0001468174false00014681742024-10-312024-10-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 31, 2024
 
HYATT HOTELS CORPORATION
(Exact Name of Registrant as Specified in Charter)
Delaware 001-34521 20-1480589
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer
Identification No.)
  150 North Riverside Plaza  
8th FloorChicago,Illinois 60606
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (312) 750-1234
Former Name or Former Address, if Changed Since Last Report: Not Applicable
 
 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, $0.01 par valueHNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.
☐



Item 2.02. Results of Operations and Financial Condition.
    On October 31, 2024, Hyatt Hotels Corporation (the "Company") issued a press release announcing its results for its quarter ended September 30, 2024. The full text of the press release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.
    The information in this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
On October 31, 2024, the Company published a supplemental investor presentation which may be accessed through the Company's investor relations website. A copy of the supplemental presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
The information furnished under Item 7.01 and Exhibit 99.2 in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act, except as set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
    (d) Exhibits.
99.1 
99.2 
101 Interactive Data File - XBRL tags are embedded within the Inline XBRL document
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)




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 hereunto duly authorized.
 
 Hyatt Hotels Corporation
Date: October 31, 2024
 By:/s/ Joan Bottarini
 Joan Bottarini
 Executive Vice President, Chief Financial Officer

 


Exhibit 99.1


hy_l001b-rxcolorxcmyk2.jpg
HYATT REPORTS THIRD QUARTER 2024 RESULTS
CHICAGO (October 31, 2024) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third quarter 2024 results. Highlights include:
•Comparable system-wide hotels RevPAR increased 3.0% compared to the same period in 2023
•Comparable system-wide all-inclusive resorts Net Package RevPAR decreased 0.9% compared to the same period in 2023
•Net Rooms Growth was approximately 4.3%
•Net Income was $471 million and Adjusted Net Income was $96 million
•Diluted EPS was $4.63 and Adjusted Diluted EPS was $0.94
•Adjusted EBITDA was $275 million
•Pipeline of executed management or franchise contracts was approximately 135,000 rooms
•Repurchased approximately 4.5 million shares of Class A and Class B common stock for an aggregate purchase price of $657 million
•Full year comparable system-wide hotels RevPAR is projected to increase 3.0% to 4.0% on a constant currency basis compared to full year 2023
•Full year Net Income is projected between $1,400 million and $1,450 million
•Full year Adjusted EBITDA is projected between $1,100 million and $1,120 million
•Full year Capital Returns to Shareholders is projected to be approximately $1,250 million
Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, "We reported solid third quarter results, with gross fee revenues reaching $268 million. Our pipeline reached a new record of approximately 135,000 rooms, increasing 10% year-over-year, and World of Hyatt membership expanded to a record of 51 million members, growing a remarkable 22% year-over-year. Our operating results and capital allocation strategy, including the completion of our 2021 asset-disposition commitment, acquisition of Standard International, and planned joint venture transaction to manage Bahia Principe branded hotels and resorts, demonstrate the strength of our asset-light earnings model leading to the return of over $1.2 billion to shareholders through share repurchases and dividends so far this year."
Refer to the table on page A-7 of the schedules for a summary of special items impacting Adjusted Net Income and Adjusted Diluted EPS for the three months and nine months ended September 30, 2024.
Note: All RevPAR and ADR percentage changes are in constant dollars. All Net Package RevPAR and Net Package ADR percentage changes are in reported dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page A-5.



Segment Results and Highlights
(in millions)Three Months Ended September 30,
20242023Change (%)
Management and franchising$210 $192 8.9 %
Owned and leased63 72 (12.5)%
Distribution38 31 26.1 %
Overhead(36)(42)15.1 %
Eliminations— — (240.7)%
Adjusted EBITDA$275 $253 8.9 %
•Management and franchising: Results reflected strong business transient and group travel demand during the third quarter. In the United States, performance was driven by business transient and group travel while leisure was impacted by renovations, weather, and increased international outbound to Europe and Asia Pacific (excluding Greater China). In Europe, RevPAR increased 15% during the period, bolstered by the Summer Olympics in Paris. Greater China continued to experience meaningful international outbound travel to other markets within Asia, with RevPAR in Asia Pacific (excluding Greater China) up 10% during the quarter.
•Owned and leased: Adjusted EBITDA in the third quarter increased 13% compared to the third quarter of 2023, when adjusted for the net impact of transactions. Comparable margins increased 210 bps compared to the third quarter of 2023, led by strong ADR from the Democratic National Convention in Chicago and the Summer Olympics in Paris.
•Distribution: Results for the third quarter reflect more seasonal booking patterns compared to last year and the impact of Hurricanes Beryl and Helene, partially offset by Mr & Mrs Smith commissions and certain ALG Vacations travel credits. Excluding the impact of the UVC Transaction, Adjusted EBITDA decreased $5 million.
Openings and Development
In the third quarter, 16 new hotels (or 2,589 rooms) joined Hyatt's portfolio. Notable openings included Alila Shanghai, Brunfels Hotel, part of The Unbound Collection by Hyatt, Grand Hyatt Kunming, and Park Hyatt Marrakech. During the quarter, the Company announced its exclusive alliance with Under Canvas with 13 outdoor resorts, including ULUM Moab.
As of September 30, 2024, the Company had a pipeline of executed management or franchise contracts for approximately 690 hotels (approximately 135,000 rooms).
Transactions and Capital Strategy
As a result of the previously announced sale of Hyatt Regency Orlando and an adjacent undeveloped land parcel on August 16, 2024, the Company exceeded its $2 billion asset-disposition commitment announced in August 2021. The Company has realized $2.6 billion of gross proceeds, net of acquisitions, at a 13.3x multiple over the three-year period and expects to exceed 80% asset-light earnings mix in 2025.
Additionally, as previously announced, the Company closed on the acquisition of Standard International on October 1, 2024 for approximately $150 million with up to an additional $185 million of contingent consideration.
On October 28, 2024, the Company announced plans to enter into a long-term, asset-light joint venture with Grupo Piñero, investing €359 million at closing for 50% of the joint venture plus an additional €60 million when certain conditions are met (the "Bahia Principe Transaction"). This transaction is expected to close in the coming months subject to customary closing conditions, and upon closing, will add 23 all-inclusive resorts (or approximately 12,000 rooms) to Hyatt's managed portfolio.
Balance Sheet and Liquidity
As of September 30, 2024, the Company reported the following:
•Total debt of $3,142 million.
•Pro rata share of unconsolidated hospitality venture debt of $454 million, substantially all of which is non-recourse to Hyatt and a portion of which Hyatt guarantees pursuant to separate agreements.
•Total liquidity of approximately $2.6 billion with $1,134 million of cash and cash equivalents and short-term investments, and borrowing availability of $1,497 million under Hyatt's revolving credit facility, net of letters of credit outstanding.
•During the quarter, the Company repaid the outstanding balance on the $750 million of 1.800% senior notes due 2024 at maturity for approximately $753 million, inclusive of $7 million of accrued interest.
2



During the third quarter, the Company repurchased a total of 2,858,280 shares of Class A common stock for approximately $407 million and a total of 1,642,251 shares of Class B common stock for approximately $250 million. As of September 30, 2024, the Company has approximately $982 million remaining under the share repurchase authorization.
The Company's board of directors has declared a cash dividend of $0.15 per share for the fourth quarter of 2024. The dividend is payable on December 6, 2024 to Class A and Class B stockholders of record as of November 22, 2024.
2024 Outlook
The Company is providing the following updated outlook for the 2024 fiscal year:
Full Year 2024 vs. 2023
System-Wide Hotels RevPAR1
3.0% to 4.0%
Net Rooms Growth7.75% to 8.25%
Net Rooms Growth excluding Bahia Principe Transaction4.0% to 4.5%
(in millions)Full Year 2024
Net Income
$1,400 - $1,450
Gross Fees$1,085 - $1,110
Adjusted G&A Expenses2
$425 - $435
Adjusted EBITDA2, 3
$1,100 - $1,120
Capital Expenditures
Approx. $170
Free Cash Flow2
$380 - $410
Capital Returns to Shareholders4
Approx. $1,250

1 RevPAR is based on constant currency whereby previous periods are translated based on the current period exchange rate. RevPAR percentage for 2024 vs. 2023 is based on comparable hotels.
2 Refer to the tables on schedule A-9 for a reconciliation of estimated Net Income attributable to Hyatt Hotels Corporation to Adjusted EBITDA, G&A expenses to Adjusted G&A Expenses, and net cash provided by operating activities to Free Cash Flow.
3 During the nine months ended September 30, 2024, the Company revised its definition of Adjusted EBITDA to exclude transaction and integration costs and recast prior-period results to provide comparability. Adjusted EBITDA outlook reflects the removal of approximately $26 million relating to this definition revision. Refer to page A-5 of the schedules for additional detail.
4 The Company expects to return capital to shareholders through a combination of cash dividends on its common stock and share repurchases.
No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2024 Outlook other than as noted with respect to Net Rooms Growth expectations related to the timing of the Bahia Principe Transaction closing. The Company's 2024 Outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that Hyatt will achieve these results.
3



Conference Call Information
The Company will hold an investor conference call this morning, October 31, 2024, at 9:00 a.m. CT.
Participants are encouraged to listen to a simultaneous webcast of the conference call, which may be accessed through the Company's website at investors.hyatt.com. Alternatively, participants may access the live call by dialing: 800.715.9871 (U.S. Toll-Free) or 646.307.1963 (International Toll Number) using conference ID# 2303828 approximately 15 minutes prior to the scheduled start time.
A replay of the call will be available for one week beginning on Thursday, October 31, 2024, at 12:00 p.m. CT by dialing: 800.770.2030 (U.S. Toll-Free) or 609.800.9909 (International Toll Number) using conference ID# 2303828. An archive of the webcast will be available on the Company's website for 90 days.
Investor Contacts
•Adam Rohman, 312.780.5834, adam.rohman@hyatt.com
•Ryan Nuckols, 312.780.5784, ryan.nuckols@hyatt.com
Media Contact
•Franziska Weber, 312.780.6106, franziska.weber@hyatt.com
Forward-Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, outlook, occupancy, the number of properties we expect to open in the future, pace and booking trends, the expected timing and payment of dividends, RevPAR trends, our expected Adjusted G&A Expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected one-time integration-related expenses, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: 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; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including as a result of the U.S. presidential election, and 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 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; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. 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. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. 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.
4



