Hyatt Hotels Corp
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
H$185.70+0.7%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001468174-25-000092
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001468174-25-000111
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 188 previous paragraphs and 193 current paragraphs.
106 unchanged; 71 reworded; 14 added; 10 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 23 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (14)
Current report
•692 franchised properties (127,387 rooms);
Current report
During the quarter ended September 30, 2025, we returned $45 million of capital to our stockholders through $30 million of share repurchases and $15 million of quarterly dividend payments.
Current report
Non-comparable owned and leased revenues increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by the Playa Hotels Acquisition, partially offset by net disposition activity in 2024.
Current report
General and administrative expenses increased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to increased payroll and related costs associated with the Bahia Principe Transaction and the Playa Hotels Acquisition and the reversal of credit loss reserves on certain receivables in 2024, partially offset by the impact of the UVC Transaction.
Current report
Non-comparable owned and leased expenses increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by the Playa Hotels Acquisition, partially offset by net disposition activity in 2024.
Current report
During the nine months ended September 30, 2025:
Current report
•We received $22 million of net proceeds from the sale of one of the properties in the Playa Hotels Portfolio.
Current report
During the nine months ended September 30, 2024:
Current report
•We received $723 million of net proceeds from the sale of Hyatt Regency Orlando and an adjacent undeveloped land parcel.
Current report
•We invested $45 million in a HTM debt security.
Current report
During the nine months ended September 30, 2025:
Current report
•We repaid $22 million of the DDTL Loans using proceeds from the sale of one of the properties in the Playa Hotels Portfolio.
Current report
During the nine months ended September 30, 2024:
Current report
On October 30, 2025, we entered into a credit agreement that refinanced and replaced in its entirety our credit agreement dated May 18, 2022. See Part I, Item 1 "Financial Statements—Note 20 to our Condensed Consolidated Financial Statements" for additional information.
Removed paragraphs (10)
Previous report
•688 franchised properties (125,517 rooms);
Previous report
RevPAR at our comparable system-wide hotels also increased during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by strong business transient and group performance.
Previous report
Non-comparable owned and leased revenues decreased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily driven by net disposition activity in 2024, partially offset by the Playa Hotels Acquisition.
Previous report
General and administrative expenses decreased during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to the decline in market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts and impact of the UVC Transaction, partially offset by increased payroll and related costs and the reversal of credit loss reserves on certain receivables in 2024.
Previous report
Non-comparable owned and leased expenses decreased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily driven by net disposition activity in 2024, partially offset by the Playa Hotels Acquisition.
Previous report
During the three months ended June 30, 2025, we entered into the DDTL Facility and borrowed $1,700 million of DDTL Loans. The net proceeds from the DDTL Loans, along with the 2028 Notes and 2032 Notes issued during the six months ended June 30, 2025, were used to finance the Playa Hotels Acquisition, repay certain indebtedness of Playa Hotels and its subsidiaries, and pay related fees and expenses. See Part I, Item 1, "Financial Statements—Note 7 and Note 10 to our Condensed Consolidated Financial Statements" for additional information.
Previous report
During the six months ended June 30, 2025:
Previous report
During the six months ended June 30, 2024:
Previous report
During the six months ended June 30, 2025:
Previous report
During the six months ended June 30, 2024:
Reworded paragraphs (71)
Previous wording
This Quarterly Report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, and financial performance, and prospective or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the effects that the announcement or pendency of the planned Playa Hotels Portfolio disposition may have on us, the occurrence of any event, change or other circumstance that could give rise to the termination of the share purchase agreement; the effects that any termination of the share purchase agreement may have on us or our business; failure to successfully complete the planned Playa Hotels Portfolio disposition; legal proceedings that may be instituted related to the planned Playa Hotels Portfolio disposition; significant and unexpected costs, charges or expenses related to the planned Playa Hotels Portfolio disposition; inability to obtain regulatory or governmental approvals or to obtain such approvals on satisfactory conditions; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate ("ADR"); limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; 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 hurricanes, eart…
Excerpt shortened here; the source contains the full paragraph.
