on various dates through 2025, had weighted-average fees of approximately 135 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 2023 Form 10-K, with an additional consideration below.

Guarantees

We enter into performance guarantees related to certain hotels we manage. We also enter into debt repayment and other guarantees with respect to certain unconsolidated hospitality ventures, certain hospitality venture partners, certain managed or franchised hotels, and indemnifications provided as a result of certain dispositions for liabilities incurred prior to sale. We record a liability for the fair value of these guarantees at their inception date. In order to estimate the fair value, we generally use either scenario-based weighting, which utilizes a Monte Carlo simulation or a probability-based weighting approach to model the probability of possible outcomes, or the with and without method under the income approach, which calculates the difference in present value of anticipated cash flows with and without the guarantee. The valuation methodology includes assumptions and judgments regarding probability weighting, discount rates, volatility, hotel operating results, hotel property sales prices, and timing of expected cash flows. Our assumptions are based on our knowledge of the hospitality industry, market conditions, location of the property, contractual obligations, and likelihood of incurring costs related to claims for which we indemnify third parties, as well as other qualitative factors. See Part I, Item 1 "Financial Statements—Note 4 and Note 12 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 March 31, 2024, there have been no material changes to our market risk previously disclosed in response to Item 7A to Part II of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Item 4. Controls and Procedures.

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

Changes in Internal Control Over Financial Reporting.

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

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PART II. OTHER INFORMATION

Item 1.    Legal Proceedings.

We are involved in various claims and lawsuits arising in the normal course of business, including proceedings involving tort and other general liability claims, workers' compensation and other employee claims, intellectual property claims, and claims related to our management of certain hotel properties. Most occurrences involving liability, claims of negligence, and employees are covered by insurance, in each case, with solvent insurance carriers. We 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 March 31, 2024, 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, 2023.

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 and Class B common stock on a settlement date basis during the quarter ended March 31, 2024:

	Total number of shares purchased (1)	Weighted-average price paid per share		Total number of shares purchased as part of publicly announced plans	Maximum number (or approximate dollar value) of shares that may yet be purchased under the program
January 1 to January 31, 2024	145,154	$	129.29	145,154	$	1,142,272,834
February 1 to February 29, 2024	96,536	129.90		96,536	$	1,129,732,492
March 1 to March 31, 2024	2,273,966	156.70		2,273,966	$	773,402,883
Total	2,515,656	$	154.09	2,515,656

(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 an additional $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 ("ASR") 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 March 31, 2024, we had approximately $773 million remaining under the share repurchase authorizations. On May 8, 2024, our board of directors authorized the repurchase of up to an additional $1 billion of our common stock. Following the authorization, we had approximately $1.8 billion remaining under the total share repurchase authorization.

Item 3.    Defaults Upon Senior Securities.

None.

Item 4.    Mine Safety Disclosures.

Not Applicable.

Item 5.    Other Information.

On May 8, 2024, we filed a Certificate of Retirement with the Secretary of State of the State of Delaware to retire 2,443,004 shares of Class B common stock, $0.01 par value per share, of the Company. Of the 2,443,004 shares of Class B common stock, 1,987,229 shares were converted into shares of Class A common stock, $0.01 par value per share, of the Company, in connection with the repurchase by the Company of 1,987,229 shares of Class B Common Stock from certain selling stockholders, and 455,775 shares were converted into shares of Class A common stock in connection with sales by certain selling stockholders into the public market pursuant to Rule 144 under the Securities Act of 1933, as amended. The Company's Amended and Restated Certificate of Incorporation

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requires that any shares of Class B common stock that are converted into shares of Class A common stock be retired and may not be reissued.

Effective upon filing, the Certificate of Retirement amended the Amended and Restated Certificate of Incorporation of the Company to reduce the total authorized number of shares of capital stock of the Company by 2,443,004 shares. The total number of authorized shares of the Company is now 1,397,998,010, such shares consisting of 1,000,000,000 shares designated Class A common stock, 387,998,010 shares designated Class B common stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share. A copy of the Certificate of Retirement is attached as part of Exhibit 3.1 hereto.

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Item 6.    Exhibits.

Exhibit Number	Exhibit Description
3.1	Amended and Restated Certificate of Incorporation of Hyatt Hotels
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)
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.

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SIGNATURES

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

		Hyatt Hotels Corporation
Date:	May 9, 2024	By:	/s/ Mark S. Hoplamazian
			Mark S. Hoplamazian
			President and Chief Executive Officer
			(Principal Executive Officer)

		Hyatt Hotels Corporation
Date:	May 9, 2024	By:	/s/ Joan Bottarini
			Joan Bottarini
			Executive Vice President, Chief Financial Officer
			(Principal Financial Officer and Principal Accounting Officer)

50

EX-3.1

Exhibit 3.1

AMENDED & RESTATED

CERTIFICATE OF INCORPORATION

OF

HYATT HOTELS CORPORATION

_____________________________________________

(Under Sections 242 and 245 of the

Delaware General Corporation Law)

It is hereby certified that:

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

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

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

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

ARTICLE I

NAME

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

ARTICLE II

ADDRESS OF REGISTERED OFFICE;

NAME OF REGISTERED AGENT

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

ARTICLE III

PURPOSE

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

ARTICLE IV

CAPITAL STOCK

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

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

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

        (a)    Voting Rights.

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

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

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

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

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

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

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

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

        (f)    Conversion.

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

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

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

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

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

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

                (6)    “Permitted Transfer” shall mean:

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

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

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

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

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

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

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

                (7)    “Permitted Transferee” shall mean:

                    (a)    with respect to any Pritzker:

                        (i) one or more other Pritzkers; and

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

                    (b)    with respect to any natural person:

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

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

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

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

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

                    (c)    with respect to any trust:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ARTICLE V

BOARD OF DIRECTORS

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

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

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

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

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

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

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

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

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

ARTICLE VI

STOCKHOLDERS

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

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

ARTICLE VII

DIRECTOR LIABILITY

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

ARTICLE VIII

INDEMNIFICATION

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

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

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

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

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

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

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

ARTICLE IX

SECTION 203

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

ARTICLE X

AMENDMENT

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

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

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

CERTIFICATE OF RETIREMENT

OF

38,000,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuantto Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

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

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

- 2 -

CERTIFICATE OF RETIREMENT

OF

539,588 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

- 1 -

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

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

                        -2-

CERTIFICATE OF RETIREMENT

OF

8,987,695 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

-1-

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

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

-2-

CERTIFICATE OF RETIREMENT

OF

863,721 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

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

CERTIFICATE OF RETIREMENT

OF

1,000,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows

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

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

CERTIFICATE OF RETIREMENT

OF

1,623,529 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

- 1 -

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

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

-2-

CERTIFICATE OF RETIREMENT

OF

1,556,713 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

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

CERTIFICATE OF RETIREMENT

OF

1,498,019 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

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

CERTIFICATE OF RETIREMENT

OF

295,072 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

- 1 -

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

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

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,113,788 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

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

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,122,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Rena Hozore Reiss

                            Executive Vice President, General

- 2 -

CERTIFICATE OF RETIREMENT

OF

750,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

    Title: Executive Vice President,

     General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,026,501 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

    Title: Executive Vice President,

                                 General Counsel

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,881,636 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

Title: Executive Vice President,

                            General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

500,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

                            Title: Executive Vice President,

                            General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

10,187,641 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

4,500,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

1,696,476 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

539,370 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

- 2 -

CERTIFICATE OF RETIREMENT

OF

4,233,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

Name: Rena Hozore Reiss

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

1,813,459 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

    Title: Executive Vice President,

    General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

10,154,050 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Rena Hozore Reiss

    Name: Rena Hozore Reiss

    Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

3,369,493 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name: Margaret C. Egan

        Title: Senior Vice President,

        Interim General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

135,100 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name: Margaret C. Egan

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

2,249,094 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name:     Margaret C. Egan

Title: Executive Vice President,

                            General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

300,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name: Margaret C. Egan

                            Title: Executive Vice President,

                            General Counsel and Secretary

|

CERTIFICATE OF RETIREMENT

OF

950,161 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name: Margaret C. Egan

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

3,654 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

    Name:     Margaret C. Egan

                            Title: Executive Vice President,

                            General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

677,384 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President,

                             General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

975,170 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

2,766,326 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

658,030 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

1,415,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

783,085 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General

Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

187,562 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President, General

Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

635,522 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

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

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

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

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

Signature page follows.

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

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

100,000 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

i.100,000 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 100,000 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

iii.The Board of Directors of the Corporation has adopted resolutions retiring the 100,000 shares of Class B Common Stock that converted into 100,000 shares of Class A Common Stock.

iv.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 100,000 shares, such that the total number of authorized shares of the Corporation shall be 1,400,912,161 such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 390,912,161 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 9th day of February, 2023.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

471,147 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.471,147 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 471,147 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 471,147 shares of Class B Common Stock that converted into 471,147 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 471,147 shares, such that the total number of authorized shares of the Corporation shall be 1,400,441,014 such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 390,441,014 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 8th day of February, 2024.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President,

General Counsel and Secretary

CERTIFICATE OF RETIREMENT

OF

2,443,004 SHARES OF CLASS B COMMON STOCK

OF

HYATT HOTELS CORPORATION

Pursuant to Section 243(b)

of the General Corporation Law

of the State of Delaware

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

1.2,443,004 outstanding shares of Class B Common Stock, par value $0.01 per share (“Class B Common Stock”), of the Corporation have been converted into 2,443,004 shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”), of the Corporation.

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

3.The Board of Directors of the Corporation has adopted resolutions retiring the 2,443,004 shares of Class B Common Stock that converted into 2,443,004 shares of Class A Common Stock.

4.Accordingly, pursuant to the provisions of Section 243(b) of the General Corporation Law of the State of Delaware, upon the filing of this Certificate of Retirement the Certificate of Incorporation of the Corporation shall be amended so as to reduce the total authorized number of shares of the capital stock of the Corporation by 2,443,004 shares, such that the total number of authorized shares of the Corporation shall be 1,397,998,010 such shares consisting of 1,000,000,000 shares designated Class A Common Stock, 387,998,010 shares designated Class B Common Stock, and 10,000,000 shares designated Preferred Stock, par value $0.01 per share.

Signature page follows.

IN WITNESS WHEREOF, the Corporation has caused this Certificate of Retirement to be signed by its duly authorized officer, this 8th day of May, 2024.

HYATT HOTELS CORPORATION

By: /s/ Margaret C. Egan

Name: Margaret C. Egan

Title: Executive Vice President,

General Counsel and Secretary

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark S. Hoplamazian, certify that:

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

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

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

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

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

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

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

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

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

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

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

May 9, 2024	/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.

May 9, 2024	/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 March 31, 2024, 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.

May 9, 2024	/s/ Mark S. Hoplamazian
	Mark S. Hoplamazian
	President and Chief Executive Officer
	(Principal Executive Officer)

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

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

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hyatt Hotels Corporation (the "Company") on Form 10-Q for the quarter ended March 31, 2024, 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.

May 9, 2024	/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	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		45,179,171
Class B common stock
Document Information
Entity Common Stock, Shares Outstanding		56,003,598

XML

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Total revenues	$ 1,714	$ 1,680
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
General and administrative	172	157
Other direct costs	45	98
Integration costs	4	4
Depreciation and amortization	92	98
Total direct and general and administrative expenses	1,673	1,604
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	24	18
Equity earnings (losses) from unconsolidated hospitality ventures	75	(2)
Interest expense	(38)	(33)
Gains on sales of real estate and other	403	0
Asset impairments	(17)	(2)
Other income (loss), net	53	48
Income before income taxes	541	105
Provision for income taxes	(19)	(47)
Net income	522	58
Net income attributable to noncontrolling interests	0	0
Net income attributable to Hyatt Hotels Corporation	$ 522	$ 58
EARNINGS PER CLASS A AND CLASS B SHARE:
Net income attributable to Hyatt Hotels Corporation (in dollars per share)	$ 5.08	$ 0.55
EARNINGS PER CLASS A AND CLASS B SHARE:
Net income attributable to Hyatt Hotels Corporation (in dollars per share)	$ 4.93	$ 0.53
Net fees
REVENUES:
Total revenues	$ 249	$ 221
Gross fees
REVENUES:
Total revenues	262	231
Base management fees
REVENUES:
Total revenues	98	91
Incentive management fees
REVENUES:
Total revenues	64	57
Franchise and other fees
REVENUES:
Total revenues	100	83
Contra revenue
REVENUES:
Total revenues	(13)	(10)
Owned and leased
REVENUES:
Total revenues	309	314
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	250	240
Distribution
REVENUES:
Total revenues	319	328
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	274	258
Other revenues
REVENUES:
Total revenues	35	88
Revenues for reimbursed costs
REVENUES:
Total revenues	802	729
Reimbursed costs
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
Costs of goods and services sold	$ 836	$ 749

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 522	$ 58
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $4 and $— for the three months ended March 31, 2024 and March 31, 2023, respectively	(18)	15
Derivative instrument adjustments, net of tax of $— for the three months ended March 31, 2024 and March 31, 2023	0	1
Pension liabilities adjustments, net of tax of $— for the three months ended March 31, 2024 and March 31, 2023	(1)	0
Available-for-sale debt securities unrealized fair value adjustments, net of tax of $1 and $— for the three months ended March 31, 2024 and March 31, 2023, respectively	(3)	3
Other comprehensive income (loss)	(22)	19
Comprehensive income	500	77
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to Hyatt Hotels Corporation	$ 500	$ 77

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - Parentheticals - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax	$ 4	$ 0
Derivative instrument adjustments, tax	0	0
Pension liabilities adjustments, tax	0	0
Available-for-sale debt securities unrealized fair value adjustments, tax	$ 1	$ 0

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024		Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 740		$ 881
Restricted cash	16	[1],[2]	34
Short-term investments	54		15
Receivables, net of allowances of $51 and $50 at March 31, 2024 and December 31, 2023, respectively	895		883
Inventories	9		9
Prepaids and other assets	193		195
Prepaid income taxes	58		51
Assets held for sale	42		62
Total current assets	2,007		2,130
Equity method investments	277		211
Property and equipment, net	2,258		2,340
Financing receivables, net of allowances of $40 and $42 at March 31, 2024 and December 31, 2023, respectively	136		73
Operating lease right-of-use assets	343		369
Goodwill	2,273		3,205
Intangibles, net	1,565		1,670
Deferred tax assets	434		358
Other assets	2,426		2,477
TOTAL ASSETS	11,719		12,833
CURRENT LIABILITIES:
Current maturities of long-term debt	751		751
Accounts payable	539		493
Accrued expenses and other current liabilities	439		468
Current contract liabilities	1,464		1,598
Accrued compensation and benefits	145		210
Current operating lease liabilities	37		41
Liabilities held for sale	7		17
Total current liabilities	3,382		3,578
Long-term debt	2,304		2,305
Long-term contract liabilities	750		1,759
Long-term operating lease liabilities	252		273
Other long-term liabilities	1,371		1,351
Total liabilities	8,059		9,266
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 March 31, 2024 and December 31, 2023	0		0
Common stock	1		1
Additional paid-in capital	0		0
Retained earnings	3,853		3,738
Accumulated other comprehensive loss	(197)		(175)
Total stockholders' equity	3,657		3,564
Noncontrolling interests in consolidated subsidiaries	3		3
Total equity	3,660		3,567
TOTAL LIABILITIES AND EQUITY	$ 11,719		$ 12,833