Non-GAAP Financial Measures
The Company refers to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including: Adjusted Net Income; Adjusted Diluted EPS; Adjusted EBITDA; Adjusted G&A Expenses; and Free Cash Flow. See the schedules to this earnings release, including the "Definitions" section, for additional information and reconciliations of such non-GAAP financial measures.
Availability of Information on Hyatt's Website and Social Media Channels
Investors and others should note that Hyatt routinely announces material information to investors and the marketplace using U.S. Securities and Exchange Commission (SEC) filings, press releases, public conference calls, webcasts and the Hyatt Investor Relations website. The Company uses these channels as well as social media channels (e.g., the Hyatt Facebook account (facebook.com/hyatt); the Hyatt Instagram account (instagram.com/hyatt/); the Hyatt X account (twitter.com/hyatt); the Hyatt LinkedIn account (linkedin.com/company/hyatt/); and the Hyatt YouTube account (youtube.com/user/hyatt)) as a means of disclosing information about the Company's business to our guests, customers, colleagues, investors, and the public. While not all of the information that the Company posts to the Hyatt Investor Relations website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Hyatt to review the information that it shares at the Investor Relations link located at the bottom of the page on hyatt.com and on the Company's social media channels. Users may automatically receive email alerts and other information about the Company when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of Hyatt's website at investors.hyatt.com. The contents of these websites are not incorporated by reference into this press release or any report or document Hyatt files with the SEC, and any references to the websites are intended to be inactive textual references only.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of September 30, 2024, the Company's portfolio included more than 1,350 hotels and all-inclusive properties in 79 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt®; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt®; and the Inclusive Collection, including 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. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Mr & Mrs Smith™, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

5

Hyatt Hotels Corporation
Table of Contents
Financial Information
(unaudited)
















Percentages on the following schedules may not recompute due to rounding. Not meaningful percentage changes are presented as "NM".
6

Hyatt Hotels Corporation
Condensed Consolidated Statements of Income
(unaudited)
(in millions, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
REVENUES:
Base management fees$97 $94 $295 $281 
Incentive management fees52 51 170 167 
Franchise and other fees119 98 340 272 
Gross fees268 243 805 720 
Contra revenue(27)(12)(56)(34)
Net fees241 231 749 686 
Owned and leased287 329 910 984 
Distribution221 229 818 832 
Other revenues13 79 58 238 
Revenues for reimbursed costs867 754 2,511 2,267 
Total revenues1,629 1,622 5,046 5,007 
DIRECT AND GENERAL AND ADMINISTRATIVE EXPENSES:
General and administrative126 122 412 411 
Owned and leased228 256 716 753 
Distribution182 185 690 669 
Other direct costs19 81 81 266 
Transaction and integration costs (a)8 8 26 31 
Depreciation and amortization81 100 257 297 
Reimbursed costs881 764 2,570 2,302 
Total direct and general and administrative expenses1,525 1,516 4,752 4,729 
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts18 (9)46 26 
Equity earnings (losses) from unconsolidated hospitality ventures(13)7 32 4 
Interest expense(50)(41)(128)(105)
Gains (losses) on sales of real estate and other514 18 1,267 18 
Asset impairments(35)(6)(52)(13)
Other income (loss), net70 26 152 93 
Income before income taxes608 101 1,611 301 
Provision for income taxes(137)(33)(259)(107)
Net income471 68 1,352 194 
Net income attributable to noncontrolling interests— — — — 
Net income attributable to Hyatt Hotels Corporation$471 $68 $1,352 $194 
EARNINGS PER CLASS A AND CLASS B SHARE:
Net income attributable to Hyatt Hotels Corporation—Basic$4.75 $0.65 $13.38 $1.84 
Net income attributable to Hyatt Hotels Corporation—Diluted$4.63 $0.63 $13.04 $1.80 
Basic weighted-average shares outstanding99.1104.3101.0105.4
Diluted weighted-average shares outstanding101.7106.9103.6107.9
(a) During the nine months ended September 30, 2024, we presented a new financial statement line item to provide enhanced visibility on our condensed consolidated statements of income and reclassified prior-period results for comparability. Transaction and integration costs includes integration costs, which were previously recognized in integration costs and include expenses incurred related to the integration of recently acquired businesses, including certain compensation expenses, professional fees, sales and marketing expenses, and technology expenses; transaction costs for potential transactions, primarily related to professional fees incurred for acquisitions and dispositions, which were previously recognized in general and administrative expenses; and transaction costs for completed transactions, primarily related to professional fees incurred for acquisitions, which were previously recognized in other income (loss), net. Transaction costs for completed dispositions continue to be recognized in gains (losses) on sales of real estate and other.
A - 1

Hyatt Hotels Corporation
Comparable System-wide Hotel Operating Statistics by Geography
Three Months Ended September 30,
(in constant $)RevPAROccupancyADR
2024vs. 20232024vs. 20232024vs. 2023
System-wide hotels (a)$146.18 3.0 %72.5  %1.3% pts$201.75 1.2  %
United States$153.76 1.2 %73.0 %0.4% pts$210.59 0.6 %
Americas (excluding United States)$153.01 3.6 %67.8 %0.4% pts$225.82 3.0 %
Greater China$90.28 (6.7)%73.4 %1.7% pts$122.96 (8.8)%
Asia Pacific (excluding Greater China)$140.89 10.4 %71.9  %3.2% pts$196.02 5.5  %
Europe$209.14 15.0 %74.9  %4.3% pts$279.17 8.4  %
Middle East & Africa$95.03 2.5 %64.7  %2.7% pts$146.92 (1.7) %
Owned and leased hotels (b) $216.01 10.2 %75.4 %2.8% pts$286.43 6.0 %
(in reported $)Net Package RevPAROccupancyNet Package ADR
2024vs. 20232024vs. 20232024vs. 2023
System-wide all-inclusive resorts (c)$203.62 (0.9)%72.7 %(1.3)% pts$280.17 0.8 %
Americas (excluding United States)$214.97 (5.2)%65.4 %(3.5)% pts$328.85 (0.1)%
Europe (d)$178.57 12.5 %88.8 %3.7% pts$201.08 7.8 %
Nine Months Ended September 30,
(in constant $)RevPAROccupancyADR
2024vs. 20232024vs. 20232024vs. 2023
System-wide hotels (a)$142.85 4.4 %70.3  %2.0% pts$203.15 1.4  %
United States$148.97 1.3 %70.9 %0.9% pts$210.03 0.1 %
Americas (excluding United States)$180.01 9.3 %70.1 %3.0% pts$256.80 4.6 %
Greater China$88.46 (0.1)%69.7 %2.7% pts$126.99 (3.9)%
Asia Pacific (excluding Greater China)$141.15 16.6 %70.9  %5.4% pts$199.17 7.7  %
Europe$171.36 12.1 %68.7  %3.8% pts$249.35 5.8  %
Middle East & Africa$122.92 4.9 %65.5  %1.2% pts$187.63 3.0  %
Owned and leased hotels (b)$200.02 6.0 %72.0 %2.6% pts$277.84 2.1 %
(in reported $)Net Package RevPAROccupancyNet Package ADR
2024vs. 20232024vs. 20232024vs. 2023
System-wide all-inclusive resorts (c)$245.47 4.8 %75.6 % 1.2% pts $324.49 3.1 %
Americas (excluding United States)$281.74 3.4 %73.3 % 0.2% pts $384.49 3.1 %
Europe (d)$143.62 14.2 %82.3 % 4.2% pts $174.50 8.3 %

(a) Consists of hotels that the Company manages, franchises, owns, leases, or provides services to, excluding all-inclusive properties.
(b) Excludes unconsolidated hospitality ventures and all-inclusive leased properties.
(c) Consists of all-inclusive properties that the Company manages, franchises, leases, or provides services to.
(d) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
A - 2