Current wording
This Quarterly Report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company's plans, strategies, and financial performance, and prospective or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance, or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would," and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the effects that the pendency of the planned Playa Hotels Portfolio disposition may have on us, the occurrence of any event, change or other circumstance that could give rise to the termination of the share purchase agreement; the effects that any termination of the share purchase agreement may have on us or our business; failure to successfully complete the planned Playa Hotels Portfolio disposition; legal proceedings that may be instituted related to the planned Playa Hotels Portfolio disposition; significant and unexpected costs, charges or expenses related to the planned Playa Hotels Portfolio disposition; inability to obtain regulatory or governmental approvals in connection with the planned Playa Hotels Portfolio disposition or to obtain such approvals on satisfactory conditions; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate ("ADR"); limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geopolitical conditions, including political or civil unrest or changes in trade policy; the impact of global tariff policies or regulations; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather an…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
Our portfolio of properties consists of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential and vacation units. On June 17, 2025, we announced the completed acquisition of Playa Hotels, a leading owner, operator, and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations. On June 29, 2025, we entered into a definitive agreement to sell the Playa Hotels Portfolio to an unrelated third party, and we expect the sale to close by the end of 2025.
Current wording
Our portfolio of properties consists of full service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential and vacation units. On June 17, 2025, we completed the acquisition of Playa Hotels, a leading owner, operator, and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations. On June 29, 2025, we entered into a definitive agreement to sell the Playa Hotels Portfolio to an unrelated third party. We expect to close on the planned disposition of the 14 remaining properties in the Playa Hotels Portfolio by the end of 2025.
Previous wording
At June 30, 2025, our hotel portfolio consisted of 1,487 properties (363,790 rooms), including:
Current wording
At September 30, 2025, our hotel portfolio consisted of 1,497 properties (366,347 rooms), including:
Previous wording
•643 managed properties (193,614 rooms), including 112 all-inclusive resorts (39,719 rooms), all of which we operate under management and hotel services agreements with third-party owners;
Current wording
•648 managed properties (194,248 rooms), including 111 all-inclusive resorts (39,256 rooms), all of which we operate under management and hotel services agreements with third-party owners;
Previous wording
•46 owned and leased properties (15,966 rooms), including 17 owned hotels (6,059 rooms), 6 operating leased all-inclusive resorts (1,224 rooms), 4 operating leased hotels (1,697 rooms), 18 owned all-inclusive resorts (6,815 rooms), and 1 finance leased hotel (171 rooms), all of which we manage;
Current wording
•45 owned and leased properties (15,734 rooms), including 17 hotels (6,060 rooms), 6 operating leased all-inclusive resorts (1,262 rooms), 4 operating leased hotels (1,697 rooms), 17 all-inclusive resorts (6,544 rooms), and 1 finance leased hotel (171 rooms), all of which we manage;
Previous wording
•22 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,613 rooms);
Current wording
•21 managed properties and 2 franchised properties owned or leased by unconsolidated hospitality ventures (7,477 rooms);
Previous wording
•64 franchised properties (9,194 rooms)operated by an unconsolidated hospitality venture in connection with a master license agreement by Hyatt; 6 of these properties (1,246 rooms) are leased by the unconsolidated hospitality venture; and
Current wording
•67 franchised properties (9,615 rooms) operated by an unconsolidated hospitality venture in connection with a master license agreement by Hyatt; including 6 properties (1,246 rooms) that are leased by the unconsolidated hospitality venture; and
Previous wording
•41 residential units (4,455 rooms), which consist of branded residences and serviced apartments. We manage all of the serviced apartments and those branded residential units that participate in a rental program with an adjacent Hyatt-branded hotel.
Current wording
•41 residential units (4,458 rooms), which consist of branded residences and serviced apartments. We manage all of the serviced apartments and those branded residential units that participate in a rental program with an adjacent Hyatt-branded hotel.
Previous wording
We report our consolidated operations in U.S. dollars. Amounts are reported in millions, unless otherwise noted. Percentages may not recompute due to rounding, and percentage changes that are not meaningful are presented as "NM." Constant currency disclosures used throughout Management's Discussion and Analysis of Financial Condition and Results of Operations are non-GAAP measures. See "—Non-GAAP Measures" for further discussion.
Current wording
We report our consolidated operations in U.S. dollars. Amounts are reported in millions, unless otherwise noted. Percentages may not recompute due to rounding, and percentage changes that are not meaningful are presented as "NM." Constant dollar disclosures used throughout Management's Discussion and Analysis of Financial Condition and Results of Operations are non-GAAP measures. See "—Non-GAAP Measures" for further discussion.