[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	Mar. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts receivable, current	$ 51	$ 50
Financing receivable, allowance for credit loss	$ 40	$ 42
Preferred stock, par or stated 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
Class A common stock
Common stock, par or stated 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, issued (in shares)	45,162,644	44,275,818
Common stock, shares, outstanding (in shares)	45,162,644	44,275,818
Class B common stock
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	387,998,010	390,751,535
Common stock, shares, issued (in shares)	56,003,598	58,757,123
Common stock, shares, outstanding (in shares)	56,003,598	58,757,123

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		3 Months Ended				12 Months Ended
		Mar. 31, 2024		Mar. 31, 2023		Dec. 31, 2022	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$ 522		$ 58
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		92		98
Gains on sales of real estate and other		(403)		0
Amortization of share awards		31		31
Amortization of operating lease right-of-use assets		10		9
Deferred income taxes		(87)		(19)
Asset impairments		17		2
Equity (earnings) losses from unconsolidated hospitality ventures		(75)		2
Contra revenue		13		10
Unrealized gains, net		(13)		(43)
Contingent consideration liability fair value adjustment		(4)		0
Working capital changes and other		139		77
Net cash provided by operating activities		242		225
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments		(310)		(35)
Proceeds from marketable securities and short-term investments		175		86
Contributions to equity method and other investments		(6)		(31)
Acquisitions, net of cash acquired		0		(125)
Capital expenditures		(34)		(30)
Issuance of financing receivables		0		(13)
Proceeds from sales of real estate and other, net of cash disposed		214		0
Other investing activities		3		(1)
Net cash provided by (used in) investing activities		42		(149)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common stock		(388)		(106)
Dividends paid		(15)		0
Repayments and repurchases of debt		(1)		(14)
Payment of withholding taxes for stock-based compensation		(40)		(13)
Net cash used in financing activities		(444)		(133)
Effect of exchange rate changes on cash		(2)		(4)
Net decrease in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale		(162)		(61)
Net change in cash, cash equivalents, and restricted cash classified as assets held for sale		3		0
Net decrease in cash, cash equivalents, and restricted cash		(159)		(61)
Cash, cash equivalents, and restricted cash—Beginning of year		919		1,067
Cash, cash equivalents, and restricted cash—End of period		760		1,006		$ 1,067
Supplemental disclosure of cash flow information:
Cash and cash equivalents		740		948			$ 881
Restricted cash		16	[1],[2]	20	[1],[2]		34
Restricted cash included in other assets	[1],[2]	4		38
Total cash, cash equivalents, and restricted cash		760		1,006		1,067	$ 919
Cash paid during the period for interest		39		19
Cash paid during the period for income taxes		15		16
Cash paid for amounts included in the measurement of operating lease liabilities		12		11
Non-cash investing and financing activities are as follows:
Change in accrued capital expenditures		(2)		4
Non-cash contributions to equity method and other investments (Note 4)		20		0
Non-cash issuance of financing receivable (Note 6)		41		0
Non-cash right-of-use assets obtained in exchange for operating lease liabilities		3		4
Non-cash repurchases of common stock (Note 13)		0		8		$ 9
Non-cash redemption of financing receivable		0		20
Non-cash contingent consideration liability assumed in acquisition (Note 6)		$ 0		$ 107

[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 Loss	Noncontrolling Interests in Consolidated Subsidiaries	Class A common stock	Class A common stock Common Stock Amount	Class B common stock	Class B common stock Common Stock Amount
Common stock, shares, beginning balance (in shares) at Dec. 31, 2022								47,482,787		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 income		77		58	19
Repurchases of common stock (in shares)	[1]							(1,018,931)
Repurchases of common stock	[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
Cash dividends declared		0					$ 0		$ 0
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, 2023							44,275,818	44,275,818	58,757,123	58,757,123
Balance, beginning of period at Dec. 31, 2023		3,567	0	3,738	(175)	3		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total comprehensive income		500		522	(22)
Repurchases of common stock (in shares)	[1]							(528,427)		(1,987,229)
Repurchases of common stock	[1]	(389)	(2)	(387)
Employee stock plan issuance (in shares)								13,475
Employee stock plan issuance		2	2
Share-based payment activity (in shares)								635,482
Share-based payment activity		(5)		(5)
Cash dividends declared		(15)		(15)			$ (6)		$ (9)
Class share conversions (in shares)							766,296	766,296	(766,296)	(766,296)
Common stock, shares, ending balance (in shares) at Mar. 31, 2024							45,162,644	45,162,644	56,003,598	56,003,598
Balance, end of period at Mar. 31, 2024		$ 3,660	$ 0	$ 3,853	$ (197)	$ 3		$ 1		$ 0

[1] (1) 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.

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - Parenthetical - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividend declared (in dollars per share)	$ 0.15
Excise tax	$ 1	$ 1
Shares repurchased and not settled yet (in shares)		73,368
Non-cash repurchases of common stock	$ 0	$ 8

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ORGANIZATION

3 Months Ended

Mar. 31, 2024

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 and vacation units. We also offer distribution and destination management services through ALG Vacations and a boutique and luxury global travel platform through Mr & Mrs Smith. At March 31, 2024, our hotel portfolio included 1,341 hotels, comprising 323,405 rooms throughout the world, of which 699 hotels are located in the United States, comprising 156,851 rooms, and 124 are all-inclusive resorts, comprising 42,412 rooms. At March 31, 2024, our portfolio of properties operated in 78 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 trade names 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 ("Quarterly Report") 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:

•"hospitality ventures" refer 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 and vacation 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 Vacation 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 we license our trademarks to and that are part of the Hyatt Vacation 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 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, 2023 (the "2023 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.

Segment Realignment—During the three months ended March 31, 2024, we realigned our reportable segments to align with our business strategy, the organizational changes for certain members of our leadership team, and the manner in which our chief operating decision maker ("CODM") assesses performance and makes decisions regarding the allocation of resources. The segment realignment had no impact on our condensed consolidated financial position or results of operations. Prior period segment results have been recast to reflect our new reportable segments. See Note 16 for a summary of our revised reportable segments and summarized consolidated financial information by segment.

In conjunction with the segment realignment, certain financial statement line item descriptions were revised within our condensed consolidated statements of income. The composition of the accounts within these financial statement line items remains unchanged. The changes include:

New financial statement line item	Previously-used financial statement line item
Owned and leased revenues	Owned and leased hotels revenues
Franchise and other fee revenues	Franchise, license, and other fee revenues
Revenues for reimbursed costs	Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
General and administrative expenses (1)	Selling, general, and administrative expenses
Integration costs (2)	Selling, general, and administrative expenses
Owned and leased expenses	Owned and leased hotels expenses
Reimbursed costs	Costs incurred on behalf of managed and franchised properties
(1) Excludes integration costs.
(2) Includes expenses incurred related to the integration of recently acquired businesses, including certain compensation expenses, professional fees, sales and marketing expenses, and technology expenses.

Additionally, distribution and destination management revenues and expenses are not presented as the accounts under these previously-used financial statement line items are now included in the following:

Distribution revenues—Represents revenues derived from the ALG Vacations business, which were previously recognized in distribution and destination management revenues, and commission fee revenues related to Mr & Mrs Smith, which were previously recognized in other fee revenues.

Distribution expenses—Consists of expenses related to the ALG Vacations business, which were previously recognized in distribution and destination management expenses, and general and administrative expenses related to Mr & Mrs Smith, which were previously recognized in selling, general, and administrative expenses.

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Summary of Significant Accounting Policies

Our significant accounting policies are detailed in Part IV, Item 15, "Exhibits and Financial Statement Schedule—Note 2 to our Consolidated Financial Statements" within the 2023 Form 10-K. During the three months ended March 31, 2024, we completed a restructuring of the entity that owns the Unlimited Vacation Club paid membership program business and sold 80% of the entity to an unrelated third party for $80 million. As a result of the transaction, we deconsolidated the entity as we no longer have a controlling financial interest and accounted for our remaining 20% ownership interest as an equity method investment in an unconsolidated hospitality venture (the "UVC Transaction"). For additional information about the UVC Transaction, see Note 4. Our accounting policies have been updated as follows:

Variable Interest Entities—We determine at the inception of each arrangement whether an entity in which we have made an investment or in which we have other variable interests is considered a variable interest entity ("VIE"). We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct activities that most significantly affect the economic performance of the VIE and have the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. If we are not the primary beneficiary of a VIE, we account for the investment or other variable interests in a VIE in accordance with the applicable GAAP. On a quarterly basis, we determine whether any changes in the interest or relationship with the entity impact the determination of whether we are still the primary beneficiary.

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 year ended December 31, 2023, we adopted the provisions of ASU 2020-04. We amended certain LIBOR-based contracts during the three months ended March 31, 2024 and the year ended December 31, 2023, and we are 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 apply optional expedients or exceptions.

Future Adoption of Accounting Standards

Disclosure Improvements—In October 2023, the FASB issued Accounting Standards Update No. 2023-06 ("ASU 2023-06"), Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. ASU 2023-06 modifies the disclosure and presentation requirements for certain FASB Accounting Standards Codification topics to align with the regulations of the Securities and Exchange Commission ("SEC"). The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from its regulations becomes effective, if the SEC removes the disclosure by June 30, 2027. The provisions of ASU 2023-06 are to be applied prospectively, with early adoption prohibited. We do not expect the adoption of ASU 2023-06 to have a material impact on our condensed consolidated financial statements and accompanying Notes.

Segment Reporting—In November 2023, the FASB issued Accounting Standards Update No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to evaluate segment performance. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and require retrospective adoption for all prior periods presented. We are currently assessing the impact of adopting ASU 2023-07.

Income Taxes—In December 2023, the FASB issued Accounting Standards Update No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced annual income tax disclosures, including (1) disaggregation of effective tax rate reconciliation categories, (2) additional information for reconciling items that meet a quantitative threshold, and (3) income taxes paid by jurisdiction. The provisions of ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively for all prior periods presented. We are currently assessing the impact of adopting ASU 2023-09.

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REVENUE FROM CONTRACTS WITH CUSTOMERS

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregated Revenues

See Note 16 for our revenues disaggregated by the nature of the product or service.

Contract Balances

Contract assets, included in receivables, net on our condensed consolidated balance sheets, were $2 million and insignificant at March 31, 2024 and December 31, 2023, respectively. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant at year end.

Contract liabilities were comprised of the following:

	March 31, 2024		December 31, 2023
Deferred revenue related to the loyalty program	$	1,214	$	1,130
Deferred revenue related to distribution and destination management services	695		719
Advanced deposits	66		57
Deferred revenue related to insurance programs	54		75
Initial fees received from franchise owners	45		45
Deferred revenue related to the paid membership program (1)	—		1,204
Other deferred revenue	140		127
Total contract liabilities	$	2,214	$	3,357
(1) The change from December 31, 2023 is due to balances written off to gains on sale of real estate and other on our condensed consolidated statements of income during the three months ended March 31, 2024 as a result of the UVC Transaction (see Note 4).

Revenue recognized during the three months ended March 31, 2024 and March 31, 2023 included in the contract liabilities balance at the beginning of each year was $623 million and $654 million, respectively. This revenue primarily relates to distribution and destination management services and the loyalty 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 $120 million at March 31, 2024, approximately 15% 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

3 Months Ended

Mar. 31, 2024

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 $277 million and $211 million at March 31, 2024 and December 31, 2023, respectively.

Unconsolidated hospitality venture in India—During the year ended December 31, 2023, one of our unconsolidated hospitality ventures in India publicly filed a draft red herring prospectus with the Securities and Exchange Board of India in conjunction with a proposed initial public offering ("IPO") of equity shares, subject to market conditions and regulatory approvals. On February 28, 2024, our unconsolidated hospitality venture completed its IPO on the BSE Limited and National Stock Exchange of India Limited stock exchanges and issued 50,000,000 equity shares. Both prior and subsequent to the IPO, we hold 86,251,192 equity shares in the entity. At March 31, 2024, the price per share of the principal market for the equity shares was ₹517.55 (approximately $6.21 using exchange rates as of March 31, 2024).

As a result of the IPO, our ownership interest in the unconsolidated hospitality venture was diluted from 50.0% to 38.8%. As we maintain the ability to significantly influence the operations of the entity, we recorded an increase to our equity method investment and recognized a $79 million non-cash pre-tax dilution gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income during the three months ended March 31, 2024.

UVC Transaction—During the three months ended March 31, 2024, we completed the UVC Transaction and accounted for the sale of our controlling financial interest in the entity as a business disposition. We received $41 million of proceeds, net of $39 million of cash disposed; recorded a $20 million equity method investment representing the fair value of our retained investment in the entity; and recorded $86 million of guarantee liabilities as described below. The transaction resulted in a $231 million pre-tax gain, which was recognized in gains on sales

of real estate and other on our condensed consolidated statements of income during the three months ended March 31, 2024. We will continue to manage the Unlimited Vacation Club business under a long-term management agreement and license and royalty agreement. The operating results of the Unlimited Vacation Club business prior to the UVC Transaction are reported within our distribution segment.

The fair value of our retained investment in the entity was determined using a Black-Scholes-Merton option-pricing model of our common shares in the entity. The valuation methodology includes assumptions and judgments regarding volatility and discount rates, which are primarily Level Three assumptions.

In conjunction with the transaction, we agreed to guarantee up to $70 million of our hospitality venture partner's investment upon the occurrence of certain events, and we recorded a $25 million guarantee liability at fair value in other long-term liabilities on our condensed consolidated balance sheet (see Note 10). The fair value was estimated using the with and without method, which includes projected cash flows based on contract terms. The valuation methodology includes assumptions and judgments regarding discount rates and length of time, which are primarily Level Three assumptions.

Additionally, we agreed to indemnify the unconsolidated hospitality venture, the primary obligor to the foreign taxing authorities, for obligations the entity may incur as a result of uncertain tax positions. Following the transaction, we accounted for the indemnification as a guarantee. We derecognized the long-term income taxes payable related to the uncertain tax positions and recorded a $61 million guarantee liability at fair value in other long-term liabilities on our condensed consolidated balance sheet at March 31, 2024 (see Note 10). The fair value of the indemnification was estimated using a probability-based weighting approach to determine the likelihood of payment of the tax liability, penalties, and interest related to the 2013 through 2018 tax years. The valuation methodology includes assumptions and judgments regarding probability weighting, discount rates, and expected timing of cash flows, which are primarily Level Three assumptions. At March 31, 2024, the indemnification had a maximum exposure of $100 million.

The entity that owns the Unlimited Vacation Club business is classified as a VIE in which we hold a variable interest but are not the primary beneficiary, and we account for our common ownership interest as an equity method investment. At March 31, 2024, we had $19 million and $82 million recorded in equity method investments and other long-term liabilities, respectively, on our condensed consolidated balance sheet related to this unconsolidated VIE. At March 31, 2024, our maximum exposure to loss was $189 million, which includes the carrying amount of our equity method investment and the maximum exposure under the aforementioned guarantee and indemnification (see Note 12).