Hyatt Hotels Corporation
Comparable System-wide Hotel Operating Statistics by Brand
Three Months Ended September 30,
(in constant $)RevPAROccupancyADR
2024vs. 20232024vs. 20232024vs. 2023
Composite Luxury (a)$200.17 4.1 %69.6 %1.4% pts$287.46 1.9 %
Andaz$226.82 6.9 %72.8 %3.9% pts$311.62 1.1 %
Grand Hyatt$162.27 (0.8)%70.3 %(0.9)% pts$230.95 0.5 %
Park Hyatt$253.46 8.0 %66.0 %2.6% pts$383.93 3.7 %
The Unbound Collection by Hyatt$265.81 11.4 %71.3 %6.8% pts$373.06 0.8 %
Composite Upper-Upscale (b)$141.92 2.8 %71.5 %1.3% pts$198.35 0.9 %
Hyatt Centric$158.72 4.6 %77.9 %3.1% pts$203.83 0.5 %
Hyatt Regency$139.95 2.5 %70.7 %1.1% pts$197.97 0.9 %
JdV by Hyatt$124.75 6.0 %69.7 %3.2% pts$179.06 1.2 %
Composite Upscale & Upper Midscale (c)$113.65 2.1 %75.8 %1.1% pts$150.03 0.7 %
Hyatt House$132.33 2.6 %78.6 %1.1% pts$168.40 1.2 %
Hyatt Place$111.88 2.0 %74.8 %0.8% pts$149.47 0.9 %
UrCove$47.32 (4.2)%77.5 %4.0% pts$61.03 (9.2)%
(in reported $)Net Package RevPAROccupancyNet Package ADR
2024vs. 20232024vs. 20232024vs. 2023
Composite All-inclusive (d)(e)$203.62 (0.9)%72.7 %(1.3)% pts$280.17 0.8 %
Dreams Resorts & Spas$187.75 2.4 %71.1 %(0.4)% pts$264.04 3.1 %
Secrets Resorts & Spas$226.68 (3.9)%68.7 %(2.3)% pts$329.80 (0.7)%
Alua Hotels & Resorts$163.78 10.5 %90.9 %1.8% pts$180.14 8.3 %
Nine Months Ended September 30,
(in constant $)RevPAROccupancyADR
2024vs. 20232024vs. 20232024vs. 2023
Composite Luxury (a)$201.35 6.4 %68.9 %2.8% pts$292.26 2.2 %
Andaz$233.36 5.0 %71.3 %3.2% pts$327.17 0.2 %
Grand Hyatt$172.46 3.8 %70.5 %1.2% pts$244.52 2.0 %
Park Hyatt$265.08 10.7 %65.9 %3.3% pts$402.22 5.2 %
The Unbound Collection by Hyatt$212.53 10.9 %65.5 %5.6% pts$324.62 1.6 %
Composite Upper-Upscale (b)$137.98 4.2 %69.2 %2.2% pts$199.35 0.9 %
Hyatt Centric$158.78 7.6 %75.7 %5.1% pts$209.87 0.4 %
Hyatt Regency$136.87 3.6 %68.6 %1.8% pts$199.55 0.9 %
JdV by Hyatt$111.33 5.5 %64.3 %2.4% pts$173.20 1.7 %
Composite Upscale & Upper Midscale (c)$108.05 2.1 %72.9 %1.2% pts$148.23 0.5 %
Hyatt House$125.96 2.6 %75.6 %1.5% pts$166.52 0.5 %
Hyatt Place$106.36 2.1 %72.1 %1.0% pts$147.50 0.7 %
UrCove$44.33 (3.5)%72.8 %2.3% pts$60.90 (6.6)%
(in reported $)Net Package RevPAROccupancyNet Package ADR
2024vs. 20232024vs. 20232024vs. 2023
Composite All-inclusive (d)(e)$245.47 4.8 %75.6 %1.2% pts$324.49 3.1 %
Dreams Resorts & Spas$222.90 8.5 %74.7 %2.3% pts$298.45 5.1 %
Secrets Resorts & Spas$293.52 3.2 %73.7 %0.7% pts$398.33 2.3 %
Alua Hotels & Resorts$123.82 11.5 %86.0 %2.4% pts$143.93 8.3 %
(a) Includes Alila, Andaz, Destination by Hyatt, Grand Hyatt, Miraval, Park Hyatt, The Unbound Collection by Hyatt, and Thompson Hotels.
(b) Includes Hyatt, Hyatt Centric, Hyatt Regency, JdV by Hyatt, and me and all hotels.
(c) Includes Caption by Hyatt, Hyatt House, Hyatt Place, and UrCove.
(d) Includes Alua Hotels & Resorts, Breathless Resorts & Spas, Dreams Resorts & Spas, Hyatt Zilara, Hyatt Ziva, Impressions by Secrets, Secrets Resorts & Spas, Sunscape Resorts & Spas, and Zoëtry Wellness & Spa Resorts.
(e) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
A - 3

Hyatt Hotels Corporation
Properties and Rooms by Geography and Brand
September 30, 2024
Managed (a)FranchisedOwned and Leased (b)Total
Geography:PropertiesRoomsPropertiesRoomsPropertiesRoomsPropertiesRooms
United States17263,74351486,645156,766701157,154
Americas (excluding United States)329,442375,78441,1967316,422
Greater China10732,3656711,603— — 17443,968
Asia Pacific (excluding Greater China)11829,907112,873— — 12932,780
Europe4911,4576611,00841,05911923,524
Middle East & Africa4210,1131250— — 4310,363
System-wide hotels (c)520157,027696118,163239,0211,239284,211
Americas (excluding United States)7227,24783,153— — 8030,400
Europe (d)3810,959— — 61,2754412,234
System-wide all-inclusive resorts11038,20683,15361,27512442,634
System-wide (e)630195,233704121,3162910,2961,363326,845
Brand:
Alila171,942— — — — 171,942
Andaz265,90417152507297,126
Destination by Hyatt122,45683,769— — 206,225
Grand Hyatt6031,62331,33129036533,857
Miraval— — — — 33833383
Park Hyatt448,187— — 3548478,735
The Unbound Collection by Hyatt172,966295,164— — 468,130
Thompson Hotels163,2803662— — 193,942
Dream Hotels48081178— — 5986
Hyatt61,08771,15111,298143,536
Hyatt Centric306,294316,21011386212,642
Hyatt Regency17072,3706019,92074,45023796,740
JdV by Hyatt142,132416,307— — 558,439
me and all hotels— — 6 1,064 — — 61,064
Caption by Hyatt23901 167 — — 3557
Hyatt House233,26811215,888— — 13519,156
Hyatt Place7813,52034548,562479442762,876
UrCove— — 487,075— — 487,075
Breathless Resorts & Spas62,311— — — — 62,311
Dreams Resorts & Spas3012,779— — — — 3012,779
Hyatt Zilara12913919— — 41,210
Hyatt Ziva143852,234— — 62,672
Impression by Secrets2323— — — — 2323
Secrets Resorts & Spas269,719— — — — 269,719
Zoëtry Wellness & Spa Resorts7541— — — — 7541
Hyatt Vivid Hotels & Resorts1400— — — — 1400
Sunscape Resorts & Spas83,820— — — — 83,820
Alua Hotels & Resorts287,584— — 61,275348,859
Other1800— — — — 1800
System-wide (e)(f)630195,233704121,3162910,2961,363326,845
Mr & Mrs Smith (g)84330,094
Hyatt Vacation Club221,997
Residential394,578
(a) Includes properties that the Company manages or provides services to.
(b) Figures do not include unconsolidated hospitality ventures.
(c) Figures do not include all-inclusive properties.
(d) Certain resorts in Europe operate under a hybrid all-inclusive model, which includes various all-inclusive package options as well as rooms-only options.
(e) Figures do not include vacation and residential units.
(f) Includes eleven properties that Hyatt currently intends to rebrand to the respective brand at a future date and three non-branded managed properties.
(g) Represents unaffiliated Mr & Mrs Smith properties available through Hyatt.com. At September 30, 2024, the Mr & Mrs Smith platform included 2,109 properties and approximately 103,000 rooms that pay commissions through the Company's distribution segment revenues.
A - 4

Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Reconciliation of Net Income Attributable to Hyatt Hotels Corporation to Adjusted EBITDA
(in millions)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income attributable to Hyatt Hotels Corporation$471 $68 $1,352 $194 
Interest expense50 41 128 105 
Provision for income taxes137 33 259 107 
Depreciation and amortization81 100 257 297 
Contra revenue27 12 56 34 
Revenues for reimbursed costs(867)(754)(2,511)(2,267)
Reimbursed costs881 764 2,570 2,302 
Transaction and integration costs (a)8 8 26 31 
Equity (earnings) losses from unconsolidated hospitality ventures13 (7)(32)(4)
Stock-based compensation expense (b)9 12 55 60 
(Gains) losses on sales of real estate and other(514)(18)(1,267)(18)
Asset impairments35 6 52 13 
Other (income) loss, net(70)(26)(152)(93)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA14 14 48 45 
Adjusted EBITDA $275 $253 $841 $806 
(a) During the nine months ended September 30, 2024, the Company revised its definition of Adjusted EBITDA to exclude transaction and integration costs, and recast prior-period results to provide comparability. The revised definition excludes transaction costs previously recognized in general and administrative expenses and integration costs. Previously, only transaction costs recognized in gains (losses) on sales of real estate and other and other income (loss), net were excluded from Adjusted EBITDA. As these costs may vary in frequency or magnitude, the Company believes the revised definition presents a more representative measure of its core operations, assists in the comparability of results, and provides information consistent with how management evaluates operating performance. Refer to page A-10 for an explanation of how the Company utilizes Adjusted EBITDA, why the Company presents it, and material limitations on its usefulness.
(b) Includes amounts recognized in general and administrative expenses and distribution expenses.
A - 5

Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: G&A Expenses to Adjusted G&A Expenses
Results of operations as presented on the condensed consolidated statements of income include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no net impact to our earnings (losses). G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this measure excluding the impact of our rabbi trust investments and stock-based compensation expense.
(in millions)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
G&A expenses$126 $122 $412 $411 
Less: Rabbi trust impact(17)8 (43)(23)
Less: Stock-based compensation expense(9)(12)(52)(58)
Adjusted G&A Expenses$100 $118 $317 $330 

The table below provides a segment breakdown for Adjusted G&A Expenses:
(in millions)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Management and franchising$62 $60 $185 $161 
Owned and leased2 3 7 8 
Distribution— 13 6 36 
Overhead36 42 119 125 
Adjusted G&A Expenses$100 $118 $317 $330 
A - 6

Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Net Income Attributable to Hyatt Hotels Corporation and Diluted Earnings per Class A and Class B Share to Adjusted Net Income Attributable to Hyatt Hotels Corporation and Adjusted Diluted Earnings per Class A and Class B Share
(in millions, except per share amounts)Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income attributable to Hyatt Hotels Corporation$471 $68 $1,352 $194 
Diluted earnings per share$4.63 $0.63 $13.04 $1.80 
Special items:
(Gains) losses on sales of real estate and other (a)(514)(18)(1,267)(18)
Contingent consideration liability fair value adjustments (b)(9)2 (20)1 
Unconsolidated hospitality ventures (c)— — (69)— 
Fund (surpluses) deficits (d)1 (1)20 5 
Unrealized (gains) losses (e)2 16 4 (9)
Utilization of Avendra and other proceeds (f)5 3 15 11 
Transaction and integration costs (g)8 8 26 31 
Asset impairments (h)35 6 52 13 
Other(2)(2)(3)— 
Special items - pre-tax(474)14 (1,242)34 
Income tax (provision) benefit for special items99 (3)225 (6)
Total special items - after-tax$(375)$11 $(1,017)$28 
Special items impact per diluted share$(3.69)$0.11 $(9.81)$0.26 
Adjusted net income attributable to Hyatt Hotels Corporation$96 $79 $335 $222 
Adjusted diluted earnings per share$0.94 $0.74 $3.23 $2.06 
(a) During the three months ended September 30, 2024 (Q3 2024), we recognized a $514 million pre-tax gain related to the sale of Hyatt Regency Orlando and an adjacent undeveloped land parcel. During the nine months ended September 30, 2024 (YTD 2024), we recognized pre-tax gains related to the sale of Park Hyatt Zurich ($257 million), the UVC Transaction ($231 million), the sale of the shares of the entities that own Hyatt Regency Aruba Resort Spa and Casino ($172 million), and the sale of Hyatt Regency San Antonio Riverwalk ($100 million), and a $4 million pre-tax loss related to the sale of Hyatt Regency Green Bay. During the three and nine months ended September 30, 2023 (Q3 2023 and YTD 2023), we recognized a $19 million pre-tax gain related to the sale of the Destination Residential Management business. The gains and losses were recognized in gains (losses) on sales of real estate and other on our condensed consolidated statements of income.
(b) During Q3 2024, YTD 2024, Q3 2023, and YTD 2023, we recognized fair value adjustments related to the Dream Hotel Group contingent consideration liability in other income (loss), net on our condensed consolidated statements of income.
(c) During YTD 2024, we recognized a $79 million non-cash pre-tax gain related to the dilution of our ownership interest in an unconsolidated hospitality venture in India and a $10 million impairment charge related to one of our unconsolidated hospitality ventures in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income.
(d) During Q3 2024, YTD 2024, and YTD 2023, we recognized net deficits, which we intend to recover in future periods, and during Q3 2023, we recognized net surpluses, on certain funds due to the timing of revenue and expense recognition in revenues for reimbursed costs, reimbursed costs, and other income (loss), net on our condensed consolidated statements of income.
(e) During Q3 2024, YTD 2024, and Q3 2023, we recognized unrealized losses and during YTD 2023, we recognized unrealized gains due to the change in fair value of our marketable securities in other income (loss), net on our condensed consolidated statements of income.
(f) During Q3 2024, YTD 2024, Q3 2023, and YTD 2023, we recognized expenses related to the partial utilization of the Avendra LLC sale proceeds for the benefit of our hotels in reimbursed costs and depreciation and amortization expenses on our condensed consolidated statements of income. The gain recognized in conjunction with the sale of Avendra LLC was included as a special item during the year ended December 31, 2017.
(g) During Q3 2024 and YTD 2024, we recognized costs primarily related to potential transactions, including the acquisition of Standard International, which closed on October 1, 2024, and the integrations of Apple Leisure Group, Dream Hotel Group, and Mr & Mrs Smith. During Q3 2023 and YTD 2023, we recognized costs primarily related to the acquisitions and integrations of Dream Hotel Group and Mr & Mrs Smith, the integration of Apple Leisure Group, and potential transactions. The costs were recognized in transaction and integration costs on our condensed consolidated statements of income.
(h) During Q3 2024, we recognized $35 million of impairment charges related to property and equipment, definite-lived intangible assets, and operating lease right-of-use assets. Additionally, during YTD 2024, we recognized a $15 million goodwill impairment charge in connection with the sale of the shares of the entities that own Hyatt Regency Aruba Resort Spa and Casino. During Q3 2023 and YTD 2023, we recognized $6 million and $13 million, respectively, of impairment charges, primarily related to definite-lived intangible assets. The impairment charges were recognized in asset impairments on our condensed consolidated statements of income.
A - 7

Hyatt Hotels Corporation
Impact of Sold Hotels to Owned and Leased Segment Adjusted EBITDA

(in millions)
Fiscal Year 2024
First QuarterSecond QuarterThird QuarterFourth QuarterYear to Date
Owned and leased hotels (a)$45 $62 $49 $156 
Less: Contribution from sold owned and leased hotels (b)(39)(23)(7)(69)
Owned and leased hotels less contribution from sold hotels (c)$6 $39 $42 $87 
Pro rata share of unconsolidated hospitality ventures$17 $17 $14 $48 
Less: Contribution from sold unconsolidated hospitality ventures (d) (e) (f)(1)— — (1)
Pro rata share of unconsolidated hospitality ventures less contribution from sold unconsolidated hospitality ventures (g)$16 $17 $14 $47 
Fiscal Year 2023
First QuarterSecond QuarterThird QuarterFourth QuarterFull Year 2023
Owned and leased hotels (a)$59 $68 $58 $71 $256 
Less: Contribution from sold owned and leased hotels (b)(48)(34)(29)(35)(146)
Owned and leased hotels less contribution from sold hotels (c)$11 $34 $29 $36 $110 
Pro rata share of unconsolidated hospitality ventures$14 $17 $14 $19 $64 
Less: Contribution from sold unconsolidated hospitality ventures (d) (e) (f)(1)(1)— (1)(3)
Pro rata share of unconsolidated hospitality ventures less contribution from sold unconsolidated hospitality ventures (g)$13 $16 $14 $18 $61 

(a) Owned and leased hotels has been recast for comparability as a result of the Company's revised definition of Adjusted EBITDA. Refer to the commentary on schedule A-5 for additional details.
(b) Contribution from sold owned and leased hotels represents the Adjusted EBITDA contribution in each period for hotels that have been sold as of September 30, 2024 and entered into long-term management or franchise agreements, and excludes fee income retained upon sale. Hotels that have been sold include Hyatt Regency Aruba Resort Spa and Casino (1Q24), Park Hyatt Zurich (2Q24), Hyatt Regency San Antonio Riverwalk (2Q24), Hyatt Regency Green Bay (2Q24), and Hyatt Regency Orlando (3Q24).
(c) Owned and leased hotels less contribution from sold hotels represents the Adjusted EBITDA contribution from all owned and leased hotels that remain in Hyatt's portfolio as of September 30, 2024.
(d) Contribution from sold unconsolidated hospitality ventures represents Hyatt's pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA contribution in each period for unconsolidated hospitality ventures that have been sold as of September 30, 2024. Unconsolidated hospitality ventures that have been sold include Hyatt Place Panama City / Downtown (1Q23).
(e) Contribution from sold unconsolidated hospitality ventures includes the pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA contribution from one property for which the operating lease was terminated during the nine months ended September 30, 2023.
(f) Contribution from sold unconsolidated hospitality ventures includes the net impact to pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA contribution from one of our unconsolidated hospitality ventures in India, for which our ownership percentage was diluted from 50.0% to 38.8% as a result of its initial public offering.
(g) Pro rata share of unconsolidated hospitality ventures less contribution from sold unconsolidated hospitality ventures represents Hyatt's pro rata share of unconsolidated hospitality ventures' Adjusted EBITDA contribution from all unconsolidated hospitality ventures that remain in Hyatt's portfolio as of September 30, 2024.
A - 8

Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measures: Outlook: Net Income to Adjusted EBITDA; G&A Expenses to Adjusted G&A Expenses; and Net cash provided by operating activities to Free Cash Flow
No additional disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2024 Outlook. The Company's 2024 outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results. Results of operations as presented on the condensed consolidated statements of income include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in G&A expenses and are completely offset by the corresponding net gains (losses) and interest income from marketable securities held to fund rabbi trusts, thus having no net impact to our earnings (losses). G&A expenses also include expenses related to stock-based compensation. Below is a reconciliation of this forecasted measure excluding the impact of our rabbi trust investments and forecasted stock-based compensation expense.
(in millions)
Year Ended
December 31, 2024
Outlook Range
Low CaseHigh Case
Net income attributable to Hyatt Hotels Corporation$1,400 $1,450 
Interest expense175 175 
Provision for income taxes259 279 
Depreciation and amortization333 333 
Contra revenue74 74 
Reimbursed costs, net of revenues for reimbursed costs105 95 
Transaction and integration costs38 33 
Equity (earnings) losses from unconsolidated hospitality ventures(27)(37)
Stock-based compensation expense70 70 
(Gains) losses on sales of real estate(1,262)(1,272)
Asset impairments52 52 
Other (income) loss, net(178)(198)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA61 66 
Adjusted EBITDA$1,100 $1,120 
Year Ended
December 31, 2024
Outlook Range
Low CaseHigh Case
G&A expenses$492 $502 
Less: Rabbi trust impact— — 
Less: Stock-based compensation expense(67)(67)
Adjusted G&A Expenses$425 $435 
Year Ended
December 31, 2024
Outlook Range
Low CaseHigh Case
Net cash provided by operating activities$550 $580 
Capital expenditures(170)(170)
Free Cash Flow$380 $410 
A - 9