Previous wording
Consolidated revenues increased $105 million, or 6.2%, during the quarter ended June 30, 2025 compared to the quarter ended June 30, 2024. Gross fee revenues and revenues for reimbursed costs increased $26 million and $103 million, respectively, primarily driven by higher revenues and improved operating performance at our existing properties as well as growth of our hotel portfolio compared to the quarter ended June 30, 2024. Owned and leased revenues decreased $10 million, compared to the quarter ended June 30, 2024, due to net disposition activity in 2024, partially offset by the Playa Hotels Acquisition.
Current wording
Consolidated revenues increased $157 million, or 9.7%, during the quarter ended September 30, 2025 compared to the quarter ended September 30, 2024. Gross fee revenues and revenues for reimbursed costs increased $15 million and $36 million, respectively, primarily driven by higher revenues and improved operating performance at our existing properties as well as growth of our hotel portfolio compared to the quarter ended September 30, 2024. Owned and leased revenues increased $142 million, compared to the quarter ended September 30, 2024, due to the Playa Hotels Acquisition, partially offset by net disposition activity in 2024.
Previous wording
Comparable system-wide hotels Revenue per Available Room ("RevPAR") for the quarter ended June 30, 2025 was $151, which represented a 1.6% improvement compared to the quarter ended June 30, 2024 in constant currency. Comparable system-wide all-inclusive resorts Net Package RevPAR for the quarter ended June 30, 2025 was $210, which represented a 8.6% increase compared to the quarter ended June 30, 2024 in reported dollars. See "—RevPAR and Net Package RevPAR Statistics" for further discussion.
Current wording
Comparable system-wide hotels Revenue per Available Room ("RevPAR") for the quarter ended September 30, 2025 was $146.24, which represented a 0.3% improvement compared to the quarter ended September 30, 2024 in constant dollars. Comparable system-wide all-inclusive resorts Net Package RevPAR for the quarter ended September 30, 2025 was $194.56, which represented a 7.6% increase compared to the quarter ended September 30, 2024 in reported dollars. See "—RevPAR and Net Package RevPAR Statistics" for further discussion.
Previous wording
During the quarter ended June 30, 2025, compared to the quarter ended June 30, 2024, leisure transient RevPAR improved driven by strong leisure transient travel outside of the United States. Group and business transient RevPAR was approximately flat due in part to the timing of Easter and lower demand. At June 30, 2025, group booking pace for July through December 2025 at our comparable full-service managed hotels in the United States is approximately flat compared to the same period in 2024.
Current wording
During the quarter ended September 30, 2025, leisure transient RevPAR improved driven by travel outside of the United States and business transient RevPAR improved in the United States compared to the quarter ended September 30, 2024. Group RevPAR declined, compared to the quarter ended September 30, 2024, in part due to the timing of the Jewish holidays as well as the impacts of the Paris Summer Olympics and the Democratic National Convention in 2024. At September 30, 2025, group booking pace for October through December 2025 at our comparable full-service managed hotels in the United States is up 2.5% compared to the same period in 2024.
Previous wording
For the quarter ended June 30, 2025, we reported a $3 million net loss attributable to Hyatt Hotels Corporation, representing a $362 million decrease, compared to the quarter ended June 30, 2024, primarily driven by a decrease in gains (losses) on sales of real estate and other and an increase in transaction and integration costs, primarily due to the Playa Hotels Acquisition, partially offset by a decrease in provision for income taxes. Our consolidated Adjusted EBITDA for the quarter ended June 30, 2025 was $303 million, a $4 million decrease compared to the quarter ended June 30, 2024. See "—Results of Operations" and "—Segment Results" for further discussion.
Current wording
For the quarter ended September 30, 2025, we reported a $49 million net loss attributable to Hyatt Hotels Corporation, representing a $520 million decrease, compared to the quarter ended September 30, 2024, primarily driven by a decrease in gains (losses) on sales of real estate and other. Our consolidated Adjusted EBITDA for the quarter ended September 30, 2025 was $291 million, a $16 million increase compared to the quarter ended September 30, 2024. See "—Results of Operations" and "—Segment Results" for further discussion.
Previous wording
RevPAR at our comparable system-wide hotels increased during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily driven by improved leisure transient travel outside of the United States.
Current wording
RevPAR at our comparable system-wide hotels increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by strong leisure transient travel outside of the United States. RevPAR at our comparable system-wide hotels also increased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due to strong business transient travel in the United States.
Previous wording
Net Package RevPAR at our comparable all-inclusive resorts increased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, driven by higher demand and Net Package ADR.
Current wording
Net Package RevPAR at our comparable all-inclusive resorts increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, driven by higher demand and Net Package ADR.