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:

	March 31, 2024		December 31, 2023
Loyalty program (Note 8)	$	816	$	807
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	526		489
Captive insurance company (Note 8)	136		94
Total marketable securities held to fund operating programs	$	1,478	$	1,390
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(280)		(320)
Marketable securities held to fund operating programs included in other assets	$	1,198	$	1,070

At March 31, 2024 and December 31, 2023, marketable securities held to fund operating programs included:

•$470 million and $330 million, respectively, of available-for-sale ("AFS") debt securities with contractual maturity dates ranging from 2024 through 2069. The amortized cost of our AFS debt securities approximates fair value;

•$25 million, in both periods, of time deposits classified as held-to-maturity ("HTM") debt securities with a contractual maturity date in 2025. The amortized cost of our time deposits approximates fair value;

•$16 million and $15 million, respectively, of equity securities with a readily determinable fair value.

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

	Three Months Ended March 31,
	2024		2023
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	22	$	17
Revenues for reimbursed costs (2)	11		9
Other income (loss), net (Note 18)	—		6
Other comprehensive income (loss) (Note 13)	(4)		3
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	2	$	1
Revenues for reimbursed costs (2)	1		—
(1) Unrealized and realized gains 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 expenses and general and administrative expenses with no impact on net income.
(2) Unrealized and realized gains recognized in revenues for reimbursed costs related to investments held to fund rabbi trusts are offset by amounts recognized in reimbursed costs 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:

	March 31, 2024		December 31, 2023
Interest-bearing money market funds	$	234	$	284
Common shares in Playa N.V. (Note 8)	118		105
Time deposits (1)	14		11
Total marketable securities held for investment purposes	$	366	$	400
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(247)		(294)
Marketable securities held for investment purposes included in other assets	$	119	$	106
(1) Time deposits have contractual maturities on various dates through 2025. 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 of these common shares during the three months ended March 31, 2024 or March 31, 2023. Net unrealized gains recognized on our condensed consolidated statements of income were as follows:

	Three Months Ended March 31,
	2024		2023
Other income (loss), net (Note 18)	$	13	$	37

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

	March 31, 2024		Cash and cash equivalents		Short-term investments		Other assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	465	$	465	$	—	$	—
Mutual funds and exchange-traded funds	532		—		—		532
Common shares	128		—		—		128
Level Two—Significant Other Observable Inputs
Time deposits	39		3		10		26
U.S. government obligations	325		5		16		304
U.S. government agencies	27		—		—		27
Corporate debt securities	274		—		28		246
Mortgage-backed securities	22		—		—		22
Asset-backed securities	28		—		—		28
Municipal and provincial notes and bonds	4		—		—		4
Total	$	1,844	$	473	$	54	$	1,317

	December 31, 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	$	599	$	599	$	—	$	—
Mutual funds and exchange-traded funds	495		—		—		495
Common shares	114		—		—		114
Level Two—Significant Other Observable Inputs
Time deposits	36		—		10		26
U.S. government obligations	250		—		—		250
U.S. government agencies	37		—		—		37
Corporate debt securities	212		—		5		207
Mortgage-backed securities	19		—		—		19
Asset-backed securities	24		—		—		24
Municipal and provincial notes and bonds	4		—		—		4
Total	$	1,790	$	599	$	15	$	1,176

During the three months ended March 31, 2024 and March 31, 2023, 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:

	March 31, 2024		December 31, 2023
HTM debt securities	$	53	$	53
Less: allowance for credit losses	(13)		(13)
Total HTM debt securities, net of allowances	$	40	$	40

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

	2024		2023
Allowance at January 1	$	13	$	31
Provisions, net (1)	—		1
Allowance at March 31	$	13	$	32
(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 $42 million and $41 million at March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2023, we invested in a $30 million convertible debt security associated with a franchised property, which is classified as AFS and recorded in other assets on our condensed consolidated balance sheets. The investment has a contractual maturity date in 2029. The convertible debt investment is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy. We estimated the fair value of this investment to be $39 million at both March 31, 2024 and December 31, 2023. The fair value is estimated using a discounted future cash flow model, and the primary sensitivity in the model is the selection of an appropriate discount rate. Fluctuations in our assumptions could result in different estimates of fair value. During the three months ended March 31, 2024 and March 31, 2023, we recognized an insignificant amount and no amount of unrealized gains or losses, respectively, on our investment.

Equity Securities Without a Readily Determinable Fair Value—At both March 31, 2024 and December 31, 2023, we held $16 million of investments in equity securities without a readily determinable fair value, which are recorded within other assets on our condensed consolidated balance sheets and represent investments in entities where we do not have the ability to significantly influence the operations of the entity.

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RECEIVABLES

3 Months Ended

Mar. 31, 2024

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

RECEIVABLES

RECEIVABLES

Receivables

At March 31, 2024 and December 31, 2023, we had $895 million and $883 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:

	2024		2023
Allowance at January 1	$	50	$	63
Provisions, net	3		3
Write-offs	(2)		(3)
Allowance at March 31	$	51	$	63

Financing Receivables

	March 31, 2024		December 31, 2023
Unsecured financing to hotel owners	$	199	$	137
Less: current portion of financing receivables, included in receivables, net	(23)		(22)
Less: allowance for credit losses	(40)		(42)
Total long-term financing receivables, net of allowances	$	136	$	73

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

	2024		2023
Allowance at January 1	$	42	$	44
Reversals, net	(1)		(1)
Foreign currency exchange, net	(1)		—
Allowance at March 31	$	40	$	43

Credit Monitoring—Our unsecured financing receivables were as follows:

	March 31, 2024
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	191	$	(38)	$	153	$	21
Other financing arrangements	8		(2)		6		—
Total unsecured financing receivables	$	199	$	(40)	$	159	$	21

	December 31, 2023
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	128	$	(39)	$	89	$	22
Other financing arrangements	9		(3)		6		—
Total unsecured financing receivables	$	137	$	(42)	$	95	$	22

Fair Value—We estimated the fair value of financing receivables to be approximately $185 million and $133 million at March 31, 2024 and December 31, 2023, 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

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

Acquisitions

Mr & Mrs Smith—During the year ended December 31, 2023, we acquired 100% of the outstanding shares of Smith Global Limited, doing business as 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.

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 boutique and luxury global travel platform, brand name, and relationships with affiliated hotel owners.

Our condensed consolidated balance sheets at both March 31, 2024 and December 31, 2023 reflect preliminary estimates of the fair value of the assets acquired and liabilities assumed based on available information as of the acquisition date. The fair values of intangible assets acquired are estimated using 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)	39
Indefinite-lived intangibles (2)	12
Customer relationships intangibles (3)	12
Other intangibles (4)	16
Deferred tax assets	2
Total assets acquired	$	110
Accounts payable	$	1
Accrued expenses and other current liabilities	7
Current contract liabilities	17
Long-term contract liabilities	3
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 on the distribution segment, 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.

Dream Hotel Group—During the three months ended March 31, 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.

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.

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 on our condensed consolidated statements of income and were insignificant for the period from the acquisition date through March 31, 2023.

Our condensed consolidated balance sheets at both March 31, 2024 and December 31, 2023 reflect 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 were 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 year ended December 31, 2023, the fair values of certain assets acquired and liabilities assumed were finalized. 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 December 31, 2023 include a $21 million decrease in intangibles, net with a corresponding increase to goodwill.

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

Receivables	$	1
Goodwill (1)	62
Indefinite-lived intangibles (2)	20
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 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 months ended March 31, 2023, we recognized $7 million 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

Hyatt Regency Aruba Resort Spa and Casino—During the three months ended March 31, 2024, we sold the shares of the entities that own Hyatt Regency Aruba Resort Spa and Casino to an unrelated third party and accounted for the transaction as an asset disposition. We received $173 million of proceeds, net of cash disposed, closing costs, and proration adjustments, and issued a $41 million unsecured financing receivable with a maturity date greater than one year (see Note 5). Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $172 million pre-tax gain, which was recognized in gains on sales of real estate and other on our condensed consolidated statements of income during the three months ended March 31, 2024. In connection with the disposition, we recognized a $15 million goodwill impairment charge in asset impairments on our condensed consolidated statements of income during the three months ended March 31, 2024. 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 and financial position of this hotel prior to the sale remain within our owned and leased segment. At December 31, 2023, we classified the assets and liabilities as held for sale on our condensed consolidated balance sheet.

Held for Sale

Park Hyatt Zurich—During the three months ended March 31, 2024, we signed an asset transfer agreement to sell Park Hyatt Zurich for a sales price of 270 million Swiss Francs ("CHF") (approximately $300 million using exchange rates as of the closing date), including CHF 41 million (approximately $45 million) of seller financing. At March 31, 2024, the related assets and liabilities were classified as held for sale within our owned and leased segment on our condensed consolidated balance sheet. Assets held for sale were $42 million, which primarily consists of $40 million of property and equipment, net, and liabilities held for sale were $7 million, of which $2 million relates to accrued expenses and other current liabilities. On April 4, 2024, we completed the sale of the property to an unrelated third party and entered into a long-term management agreement.

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INTANGIBLES, NET

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES, NET

INTANGIBLES, NET

		March 31, 2024
	Weighted- average useful lives in years	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	15	$	903	$	(266)	$	637
Brand and other indefinite-lived intangibles	—	608		—		608
Customer relationships intangibles	10	410		(116)		294
Other intangibles	11	32		(6)		26
Total		$	1,953	$	(388)	$	1,565

	December 31, 2023
	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	$	906	$	(248)	$	658
Brand and other indefinite-lived intangibles	608		—		608
Customer relationships intangibles	620		(243)		377
Other intangibles	33		(6)		27
Total	$	2,167	$	(497)	$	1,670

	Three Months Ended March 31,
	2024		2023
Amortization expense	$	36	$	44

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OTHER ASSETS

3 Months Ended

Mar. 31, 2024

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

OTHER ASSETS

OTHER ASSETS

	March 31, 2024		December 31, 2023
Management and hotel services agreement and franchise agreement assets constituting payments to customers (1)	$	884	$	896
Marketable securities held to fund the loyalty program (Note 4)	595		495
Marketable securities held to fund rabbi trusts (Note 4)	526		489
Common shares in Playa N.V. (Note 4)	118		105
Long-term investments (Note 4)	96		96
Marketable securities held for captive insurance company (Note 4)	77		86
Deferred costs related to the paid membership program	—		194
Other	130		116
Total other assets	$	2,426	$	2,477
(1) Includes cash consideration as well as other forms of consideration provided, such as debt repayment or performance guarantees.

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DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT

DEBT

At March 31, 2024 and December 31, 2023, we had $3,055 million and $3,056 million, respectively, of total debt, which included $751 million, in both periods, recorded in current maturities of long-term debt on our condensed consolidated balance sheets.

Senior Notes Repurchases—During the three months ended March 31, 2023, we repurchased $13 million of our senior notes due 2023 in the open market.

Revolving Credit Facility—During the three months ended March 31, 2024 and March 31, 2023, we had no borrowings or repayments on our revolving credit facility in effect for each of the respective periods. At both March 31, 2024 and December 31, 2023, we had no balance outstanding. At March 31, 2024, 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.

•$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

•$600 million of 5.750% senior notes due 2027

•$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.

	March 31, 2024
	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)	$	3,062	$	3,053	$	—	$	3,025	$	28

(1) Excludes $5 million of finance lease obligations and $12 million of unamortized discounts and deferred financing fees.

	December 31, 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 (2)	$	3,063	$	3,062	$	—	$	3,032	$	30

(2) Excludes $6 million of finance lease obligations and $13 million of unamortized discounts and deferred financing fees.

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OTHER LONG-TERM LIABILITIES

3 Months Ended

Mar. 31, 2024

Other Liabilities [Abstract]

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES

	March 31, 2024		December 31, 2023
Deferred compensation plans funded by rabbi trusts (Note 4)	$	526	$	489
Income taxes payable	337		407
Guarantee liabilities (Note 12)	209		142
Contingent consideration liability (Note 12)	111		115
Self-insurance liabilities (Note 12)	74		73
Deferred income taxes (Note 11)	48		66
Other	66		59
Total other long-term liabilities	$	1,371	$	1,351

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TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

TAXES

TAXES

The provision for income taxes for the three months ended March 31, 2024 and March 31, 2023 was $19 million and $47 million, respectively. The decrease in the provision for income taxes for the three months ended March 31, 2024, compared to the three months ended March 31, 2023, was primarily due to a non-cash tax benefit as a result of the release of a valuation allowance on certain foreign deferred tax assets. This decrease was partially offset by the earnings impact from both the sale of Hyatt Regency Aruba Resort Spa and Casino and the UVC Transaction recognized during the three months ended March 31, 2024.

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 have been subject to a U.S. Tax Court case concerning the tax treatment of the loyalty program in which the Internal Revenue Service is asserting that loyalty program contributions are taxable income to the Company. U.S. tax years 2012 through 2017 are pending the outcome of the issue currently in U.S. Tax Court.

The Tax Court issued an opinion on October 2, 2023 related to the aforementioned case and determined that the Company must recognize approximately $12 million in net taxable income for the tax years 2009 through 2011, but that the Company need not recognize approximately $228 million in net taxable income that preceded 2009. The Company is evaluating the Tax Court's decision and potential appeal options. In order to appeal the Tax Court's ruling, the Company would be required to pay the tax liability and interest related to the 2009 through 2011 tax years as determined by the Tax Court, which is estimated to be $2 million. If the Company were to appeal and the Tax Court's opinion is upheld on appeal, the estimated income tax payment due for the subsequent years 2012 through 2024 is $236 million, including $35 million of estimated interest, net of federal benefit. We believe we have an adequate uncertain tax liability recorded in accordance with Accounting Standards Codification 740, Income Taxes, for this matter and believe that the ultimate outcome of this matter will not have a material effect on our consolidated financial position, results of operations, or liquidity.

At March 31, 2024 and December 31, 2023, total unrecognized tax benefits recorded in other long-term liabilities on our condensed consolidated balance sheets were $289 million and $301 million, respectively, of which $92 million and $120 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 benefits within the next 12 months.

Through a prior acquisition, we assumed an assessment of additional corporate income tax related to disallowed deductions taken on historical tax returns from the Mexican tax authorities that was in process of being appealed. During the three months ended March 31, 2024, we appealed the assessment to a higher court. Our filing position is more likely than not to be sustained, and therefore, we do not have an uncertain tax liability recorded for this matter. At March 31, 2024, the unrecognized tax liability is approximately $37 million.

Further, the Mexican tax authorities disallowed credits taken on historical tax returns, resulting in additional value added tax. In accordance with Accounting Standards Codification 450, Contingencies, we have not recorded a liability in connection with this matter as we do not believe a loss is probable. At March 31, 2024, our maximum exposure is not expected to exceed $14 million.

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, we are committed, under certain conditions, to lend, provide certain consideration to, or invest in various business ventures up to $462 million, net of any related letters of credit.

Performance Guarantees—Certain of our contractual agreements with third-party owners require us to guarantee payments to the owners if specified levels of operating profit are not achieved by their hotels. Except as described below, at March 31, 2024, our performance guarantees had $98 million of remaining maximum exposure and expire between 2024 and 2042.

Through acquisitions, we acquired certain management and hotel services agreements with performance guarantees based on annual performance levels and with expiration dates between 2027 and 2045. Contract terms within certain management and hotel services agreements limit our exposure, and therefore, we are unable to reasonably estimate our maximum potential future payments.