Definitions
Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA")
We use the term Adjusted EBITDA throughout this earnings release. Adjusted EBITDA, as we define it, is a measure that is not recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 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;
•transaction and integration costs;
•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 chief operating decision maker, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the compensation committee of our board of directors determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both.
We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with results from other companies within our industry.
Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit (provision) for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; Contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted. We exclude revenues for 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
A - 10


programs that we do not intend to recover from hotel owners. Finally, we exclude other items that are not core to our operations and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other.
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.
Adjusted General and Administrative ("G&A") Expenses
Adjusted G&A Expenses, as we define it, is a non-GAAP measure. Adjusted G&A Expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted G&A 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.
Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Losses) per Class A and Class B Share ("EPS")
Adjusted Net Income (Loss) and Adjusted Diluted EPS, as we define them, are non-GAAP measures. We define Adjusted Net Income (Loss) as net income (loss) attributable to Hyatt Hotels Corporation excluding special items, which are those items deemed not to be reflective of ongoing operations. We define Adjusted Diluted EPS as Adjusted Net Income (Loss) per diluted share. We consider Adjusted Net Income (Loss) and Adjusted Diluted EPS to be an indicator of operating performance because excluding special items allows for period-over-period comparisons of our ongoing operations.
Adjusted Net Income (Loss) and Adjusted Diluted EPS are not a substitute for Net Income (Loss) attributable to Hyatt Hotels Corporation, net income (loss), diluted earnings (losses) per share, or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Adjusted net income (loss) and Adjusted Diluted EPS. Although we believe that Adjusted Net Income (Loss) and Adjusted Diluted EPS can make an evaluation of our operating performance more consistent because they remove special items that are deemed not to be reflective of ongoing operations, other companies in our industry may define Adjusted Net Income (Loss) and Adjusted Diluted EPS differently than we do. As a result, it may be difficult to use Adjusted Net Income (Loss) or Adjusted Diluted EPS 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 Net Income (Loss) and Adjusted Diluted EPS should not be considered as measures of the income (loss) and earnings (losses) per share generated by our business. Our management compensates for these limitations by reference to its GAAP results and using Adjusted Net Income (Loss) and Adjusted Diluted EPS supplementally.
Asset-Light Earnings Mix
Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the management and franchising segment and distribution segment divided by Adjusted EBITDA, excluding overhead and eliminations. Our management uses this calculation to assess the composition of the Company's earnings.
Average Daily Rate ("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.
A - 11


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 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 or 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.
Free Cash Flow
Free Cash Flow represents net cash provided by operating activities less capital expenditures. We believe Free Cash Flow to be a useful liquidity measure to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases. Free Cash Flow is not necessarily a representation of how we will use excess cash. Free Cash Flow is not a substitute for net cash provided by operating activities or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Free Cash Flow and management compensates for these limitations by referencing our GAAP results and using Free Cash Flow supplementally.
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 Revenue per Available Room ("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.
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RevPAR
RevPAR is the product of the ADR and the average daily occupancy percentage. RevPAR does not include non-room revenues, which consist of ancillary revenues generated by a hotel property, such as food and beverage, parking, and other guest service revenues. Our management uses RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. RevPAR is a commonly used performance measure in our industry.
RevPAR changes that are driven predominantly by changes in occupancy have different implications for overall revenue levels and incremental profitability than do changes that are driven predominantly by changes in average room rates. For example, increases in occupancy at a hotel would lead to increases in room revenues and additional variable operating costs, including housekeeping services, utilities, and room amenity costs, and could also result in increased ancillary revenues, including food and beverage. In contrast, changes in average room rates typically have a greater impact on margins and profitability as average room rate changes result in minimal impacts to variable operating costs.
UVC Transaction
During the nine months ended September 30, 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 we account for our remaining 20% ownership interest as an equity method investment in an unconsolidated hospitality venture (the "UVC Transaction"). We 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.
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A L I L A S H A N G H A I N E W L Y O P E N E D Q 3 2 0 2 4 Investor Deck Hyatt THIRD QUARTER 2024 H Y A T T A N D R E L A T E D M A R K S A R E T R A D E M A R K S O F H Y A T T C O R P O R A T I O N O R I T S A F F I L I A T E S . © 2 0 2 4 H Y A T T C O R P O R A T I O N . A L L R I G H T S R E S E R V E D .

 
Disclaimers 2 Forward-Looking Statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about Hyatt Hotels Corporation’s (the “Company”) plans, strategies, outlook, the number of properties we expect to open in the future, our growth model, our credit rating expectations, our capital allocation plans, our expected Adjusted G&A Expense, our expected capital expenditures, our expected net income and Adjusted EBITDA, our expected net rooms growth, our expected system-wide RevPAR, our expected Free Cash Flow, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: 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; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including as a result of the U.S. presidential election, and 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 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 hotels services 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; and other risks discussed in the Company's filings with the SEC, including our annual reports on Form 10-K and quarterly reports on Form 10-Q, which filings are available from the SEC. 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. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this presentation. 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. Non-GAAP Financial Measures This presentation includes references to certain financial measures, each identified with the symbol “†”, that are not calculated or presented in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures have important limitations and should not be considered in isolation or as a substitute for measures of the Company’s financial performance prepared in accordance with GAAP. In addition, these non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculations. During the nine months ended September 30, 2024, the Company revised its definition of Adjusted EBITDA to exclude transaction and integration costs and recast prior-period results to provide comparability. Refer to page A-5 of the schedules in the third quarter 2024 earnings release for additional detail. Key Business Metrics This presentation includes references to certain key business metrics used by the Company, each identified with the symbol “◊”. Forward-Looking Statements

 
INVESTMENT CONSIDERATIONS 1 3 76% Asset-Light Earnings Mix◊2 7 Years Industry-Leading Net Rooms Growth Simple and predictable asset-light business model Global portfolio of brands serving the high-end traveler in each of our segments Rooms, fees, pipeline, and loyalty membership growing at a faster rate than our larger competitors Operational and commercial execution driving record performance and Free Cash Flow† Capital allocation strategy driving growth and shareholder returns $2.5B Returned to Shareholders3 $602M Free Cash Flow† 1 K e y i n v e s t m e n t d a t a a n d g r o w t h r a t e c o m p a r i s o n a s o f D e c e m b e r 3 1 , 2 0 2 3 . 2 A s s e t - L i g h t E a r n i n g s M i x ◊ i n c l u d e d N e t D e f e r r a l s a n d N e t F i n a n c e d C o n t r a c t s i n 2 0 2 3 . 3 R e t u r n e d t o s h a r e h o l d e r s t h r o u g h s h a r e r e p u r c h a s e s a n d d i v i d e n d s s i n c e y e a r e n d 2 0 1 7 . Source Notes: P L A C E N C I A R E S O R T

 
4 A c q u i r e d 2 0 1 8 A c q u i r e d 2 0 2 1 A c q u i r e d 2 0 2 3 A c q u i r e d 2 0 2 4 Acquired 2017 1 A g g r e g a t e A d j u s t e d E B I T D A † m u l t i p l e b a s e d o n t h e A d j . E B I T D A † f o r e a c h r e s p e c t i v e y e a r f o r s a l e s p r i o r t o 2 0 2 0 , b a s e d o n 2 0 1 9 f i s c a l y e a r f o r s a l e s i n 2 0 2 1 a n d 2 0 2 2 , a n d b a s e d o n t h e t r a i l i n g 1 2 m o n t h s p r i o r t o t h e s a l e f o r s a l e s i n 2 0 2 4 . 2 A d j u s t e d E B I T D A † r e d u c t i o n o f ~ $ 3 9 0 M f r o m t h e a s s e t s s o l d n e t t e d a g a i n s t ~ $ 5 0 M o f r u n - r a t e f e e s f r o m t h e l o n g - t e r m h o t e l m a n a g e m e n t a g r e e m e n t s s i g n e d a s p a r t o f t h e a s s e t s a l e s . 3 A s s e t - L i g h t A c q u i s i t i o n s i n c l u d e d T w o R o a d s H o s p i t a l i t y , A p p l e L e i s u r e G r o u p , i n c l u s i v e o f t h e U V C T r a n s a c t i o n , D r e a m H o t e l G r o u p , M r & M r s S m i t h , m e a n d a l l h o t e l s , a n d S t a n d a r d I n t e r n a t i o n a l . 4 I n c l u d e s b a s e c o n s i d e r a t i o n p a i d a n d a s s u m p t i o n f o r v a r i a b l e c o n s i d e r a t i o n t o b e p a i d ; v a r i a b l e c o n s i d e r a t i o n f o r D r e a m H o t e l G r o u p a n d f o r S t a n d a r d I n t e r n a t i o n a l b a s e d o n s t a b i l i z e d e s t i m a t e s . 5 I n c r e m e n t a l A d j u s t e d E B I T D A † b a s e d o n s t a b i l i z e d A d j u s t e d E B I T D A † e s t i m a t e s f o r T w o R o a d s H o s p i t a l i t y , A p p l e L e i s u r e G r o u p , i n c l u s i v e o f t h e U V C T r a n s a c t i o n , D r e a m H o t e l G r o u p , M r & M r s S m i t h , m e a n d a l l h o t e l s , a n d S t a n d a r d I n t e r n a t i o n a l . 6 F i g u r e s c a l c u l a t e d f r o m J a n u a r y 1 , 2 0 1 7 - S e p t e m b e r 3 0 , 2 0 2 4 . SINCE 2017: OWNED HOTEL DISPOSITIONS FUELED ASSET-LIGHT INVESTMENTS WHILE DELIVERING STRONG SHAREHOLDER RETURNS $5.6B Tota l D ispos i t ion Proceeds, Net o f Purchases ~15.1x Aggregate Ad j . EBITDA † Mul t ip le 1 Asset Dispositions ~($340M) Adj . EBITDA † Reduct ion 2 $3.6B Tota l Asset -L ight Acqu is i t ions 4 ~9.5x Aggregate Ad j . EBITDA † Mul t ip leAsset-Light Acquisitions3 ~$380M Incrementa l Ad j . EBITDA †5 $4.4B Through Div idends & Share Repurchases S ince 2017 Shareholder Returns6 47.6M Tota l Shares Repurchased S ince 2017 $87.74 Weighted Average Purchase Pr ice Per Share S ince 2017