Previous wording
RevPAR at our comparable owned and leased hotels increased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily driven by strong group demand and group ADR.
Current wording
RevPAR at our comparable owned and leased hotels increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by strong group demand and ADR, partially offset by the impact of the Paris Summer Olympics in 2024.
Previous wording
Three and Six Months Ended June 30, 2025 Compared with Three and Six Months Ended June 30, 2024
Current wording
Three and Nine Months Ended September 30, 2025 Compared with Three and Nine Months Ended September 30, 2024
Previous wording
Base management fees increased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily driven by portfolio growth, most notably in the Americas, inclusive of the Bahia Principe Transaction. The increase during the three months ended June 30, 2025 was also driven by leisure transient demand. Additionally, the six months ended June 30, 2025 benefited from increased business transient and group demand.
Current wording
Base management fees increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by portfolio growth, inclusive of the Bahia Principe Transaction, and increased leisure transient demand. Additionally, the nine months ended September 30, 2025 benefited from increased business transient demand.
Previous wording
Incentive management fees increased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily driven by the Americas (excluding United States) due to the Bahia Principe Transaction and in part due to hotel profits being positively impacted by currency translation. Additionally, incentive management fees increased during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, driven by strong hotel performance in ASPAC (excluding Greater China).
Current wording
Incentive management fees increased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by portfolio growth, inclusive of the Bahia Principe Transaction, and hotel performance in ASPAC (excluding Greater China). Additionally, the nine months ended September 30, 2025 benefited from hotel performance in the Americas (excluding United States), primarily due to hotel profits being positively impacted by currency translation.
Previous wording
Franchise and other fees increased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily driven by license fees related to our co-branded credit card programs. Additionally, franchise and other fees increased during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to management and royalty fees related to the management of and licensing of certain of our brands to the Unlimited Vacation Club paid membership program following the UVC Transaction.
Current wording
Franchise and other fees increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by license fees related to our co-branded credit card programs and franchise fees due to portfolio growth, partially offset by franchise fees recognized in 2024 related to properties that were acquired in the Playa Hotels Acquisition. Additionally, franchise and other fees increased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, due to management and royalty fees related to the management of and licensing of certain of our brands to the Unlimited Vacation Club paid membership program following the UVC Transaction.
Previous wording
Contra revenue increased during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily driven by a payment made to a third-party owner and accrued performance cure payments.
Current wording
Contra revenue increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, due to incremental key money assets amortization. The increase during the nine months ended September 30, 2025 was also driven by a payment made to a third-party owner.
Previous wording
Comparable owned and leased revenues increased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily driven by strong group and business transient travel.
Current wording
Comparable owned and leased revenues increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily driven by strong group and business transient travel.
Previous wording
Distribution revenues. During the three and six months ended June 30, 2025, distribution revenues decreased $16 million and $20 million, respectively, compared to the three and six months ended June 30, 2024, primarily driven by ALG Vacations due to lower booking and departure volume, partially offset by higher pricing.
Current wording
Distribution revenues. During the three and nine months ended September 30, 2025, distribution revenues decreased $29 million and $49 million, respectively, compared to the three and nine months ended September 30, 2024, primarily driven by lower booking and departure volume within ALG Vacations and lower travel credit breakage, partially offset by higher pricing.
Previous wording
Other revenues. During the three months ended June 30, 2025, other revenues increased $1 million compared to the three months ended June 30, 2024. During the six months ended June 30, 2025, other revenues decreased $23 million, compared to the six months ended June 30, 2024, primarily driven by the UVC Transaction.
Current wording
Other revenues. During the nine months ended September 30, 2025, other revenues decreased $23 million, compared to the nine months ended September 30, 2024, primarily driven by the UVC Transaction.
Previous wording
Revenues for reimbursed costs increased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, driven by higher reimbursements for payroll and related expenses at managed properties where we are the employer and an increase in reimbursed costs related to system-wide services provided to managed and franchised properties. The higher reimbursements for expenses were due to increased demand at our existing properties and portfolio growth.
Current wording
Revenues for reimbursed costs increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, driven by higher reimbursements for payroll and related expenses at managed properties where we are the employer and an increase in reimbursed costs related to system-wide services provided to managed and franchised properties. The higher reimbursements for expenses were due to increased demand at our existing properties and portfolio growth.
Previous wording
General and administrative expenses increased during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to improved market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts, increased payroll and related costs, and the reversal of credit loss reserves on certain receivables in 2024.