At March 31, 2024 and December 31, 2023, we had $93 million and $99 million, respectively, of total performance guarantee liabilities, which included $85 million and $91 million, respectively, recorded in other long-term liabilities. At both March 31, 2024 and December 31, 2023, we had $8 million recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets.

Additionally, we enter into certain management and hotel services agreements 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 contract. At March 31, 2024 and December 31, 2023, we had no amount and an insignificant amount, respectively, recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets related to these performance cure payments.

Debt Repayment Guarantees—We enter into various debt repayment guarantees in order to assist 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 March 31, 2024		Other long-term liabilities recorded at December 31, 2023		Year of guarantee expiration (2)
United States (3), (4)	$	140	$	41	$	27	$	30	various, through 2027
All foreign (3), (5)	84		62		15		21		various, through 2034
Total	$	224	$	103	$	42	$	51

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

(2) Certain underlying debt agreements have extension periods which are not reflected in the year of guarantee expiration.

(3) 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.

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

(5) Under a certain debt repayment guarantee 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 this guarantee to be approximately $25 million, taking into account our partner's 50% reimbursement commitment.

At March 31, 2024, we are not aware, nor have we received any notification, that our third-party owners, franchisees, or unconsolidated hospitality ventures are not current on their debt service obligations where we have provided a debt repayment guarantee.

Other Guarantees—We may be obligated to fund up to $170 million related to certain guarantees as a result of the UVC Transaction (see Note 4). At March 31, 2024, we had $82 million of guarantee liabilities recorded in other long-term liabilities on our condensed consolidated balance sheet associated with these guarantees.

Guarantee Liabilities Fair Value—We estimated the fair value of our guarantees to be $228 million and $148 million at March 31, 2024 and December 31, 2023, 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 our acquisition of Dream Hotel Group (see Note 6). At March 31, 2024, we had $174 million of potential future consideration remaining. The contingent consideration liability, which is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy, is recorded in other long-term liabilities on our condensed consolidated balance sheets. The following table summarizes the change in fair value recognized in other income (loss), net on our condensed consolidated statements of income:

	2024		2023
Fair value at January 1	$	115	$	—
Fair value as of acquisition date (Note 6)	—		107
Change in fair value (Note 18)	(4)		—
Fair value at March 31 (Note 10)	$	111	$	107

Insurance—We obtain insurance for potential losses from general liability, property, automobile, aviation, environmental, workers' compensation, employment practices, crime, cyber, and other miscellaneous risks. A portion of these risks 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 $41 million at both March 31, 2024 and December 31, 2023 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 $74 million and $73 million at March 31, 2024 and December 31, 2023, respectively, and are recorded in other long-term liabilities on our condensed consolidated balance sheets (see Note 10).

Collective Bargaining Agreements—At March 31, 2024, approximately 21% of our U.S.-based employees were covered by various collective bargaining agreements, generally providing for basic pay rates, working hours, other conditions of employment, and orderly settlement of labor disputes. Certain employees are covered by union-sponsored, multi-employer pension and health plans pursuant to agreements between various unions and us. Generally, labor relations have been maintained in a normal and satisfactory manner, and we believe our employee relations are good.

Surety and Other Bonds—Surety and other bonds issued on our behalf were $246 million at March 31, 2024 and primarily relate to our insurance programs, litigation, taxes, licenses, liens, and utilities for our lodging operations.

Letters of Credit—Letters of credit outstanding on our behalf at March 31, 2024 were $157 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 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 (see Note 11), 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 March 31, 2024, our maximum exposure is not expected to exceed $19 million.

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EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

EQUITY

EQUITY

Accumulated Other Comprehensive Loss

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

	Balance at January 1, 2024		Current period other comprehensive loss before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2024
Foreign currency translation adjustments (1)	$	(156)	$	(21)	$	3	$	(174)
AFS debt securities unrealized fair value adjustments	4		(3)		—		1
Pension liabilities adjustments (2)	—		—		(1)		(1)
Derivative instrument adjustments (3)	(23)		(1)		1		(23)
Accumulated other comprehensive loss	$	(175)	$	(25)	$	3	$	(197)
(1) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the dilution of our ownership interest in an unconsolidated hospitality venture in India (Note 4).
(2) The amount reclassified from accumulated other comprehensive loss primarily included realized gains recognized in gains on sales of real estate and other related to the UVC Transaction (Note 4).
(3) 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 $5 million of losses, net of insignificant tax impacts, over the next 12 months.
	Balance at January 1, 2023		Current period other comprehensive income before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2023
Foreign currency translation adjustments	$	(202)	$	15	$	—	$	(187)
AFS debt securities unrealized fair value adjustments	(11)		3		—		(8)
Derivative instrument adjustments (4)	(29)		—		1		(28)
Accumulated other comprehensive loss	$	(242)	$	18	$	1	$	(223)
(4) 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 March 31, 2024, we had $773 million remaining under the total share repurchase authorization.

During the three months ended March 31, 2024, we repurchased 2,515,656 shares of Class A and Class B common stock. The shares of common stock were repurchased at a weighted-average price of $154.09 per share for an aggregate purchase price of $388 million, excluding insignificant related expenses. The shares of Class A common stock repurchased in the open market were retired and returned to the status of authorized and unissued shares, while the shares of Class B common stock repurchased were retired and the total number of authorized Class B shares was reduced by the number of shares retired (see Note 15).

During the three months ended March 31, 2023, we repurchased 1,018,931 shares of Class A common stock. The shares of common stock were repurchased at a weighted-average price of $104.50 per share for an aggregate purchase price of $106 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, but settled during the three months ended March 31, 2023.

In addition to the aforementioned share repurchases, we initiated the repurchase of 73,368 shares for $8 million prior to March 31, 2023, but did not settle the repurchases until April 2023.

Dividend—The following tables summarize dividends declared to Class A and Class B stockholders of record:

	Three Months Ended March 31,
	2024		2023
Class A common stock	$	6	$	—
Class B common stock	9		—
Total cash dividends declared	$	15	$	—

Date declared	Dividend per share amount for Class A and Class B		Date of record	Date paid
February 14, 2024	$	0.15	February 28, 2024	March 12, 2024

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STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

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 owners and are recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income and (ii) insignificant amounts related to employees of our owned and leased hotels recognized in owned and leased expenses on our condensed consolidated statements of income. Stock-based compensation expense recognized in general and administrative expenses, distribution expenses, and integration costs on our condensed consolidated statements of income related to these awards was as follows:

	Three Months Ended March 31,
	2024		2023
SARs	$	12	$	11
RSUs	16		17
PSUs	3		4
Total	$	31	$	32

SARs—During the three months ended March 31, 2024, we granted 219,570 SARs to employees with a weighted-average grant date fair value of $68.83. During the three months ended March 31, 2023, we granted 284,912 SARs to employees with a weighted-average grant date fair value of $48.54.

RSUs—During the three months ended March 31, 2024, we granted 280,081 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $156.91. During the three months ended

March 31, 2023, we granted 405,464 RSUs to employees and non-employee directors with a weighted-average grant date fair value of $111.70.

PSUs—During the three months ended March 31, 2024 and March 31, 2023, we did not grant any PSUs under our LTIP.

Our total unearned compensation for our stock-based compensation programs at March 31, 2024 was $4 million for SARs, $48 million for RSUs, and $17 million for PSUs, which will be recognized in general and administrative expenses, distribution expenses, and integration costs over a weighted-average period of two years with respect to SARs and PSUs and three years with respect to RSUs.

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RELATED-PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

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 2024 and 2023 is the brother-in-law of our Executive Chairman. During the three months ended March 31, 2024 and March 31, 2023, we incurred $6 million and $4 million, respectively, of legal fees with this firm. At March 31, 2024 and December 31, 2023, we had $6 million and $2 million, respectively, due to the law firm.

Equity Method Investments—We have equity method investments in entities that own, operate, manage, or franchise properties or other hospitality-related businesses, including the Unlimited Vacation Club paid membership program, for which we receive management, franchise, license, or royalty fees. We recognized $15 million and $6 million of fee revenues during the three months ended March 31, 2024 and March 31, 2023, respectively. In addition, in some cases we provide loans (see Note 5) or guarantees (see Note 4 and Note 12) to these entities. During the three months ended March 31, 2024 and March 31, 2023, we recognized $1 million and $2 million, respectively, of income related to these guarantees. At March 31, 2024 and December 31, 2023, we had $74 million and $43 million, respectively, of net receivables due from these entities, inclusive of $44 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 20% to 50%.

In addition to the aforementioned fees, we provide services related to sales and revenue management, marketing, global property and guest services (including reservation and customer support), digital and technology, and digital media (collectively, "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 owners and franchisees and are recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income.

Class B Share Conversion—During the three months ended March 31, 2024, 766,296 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.

Class B Share Repurchase—During the three months ended March 31, 2024, we repurchased 1,987,229 shares of Class B common stock at a weighted-average price of $156.67 per share, for an aggregate purchase price of approximately $312 million. The shares of Class B common stock were repurchased in privately negotiated transactions from a limited liability company owned directly and indirectly by trusts for the benefit of certain Pritzker family members and a private foundation affiliated with certain Pritzker family members and were retired subsequent to March 31, 2024, thereby reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount.

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SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

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 CODM to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. We define our reportable segments as follows:

•Management and franchising—This segment derives its earnings primarily from the provision of management, franchising, and hotel services, or the licensing of our intellectual property to, (i) our property portfolio, (ii) our co-branded credit card programs, and (iii) other hospitality-related businesses, including the

Unlimited Vacation Club following the UVC Transaction. This segment also includes revenues for reimbursed costs primarily related to payroll at managed properties where we are the employer, as well as costs associated with 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 our owned and leased hotels and commission fees earned from certain ALG Vacations bookings, both of which are eliminated in consolidation.

•Owned and leased—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 management fee expenses paid to our management and franchising segment, 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.

•Distribution—This segment derives its earnings from distribution and destination management services offered through ALG Vacations and the boutique and luxury global travel platform offered through Mr & Mrs Smith. Prior to the UVC Transaction, this segment also included earnings from a paid membership program offering benefits exclusively at certain all-inclusive resorts in Mexico, the Caribbean, and Central America. Adjusted EBITDA includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.

Within overhead, we include unallocated corporate expenses.

Our CODM evaluates performance based on gross fee revenues; owned and leased revenues; distribution revenues; other revenues; and Adjusted EBITDA. Our CODM does not evaluate our operating segments using discrete asset information. 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 hotel services agreement and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); revenues for reimbursed costs; reimbursed costs 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.

Summarized consolidated financial information by segment was as follows:

	Three Months Ended March 31, 2024
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	107	$	—	$	—	$	—	$	(9)	$	98
Incentive management fees	68		—		—		—		(4)		64
Franchise and other fees	102		—		—		—		(2)		100
Gross fees	277		—		—		—		(15)		262
Contra revenue	(13)		—		—		—		—		(13)
Net fees	264		—		—		—		(15)		249
Rooms and packages	—		194		—		—		(7)		187
Food and beverage	—		83		—		—		—		83
Other	—		39		—		—		—		39
Owned and leased	—		316		—		—		(7)		309
Distribution	—		—		319		—		—		319
Other revenues	9		—		26		—		—		35
Revenues for reimbursed costs	802		—		—		—		—		802
Total revenues	$	1,075	$	316	$	345	$	—	$	(22)	$	1,714
Intersegment revenues (1)	$	15	$	7	$	—	$	—	$	—	$	22
Adjusted EBITDA	$	203	$	60	$	39	$	(51)	$	1	$	252
Depreciation and amortization	$	19	$	44	$	21	$	8	$	—	$	92
(1) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.

	Three Months Ended March 31, 2023
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	100	$	—	$	—	$	—	$	(9)	$	91
Incentive management fees	62		—		—		—		(5)		57
Franchise and other fees	85		—		—		—		(2)		83
Gross fees	247		—		—		—		(16)		231
Contra revenue	(10)		—		—		—		—		(10)
Net fees	237		—		—		—		(16)		221
Rooms and packages	—		198		—		—		(8)		190
Food and beverage	—		85		—		—		—		85
Other	—		39		—		—		—		39
Owned and leased	—		322		—		—		(8)		314
Distribution	—		—		328		—		—		328
Other revenues	47		—		41		—		—		88
Revenues for reimbursed costs	729		—		—		—		—		729
Total revenues	$	1,013	$	322	$	369	$	—	$	(24)	$	1,680
Intersegment revenues (1)	$	16	$	8	$	—	$	—	$	—	$	24
Adjusted EBITDA	$	184	$	71	$	58	$	(46)	$	1	$	268
Depreciation and amortization	$	19	$	46	$	27	$	6	$	—	$	98
(1) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.

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

	Three Months Ended March 31,
	2024		2023
Net income attributable to Hyatt Hotels Corporation	$	522	$	58
Interest expense	38		33
Provision for income taxes	19		47
Depreciation and amortization	92		98
Contra revenue	13		10
Revenues for reimbursed costs	(802)		(729)
Reimbursed costs	836		749
Equity (earnings) losses from unconsolidated hospitality ventures	(75)		2
Stock-based compensation expense (Note 14)	31		32
Gains on sales of real estate and other (Note 4 and Note 6)	(403)		—
Asset impairments	17		2
Other (income) loss, net (Note 18)	(53)		(48)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		14
Adjusted EBITDA	$	252	$	268

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EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

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

	Three Months Ended March 31,
	2024		2023
Numerator:
Net income	$	522	$	58
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	522	$	58
Denominator:
Basic weighted-average shares outstanding (1)	102,777,418		106,389,110
Stock-based compensation	3,126,173		2,541,102
Diluted weighted-average shares outstanding (1)	105,903,591		108,930,212
Basic Earnings Per Class A and Class B Share:
Net income	$	5.08	$	0.55
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	5.08	$	0.55
Diluted Earnings Per Class A and Class B Share:
Net income	$	4.93	$	0.53
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	4.93	$	0.53
(1) The computations reflect a reduction in shares outstanding at March 31, 2023 for the repurchases of 73,368 shares that were initiated prior to March 31, 2023, but settled in the second quarter of 2023 (see Note 13).

The computations of diluted earnings per Class A and Class B share for the three months ended March 31, 2024 and March 31, 2023 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 March 31,
	2024	2023
SARs	1,800	7,000
RSUs	2,800	1,400

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OTHER INCOME (LOSS), NET

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

OTHER INCOME (LOSS), NET

OTHER INCOME (LOSS), NET

	Three Months Ended March 31,
	2024		2023
Interest income	$	22	$	17
Unrealized gains, net (Note 4)	13		43
Guarantee amortization income (Note 12)	11		3
Depreciation recovery	6		4
Contingent consideration liability fair value adjustment (Note 12)	4		—
Transaction costs (Note 6)	(1)		(7)
Guarantee expense (Note 12)	(3)		(11)
Other, net	1		(1)
Other income (loss), net	$	53	$	48

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SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On April 23, 2024, we sold Hyatt Regency San Antonio Riverwalk to an unrelated third party for approximately $230 million and entered into a long-term management agreement for the property.

On May 1, 2024, we sold Hyatt Regency Green Bay to an unrelated third party for approximately $5 million and entered into a long-term franchise agreement for the property.