 
STRATEGIC GROWTH ACROSS MULTIPLE DIMENSIONS 5 +73%  +95%  +81%  +340%  +2,900 bps 20232017 20232017 20232017 20232017 20232017 SYSTEM-WIDE ROOMS GROSS FEE REVENUE PIPELINE LOYALTY MEMBERS ASSET-LIGHT EARNINGS MIX ◊1   186K 322K $970M $498M 127K 70K 44M 10M 76% 47% 1 A s s e t - L i g h t E a r n i n g s M i x ◊ i n c l u d e d N e t D e f e r r a l s a n d N e t F i n a n c e d C o n t r a c t s i n 2 0 2 3 . C a l c u l a t e d c o m p a r i s o n s b a s e d o n y e a r s e n d e d 2 0 1 7 a n d 2 0 2 3 . 2 0 1 7 g r o s s f e e r e v e n u e r e p r e s e n t s m a n a g e m e n t , f r a n c h i s e , a n d o t h e r f e e s f o l l o w i n g t h e a d o p t i o n o f A S C 6 0 6 d u r i n g t h e y e a r e n d e d D e c e m b e r 3 1 , 2 0 1 8 a s d i s c l o s e d i n o u r 2 0 1 8 F o r m 1 0 - K . 2 0 2 3 g r o s s f e e r e v e n u e s r e p r e s e n t s t h e r e c a s t f i g u r e s p r o v i d e d i n t h e s u p p l e m e n t a l f i n a n c i a l i n f o r m a t i o n o n F o r m 8 - K f i l e d o n A p r i l 2 5 , 2 0 2 4 . Source Notes: Updated Annually Support: Hyatt HotelsCHICO-Team-Corporate FPA - DocumentsFact Pack and QA Document2024Investor Consideration Deck SupportAnnual Strategic Growth support file -2009 Data can be found under 2009 folder System-wide rooms based on Inventory as of December 31, 2009 Fee Revenue, pipeline, and loyalty members based on Hyatt 2009 Annual Report -2017 Data can be found under 2017 folder System-wide rooms based on Inventory as of December 31, 2017 Fee Revenue and pipeline based on Q4 2017 Earnings Release Loyalty members based on 10-K 2017 -2023 Data System-wide rooms based on Inventory as of December 31, 2023 Fee Revenue and pipeline based on Q4 2023 Earnings Release Loyalty members based on 10-K 2023 as well as Enrollment and Program member count Q4 2023

 
20171 2023 GROWTH LUXURY ROOMS 43K 96K Doubled Luxury Rooms RESORT ROOMS 23K 75K Tripled Resort Rooms LIFESTYLE2 ROOMS 9K 43K Quintupled Lifestyle Rooms HYATT'S PORTFOLIO IS UNIQUELY POSITIONED; DRIVEN BY SIGNIFICANT EXPANSION OF LUXURY, RESORT, AND LIFESTYLE HOTELS  6 HYATT GLOBAL SHARE3 #1 World's Largest Portfolio of Luxury Branded Rooms in Resort Locations 17% Global Share of Luxury Branded Rooms in Resort Locations 13% Global Share of Luxury Branded Rooms in all locations H Y A T T C E N T R I C D E L F I N A S A N T A M O N I C A 1 B a s e l i n e g r o w t h s i n c e 2 0 1 7 r e f l e c t s w h e n H y a t t a n n o u n c e d i t s p e r m a n e n t o w n e d a s s e t s e l l d o w n c o m m i t m e n t . 2 I n c l u d e s A l i l a , A n d a z , H y a t t C e n t r i c , T h e U n b o u n d C o l l e c t i o n b y H y a t t , T h o m p s o n H o t e l s , D r e a m H o t e l s , & J d V b y H y a t t . 3 S o u r c e : S T R G l o b a l C e n s u s a s o f D e c e m b e r 3 1 , 2 0 2 3 ; L u x u r y B r a n d e d R o o m s a s d e f i n e d b y S T R C h a i n S c a l e C l a s s i f i c a t i o n . K e y i n v e s t m e n t d a t a a s o f D e c e m b e r 3 1 , 2 0 2 3 ( u n l e s s o t h e r w i s e n o t e d ) . Source Notes: Updated Annually Support: Hyatt HotelsCHICO-Team-Corporate FPA - DocumentsFact Pack and QA Document202XInvestor Consideration Deck SupportAnnual -Luxury, Lifestyle, and Resort rooms calculated based on HHC Inventory as of Year end and calculated based on Luxury Lifestyle or Resort Support file -Hyatt Global Share calculated based on STR census as of Year-end.

 
7 B R U N F E L S H O T E L , T H E U N B O U N D C O L L E C T I O N B Y H Y A T T GLOBAL HOSPITALITY COMPANY FOCUSED ON SERVING THE HIGH-END TRAVELER 79 Countr ies Around the World and 6 Cont inents 326,845 Rooms 29 Global Brands 1,363 Hotels and Al l - Inclusive Propert ies F i g u r e s a s o f S e p t e m b e r 3 0 , 2 0 2 4 . 1 S o u r c e : S T R G l o b a l C e n s u s a s o f S e p t e m b e r 3 0 , 2 0 2 4 . L u x u r y B r a n d e d R o o m s a s d e f i n e d b y S T R C h a i n S c a l e C l a s s i f i c a t i o n . #1 World’s Largest Port fo l io of Luxury Branded Rooms in Resort Locat ions 1 ~135,000 Rooms in Pipel ine A Company Record Source Notes: Slide Updated Quarterly Countries, Rooms, Hotel count, and Pipeline linked to ER Body and Consolidations workbook. Manually update Global brands based on Brand Bar and Ranking of Luxury branded rooms in Resort Locations. -Luxury branded rooms in Resort Locations based on STR census as of X, 2024

 
REDEFINING LOYALTY Award Winning Recognition 8 2023 Best Hotel Loyalty Program 2023 Highest in Overall Customer Satisfaction (mobile app and web)2 2024 Best Hotel Rewards Program51M World of Hyatt Members Hilton Marriott IHG Accor High-Quality Scale F i g u r e s a s o f S e p t e m b e r 3 0 , 2 0 2 4 u n l e s s o t h e r w i s e n o t e d , a n d g r o w t h r a t e s r e p r e s e n t y e a r - o v e r - y e a r c o m p a r i s o n s f r o m Q 3 2 0 2 3 v s . Q 3 2 0 2 4 . 1 M e m b e r s p e r h o t e l f i g u r e s c a l c u l a t e d b a s e d o n p u b l i c f i l i n g s a s o f J u n e 3 0 , 2 0 2 4 . 2 2 0 2 3 J . D . P o w e r 2 0 2 3 U . S . T r a v e l A p p a n d T r a v e l W e b s i t e S a t i s f a c t i o n . 44% More Members per Hotel vs. Closest Competitor1 22% Membership Growth Since Last Year U N D E R C A N V A S A C A D I A Source Notes: Updated semi-annually based on filings for IHG, MAR, and HLT At June 30: – H: ~36K members per hotel – HLT: ~25K members per hotel – MAR: ~23K members per hotel – IHG: ~20K members per hotel J.D. Power & Associates

 
World of Hyatt Global Brands A s o f S e p t e m b e r 3 0 , 2 0 2 4 . 9 Source Notes:

 
P A R K H Y A T T M A R R A K E C H 10 QUARTERLY HIGHLIGHTS

 
ADJUSTED EBITDA† DILUTED EPS GROSS FEES $471M NET INCOME $4.63 $275M $268M OPERATIONAL RESULTSFINANCIAL RESULTS +10% INCREASE OF ROOMS IN P IPEL INE ~ 1 3 5 , 0 0 0 | A N E W R E C O R D +4.3% NET ROOMS GROWTH +3.0% SYSTEM-WIDE HOTELS REVPAR ◊ +22% WORLD OF HYATT MEMBER GROWTH 5 1 M | A N E W R E C O R D Source Notes: Operational Results: RevPAR and NRG are linked to ER. Pipeline increase should be calculated vs prior year’s ER (rounded pipeline) vs current year rounded pipeline #. World of Hyatt Member growth: TeamsHyatt HotelsCHICO-Team- Corporate FPA - DocumentsHotel FP&AWorld of Hyatt Enrollments 11 Q3 2024 HIGHLIGHTS • Sold Hyatt Regency Orlando1, resulting in the completion of Hyatt’s $2.0 billion asset disposition commitment announced in August 2021 realizing $2.6 billion of gross proceeds, net of acquisitions, at a 13.3x multiple over the three-year period • Announced the acquisition of Standard International2 including iconic brands The Standard and Bunkhouse Hotels and adding 22 open hotels with approximately 2,000 rooms to Hyatt’s portfolio • On October 28th, announced plans to enter into a long-term, asset-light strategic joint venture with Grupo Piñero, which, upon closing, will add 23 all-inclusive resorts with over 12,000 rooms to Hyatt’s portfolio F i g u r e s a s o f S e p t e m b e r 3 0 , 2 0 2 4 , a n d g r o w t h r a t e s r e p r e s e n t y e a r - o v e r - y e a r c o m p a r i s o n s f r o m Q 3 2 0 2 3 v s . Q 3 2 0 2 4 . 1 H y a t t R e g e n c y O r l a n d o a n d a n a d j a c e n t u n d e v e l o p e d l a n d p a r c e l s o l d o n A u g u s t 1 6 , 2 0 2 4 . 2 S t a n d a r d I n t e r n a t i o n a l a c q u i s i t i o n w a s a n n o u n c e d o n A u g u s t 2 0 , 2 0 2 4 a n d s u b s e q u e n t l y c l o s e d o n O c t o b e r 1 , 2 0 2 4 . U N D E R C A N V A S L A K E P O W E L L E X C L U S I V E A L L I A N C E A S O F Q 3 2 0 2 4 HIGHLIGHTS

