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DEBT AND EQUITY SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Variable Interest Entities
The following table summarizes the VIE's assets and liabilities, including the effect of foreign currency translation, recorded on our consolidated balance sheet at December 31, 2024. The assets may only be used to settle obligations of the consolidated VIE, if any. In addition, there is no recourse to us for the consolidated VIE's liabilities.
Cash and cash equivalents$2 
Receivables15 
Total current assets17 
Operating lease right-of-use assets1 
Goodwill147 
Intangibles, net515 
Other assets50 
Total assets$730 
Accounts payable$15 
Accrued expenses and other current liabilities1 
Total current liabilities16 
Long-term operating lease liabilities1 
Other long-term liabilities161 
Total liabilities$178 
The joint venture increases our all-inclusive portfolio giving guests and loyalty program members more opportunities to experience all-inclusive travel. In conjunction with the transaction, we entered into various agreements with the joint venture and its related parties to provide certain commercial and management support services to the joint venture and to support the growth of the Bahia Principe brand and the operation of the Bahia Principe Hotels & Resorts-branded properties.
Schedule of Equity Method Investments
The carrying values and ownership interests of our investments in unconsolidated hospitality ventures accounted for under the equity method were as follows:
InvesteeOwnership interestCarrying value
December 31, 2024December 31, 2023
Juniper Hotels Limited38.8 %$76 $28 
HP Boston Partners, LLC50.0 %20 22 
Hotel am Belvedere Holding GmbH & Co KG50.0 %15 13 
HRM HoldCo, LLC50.0 %15 13 
HC Lenox JV Holdings LLC50.0 %15 9 
Atona Impact Fund LP49.8 %12 — 
Hotel Hoyo Uno, S. de R.L. de C.V.40.0 %7 7 
Denver Downtown Hotel Partners LLC50.0 %5 5 
H.E. Philadelphia HC Hotel, L.L.C.40.0 %5 7 
Hyatt of Baja, S. de. R.L. de C.V.— %— 74 
Other19 33 
Total equity method investments$189 $211 
Schedule of Marketable Securities Held to Fund Operating Programs
Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value on our consolidated balance sheets, were as follows:
December 31, 2024December 31, 2023
Loyalty program (Note 10)
$642 $807 
Deferred compensation plans held in rabbi trusts (Note 10 and Note 13)
548 489 
Captive insurance company (Note 10)
86 94 
Total marketable securities held to fund operating programs$1,276 $1,390 
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments(55)(320)
Marketable securities held to fund operating programs included in other assets$1,221 $1,070 
Schedule of Net Gains and Interest Income from Marketable Securities Held to Fund Operating Programs
Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our consolidated financial statements were as follows:
Year Ended December 31,
202420232022
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)$6 $42 $(89)
Revenues for reimbursed costs (2)2 21 (42)
Other income (loss), net (Note 21)
4 10 (37)
Other comprehensive income (loss) (Note 16)
(5)10 (14)
Realized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (1)$43 $13 $14 
Revenues for reimbursed costs (2)21 6 7 
Other income (loss), net (Note 21)
1 (2)— 
(1) Unrealized and realized gains and losses recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts are offset by amounts recognized in general and administrative expenses and owned and leased expenses with no impact on net income.
(2) Unrealized and realized gains and losses recognized in revenues for reimbursed costs related to investments held to fund rabbi trusts are offset by amounts recognized in reimbursed costs with no impact on net income.
Schedule of Marketable Securities Held for Investment Purposes
Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our consolidated balance sheets, were as follows:
December 31, 2024December 31, 2023
Interest-bearing money market funds$600 $284 
Common shares in Playa N.V. (Note 10)
154 105 
Time deposits (1)379 11 
Total marketable securities held for investment purposes$1,133 $400 
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments(975)(294)
Marketable securities held for investment purposes included in other assets$158 $106 
(1) Time deposits have contractual maturities on various dates through 2027. The amortized cost of our time deposits approximates fair value.
Schedule of Unrealized Gain (Loss) on Investments Net unrealized gains (losses) recognized on our consolidated statements of income were as follows:
Year Ended December 31,
202420232022
Other income (loss), net (Note 21)
$49 $26 $(18)
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis We measure marketable securities at fair value on a recurring basis:
December 31, 2024Cash and cash equivalentsShort-term investmentsOther assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$638 $638 $— $— 
Mutual funds and exchange-traded funds555 — — 555 
Common shares164 — — 164 
Level Two—Significant Other Observable Inputs
Time deposits404 20 355 29 
U.S. government obligations307 — 5 302 
U.S. government agencies21 — — 21 
Corporate debt securities249 — 12 237 
Mortgage-backed securities29 — — 29 
Asset-backed securities38 — — 38 
Municipal and provincial notes and bonds4 — — 4 
Total $2,409 $658 $372 $1,379 
December 31, 2023Cash and cash equivalentsShort-term investmentsOther assets
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$599 $599 $— $— 
Mutual funds and exchange-traded funds495 — — 495 
Common shares114 — — 114 
Level Two—Significant Other Observable Inputs
Time deposits36 — 10 26 
U.S. government obligations250 — — 250 
U.S. government agencies37 — — 37 
Corporate debt securities212 — 5 207 
Mortgage-backed securities19 — — 19 
Asset-backed securities24 — — 24 
Municipal and provincial notes and bonds4 — — 4 
Total$1,790 $599 $15 $1,176 
Schedule of Debt Securities, Held-to-Maturity The investments are redeemable on various dates through 2062 and recorded as HTM debt securities within other assets on our consolidated balance sheets:
December 31, 2024December 31, 2023
HTM debt securities (1)$276 $53 
Less: allowance for credit losses(9)(13)
Total HTM debt securities, net of allowances$267 $40 
(1) At December 31, 2024, HTM debt securities included a $194 million preferred equity investment, net of a $35 million unamortized discount based on an imputed interest rate of approximately 8.9% and a probability-weighted fair value adjustment related to our investment in the third-party entity that owns Hyatt Regency Orlando (see Note 7).
Schedule of Debt Securities, Held-to-Maturity, Allowance for Credit Loss
The following table summarizes the activity in our HTM debt securities allowance for credit losses:
20242023
Allowance at January 1$13 $31 
Provisions (reversals), net (1)(2)(15)
Write-offs (2)(3)
Allowance at December 31$9 $13 
(1) Provisions for credit losses were partially or fully offset by interest income recognized in the same periods (see Note 21).
Schedule of Changes in Fair Value The fair value is estimated using a discounted future cash flow model, and the primary sensitivity in the model is the selection of an appropriate discount rate. Fluctuations in our assumptions could result in different estimates of fair value. Net unrealized gains recognized on our consolidated financial statements were as follows:
Year Ended December 31,
202420232022
Other comprehensive income (loss) (Note 16)
$3 $9 $—