On May 8, 2024, our board of directors authorized the repurchase of up to an additional $1 billion of our common stock. Following the authorization, we had approximately $1.8 billion remaining under the total share repurchase authorization.

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Accounting

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

Principles of Consolidation

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

Adopted Accounting Standards and Future Adoption of Accounting Standards

Adopted Accounting Standards

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 year ended December 31, 2023, we adopted the provisions of ASU 2020-04. We amended certain LIBOR-based contracts during the three months ended March 31, 2024 and the year ended December 31, 2023, and we are 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 apply optional expedients or exceptions.

Future Adoption of Accounting Standards

Disclosure Improvements—In October 2023, the FASB issued Accounting Standards Update No. 2023-06 ("ASU 2023-06"), Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative. ASU 2023-06 modifies the disclosure and presentation requirements for certain FASB Accounting Standards Codification topics to align with the regulations of the Securities and Exchange Commission ("SEC"). The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from its regulations becomes effective, if the SEC removes the disclosure by June 30, 2027. The provisions of ASU 2023-06 are to be applied prospectively, with early adoption prohibited. We do not expect the adoption of ASU 2023-06 to have a material impact on our condensed consolidated financial statements and accompanying Notes.

Segment Reporting—In November 2023, the FASB issued Accounting Standards Update No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to evaluate segment performance. The provisions of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted, and require retrospective adoption for all prior periods presented. We are currently assessing the impact of adopting ASU 2023-07.

Income Taxes—In December 2023, the FASB issued Accounting Standards Update No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced annual income tax disclosures, including (1) disaggregation of effective tax rate reconciliation categories, (2) additional information for reconciling items that meet a quantitative threshold, and (3) income taxes paid by jurisdiction. The provisions of ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied either prospectively or retrospectively for all prior periods presented. We are currently assessing the impact of adopting ASU 2023-09.

Revenue Allocated to Remaining Performance Obligations

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.

Insurance

Insurance—We obtain insurance for potential losses from general liability, property, automobile, aviation, environmental, workers' compensation, employment practices, crime, cyber, and other miscellaneous risks. A portion of these risks 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

Commitments and Contingencies

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

In conjunction with financing obtained for our unconsolidated hospitality ventures and certain managed 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 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 (see Note 11), 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 Realignment

Segment Realignment—During the three months ended March 31, 2024, we realigned our reportable segments to align with our business strategy, the organizational changes for certain members of our leadership team, and the manner in which our chief operating decision maker ("CODM") assesses performance and makes decisions regarding the allocation of resources. The segment realignment had no impact on our condensed consolidated financial position or results of operations. Prior period segment results have been recast to reflect our new reportable segments. See Note 16 for a summary of our revised reportable segments and summarized consolidated financial information by segment.

In conjunction with the segment realignment, certain financial statement line item descriptions were revised within our condensed consolidated statements of income. The composition of the accounts within these financial statement line items remains unchanged. The changes include:

New financial statement line item	Previously-used financial statement line item
Owned and leased revenues	Owned and leased hotels revenues
Franchise and other fee revenues	Franchise, license, and other fee revenues
Revenues for reimbursed costs	Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
General and administrative expenses (1)	Selling, general, and administrative expenses
Integration costs (2)	Selling, general, and administrative expenses
Owned and leased expenses	Owned and leased hotels expenses
Reimbursed costs	Costs incurred on behalf of managed and franchised properties
(1) Excludes integration costs.
(2) Includes expenses incurred related to the integration of recently acquired businesses, including certain compensation expenses, professional fees, sales and marketing expenses, and technology expenses.

Additionally, distribution and destination management revenues and expenses are not presented as the accounts under these previously-used financial statement line items are now included in the following:

Distribution revenues—Represents revenues derived from the ALG Vacations business, which were previously recognized in distribution and destination management revenues, and commission fee revenues related to Mr & Mrs Smith, which were previously recognized in other fee revenues.

Distribution expenses—Consists of expenses related to the ALG Vacations business, which were previously recognized in distribution and destination management expenses, and general and administrative expenses related to Mr & Mrs Smith, which were previously recognized in selling, general, and administrative expenses.

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 CODM to assess performance and make decisions regarding the allocation of resources. Our CODM is our President and Chief Executive Officer. We define our reportable segments as follows:

•Management and franchising—This segment derives its earnings primarily from the provision of management, franchising, and hotel services, or the licensing of our intellectual property to, (i) our property portfolio, (ii) our co-branded credit card programs, and (iii) other hospitality-related businesses, including the

Unlimited Vacation Club following the UVC Transaction. This segment also includes revenues for reimbursed costs primarily related to payroll at managed properties where we are the employer, as well as costs associated with 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 our owned and leased hotels and commission fees earned from certain ALG Vacations bookings, both of which are eliminated in consolidation.

•Owned and leased—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 management fee expenses paid to our management and franchising segment, 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.

•Distribution—This segment derives its earnings from distribution and destination management services offered through ALG Vacations and the boutique and luxury global travel platform offered through Mr & Mrs Smith. Prior to the UVC Transaction, this segment also included earnings from a paid membership program offering benefits exclusively at certain all-inclusive resorts in Mexico, the Caribbean, and Central America. Adjusted EBITDA includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.

Within overhead, we include unallocated corporate expenses.

Our CODM evaluates performance based on gross fee revenues; owned and leased revenues; distribution revenues; other revenues; and Adjusted EBITDA. Our CODM does not evaluate our operating segments using discrete asset information. 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 hotel services agreement and franchise agreement assets and performance cure payments, which constitute payments to customers ("Contra revenue"); revenues for reimbursed costs; reimbursed costs 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.

Summarized consolidated financial information by segment was as follows:

	Three Months Ended March 31, 2024
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	107	$	—	$	—	$	—	$	(9)	$	98
Incentive management fees	68		—		—		—		(4)		64
Franchise and other fees	102		—		—		—		(2)		100
Gross fees	277		—		—		—		(15)		262
Contra revenue	(13)		—		—		—		—		(13)
Net fees	264		—		—		—		(15)		249
Rooms and packages	—		194		—		—		(7)		187
Food and beverage	—		83		—		—		—		83
Other	—		39		—		—		—		39
Owned and leased	—		316		—		—		(7)		309
Distribution	—		—		319		—		—		319
Other revenues	9		—		26		—		—		35
Revenues for reimbursed costs	802		—		—		—		—		802
Total revenues	$	1,075	$	316	$	345	$	—	$	(22)	$	1,714
Intersegment revenues (1)	$	15	$	7	$	—	$	—	$	—	$	22
Adjusted EBITDA	$	203	$	60	$	39	$	(51)	$	1	$	252
Depreciation and amortization	$	19	$	44	$	21	$	8	$	—	$	92
(1) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.

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Comprehensive Text Block List (Tables)

3 Months Ended

Mar. 31, 2024

Text Block [Abstract]

Schedule of Financial Statement Line Items Realignment

The changes include:

New financial statement line item	Previously-used financial statement line item
Owned and leased revenues	Owned and leased hotels revenues
Franchise and other fee revenues	Franchise, license, and other fee revenues
Revenues for reimbursed costs	Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties
General and administrative expenses (1)	Selling, general, and administrative expenses
Integration costs (2)	Selling, general, and administrative expenses
Owned and leased expenses	Owned and leased hotels expenses
Reimbursed costs	Costs incurred on behalf of managed and franchised properties
(1) Excludes integration costs.
(2) Includes expenses incurred related to the integration of recently acquired businesses, including certain compensation expenses, professional fees, sales and marketing expenses, and technology expenses.

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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of of Contract Liability

Contract liabilities were comprised of the following:

	March 31, 2024		December 31, 2023
Deferred revenue related to the loyalty program	$	1,214	$	1,130
Deferred revenue related to distribution and destination management services	695		719
Advanced deposits	66		57
Deferred revenue related to insurance programs	54		75
Initial fees received from franchise owners	45		45
Deferred revenue related to the paid membership program (1)	—		1,204
Other deferred revenue	140		127
Total contract liabilities	$	2,214	$	3,357
(1) The change from December 31, 2023 is due to balances written off to gains on sale of real estate and other on our condensed consolidated statements of income during the three months ended March 31, 2024 as a result of the UVC Transaction (see Note 4).

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DEBT AND EQUITY SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

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:

	March 31, 2024		December 31, 2023
Loyalty program (Note 8)	$	816	$	807
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)	526		489
Captive insurance company (Note 8)	136		94
Total marketable securities held to fund operating programs	$	1,478	$	1,390
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(280)		(320)
Marketable securities held to fund operating programs included in other assets	$	1,198	$	1,070

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 March 31,
	2024		2023
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	22	$	17
Revenues for reimbursed costs (2)	11		9
Other income (loss), net (Note 18)	—		6
Other comprehensive income (loss) (Note 13)	(4)		3
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)	$	2	$	1
Revenues for reimbursed costs (2)	1		—
(1) Unrealized and realized gains 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 expenses and general and administrative expenses with no impact on net income.
(2) Unrealized and realized gains recognized in revenues for reimbursed costs related to investments held to fund rabbi trusts are offset by amounts recognized in reimbursed costs 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:

	March 31, 2024		December 31, 2023
Interest-bearing money market funds	$	234	$	284
Common shares in Playa N.V. (Note 8)	118		105
Time deposits (1)	14		11
Total marketable securities held for investment purposes	$	366	$	400
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(247)		(294)
Marketable securities held for investment purposes included in other assets	$	119	$	106
(1) Time deposits have contractual maturities on various dates through 2025. The amortized cost of our time deposits approximates fair value.

Schedule of Unrealized Gain (Loss) on Investments

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

	Three Months Ended March 31,
	2024		2023
Other income (loss), net (Note 18)	$	13	$	37

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

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

	March 31, 2024		Cash and cash equivalents		Short-term investments		Other assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds	$	465	$	465	$	—	$	—
Mutual funds and exchange-traded funds	532		—		—		532
Common shares	128		—		—		128
Level Two—Significant Other Observable Inputs
Time deposits	39		3		10		26
U.S. government obligations	325		5		16		304
U.S. government agencies	27		—		—		27
Corporate debt securities	274		—		28		246
Mortgage-backed securities	22		—		—		22
Asset-backed securities	28		—		—		28
Municipal and provincial notes and bonds	4		—		—		4
Total	$	1,844	$	473	$	54	$	1,317

	December 31, 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	$	599	$	599	$	—	$	—
Mutual funds and exchange-traded funds	495		—		—		495
Common shares	114		—		—		114
Level Two—Significant Other Observable Inputs
Time deposits	36		—		10		26
U.S. government obligations	250		—		—		250
U.S. government agencies	37		—		—		37
Corporate debt securities	212		—		5		207
Mortgage-backed securities	19		—		—		19
Asset-backed securities	24		—		—		24
Municipal and provincial notes and bonds	4		—		—		4
Total	$	1,790	$	599	$	15	$	1,176

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:

	March 31, 2024		December 31, 2023
HTM debt securities	$	53	$	53
Less: allowance for credit losses	(13)		(13)
Total HTM debt securities, net of allowances	$	40	$	40

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:

	2024		2023
Allowance at January 1	$	13	$	31
Provisions, net (1)	—		1
Allowance at March 31	$	13	$	32
(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)

3 Months Ended

Mar. 31, 2024

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:

	2024		2023
Allowance at January 1	$	50	$	63
Provisions, net	3		3
Write-offs	(2)		(3)
Allowance at March 31	$	51	$	63

Schedule of Financing Receivables

Financing Receivables

	March 31, 2024		December 31, 2023
Unsecured financing to hotel owners	$	199	$	137
Less: current portion of financing receivables, included in receivables, net	(23)		(22)
Less: allowance for credit losses	(40)		(42)
Total long-term financing receivables, net of allowances	$	136	$	73

Schedule of Allowance for Losses and Impairments

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

	2024		2023
Allowance at January 1	$	42	$	44
Reversals, net	(1)		(1)
Foreign currency exchange, net	(1)		—
Allowance at March 31	$	40	$	43

Schedule of Credit Monitoring

Our unsecured financing receivables were as follows:

	March 31, 2024
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	191	$	(38)	$	153	$	21
Other financing arrangements	8		(2)		6		—
Total unsecured financing receivables	$	199	$	(40)	$	159	$	21

	December 31, 2023
	Gross loan balance (principal and interest)		Related allowance		Net financing receivables		Gross receivables on nonaccrual status
Loans	$	128	$	(39)	$	89	$	22
Other financing arrangements	9		(3)		6		—
Total unsecured financing receivables	$	137	$	(42)	$	95	$	22

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ACQUISITIONS AND DISPOSITIONS (Tables)

3 Months Ended

Mar. 31, 2024

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)	39
Indefinite-lived intangibles (2)	12
Customer relationships intangibles (3)	12
Other intangibles (4)	16
Deferred tax assets	2
Total assets acquired	$	110
Accounts payable	$	1
Accrued expenses and other current liabilities	7
Current contract liabilities	17
Long-term contract liabilities	3
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 on the distribution segment, 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.

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 fair value of the identifiable net assets acquired at the acquisition date:

Receivables	$	1
Goodwill (1)	62
Indefinite-lived intangibles (2)	20
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 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)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

		March 31, 2024
	Weighted- average useful lives in years	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	15	$	903	$	(266)	$	637
Brand and other indefinite-lived intangibles	—	608		—		608
Customer relationships intangibles	10	410		(116)		294
Other intangibles	11	32		(6)		26
Total		$	1,953	$	(388)	$	1,565

	December 31, 2023
	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	$	906	$	(248)	$	658
Brand and other indefinite-lived intangibles	608		—		608
Customer relationships intangibles	620		(243)		377
Other intangibles	33		(6)		27
Total	$	2,167	$	(497)	$	1,670

Schedule of Indefinite-Lived Intangible Assets

		March 31, 2024
	Weighted- average useful lives in years	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	15	$	903	$	(266)	$	637
Brand and other indefinite-lived intangibles	—	608		—		608
Customer relationships intangibles	10	410		(116)		294
Other intangibles	11	32		(6)		26
Total		$	1,953	$	(388)	$	1,565

	December 31, 2023
	Gross carrying value		Accumulated amortization		Net carrying value
Management and hotel services agreement and franchise agreement intangibles	$	906	$	(248)	$	658
Brand and other indefinite-lived intangibles	608		—		608
Customer relationships intangibles	620		(243)		377
Other intangibles	33		(6)		27
Total	$	2,167	$	(497)	$	1,670

Schedule of Intangible Assets Amortization Expense

	Three Months Ended March 31,
	2024		2023
Amortization expense	$	36	$	44

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OTHER ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule of Other Assets

	March 31, 2024		December 31, 2023
Management and hotel services agreement and franchise agreement assets constituting payments to customers (1)	$	884	$	896
Marketable securities held to fund the loyalty program (Note 4)	595		495
Marketable securities held to fund rabbi trusts (Note 4)	526		489
Common shares in Playa N.V. (Note 4)	118		105
Long-term investments (Note 4)	96		96
Marketable securities held for captive insurance company (Note 4)	77		86
Deferred costs related to the paid membership program	—		194
Other	130		116
Total other assets	$	2,426	$	2,477
(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)

3 Months Ended

Mar. 31, 2024

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.