 
FULL YEAR 2024 OUTLOOK 12 G R A N D H Y A T T K U N M I N G $1,100M to $1,120M  Adjusted EBITDA †1 $380M to $410M  Free Cash Flow † ~$1,250M   Capi ta l Returns to Shareholders 2 1 D u r i n g t h e n i n e m o n t h s e n d e d S e p t e m b e r 3 0 , 2 0 2 4 , t h e C o m p a n y r e v i s e d i t s d e f i n i t i o n o f A d j u s t e d E B I T D A † t o e x c l u d e t r a n s a c t i o n a n d i n t e g r a t i o n c o s t s a n d r e c a s t p r i o r - p e r i o d r e s u l t s t o p r o v i d e c o m p a r a b i l i t y . A d j u s t e d E B I T D A † o u t l o o k r e f l e c t s t h e r e m o v a l o f a p p r o x i m a t e l y $ 2 6 m i l l i o n r e l a t i n g t o t h i s d e f i n i t i o n r e v i s i o n . R e f e r t o p a g e A - 5 o f t h e s c h e d u l e s i n t h e t h i r d q u a r t e r 2 0 2 4 e a r n i n g s r e l e a s e f o r a d d i t i o n a l d e t a i l . 2 F i g u r e i n c l u s i v e o f d i v i d e n d s a n d s h a r e r e p u r c h a s e s . F u l l d e t a i l s o f t h e C o m p a n y ’ s 2 0 2 4 o u t l o o k c a n b e f o u n d i n i t s t h i r d q u a r t e r 2 0 2 4 e a r n i n g s r e l e a s e . T h e C o m p a n y ’ s 2 0 2 4 o u t l o o k i s b a s e d o n a n u m b e r o f a s s u m p t i o n s t h a t a r e s u b j e c t t o c h a n g e a n d m a n y o f w h i c h a r e o u t s i d e t h e c o n t r o l o f t h e C o m p a n y . I f a c t u a l r e s u l t s v a r y f r o m t h e s e a s s u m p t i o n s , t h e C o m p a n y ' s e x p e c t a t i o n s m a y c h a n g e . T h e r e c a n b e n o a s s u r a n c e t h a t t h e C o m p a n y w i l l a c h i e v e t h e s e r e s u l t s . N o d i s p o s i t i o n o r a c q u i s i t i o n a c t i v i t y b e y o n d w h a t h a s b e e n c o m p l e t e d a s o f t h e d a t e o f t h i s p r e s e n t a t i o n h a s b e e n i n c l u d e d i n t h e 2 0 2 4 O u t l o o k o t h e r t h a n a s n o t e d w i t h r e s p e c t t o N e t R o o m s G r o w t h e x p e c t a t i o n s r e l a t e d t o t h e t i m i n g o f t h e B a h i a P r i n c i p e T r a n s a c t i o n c l o s i n g . Source Notes: 3.0 - 4.0% System-Wide Hote ls RevPAR ◊ 1 1 1 $1,400M - $1,450M Net Income 1 1 1 7.75 - 8.25% Net Rooms Growth 4.0 - 4.5% excluding Bahia Principe Transaction

 
EARNINGS GROWTH MODEL REFLECTS SIMPLIFIED AND MORE PREDICTABLE EARNINGS 13 EARNINGS GROWTH MODEL SENSITIVITIES FOR 2024 AND 2025 +/- 1 point RevPAR◊ +/- in Adjusted EBITDA† $20M – $30M + = Addi t iona l Mode l Assumpt ions 2025 Illustrative Earnings Mix before Overhead Asset-Light Earnings Mix◊ +100bps 2026 & beyond Managemen t & F ranch i s i ng 75% Asse t -L igh t Ea rn ings M ix ◊ 1 Dis t r i bu t i on 10% Asse t -L igh t Ea rn ings M ix ◊ Owned & Leased 15% +/- 1 point Net Rooms Growth $12M – $20M $8M – $10M Distribution Margins Overhead Growth 3% per year 1 A s s e t - L i g h t E a r n i n g s M i x ◊ i n c l u d e d N e t D e f e r r a l s a n d N e t F i n a n c e d C o n t r a c t s i n 2 0 2 3 . S y s t e m - w i d e h o t e l s R e v P A R ◊ i n c l u d e s c o m p a r a b l e h o t e l s . T h e C o m p a n y ' s i l l u s t r a t i v e l o n g - t e r m o u t l o o k f o r 2 0 2 4 a n d 2 0 2 5 i s b a s e d o n a n u m b e r o f a s s u m p t i o n s t h a t a r e s u b j e c t t o c h a n g e a n d m a n y o f w h i c h a r e o u t s i d e t h e c o n t r o l o f t h e C o m p a n y . I f a c t u a l r e s u l t s v a r y f r o m t h e s e a s s u m p t i o n s , t h e C o m p a n y ' s e x p e c t a t i o n s m a y c h a n g e . T h e r e c a n b e n o a s s u r a n c e t h a t t h e C o m p a n y w i l l a c h i e v e t h e s e r e s u l t s . 16% -19% Source Notes:

 
CAPITAL ALLOCATION STRATEGY 14 WE HAVE AND WILL CONTINUE TO: Invest in growth to increase shareholder value Return excess cash to shareholders Commit to an investment-grade profile A L I L A S H A N G H A I

 
$0.15 QUARTERLY DIVIDEND1 $982M SHARE REPURCHASE AUTHORIZATION2 ~$1,250M 2024 OUTLOOK FOR CAPITAL RETURNS3 COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & SHARE REPURCHASES   15 P A R K H Y A T T M A R R A K E C H 1 F o u r t h q u a r t e r d i v i d e n d p a y a b l e o n D e c e m b e r 6 , 2 0 2 4 t o s h a r e h o l d e r s o f r e c o r d a s o f N o v e m b e r 2 2 , 2 0 2 4 . 2 S h a r e r e p u r c h a s e a u t h o r i z a t i o n a s o f S e p t e m b e r 3 0 , 2 0 2 4 . S h a r e r e p u r c h a s e s m a y b e m a d e f r o m t i m e t o t i m e i n t h e o p e n m a r k e t , i n p r i v a t e l y n e g o t i a t e d t r a n s a c t i o n s , o r o t h e r w i s e , i n c l u d i n g p u r s u a n t t o a R u l e 1 0 b 5 - 1 p l a n o r a n a c c e l e r a t e d s h a r e r e p u r c h a s e t r a n s a c t i o n , a t p r i c e s t h a t t h e C o m p a n y d e e m s a p p r o p r i a t e a n d s u b j e c t t o m a r k e t c o n d i t i o n s , a p p l i c a b l e l a w a n d o t h e r f a c t o r s d e e m e d r e l e v a n t i n t h e C o m p a n y ’ s s o l e d i s c r e t i o n . T h e c o m m o n s t o c k r e p u r c h a s e p r o g r a m a p p l i e s t o t h e C o m p a n y ’ s C l a s s A C o m m o n S t o c k a n d / o r t h e C o m p a n y ’ s C l a s s B C o m m o n S t o c k . T h e c o m m o n s t o c k r e p u r c h a s e p r o g r a m d o e s n o t o b l i g a t e t h e C o m p a n y t o r e p u r c h a s e a n y d o l l a r a m o u n t o r n u m b e r o f s h a r e s o f c o m m o n s t o c k a n d t h e p r o g r a m m a y b e s u s p e n d e d o r d i s c o n t i n u e d a t a n y t i m e . 3 T h e C o m p a n y e x p e c t s t o r e t u r n c a p i t a l t o s h a r e h o l d e r s t h r o u g h a c o m b i n a t i o n o f c a s h d i v i d e n d s o n i t s c o m m o n s t o c k a n d s h a r e r e p u r c h a s e s . Source Notes:

 
COMMITTED TO INVESTMENT GRADE 16 Senior Notes Maturit ies by Year Total Debt: $3.1B1 $M USD Credit Ratings BBB- Stab le BBB- Stab le Baa3 Stab le Liquidi ty $1.1B Cash, Cash Equ iva len ts , & Shor t -Term Inves tments $1.5B Revo lver Capac i ty Ava i lab le , Net o f Le t te rs o f Cred i t Outs tand ing STRONG POSIT ION WITH: G R A N D H Y A T T K U N M I N G T o t a l D e b t a n d L i q u i d i t y f i g u r e s a s o f S e p t e m b e r 3 0 , 2 0 2 4 . 1 C h a r t e x c l u d e s $ 4 8 m i l l i o n o f v a r i a b l e r a t e t e r m l o a n , $ 2 3 m i l l i o n o f f l o a t i n g - r a t e d e b t , $ 5 m i l l i o n o f f i n a n c e l e a s e o b l i g a t i o n s , $ 2 3 m i l l i o n o f u n a m o r t i z e d d i s c o u n t s a n d d e f e r r e d f i n a n c i n g f e e s a s w e l l a s o u r r e v o l v i n g c r e d i t f a c i l i t y , w h i c h m a t u r e s i n 2 0 2 7 . A t S e p t e m b e r 3 0 , 2 0 2 4 , t h e C o m p a n y h a d $ 1 , 4 9 7 m i l l i o n o f b o r r o w i n g c a p a c i t y a v a i l a b l e u n d e r o u r r e v o l v i n g c r e d i t f a c i l i t y , n e t o f l e t t e r s o f c r e d i t o u t s t a n d i n g . 2 T h e C o m p a n y r e p a i d t h e o u t s t a n d i n g b a l a n c e o n t h e $ 7 5 0 m i l l i o n o f 1 . 8 0 0 % s e n i o r n o t e s d u e 2 0 2 4 ( t h e " 2 0 2 4 N o t e s " ) a t m a t u r i t y d u r i n g Q 3 2 0 2 4 . $— $450 $400 $600 $399 $1,240 2024 2025 2026 2027 2028 2029 & Beyond Source Notes: 2

 
WHAT TO EXPECT IN 2024 AND BEYOND… A L I L A S H A N G H A I Growth strategy focused on enhancing network effect creates value for al l stakeholders Durable and predictable asset- l ight earnings model designed to generate signif icant and expanding Free Cash Flow† Asset-Light Earnings Mix◊ above 80% , underpinned by the successful completion of our asset disposit ion program 17 T h e C o m p a n y ’ s 2 0 2 4 a n d b e y o n d o u t l o o k i s b a s e d o n a n u m b e r o f a s s u m p t i o n s t h a t a r e s u b j e c t t o c h a n g e a n d m a n y o f w h i c h a r e o u t s i d e t h e c o n t r o l o f t h e C o m p a n y . I f a c t u a l r e s u l t s v a r y f r o m t h e s e a s s u m p t i o n s , t h e C o m p a n y ' s e x p e c t a t i o n s m a y c h a n g e . T h e r e c a n b e n o a s s u r a n c e t h a t t h e C o m p a n y w i l l a c h i e v e t h e s e r e s u l t s .