Current wording
General and administrative expenses increased during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to improved market performance of the underlying investments in marketable securities held to fund our deferred compensation plans through rabbi trusts, increased payroll and related costs associated with the Bahia Principe Transaction and the Playa Hotels Acquisition, and increased stock-based compensation expense.
Previous wording
Comparable owned and leased expenses increased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, primarily due to increased variable expenses at certain hotels, most notably payroll and related costs.
Current wording
Comparable owned and leased expenses increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, primarily due to increased variable expenses at certain hotels, most notably payroll and related costs.
Previous wording
Distribution expenses. During the three and six months ended June 30, 2025, distribution expenses decreased $15 million and $23 million, respectively, compared to the three and six months ended June 30, 2024, primarily driven by ALG Vacations due to cost management strategies and lower variable expenses as a result of lower booking and departure volume, partially offset by favorable currency translation.
Current wording
Distribution expenses. During the three and nine months ended September 30, 2025, distribution expenses decreased $13 million and $36 million, respectively, compared to the three and nine months ended September 30, 2024, primarily driven by cost management strategies and lower variable expenses at ALG Vacations as a result of lower booking and departure volume.
Previous wording
Other direct costs. During the three months ended June 30, 2025, other direct costs increased $3 million compared to the three months ended June 30, 2024. During the six months ended June 30, 2025, other direct costs decreased $18 million, compared to the six months ended June 30, 2024, primarily driven by the UVC Transaction.
Current wording
Other direct costs. During the three months ended September 30, 2025, other direct costs increased $3 million, compared to the three months ended September 30, 2024, primarily driven by expenses related to our co-branded credit card programs. During the nine months ended September 30, 2025, other direct costs decreased $15 million, compared to the nine months ended September 30, 2024, primarily driven by the UVC Transaction, partially offset by an increase in expenses related to our co-branded credit card programs.
Previous wording
Transaction and integration costs. During the three and six months ended June 30, 2025, transaction and integration costs increased $72 million and $87 million, respectively, compared to the three and six months ended June 30, 2024, primarily due to transaction costs related to the Playa Hotels Acquisition. See Part I, Item 1, "Financial Statements—Note 7 to our Condensed Consolidated Financial Statements" for additional information.
Current wording
Transaction and integration costs. During the three and nine months ended September 30, 2025, transaction and integration costs increased $17 million and $104 million, respectively, compared to the three and nine months ended September 30, 2024, primarily due to transaction and integration costs related to the Playa Hotels Acquisition and integration costs related to the acquisition of Standard International. See Part I, Item 1, "Financial Statements—Note 7 to our Condensed Consolidated Financial Statements" for additional information.
Previous wording
Depreciation and amortization expenses. During the three and six months ended June 30, 2025, depreciation and amortization expenses decreased $2 million and $14 million, respectively, compared to the three and six months ended June 30, 2024, primarily due to lower depreciation expense as a result of net disposition activity in 2024, partially offset by additional amortization expense for intangible assets acquired in the Bahia Principe Transaction. The decrease during the six months ended was also driven by lower amortization expense related to the UVC Transaction.
Current wording
Depreciation and amortization expenses. During the three months ended September 30, 2025, depreciation and amortization expenses increased $2 million, compared to the three months ended September 30, 2024, primarily driven by additional amortization expense for intangible assets acquired in the Bahia Principe Transaction, partially offset by lower depreciation expense as a result of net disposition activity in 2024. During the nine months ended September 30, 2025, depreciation and amortization expenses decreased $12 million, compared to the nine months ended September 30, 2024, primarily driven by lower depreciation expense as a result of net disposition activity in 2024 and lower amortization expense related to the UVC Transaction, partially offset by additional amortization expense for intangible assets acquired in the Bahia Principe Transaction.
Previous wording
Reimbursed costs increased during the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, driven by increased payroll and related expenses at managed properties where we are the employer and expenses related to system-wide services provided to managed and franchised properties and the loyalty program. The higher expenses were due to increased demand at our existing properties and portfolio growth.
Current wording
Reimbursed costs increased during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, driven by increased payroll and related expenses at managed properties where we are the employer and expenses related to system-wide services provided to managed and franchised properties. The higher expenses were due to increased demand at our existing properties and portfolio growth.
Previous wording
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts increased during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, and decreased during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, driven by market performance of the underlying invested assets.
Current wording
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts increased during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, and decreased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, driven by the market performance of the underlying invested assets.