	March 31, 2024
	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)	$	3,062	$	3,053	$	—	$	3,025	$	28

(1) Excludes $5 million of finance lease obligations and $12 million of unamortized discounts and deferred financing fees.

	December 31, 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 (2)	$	3,063	$	3,062	$	—	$	3,032	$	30

(2) Excludes $6 million of finance lease obligations and $13 million of unamortized discounts and deferred financing fees.

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OTHER LONG-TERM LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Other Liabilities [Abstract]

Schedule of Other Long-Term Liabilities

	March 31, 2024		December 31, 2023
Deferred compensation plans funded by rabbi trusts (Note 4)	$	526	$	489
Income taxes payable	337		407
Guarantee liabilities (Note 12)	209		142
Contingent consideration liability (Note 12)	111		115
Self-insurance liabilities (Note 12)	74		73
Deferred income taxes (Note 11)	48		66
Other	66		59
Total other long-term liabilities	$	1,371	$	1,351

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COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024		Other long-term liabilities recorded at December 31, 2023		Year of guarantee expiration (2)
United States (3), (4)	$	140	$	41	$	27	$	30	various, through 2027
All foreign (3), (5)	84		62		15		21		various, through 2034
Total	$	224	$	103	$	42	$	51

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

(2) Certain underlying debt agreements have extension periods which are not reflected in the year of guarantee expiration.

(3) 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.

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

(5) Under a certain debt repayment guarantee 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 this guarantee to be approximately $25 million, taking into account our partner's 50% reimbursement commitment.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The contingent consideration liability, which is remeasured at fair value on a recurring basis and is classified as Level Three in the fair value hierarchy, is recorded in other long-term liabilities on our condensed consolidated balance sheets. The following table summarizes the change in fair value recognized in other income (loss), net on our condensed consolidated statements of income:

	2024		2023
Fair value at January 1	$	115	$	—
Fair value as of acquisition date (Note 6)	—		107
Change in fair value (Note 18)	(4)		—
Fair value at March 31 (Note 10)	$	111	$	107

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EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

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

	Balance at January 1, 2024		Current period other comprehensive loss before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2024
Foreign currency translation adjustments (1)	$	(156)	$	(21)	$	3	$	(174)
AFS debt securities unrealized fair value adjustments	4		(3)		—		1
Pension liabilities adjustments (2)	—		—		(1)		(1)
Derivative instrument adjustments (3)	(23)		(1)		1		(23)
Accumulated other comprehensive loss	$	(175)	$	(25)	$	3	$	(197)
(1) The amount reclassified from accumulated other comprehensive loss included realized losses recognized in equity earnings (losses) from unconsolidated hospitality ventures related to the dilution of our ownership interest in an unconsolidated hospitality venture in India (Note 4).
(2) The amount reclassified from accumulated other comprehensive loss primarily included realized gains recognized in gains on sales of real estate and other related to the UVC Transaction (Note 4).
(3) 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 $5 million of losses, net of insignificant tax impacts, over the next 12 months.
	Balance at January 1, 2023		Current period other comprehensive income before reclassification		Amount reclassified from accumulated other comprehensive loss		Balance at March 31, 2023
Foreign currency translation adjustments	$	(202)	$	15	$	—	$	(187)
AFS debt securities unrealized fair value adjustments	(11)		3		—		(8)
Derivative instrument adjustments (4)	(29)		—		1		(28)
Accumulated other comprehensive loss	$	(242)	$	18	$	1	$	(223)
(4) 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 Payable

The following tables summarize dividends declared to Class A and Class B stockholders of record:

	Three Months Ended March 31,
	2024		2023
Class A common stock	$	6	$	—
Class B common stock	9		—
Total cash dividends declared	$	15	$	—

Date declared	Dividend per share amount for Class A and Class B		Date of record	Date paid
February 14, 2024	$	0.15	February 28, 2024	March 12, 2024

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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Compensation Expense Related to Long-Term Incentive Plan

Stock-based compensation expense recognized in general and administrative expenses, distribution expenses, and integration costs on our condensed consolidated statements of income related to these awards was as follows:

	Three Months Ended March 31,
	2024		2023
SARs	$	12	$	11
RSUs	16		17
PSUs	3		4
Total	$	31	$	32

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SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Summarized Consolidated Financial Information by Segment

Summarized consolidated financial information by segment was as follows:

	Three Months Ended March 31, 2024
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	107	$	—	$	—	$	—	$	(9)	$	98
Incentive management fees	68		—		—		—		(4)		64
Franchise and other fees	102		—		—		—		(2)		100
Gross fees	277		—		—		—		(15)		262
Contra revenue	(13)		—		—		—		—		(13)
Net fees	264		—		—		—		(15)		249
Rooms and packages	—		194		—		—		(7)		187
Food and beverage	—		83		—		—		—		83
Other	—		39		—		—		—		39
Owned and leased	—		316		—		—		(7)		309
Distribution	—		—		319		—		—		319
Other revenues	9		—		26		—		—		35
Revenues for reimbursed costs	802		—		—		—		—		802
Total revenues	$	1,075	$	316	$	345	$	—	$	(22)	$	1,714
Intersegment revenues (1)	$	15	$	7	$	—	$	—	$	—	$	22
Adjusted EBITDA	$	203	$	60	$	39	$	(51)	$	1	$	252
Depreciation and amortization	$	19	$	44	$	21	$	8	$	—	$	92
(1) Intersegment revenues are included in gross fee revenues, owned and leased revenues, and other revenues and eliminated in Eliminations.

	Three Months Ended March 31, 2023
	Management and franchising		Owned and leased		Distribution		Overhead		Eliminations		Total
Base management fees	$	100	$	—	$	—	$	—	$	(9)	$	91
Incentive management fees	62		—		—		—		(5)		57
Franchise and other fees	85		—		—		—		(2)		83
Gross fees	247		—		—		—		(16)		231
Contra revenue	(10)		—		—		—		—		(10)
Net fees	237		—		—		—		(16)		221
Rooms and packages	—		198		—		—		(8)		190
Food and beverage	—		85		—		—		—		85
Other	—		39		—		—		—		39
Owned and leased	—		322		—		—		(8)		314
Distribution	—		—		328		—		—		328
Other revenues	47		—		41		—		—		88
Revenues for reimbursed costs	729		—		—		—		—		729
Total revenues	$	1,013	$	322	$	369	$	—	$	(24)	$	1,680
Intersegment revenues (1)	$	16	$	8	$	—	$	—	$	—	$	24
Adjusted EBITDA	$	184	$	71	$	58	$	(46)	$	1	$	268
Depreciation and amortization	$	19	$	46	$	27	$	6	$	—	$	98
(1) Intersegment revenues are included in gross fee revenues, owned and leased 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 net income attributable to Hyatt Hotels Corporation to consolidated Adjusted EBITDA:

	Three Months Ended March 31,
	2024		2023
Net income attributable to Hyatt Hotels Corporation	$	522	$	58
Interest expense	38		33
Provision for income taxes	19		47
Depreciation and amortization	92		98
Contra revenue	13		10
Revenues for reimbursed costs	(802)		(729)
Reimbursed costs	836		749
Equity (earnings) losses from unconsolidated hospitality ventures	(75)		2
Stock-based compensation expense (Note 14)	31		32
Gains on sales of real estate and other (Note 4 and Note 6)	(403)		—
Asset impairments	17		2
Other (income) loss, net (Note 18)	(53)		(48)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17		14
Adjusted EBITDA	$	252	$	268

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EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of the Calculation of Basic and Diluted Earnings Per Share

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

	Three Months Ended March 31,
	2024		2023
Numerator:
Net income	$	522	$	58
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	522	$	58
Denominator:
Basic weighted-average shares outstanding (1)	102,777,418		106,389,110
Stock-based compensation	3,126,173		2,541,102
Diluted weighted-average shares outstanding (1)	105,903,591		108,930,212
Basic Earnings Per Class A and Class B Share:
Net income	$	5.08	$	0.55
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	5.08	$	0.55
Diluted Earnings Per Class A and Class B Share:
Net income	$	4.93	$	0.53
Net income attributable to noncontrolling interests	—		—
Net income attributable to Hyatt Hotels Corporation	$	4.93	$	0.53
(1) The computations reflect a reduction in shares outstanding at March 31, 2023 for the repurchases of 73,368 shares that were initiated prior to March 31, 2023, but settled in the second quarter of 2023 (see Note 13).

Schedule of Antidilutive Securities Excluded from Computation of Losses Per Share

The computations of diluted earnings per Class A and Class B share for the three months ended March 31, 2024 and March 31, 2023 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 March 31,
	2024	2023
SARs	1,800	7,000
RSUs	2,800	1,400

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OTHER INCOME (LOSS), NET (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income (Loss), Net

	Three Months Ended March 31,
	2024		2023
Interest income	$	22	$	17
Unrealized gains, net (Note 4)	13		43
Guarantee amortization income (Note 12)	11		3
Depreciation recovery	6		4
Contingent consideration liability fair value adjustment (Note 12)	4		—
Transaction costs (Note 6)	(1)		(7)
Guarantee expense (Note 12)	(3)		(11)
Other, net	1		(1)
Other income (loss), net	$	53	$	48

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ORGANIZATION (Details)	Mar. 31, 2024 country hotel room
Organization
Number of hotels operated or franchised | hotel	1,341
Number of rooms operated or franchised | room	323,405
Number of countries in which entity operates | country	78
United States
Organization
Number of hotels operated or franchised | hotel	699
Number of rooms operated or franchised | room	156,851
Full Service
Organization
Number of hotels operated or marketed | hotel	124
Number of rooms operated or marketed | room	42,412

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Details) - Disposal Group, Disposed of by Sale - Unlimited Vacation Club $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Ownership percent prior to disposal	80.00%
Disposal group, consideration	$ 80
Ownership interest percentage after disposal	20.00%

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REVENUE FROM CONTRACTS WITH CUSTOMERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset	$ 2		$ 0
Revenue recognized from opening balance	$ 623	$ 654

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REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of of Contract Liability (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total contract liabilities	$ 2,214	$ 3,357
Deferred revenue related to the loyalty program
Disaggregation of Revenue [Line Items]
Total contract liabilities	1,214	1,130
Deferred revenue related to distribution and destination management services
Disaggregation of Revenue [Line Items]
Total contract liabilities	695	719
Advanced deposits
Disaggregation of Revenue [Line Items]
Total contract liabilities	66	57
Deferred revenue related to insurance programs
Disaggregation of Revenue [Line Items]
Total contract liabilities	54	75
Initial fees received from franchise owners
Disaggregation of Revenue [Line Items]
Total contract liabilities	45	45
Deferred revenue related to the paid membership program
Disaggregation of Revenue [Line Items]
Total contract liabilities	0	1,204
Other deferred revenue
Disaggregation of Revenue [Line Items]
Total contract liabilities	$ 140	$ 127

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REVENUE FROM CONTRACTS WITH CUSTOMERS - Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 120
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent recognized	15.00%
Remaining performance obligation, period	12 months

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DEBT AND EQUITY SECURITIES - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	Feb. 28, 2024 shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) venture	Mar. 31, 2024 ₨ / shares	Feb. 27, 2024
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 277		$ 211
Other long-term liabilities		1,371		1,351
Maximum exposure to loss		189
HTM debt securities		40		40
Held-to-maturity securities, fair value		42		41
Equity securities without a readily determinable fair value		16		16
Held for Operating Programs
Schedule of Equity Method Investments [Line Items]
Debt securities, available-for-sale		470		330
Equity securities		16		15
Convertible Debt Securities
Schedule of Equity Method Investments [Line Items]
Payment to acquire AFS securities			$ 30
Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Equity method investments		19
Other long-term liabilities		82
Level Three - Significant Unobservable Inputs | Convertible Debt Securities
Schedule of Equity Method Investments [Line Items]
Debt securities, available-for-sale		39		39
Disposal Group, Disposed of by Sale | Unlimited Vacation Club
Schedule of Equity Method Investments [Line Items]
Proceeds from divestiture of businesses		41
Cash divested from deconsolidation		39
Gains on sales of real estate		231
World of Hyatt | Held for Operating Programs | Affiliated Entity
Schedule of Equity Method Investments [Line Items]
HTM debt securities		$ 25		$ 25
IPO | Unconsolidated Hospitality Ventures
Schedule of Equity Method Investments [Line Items]
Number of shares issued (in shares) | shares	50,000,000
Sale of stock, price per share (in dollars per share) | (per share)		$ 6.21			₨ 517.55
Unconsolidated Hospitality Ventures
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated hospitality ventures | venture				1
Number of shares owned (in shares) | shares	86,251,192
Equity method investment, ownership percentage	38.80%					50.00%
Unconsolidated Hospitality Ventures | Level Three - Significant Unobservable Inputs | Tax Obligation Guarantee
Schedule of Equity Method Investments [Line Items]
Maximum potential future payments		$ 100
Unlimited Vacation Club
Schedule of Equity Method Investments [Line Items]
Equity method investments		20
Gain on dilution		79
Unlimited Vacation Club | Level Three - Significant Unobservable Inputs
Schedule of Equity Method Investments [Line Items]
Guarantor obligations, liability, current carrying value		86
Unlimited Vacation Club | Level Three - Significant Unobservable Inputs | Partner's Investment Guarantee
Schedule of Equity Method Investments [Line Items]
Guarantor obligations, liability, current carrying value		25
Maximum potential future payments		70
Unlimited Vacation Club | Level Three - Significant Unobservable Inputs | Tax Obligation Guarantee
Schedule of Equity Method Investments [Line Items]
Guarantor obligations, liability, current carrying value		$ 61

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DEBT AND EQUITY SECURITIES - Schedule of Marketable Securities Held to Fund Operating Programs (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Held for Operating Programs
Schedule of Investments
Total marketable securities held to fund operating programs	$ 1,478	$ 1,390
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments	(280)	(320)
Marketable securities held to fund operating programs included in other assets	1,198	1,070
Loyalty program
Schedule of Investments
Total marketable securities held to fund operating programs	816	807
Deferred compensation plans held in rabbi trusts
Schedule of Investments
Total marketable securities held to fund operating programs	526	489
Captive insurance company
Schedule of Investments
Total marketable securities held to fund operating programs	$ 136	$ 94

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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
	Mar. 31, 2024	Mar. 31, 2023
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	$ 22	$ 17
Revenues for reimbursed costs	11	9
Other income (loss), net (Note 18)	0	6
Other comprehensive income (loss) (Note 13)	(4)	3
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts	2	1
Revenues for reimbursed costs	$ 1	$ 0

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DEBT AND EQUITY SECURITIES - Schedule of Marketable Securities Held for Investment Purposes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments
Common shares in Playa N.V. (Note 8)	$ 118	$ 105
Held for Investment Purposes
Schedule of Investments
Interest-bearing money market funds	234	284
Common shares in Playa N.V. (Note 8)	118	105
Time deposits	14	11
Total marketable securities held to fund operating programs	366	400
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments	(247)	(294)
Marketable securities held for investment purposes included in other assets	$ 119	$ 106

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DEBT AND EQUITY SECURITIES - Schedule of Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Playa Hotels & Resorts N.V.
Schedule of Investments
Other income (loss), net (Note 18)	$ 13	$ 37