 
18 APPENDIX

 
19 Definitions Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization ("Adjusted EBITDA"): We use the term Adjusted EBITDA throughout this earnings release. Adjusted EBITDA, as we define it, is a measure that is not recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 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; • transaction and integration costs; • 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 chief operating decision maker, also evaluates the performance of each of our reportable segments and determines how to allocate resources to those segments, in part, by assessing the Adjusted EBITDA of each segment. In addition, the compensation committee of our board of directors determines the annual variable compensation for certain members of our management based in part on consolidated Adjusted EBITDA, segment Adjusted EBITDA, or some combination of both. We believe Adjusted EBITDA is useful to investors because it provides investors with the same information that we use internally for purposes of assessing our operating performance and making compensation decisions and facilitates our comparison of results with results from other companies within our industry. Adjusted EBITDA excludes certain items that can vary widely across different industries and among companies within the same industry, including interest expense and benefit (provision) for income taxes, which are dependent on company specifics, including capital structure, credit ratings, tax policies, and jurisdictions in which they operate; depreciation and amortization, which are dependent on company policies including how the assets are utilized as well as the lives assigned to the assets; Contra revenue, which is dependent on company policies and strategic decisions regarding payments to hotel owners; and stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted. We exclude revenues for 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 and may vary in frequency or magnitude, such as transaction and integration costs, asset impairments, unrealized and realized gains and losses on marketable securities, and gains and losses on sales of real estate and other. 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. Adjusted General and Administrative ("G&A") Expenses: Adjusted G&A Expenses, as we define it, is a non-GAAP measure. Adjusted G&A Expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted G&A 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.

 
20 Definitions Asset-Light Earnings Mix: Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the management and franchising segment and distribution segment divided by Adjusted EBITDA, excluding overhead and eliminations. Our management uses this calculation to assess the composition of the Company's earnings. Average Daily Rate ("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. Bahia Principe Transaction: On October 28, 2024, the Company announced plans to enter into a long-term, asset-light joint venture with Grupo Piñero, investing €359 million at closing for 50% of the joint venture plus an additional €60 million when certain conditions are met (the "Bahia Principe Transaction"). This transaction is expected close in the coming months subject to customary closing conditions, and upon closing, will add 23 all-inclusive resorts (or approximately 12,000 rooms) to Hyatt's managed portfolio. 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 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 or 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. Free Cash Flow: Free Cash Flow represents net cash provided by operating activities less capital expenditures. We believe Free Cash Flow to be a useful liquidity measure to us and investors to evaluate the ability of our operations to generate cash for uses other than capital expenditures and, after debt service and other obligations, our ability to grow our business through acquisitions and investments, as well as our ability to return cash to shareholders through dividends and share repurchases. Free Cash Flow is not necessarily a representation of how we will use excess cash. Free Cash Flow is not a substitute for net cash provided by operating activities or any other measure prescribed by GAAP. There are limitations to using non-GAAP measures such as Free Cash Flow and management compensates for these limitations by referencing our GAAP results and using Free Cash Flow supplementally. Net Deferrals: Net Deferrals represent the change in contract liabilities associated with the Unlimited Vacation Club membership contracts less the change in deferred cost assets associated with the contracts. The contract liabilities and deferred cost assets are recognized as revenue and expense, respectively, on our consolidated statements of income (loss) over the customer life, which ranges from 3 to 25 years. We believe Net Deferrals is useful to investors as it represents cash received that will be recognized as revenue in future periods. Net Financed Contracts: Net Financed Contracts represent Unlimited Vacation Club contracts signed during the period for which an initial cash down payment has been received and the remaining balance is contractually due in monthly installments over an average term of less than 4 years. The Net Financed Contract balance is calculated as the unpaid portion of membership contracts reduced by expenses related to fulfilling the membership program contracts and further reduced by an allowance for future estimated uncollectible installments. Net Financed Contract balances are not reported on our consolidated balance sheets as our right to collect future installments is conditional on our ability to provide continuous access to member benefits at ALG resorts over the contract term, and the associated expenses to fulfill the membership contracts become liabilities of the Company only after the installments are collected. We believe Net Financed Contracts is useful to investors as it represents an estimate of future cash flows due in accordance with contracts signed in the current period. 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.

 
21 Definitions Net Package Revenue per Available Room ("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. 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. UVC Transaction: During the nine months ended September 30, 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 we account for our remaining 20% ownership interest as an equity method investment in an unconsolidated hospitality venture (the "UVC Transaction"). We 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.

 
Non-GAAP Reconciliations 22 (in millions) Year Ended December 31, 2023 Net cash provided by operating activities $ 800 Capital expenditures (198) Free Cash Flow $ 602 (in millions) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income attributable to Hyatt Hotels Corporation $ 471 $ 68 $ 1,352 $ 194 Interest expense 50 41 128 105 Provision for income taxes 137 33 259 107 Depreciation and amortization 81 100 257 297 Contra revenue 27 12 56 34 Revenues for reimbursed costs (867) (754) (2,511) (2,267) Reimbursed costs 881 764 2,570 2,302 Transaction and integration costs (a) 8 8 26 31 Equity (earnings) losses from unconsolidated hospitality ventures 13 (7) (32) (4) Stock-based compensation expense (b) 9 12 55 60 (Gains) losses on sales of real estate and other (514) (18) (1,267) (18) Asset impairments 35 6 52 13 Other (income) loss, net (70) (26) (152) (93) Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA 14 14 48 45 Adjusted EBITDA $ 275 $ 253 $ 841 $ 806 Source Notes: linked to ER schedule ( a ) D u r i n g t h e n i n e m o n t h s e n d e d S e p t e m b e r 3 0 , 2 0 2 4 , t h e C o m p a n y r e v i s e d i t s d e f i n i t i o n o f A d j u s t e d E B I T D A t o e x c l u d e t r a n s a c t i o n a n d i n t e g r a t i o n c o s t s , a n d i t r e c a s t p r i o r - p e r i o d r e s u l t s t o p r o v i d e c o m p a r a b i l i t y . T h e r e v i s e d d e f i n i t i o n e x c l u d e s t r a n s a c t i o n c o s t s p r e v i o u s l y r e c o g n i z e d i n g e n e r a l a n d a d m i n i s t r a t i v e e x p e n s e s a n d i n t e g r a t i o n c o s t s . P r e v i o u s l y , o n l y t r a n s a c t i o n c o s t s r e c o g n i z e d i n g a i n s ( l o s s e s ) o n s a l e s o f r e a l e s t a t e a n d o t h e r a n d o t h e r i n c o m e ( l o s s ) , n e t w e r e e x c l u d e d f r o m A d j u s t e d E B I T D A . A s t h e s e c o s t s m a y v a r y i n f r e q u e n c y o r m a g n i t u d e , t h e C o m p a n y b e l i e v e s t h e r e v i s e d d e f i n i t i o n p r e s e n t s a m o r e r e p r e s e n t a t i v e m e a s u r e o f i t s c o r e o p e r a t i o n s , a s s i s t s i n t h e c o m p a r a b i l i t y o f r e s u l t s , a n d p r o v i d e s i n f o r m a t i o n c o n s i s t e n t w i t h h o w i t s m a n a g e m e n t e v a l u a t e s o p e r a t i n g p e r f o r m a n c e . R e f e r t o t h e a p p e n d i x f o r d e f i n i t i o n s . ( b ) I n c l u d e s a m o u n t s r e c o g n i z e d i n g e n e r a l a n d a d m i n i s t r a t i v e e x p e n s e s a n d d i s t r i b u t i o n e x p e n s e s .

 
Non-GAAP Reconciliations 23 (in millions) Year Ended December 31, 2024 Outlook Range Low Case High Case Net income attributable to Hyatt Hotels Corporation $ 1,400 $ 1,450 Interest expense 175 175 Provision for income taxes 259 279 Depreciation and amortization 333 333 Contra revenue 74 74 Reimbursed costs, net of revenues for reimbursed costs 105 95 Transaction and integration costs 38 33 Equity (earnings) losses from unconsolidated hospitality ventures (27) (37) Stock-based compensation expense 70 70 (Gains) losses on sales of real estate (1,262) (1,272) Asset impairments 52 52 Other (income) loss, net (178) (198) Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA 61 66 Adjusted EBITDA $ 1,100 $ 1,120 Year Ended December 31, 2024 Outlook Range Low Case High Case Net cash provided by operating activities $ 550 $ 580 Capital expenditures (170) (170) Free Cash Flow $ 380 $ 410 Source Notes: linked to ER schedule

 
24

 
v3.24.3
Cover Page
Oct. 31, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 31, 2024
Entity Registrant Name HYATT HOTELS CORP
Entity Incorporation, State or Country Code DE
Entity File Number 001-34521
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001468174
Amendment Flag false
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