RELATED-PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS In addition to those included elsewhere in the Notes to our consolidated financial statements, related-party transactions entered into by us are summarized as follows: Legal Services—A partner in a law firm that provided services to us throughout 2024, 2023, and 2022 is the brother-in-law of our Executive Chairman. During the years ended December 31, 2024, December 31, 2023, and December 31, 2022, we incurred $23 million, $15 million, and $14 million, respectively, of legal fees with this firm. At both December 31, 2024 and December 31, 2023, we had $2 million due to the law firm. Equity Method Investments—We have equity method investments in entities that own, operate, manage, or franchise properties or other hospitality-related businesses, including the Unlimited Vacation Club paid membership program, for which we receive management, franchise, license, or royalty fees. We recognized $83 million, $23 million, and $22 million of fee revenues during the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. In addition, in some cases we provide loans or guarantees to these entities (see Note 4, Note 6, and Note 15). During the years ended December 31, 2024, December 31, 2023, and December 31, 2022, we recognized $2 million, $6 million, and $7 million, respectively, of income related to these guarantees. At December 31, 2024 and December 31, 2023, we had $112 million and $43 million, respectively, due from these entities, inclusive of $67 million and $22 million, respectively, recorded in receivables, net and $45 million and $21 million, respectively, recorded in financing receivables, net on our consolidated balance sheets. During the years ended December 31, 2024, December 31, 2023, and December 31, 2022, we recognized $5 million, $3 million, and $4 million, respectively, of interest income related to these receivables. Our ownership interest in these unconsolidated hospitality ventures varies from 20% to 50%. In addition to the aforementioned fees, we provide system-wide services on behalf of owners of managed and franchised properties and administer the loyalty program for the benefit of Hyatt's portfolio of properties. These expenses have been, and will continue to be, reimbursed by our third-party owners and franchisees and are recognized in revenues for reimbursed costs and reimbursed costs on our consolidated statements of income. Class B Share Conversion—During the years ended December 31, 2024, December 31, 2023, and December 31, 2022, 1,596,064 shares, 160,626 shares, and 735,522 shares, respectively, of Class B common stock were converted on a share-for-share basis into shares of Class A common stock, $0.01 par value per share. The shares of Class B common stock that were converted into shares of Class A common stock have been retired, thereby reducing the shares of Class B common stock authorized and outstanding. Class B Share Repurchase—During the year ended December 31, 2024, we repurchased 3,629,480 shares of Class B common stock at a weighted-average price of $154.66 per share, for an aggregate purchase price of approximately $561 million. The shares of Class B common stock were repurchased in privately negotiated transactions from a limited liability company owned directly and indirectly by trusts for the benefit of certain Pritzker family members, a private foundation affiliated with certain Pritzker family members, and a charitable trust affiliated with certain Pritzker family members, and were retired, thereby reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount. Charitable Contribution—During the year ended December 31, 2022, we contributed $5 million to the Hyatt Hotels Foundation. The charitable contribution was recognized in general and administrative expenses on our consolidated statements of income.
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