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DEBT AND EQUITY SECURITIES - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	$ 1,844	$ 1,790
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	465	599
Level One—Quoted Prices in Active Markets for Identical Assets | Mutual funds and exchange-traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	532	495
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	128	114
Level Two—Significant Other Observable Inputs | Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	39	36
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	325	250
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	27	37
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	274	212
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	22	19
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	28	24
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	4
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total	473	599
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	465	599
Cash and cash equivalents | Level One—Quoted Prices in Active Markets for Identical Assets | Mutual funds and exchange-traded 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	3	0
Cash and cash equivalents | Level Two—Significant Other Observable Inputs | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	5	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	54	15
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 and exchange-traded 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	10	10
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	16	0
Short-term investments | Level Two—Significant Other Observable Inputs | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	0	0
Short-term investments | Level Two—Significant Other Observable Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Debt securities, available-for-sale	28	5
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	1,317	1,176
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 and exchange-traded funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash equivalents	532	495
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	128	114
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	26
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	304	250
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	27	37
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	246	207
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	22	19
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	28	24
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	$ 4

XML

DEBT AND EQUITY SECURITIES - Schedule of Debt and Equity Securities HTM (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
HTM debt securities	$ 53	$ 53
Less: allowance for credit losses	(13)	(13)	$ (32)	$ (31)
Total HTM debt securities, net of allowances	$ 40	$ 40

XML

DEBT AND EQUITY SECURITIES - Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 13	$ 31
Provisions, net	0	1
Ending balance	$ 13	$ 32

XML

RECEIVABLES - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Net receivables	$ 895		$ 883
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance beginning balance	50	$ 63
Provisions, net	3	3
Write-offs	(2)	(3)
Allowance ending balance	$ 51	$ 63

XML

RECEIVABLES - Schedule of Financing Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable
Less: allowance for credit losses	$ (40)	$ (42)
Total long-term financing receivables, net of allowances	136	73
Unsecured Financing
Accounts, Notes, Loans and Financing Receivable
Unsecured financing to hotel owners	199	137
Less: current portion of financing receivables, included in receivables, net	(23)	(22)
Less: allowance for credit losses	$ (40)	$ (42)	$ (43)	$ (44)

XML

RECEIVABLES - Schedule of Allowance for Losses and Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for Losses and Impairments
Allowance beginning balance	$ 42
Allowance ending balance	40
Unsecured Financing
Allowance for Losses and Impairments
Allowance beginning balance	42	$ 44
Reversals, net	(1)	(1)
Foreign currency exchange, net	(1)	0
Allowance ending balance	$ 40	$ 43

XML

RECEIVABLES - Schedule of Credit Monitoring (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Unsecured Financing Receivables
Related allowance	$ (40)	$ (42)
Unsecured Financing
Unsecured Financing Receivables
Gross loan balance (principal and interest)	199	137
Related allowance	(40)	(42)	$ (43)	$ (44)
Net financing receivables	159	95
Gross receivables on nonaccrual status	21	22
Unsecured Financing | Loans
Unsecured Financing Receivables
Gross loan balance (principal and interest)	191	128
Related allowance	(38)	(39)
Net financing receivables	153	89
Gross receivables on nonaccrual status	21	22
Unsecured Financing | Other financing arrangements
Unsecured Financing Receivables
Gross loan balance (principal and interest)	8	9
Related allowance	(2)	(3)
Net financing receivables	6	6
Gross receivables on nonaccrual status	$ 0	$ 0

XML

RECEIVABLES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Significant unobservable inputs (Level Three)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Financing receivables	$ 185	$ 133

XML

ACQUISITIONS AND DISPOSITIONS - Acquisitions Narrative (Details) £ in Millions, $ in Millions				3 Months Ended		12 Months Ended
	Jun. 02, 2023 USD ($)	Jun. 02, 2023 GBP (£)	Feb. 02, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)
Business Acquisition [Line Items]
Cash paid				$ 0	$ 125
Contingent consideration liability (Note 12)				111		$ 115
Mr & Mrs Smith
Business Acquisition [Line Items]
Business acquisition, remaining interest percent acquired in acquisition						100.00%
Net assets acquired | £							£ 53
Purchase price	$ 72	£ 58
Cash paid	$ 50
Dream Hotel Group
Business Acquisition [Line Items]
Business acquisition, remaining interest percent acquired in acquisition					100.00%
Purchase price			$ 232
Cash paid			125		$ 125
Additional consideration			175	$ 174
Contingent consideration liability (Note 12)			$ 107
Decrease in intangibles						$ 21
Increase in goodwill						$ 21
Acquisition related costs					$ 7

XML

ACQUISITIONS AND DISPOSITIONS - Schedule of Net Assets Acquired (Details) £ in Millions, $ in Millions				3 Months Ended
	Jun. 02, 2023 USD ($)	Jun. 02, 2023 GBP (£)	Feb. 02, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Acquired Indefinite-lived Intangible Assets [Line Items]
Cash paid, net of cash acquired				$ 0	$ 125
Fair value of contingent consideration				$ 111		$ 115
Mr & Mrs Smith
Acquired Indefinite-lived Intangible Assets [Line Items]
Cash paid, net of cash acquired	$ 50
Cash acquired	22
Net assets acquired	$ 72	£ 58
Dream Hotel Group
Acquired Indefinite-lived Intangible Assets [Line Items]
Cash paid, net of cash acquired			$ 125		$ 125
Fair value of contingent consideration			107
Net assets acquired			$ 232

XML

ACQUISITIONS AND DISPOSITIONS - Schedule of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions			3 Months Ended
	Jun. 02, 2023	Feb. 02, 2023	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill			$ 2,273	$ 3,205
Customer relationships intangibles
Business Acquisition [Line Items]
Weighted- average useful lives in years			10 years
Mr & Mrs Smith
Business Acquisition [Line Items]
Cash and cash equivalents	$ 22
Receivables	6
Prepaids and other assets	1
Goodwill	39
Indefinite-lived intangibles	12
Deferred tax assets	2
Total assets acquired	110
Accounts payable	1
Accrued expenses and other current liabilities	7
Current contract liabilities	17
Long-term contract liabilities	3
Other long-term liabilities	10
Total liabilities assumed	38
Total net assets acquired attributable to Hyatt Hotels Corporation	72
Mr & Mrs Smith | Customer relationships intangibles
Business Acquisition [Line Items]
Finite-lived intangibles	$ 12
Weighted- average useful lives in years	12 years
Mr & Mrs Smith | Other intangibles
Business Acquisition [Line Items]
Finite-lived intangibles	$ 16
Weighted- average useful lives in years	10 years
Dream Hotel Group
Business Acquisition [Line Items]
Receivables		$ 1
Goodwill		62
Indefinite-lived intangibles		20
Total assets acquired		233
Long-term contract liabilities		1
Total liabilities assumed		1
Total net assets acquired attributable to Hyatt Hotels Corporation		232
Dream Hotel Group | Other intangibles
Business Acquisition [Line Items]
Finite-lived intangibles		$ 7
Weighted- average useful lives in years		20 years
Dream Hotel Group | Management and hotel services agreement intangibles
Business Acquisition [Line Items]
Finite-lived intangibles		$ 143
Dream Hotel Group | Management and hotel services agreement intangibles | Minimum
Business Acquisition [Line Items]
Weighted- average useful lives in years		9 years
Dream Hotel Group | Management and hotel services agreement intangibles | Maximum
Business Acquisition [Line Items]
Weighted- average useful lives in years		22 years
Dream Hotel Group | Management and hotel services agreement intangibles | Weighted Average
Business Acquisition [Line Items]
Weighted- average useful lives in years		17 years

XML

ACQUISITIONS AND DISPOSITIONS - Dispositions Narrative (Details) SFr in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CHF (SFr)	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities held for sale	$ 7		$ 17
Disposal Group, Disposed of by Sale | Hyatt Regency Aruba Resort Spa and Casino
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	173
Seller financing	41
Gains (losses) on sales of real estate	172
Goodwill impairment charges	15
Disposal Group, Held-for-sale, Not Discontinued Operations | Park Hyatt Zurich
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, consideration	300	SFr 270
Seller financing	45	SFr 41
Assets held-for-sale	42
Property plant and equipment held for sale	40
Disposal of liabilities	7
Liabilities held for sale	$ 2

XML

INTANGIBLES, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 1,953	$ 2,167
Accumulated amortization	(388)	(497)
Net carrying value	1,565	1,670
Brand and other indefinite-lived intangibles
Indefinite-lived Intangible Assets [Line Items]
Brand and other indefinite-lived intangibles	$ 608	608
Management and hotel services agreement and franchise agreement intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted- average useful lives in years	15 years
Gross carrying value	$ 903	906
Accumulated amortization	(266)	(248)
Net carrying value	$ 637	658
Customer relationships intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted- average useful lives in years	10 years
Gross carrying value	$ 410	620
Accumulated amortization	(116)	(243)
Net carrying value	$ 294	377
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted- average useful lives in years	11 years
Gross carrying value	$ 32	33
Accumulated amortization	(6)	(6)
Net carrying value	$ 26	$ 27

XML

INTANGIBLES, NET - Schedule of Intangible Assets Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 36	$ 44

XML

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other Assets, Noncurrent [Abstract]
Management and hotel services agreement and franchise agreement assets constituting payments to customers	$ 884	$ 896
Marketable securities held to fund the loyalty program (Note 4)	595	495
Marketable securities held to fund rabbi trusts (Note 4)	526	489
Common shares in Playa N.V. (Note 4)	118	105
Long-term investments (Note 4)	96	96
Marketable securities held for captive insurance company (Note 4)	77	86
Deferred costs related to the paid membership program	0	194
Other	130	116
Total other assets	$ 2,426	$ 2,477

XML

DEBT - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument
Long-term debt and lease obligation	$ 3,055,000,000		$ 3,056,000,000
Current maturities of long-term debt	751,000,000		751,000,000
Unamortized discount and deferred financing fees	12,000,000		13,000,000
Revolving Credit Facility
Debt Instrument
Repayments of revolving credit facility during period	0	$ 0
Proceeds from revolving credit facility during period	0	0
Revolving credit facility, outstanding balance	0		$ 0
Line of credit facility, remaining borrowing capacity	1,496,000,000
2027 Notes | Senior Notes
Debt Instrument
Long-term debt	$ 600,000,000
Debt instrument, interest rate, stated percentage	5.75%
2023 Notes Floating Rate | Senior Notes
Debt Instrument
Repurchases senior notes		$ 13,000,000
2024 Notes | Senior Notes
Debt Instrument
Long-term debt	$ 750,000,000
Debt instrument, interest rate, stated percentage	1.80%
2025 Notes | Senior Notes
Debt Instrument
Long-term debt	$ 450,000,000
Debt instrument, interest rate, stated percentage	5.375%
2026 Notes | Senior Notes
Debt Instrument
Long-term debt	$ 400,000,000
Debt instrument, interest rate, stated percentage	4.85%
2028 Notes | Senior Notes
Debt Instrument
Long-term debt	$ 400,000,000
Debt instrument, interest rate, stated percentage	4.375%
2030 Notes | Senior Notes
Debt Instrument
Long-term debt	$ 450,000,000
Debt instrument, interest rate, stated percentage	5.75%

XML

DEBT - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument
Finance lease obligations	$ 5	$ 6
Unamortized discount and deferred financing fees	12	13
Quoted prices in active markets for identical assets (Level One)
Debt Instrument
Debt	0	0
Significant other observable inputs (Level Two)
Debt Instrument
Debt	3,025	3,032
Significant unobservable inputs (Level Three)
Debt Instrument
Debt	28	30
Carrying value
Debt Instrument
Debt	3,062	3,063
Fair value
Debt Instrument
Debt	$ 3,053	$ 3,062

XML

OTHER LONG-TERM LIABILITIES - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities [Abstract]
Deferred compensation plans funded by rabbi trusts (Note 4)	$ 526	$ 489
Income taxes payable	337	407
Guarantee liabilities (Note 12)	209	142
Contingent consideration liability (Note 12)	111	115
Self-insurance liabilities (Note 12)	48	66
Deferred income taxes (Note 11)	74	73
Other	66	59
Other long-term liabilities	$ 1,371	$ 1,351

XML

TAXES (Details) - USD ($) $ in Millions		3 Months Ended
	Oct. 02, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Contingency [Line Items]
Provision for income taxes		$ 19	$ 47
Estimated income tax liability based on taxing authority’s assessment		19
Unrecognized tax benefits		289		$ 301
Amount of unrecognized tax benefits that would affect the tax rate if recognized		92		$ 120
Mexican Tax Authority
Income Tax Contingency [Line Items]
Estimated income tax liability based on taxing authority’s assessment		14
Unrecognized tax liability		$ 37
Tax Year 2009 Through 2011
Income Tax Contingency [Line Items]
Taxable income that must be recognized	$ 12
Estimated tax liability	2
Tax Year 2012 Through 2023
Income Tax Contingency [Line Items]
Estimated income tax liability based on taxing authority’s assessment	236
Estimated interest, net of federal benefit	35
Preceding Tax Year 2009
Income Tax Contingency [Line Items]
Taxable income that doesn't need to be recognized	$ 228

XML

COMMITMENTS AND CONTINGENCIES - Commitments and Performance Guarantees (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Performance Guarantee
Loss Contingencies
Remaining maximum exposure	$ 98
Guarantor obligations, liability, current carrying value	93	$ 99
Performance Guarantee | Other Long-term liabilities
Loss Contingencies
Guarantor obligations, liability, current carrying value	85	91
Performance Guarantee | Accrued Expenses and Other Current Liabilities
Loss Contingencies
Guarantor obligations, liability, current carrying value	8	$ 8
Various Business Ventures
Loss Contingencies
Commitment to loan or investment	$ 462

XML

COMMITMENTS AND CONTINGENCIES - Schedule of Debt Repayment and Other Guarantees (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies
Other long-term liabilities recorded	$ 209	$ 142
Debt Repayment and Other Guarantees
Loss Contingencies
Maximum potential future payments	224
Maximum exposure net of recoverability from third parties	103
Other long-term liabilities recorded	42	51
Debt Repayment and Other Guarantees | Hotel Properties in India | Joint Venture
Loss Contingencies
Maximum exposure net of recoverability from third parties	$ 25
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	$ 140
Maximum exposure net of recoverability from third parties	41
Other long-term liabilities recorded	27	30
Debt Repayment and Other Guarantees | All foreign
Loss Contingencies
Maximum potential future payments	84
Maximum exposure net of recoverability from third parties	62
Other long-term liabilities recorded	$ 15	$ 21

XML

COMMITMENTS AND CONTINGENCIES - Other Guarantees, Guarantee Liabilities Fair Value , Contingent Consideration Fair Value , Insurance, Collective Bargaining Agreements, Surety Bonds, and Letters of Credit, and Other (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Feb. 02, 2023
Loss Contingencies
Guarantees, fair value disclosure	$ 228	$ 148
Self insurance reserve, current	41	41
Self-insurance liabilities, noncurrent	74	$ 73
Surety bonds	246
Estimated income tax liability based on taxing authority’s assessment	19
Letter of Credit
Loss Contingencies
Letters of credit outstanding	157
Reducing capacity under revolving credit facility	$ 4
Various US
Loss Contingencies
Multiemployer plans, collective-bargaining arrangement, percentage of participants	21.00%
Dream Hotel Group
Loss Contingencies
Outstanding liability balance	$ 174		$ 175
Guarantee Type, Other
Loss Contingencies
Maximum potential future payments	170
Financial Guarantee
Loss Contingencies
Maximum potential future payments	$ 82