Previous wording
Interest expense. During the three and six months ended June 30, 2025, interest expense increased $34 million and $62 million, respectively, compared to the three and six months ended June 30, 2024, primarily due to the issuances of senior notes in 2024 and 2025, the DDTL Loans, and bridge commitment fees related to the Playa Hotels Acquisition, partially offset by the redemption of certain of our senior notes in 2024 and 2025. See Part I, Item 1, "Financial Statements—Note 10 to our Condensed Consolidated Financial Statements" for additional information.
Current wording
Interest expense. During the three and nine months ended September 30, 2025, interest expense increased $40 million and $102 million, respectively, compared to the three and nine months ended September 30, 2024, primarily due to the issuances of senior notes in 2024 and 2025, the DDTL Loans, and bridge commitment fees related to the Playa Hotels Acquisition, partially offset by the redemption of certain of our senior notes in 2024 and 2025. See Part I, Item 1, "Financial Statements—Note 10 to our Condensed Consolidated Financial Statements" for additional information.
Previous wording
Gains (losses) on sales of real estate and other. During the three months ended June 30, 2024, we recognized the following:
Current wording
Gains (losses) on sales of real estate and other. During the three months ended September 30, 2024, we recognized a $514 million pre-tax gain related to the sale of Hyatt Regency Orlando and an adjacent undeveloped land parcel.
Previous wording
During the six months ended June 30, 2024, we also recognized the following:
Current wording
During the nine months ended September 30, 2024, we also recognized the following:
Previous wording
•$231 million pre-tax gain related to the UVC Transaction; and
Current wording
•$231 million pre-tax gain related to the UVC Transaction;
Previous wording
Asset impairments. During the three months ended June 30, 2025, we recognized $10 million of impairment charges related to property and equipment, operating lease ROU assets, and intangible assets. During the six months ended June 30, 2025, we recognized an additional $4 million of impairment charges related to intangible assets. During the six months ended June 30, 2024, we recognized $17 million of impairment charges primarily related to goodwill. See Part I, Item 1, "Financial Statements—Note 5, Note 7, and Note 8 to our Condensed Consolidated Financial Statements" for additional information.
Current wording
Asset impairments. During the three months ended September 30, 2025, we recognized $9 million of impairment charges related to intangible assets. During the nine months ended September 30, 2025, we recognized an additional $14 million of impairment charges related to intangible assets, property and equipment, and operating lease ROU assets. During the three months ended September 30, 2024, we recognized $35 million of impairment charges related to property and equipment, intangible assets, and operating lease ROU assets. During the nine months ended September 30, 2024, we recognized an additional $17 million of impairment charges primarily related to goodwill. See Part I, Item 1, "Financial Statements—Note 5, Note 7, and Note 8 to our Condensed Consolidated Financial Statements" for additional information.
Previous wording
Other income (loss), net. During the three and six months ended June 30, 2025, other income (loss), net increased $1 million and decreased $10 million, respectively, compared to the three and six months ended June 30, 2024. See Part I, Item 1, "Financial Statements—Note 19 to our Condensed Consolidated Financial Statements" for additional information.
Current wording
Other income (loss), net. During the three and nine months ended September 30, 2025, other income (loss), net decreased $74 million and $84 million, respectively, compared to the three and nine months ended September 30, 2024. See Part I, Item 1, "Financial Statements—Note 19 to our Condensed Consolidated Financial Statements" for additional information.
Previous wording
Provision for income taxes decreased during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily driven by the sales of Park Hyatt Zurich and Hyatt Regency San Antonio Riverwalk in 2024. The decrease in provision for income taxes during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was driven by the earnings impact from both the sale of the shares of the entities that own Hyatt Regency Aruba Resort Spa and Casino and the UVC Transaction in 2024.
Current wording
Provision for income taxes decreased during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily driven by the gain on sale of Hyatt Regency Orlando and an adjacent undeveloped land parcel in 2024. Provision for income taxes decreased during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily driven by the aforementioned gain on sale and the earnings impact from the sales of Hyatt Regency Aruba Resort Spa and Casino, Park Hyatt Zurich, and Hyatt Regency San Antonio Riverwalk as well as the UVC Transaction in 2024.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
•We contributed $32 million to unconsolidated hospitality ventures.
Current report — wording carried from elsewhere
•We repaid the outstanding 2024 Notes at maturity for approximately $753 million, inclusive of $7 million of accrued interest.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Adjusted general and administrative expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. See "—Non-GAAP Measures" for further discussion.