XML

COMMITMENTS AND CONTINGENCIES - Schedule of Contingent Consideration Fair Value (Details) - Contingent Consideration - USD ($) $ in Millions	2 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value at the beginning period	$ 107	$ 115
Change in fair value (Note 18)	0	(4)
Fair Value at the ending period	$ 107	$ 111

XML

EQUITY - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 3,567	$ 3,702
Balance, end of period	3,660	3,696
Interest Rate Contract
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reclassification out of AOCI within next 12 months	5
Accumulated other comprehensive loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(175)	(242)
Current period other comprehensive income (loss) before reclassification	(25)	18
Amount reclassified from accumulated other comprehensive loss	3	1
Balance, end of period	(197)	(223)
Foreign currency translation adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(156)	(202)
Current period other comprehensive income (loss) before reclassification	(21)	15
Amount reclassified from accumulated other comprehensive loss	3	0
Balance, end of period	(174)	(187)
AFS debt securities unrealized fair value adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	4	(11)
Current period other comprehensive income (loss) before reclassification	(3)	3
Amount reclassified from accumulated other comprehensive loss	0	0
Balance, end of period	1	(8)
Pension liabilities adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	0
Current period other comprehensive income (loss) before reclassification	0
Amount reclassified from accumulated other comprehensive loss	(1)
Balance, end of period	(1)
Derivative instruments adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(23)	(29)
Current period other comprehensive income (loss) before reclassification	(1)	0
Amount reclassified from accumulated other comprehensive loss	1	1
Balance, end of period	$ (23)	$ (28)

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EQUITY - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	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	$ 773,000,000
Stock repurchased and retired during period (in shares)	2,515,656	1,018,931
Weighted-average price per share (in dollars per share)	$ 154.09	$ 104.50
Aggregate purchase price	$ 388,000,000	$ 106,000,000
Shares repurchased and not settled yet (in shares)		73,368	106,116
Stock repurchased and retired during period, value, not settled yet	$ 0	$ 8,000,000	$ 9,000,000

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EQUITY - Schedule of Dividends Payable (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Mar. 12, 2024	Feb. 14, 2024	Mar. 31, 2024	Mar. 31, 2023
Dividends Payable [Line Items]
Total cash dividends declared			$ 15	$ 0
Cash dividend (in dollars per share)	$ 0.15
Cash dividend declared (in dollars per share)		$ 0.15	$ 0.15
Class A common stock
Dividends Payable [Line Items]
Total cash dividends declared			$ 6	0
Class B common stock
Dividends Payable [Line Items]
Total cash dividends declared			$ 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
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 31	$ 32
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	12	11
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	16	17
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Compensation expense	$ 3	$ 4

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STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	219,570	284,912
Granted (in dollars per share)	$ 68.83	$ 48.54
Future compensation expense	$ 4
Future compensation expense, period for recognition	2 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Grants in period (in shares)	280,081	405,464
Granted (in dollars per share)	$ 156.91	$ 111.70
Future compensation expense	$ 48
Future compensation expense, period for recognition	3 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award
Future compensation expense	$ 17
Future compensation expense, period for recognition	2 years

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RELATED-PARTY TRANSACTIONS - Legal Services (Details) - Related Party - Related Party Legal Services - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction
General and administrative	$ 6	$ 4
Due to related party	$ 6		$ 2

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RELATED-PARTY TRANSACTIONS - Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 28, 2024	Feb. 27, 2024	Dec. 31, 2023
Related Party Transaction
Net receivables	$ 895				$ 883
Total long-term financing receivables, net of allowances	$ 136				73
Unconsolidated Hospitality Ventures
Related Party Transaction
Equity method investment, ownership percentage			38.80%	50.00%
Minimum | Unconsolidated Hospitality Ventures
Related Party Transaction
Equity method investment, ownership percentage	20.00%
Maximum | Unconsolidated Hospitality Ventures
Related Party Transaction
Equity method investment, ownership percentage	50.00%
Related Party
Related Party Transaction
Net receivables	$ 74				43
Total long-term financing receivables, net of allowances	44				$ 21
Franchise or License Fees | Related Party
Related Party Transaction
Related party amounts	15	$ 6
Related Parties Guarantees | Related Party
Related Party Transaction
Related party amounts	$ 1	$ 2

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RELATED-PARTY TRANSACTIONS - Share Conversion (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Class B common stock
Related Party Transaction
Class share conversions (in shares)	(766,296)
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Class A common stock
Related Party Transaction
Class share conversions (in shares)	766,296
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01

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RELATED-PARTY TRANSACTIONS - Share Repurchase (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction
Stock repurchased and retired during period (in shares)	2,515,656	1,018,931
Weighted-average price per share (in dollars per share)	$ 154.09	$ 104.50
Aggregate purchase price	$ 388	$ 106
Class B common stock
Related Party Transaction
Stock repurchased and retired during period (in shares)	1,987,229
Aggregate purchase price	$ 312
Class B common stock | Weighted Average
Related Party Transaction
Weighted-average price per share (in dollars per share)	$ 156.67

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SEGMENT INFORMATION - Schedule of Summarized Consolidated Financial Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information
Total revenues	$ 1,714	$ 1,680
Adjusted EBITDA	252	268
Depreciation and amortization	92	98
Net fees
Segment Reporting Information
Total revenues	249	221
Gross fees
Segment Reporting Information
Total revenues	262	231
Base management fees
Segment Reporting Information
Total revenues	98	91
Incentive management fees
Segment Reporting Information
Total revenues	64	57
Franchise, license, and other fees
Segment Reporting Information
Total revenues	100	83
Contra revenue
Segment Reporting Information
Total revenues	(13)	(10)
Owned and leased
Segment Reporting Information
Total revenues	309	314
Rooms and packages
Segment Reporting Information
Total revenues	187	190
Food and beverage
Segment Reporting Information
Total revenues	83	85
Other
Segment Reporting Information
Total revenues	39	39
Other revenues
Segment Reporting Information
Total revenues	35	88
Revenues for reimbursed costs
Segment Reporting Information
Total revenues	802	729
Distribution
Segment Reporting Information
Total revenues	319	328
Operating Segments | Management and franchising
Segment Reporting Information
Total revenues	1,075	1,013
Adjusted EBITDA	203	184
Depreciation and amortization	19	19
Operating Segments | Owned and leased
Segment Reporting Information
Total revenues	316	322
Adjusted EBITDA	60	71
Depreciation and amortization	44	46
Operating Segments | Distribution
Segment Reporting Information
Total revenues	345	369
Adjusted EBITDA	39	58
Depreciation and amortization	21	27
Operating Segments | Overhead
Segment Reporting Information
Total revenues	0	0
Adjusted EBITDA	(51)	(46)
Depreciation and amortization	8	6
Operating Segments | Net fees | Management and franchising
Segment Reporting Information
Total revenues	264	237
Operating Segments | Net fees | Owned and leased
Segment Reporting Information
Total revenues	0	0
Operating Segments | Net fees | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Net fees | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Gross fees | Management and franchising
Segment Reporting Information
Total revenues	277	247
Operating Segments | Gross fees | Owned and leased
Segment Reporting Information
Total revenues	0	0
Operating Segments | Gross fees | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Gross fees | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Base management fees | Management and franchising
Segment Reporting Information
Total revenues	107	100
Operating Segments | Base management fees | Owned and leased
Segment Reporting Information
Total revenues	0	0
Operating Segments | Base management fees | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Base management fees | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Incentive management fees | Management and franchising
Segment Reporting Information
Total revenues	68	62
Operating Segments | Incentive management fees | Owned and leased
Segment Reporting Information
Total revenues	0	0
Operating Segments | Incentive management fees | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Incentive management fees | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Franchise, license, and other fees | Management and franchising
Segment Reporting Information
Total revenues	102	85
Operating Segments | Franchise, license, and other fees | Owned and leased
Segment Reporting Information
Total revenues	0	0
Operating Segments | Franchise, license, and other fees | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Franchise, license, and other fees | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Contra revenue | Management and franchising
Segment Reporting Information
Total revenues	(13)	(10)
Operating Segments | Contra revenue | Owned and leased
Segment Reporting Information
Total revenues	0	0
Operating Segments | Contra revenue | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Contra revenue | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Owned and leased | Management and franchising
Segment Reporting Information
Total revenues	0	0
Operating Segments | Owned and leased | Owned and leased
Segment Reporting Information
Total revenues	316	322
Operating Segments | Owned and leased | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Owned and leased | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Rooms and packages | Management and franchising
Segment Reporting Information
Total revenues	0	0
Operating Segments | Rooms and packages | Owned and leased
Segment Reporting Information
Total revenues	194	198
Operating Segments | Rooms and packages | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Rooms and packages | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Food and beverage | Management and franchising
Segment Reporting Information
Total revenues	0	0
Operating Segments | Food and beverage | Owned and leased
Segment Reporting Information
Total revenues	83	85
Operating Segments | Food and beverage | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Food and beverage | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Other | Management and franchising
Segment Reporting Information
Total revenues	0	0
Operating Segments | Other | Owned and leased
Segment Reporting Information
Total revenues	39	39
Operating Segments | Other | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Other | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Other revenues | Management and franchising
Segment Reporting Information
Total revenues	9	47
Operating Segments | Other revenues | Owned and leased
Segment Reporting Information
Total revenues	0	0
Operating Segments | Other revenues | Distribution
Segment Reporting Information
Total revenues	26	41
Operating Segments | Other revenues | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Revenues for reimbursed costs | Management and franchising
Segment Reporting Information
Total revenues	802	729
Operating Segments | Revenues for reimbursed costs | Owned and leased
Segment Reporting Information
Total revenues	0	0
Operating Segments | Revenues for reimbursed costs | Distribution
Segment Reporting Information
Total revenues	0	0
Operating Segments | Revenues for reimbursed costs | Overhead
Segment Reporting Information
Total revenues	0	0
Operating Segments | Distribution | Management and franchising
Segment Reporting Information
Total revenues	0	0
Operating Segments | Distribution | Owned and leased
Segment Reporting Information
Total revenues	0	0
Operating Segments | Distribution | Distribution
Segment Reporting Information
Total revenues	319	328
Operating Segments | Distribution | Overhead
Segment Reporting Information
Total revenues	0	0
Eliminations
Segment Reporting Information
Total revenues	(22)	(24)
Adjusted EBITDA	1	1
Depreciation and amortization	0	0
Eliminations | Management and franchising
Segment Reporting Information
Total revenues	(15)	(16)
Eliminations | Owned and leased
Segment Reporting Information
Total revenues	(7)	(8)
Eliminations | Distribution
Segment Reporting Information
Total revenues	0	0
Eliminations | Overhead
Segment Reporting Information
Total revenues	0	0
Eliminations | Net fees
Segment Reporting Information
Total revenues	(15)	(16)
Eliminations | Gross fees
Segment Reporting Information
Total revenues	(15)	(16)
Eliminations | Base management fees
Segment Reporting Information
Total revenues	(9)	(9)
Eliminations | Incentive management fees
Segment Reporting Information
Total revenues	(4)	(5)
Eliminations | Franchise, license, and other fees
Segment Reporting Information
Total revenues	(2)	(2)
Eliminations | Contra revenue
Segment Reporting Information
Total revenues	0	0
Eliminations | Owned and leased
Segment Reporting Information
Total revenues	(7)	(8)
Eliminations | Rooms and packages
Segment Reporting Information
Total revenues	(7)	(8)
Eliminations | Food and beverage
Segment Reporting Information
Total revenues	0	0
Eliminations | Other
Segment Reporting Information
Total revenues	0	0
Eliminations | Other revenues
Segment Reporting Information
Total revenues	0	0
Eliminations | Revenues for reimbursed costs
Segment Reporting Information
Total revenues	0	0
Eliminations | Distribution
Segment Reporting Information
Total revenues	$ 0	$ 0

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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
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information
Net income attributable to Hyatt Hotels Corporation	$ 522	$ 58
Interest expense	38	33
Provision for income taxes	19	47
Depreciation and amortization	92	98
Total revenues	1,714	1,680
Equity (earnings) losses from unconsolidated hospitality ventures	(75)	2
Stock-based compensation expense (Note 14)	31	32
Gains on sales of real estate and other (Note 4 and Note 6)	(403)	0
Asset impairments	17	2
Other (income) loss, net (Note 18)	(53)	(48)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	17	14
Adjusted EBITDA	252	268
Contra revenue
Segment Reporting Information
Total revenues	(13)	(10)
Revenues for reimbursed costs
Segment Reporting Information
Total revenues	802	729
Reimbursed costs
Segment Reporting Information
Reimbursed costs	$ 836	$ 749

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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		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Numerator:
Net income	$ 522	$ 58
Net income attributable to noncontrolling interests	0	0
Net income attributable to Hyatt Hotels Corporation	$ 522	$ 58
Denominator:
Basic weighted-average shares outstanding (in shares)	102,777,418	106,389,110
Share-based compensation (in shares)	3,126,173	2,541,102
Diluted weighted-average shares outstanding (in shares)	105,903,591	108,930,212
Basic Earnings Per Class A and Class B Share:
Net income (in dollars per share)	$ 5.08	$ 0.55
Net income attributable to noncontrolling interests (in dollars per share)	0	0
Net income attributable to Hyatt Hotels Corporation (in dollars per share)	5.08	0.55
Diluted Earnings Per Class A and Class B Share:
Net income (in dollars per share)	4.93	0.53
Net income attributable to noncontrolling interests (in dollars per share)	0	0
Net income attributable to Hyatt Hotels Corporation (in dollars per share)	$ 4.93	$ 0.53
Shares repurchased and not settled yet (in shares)		73,368	106,116

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EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Losses Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	1,800	7,000
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities excluded from computation of earnings per share (in shares)	2,800	1,400

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OTHER INCOME (LOSS), NET - Schedule of Other Income (Loss), Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Interest income	$ 22	$ 17
Unrealized gains, net (Note 4)	13	43
Depreciation recovery	6	4
Guarantee amortization income (Note 12)	11	3
Contingent consideration liability fair value adjustment (Note 12)	4	0
Transaction costs (Note 6)	(1)	(7)
Guarantee expense (Note 12)	(3)	(11)
Other, net	1	(1)
Other income (loss), net	$ 53	$ 48

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SUBSEQUENT EVENTS (Details) - USD ($)	May 08, 2024	May 01, 2024	Apr. 23, 2024	Mar. 31, 2024	May 10, 2023	Dec. 18, 2019
Subsequent Event [Line Items]
Stock repurchase program, authorized amount (up to)					$ 1,055,000,000	$ 750,000,000
Stock repurchase program, remaining authorized repurchase amount				$ 773,000,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount (up to)	$ 1,000,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 1,800,000,000
Disposal Group, Disposed of by Sale | Hyatt Regency San Antonio Riverwalk | Subsequent Event
Subsequent Event [Line Items]
Disposal group, consideration			$ 230,000,000
Disposal Group, Disposed of by Sale | Hyatt Regency Green Bay | Subsequent Event
Subsequent Event [Line Items]
Disposal group, consideration		$ 5,000,000