UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): May 11, 2023

HYATT HOTELS CORPORATION
(Exact name of registrant as specified in its charter)

 
					
Delaware	 	001-34521	 	20-1480589	
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	

150 North Riverside Plaza
Chicago, IL	 	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 class	 	Trading
Symbol	 	Name of each exchange
on which registered	
Class A common stock, $0.01 par value	 	H	 	New York Stock Exchange	
Indicate by check mark whether the registrant 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 7.01. Regulation FD Disclosure.
Investor Day Presentation
As previously announced, members of Hyatt Hotels Corporation’s (the “Company” or “HHC”) senior management team will host an Investor Day on Thursday, May 11, 2023, beginning at 8:30 a.m. Central Standard Time. Interested parties can access a simultaneous webcast of the presentation at www.hyatt.com in the Investor Relations section of the website. For those unable to listen to the live broadcast, an archive of the webcast will be available on the Company’s website. A copy of the slides that will be used in the presentation at the Investor Day are attached as Exhibit 99.1 and incorporated herein by reference. On May 11, 2023, the Company also issued a press release related to the Investor Day presentation, a copy of which is attached as Exhibit 99.2 and incorporated herein by reference.
2023 Outlook
On May 11, 2023, the Company announced the following outlook for the 2023 fiscal year:

 	  	Full Year 2023 vs. 2022	
System-Wide RevPAR1	  	12% to 16%	
		
 	  	Full Year 2023 vs. 2022	
Net Rooms Growth	  	Approx. 6.0%	
		
(in millions)	  	Full Year 2023	
Net Income	  	Approx. $225	
Adjusted EBITDA2	  	$1,020 – $1,070	
Net Deferrals	  	Approx. $120	
Net Financed Contracts	  	Approx. $60	
Capital Expenditures	  	Approx. $200	
Total Adjusted SG&A2	  	$480 - $490	
One-Time Integration Costs3	  	Approx. $15	
Free Cash Flow2	  	Approx. $550	
 
1	RevPAR is based on constant currency whereby previous periods are translated based on the current period exchange rate. RevPAR percentage for 2023 vs. 2022 is based on comparable hotels.	
2	Refer to the schedules attached to Exhibit 99.2 for a reconciliation of net income (loss) attributable to Hyatt Hotels Corporation to EBITDA and EBITDA to Adjusted EBITDA, selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses, and net cash provided by operating activities to Free cash flow.	
3	One-time integration costs are related to acquisition activity and are included within Adjusted selling, general, and administrative expenses.	
No disposition or acquisition activity beyond what has been completed as of the date of this Current Report on Form 8-K has been included in the 2023 Outlook. The Company’s 2023 Outlook is based on a number of assumptions that are subject to change, 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.
The information furnished under this Item 7.01, including Exhibit 99.1 and Exhibit 99.2 in Item 9.01, shall not be deemed to be “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 into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
Cash Dividend
On May 11, 2023, the Company announced that its Board of Directors has declared a cash dividend of $0.15 per share of Class A common stock and Class B common stock for the second quarter of 2023. The dividend is payable on June 12, 2023 to shareholders of record as of May 30, 2023.
Share Repurchase Authorization
On May 11, 2023, the Company announced that its Board of Directors has authorized the repurchase of up to an additional $1,055 million of the Company’s common stock. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan or an accelerated share repurchase transaction, at prices that the Company deems appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company’s sole discretion. The common stock repurchase authorization applies to the Company’s Class A common stock and/or the Company’s Class B common stock. The common stock repurchase authorization does not obligate the Company to repurchase any dollar amount or number of shares of common stock and the authorization may be suspended or discontinued at any time.
Forward-Looking Statements
Forward-Looking Statements in this Current Report on Form 8-K, 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 outlook for the 2023 fiscal year, our planned cash dividend and related payment date and any future share repurchases under the additional repurchase authorization, 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,” “guidance,” “outlook,” ”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 the 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 geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; 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 property 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, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management 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, including as a result of the COVID-19 pandemic, 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; 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 report on Form 10-K, 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 Current Report on Form 8-K. 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.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.

Exhibit
No.	  	Document Description	
		
99.1	  	May 11, 2023 Investor Day Slide Presentation (furnished pursuant to Item 7.01)	
		
99.2	  	Press Release dated May 11, 2023 (furnished pursuant to Item 7.01)	
		
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: May 11, 2023	 		 	By:	 	/s/ Joan Bottarini	
	 		 		 	Name:	 	Joan Bottarini	
	 		 		 	Title:	 	Executive Vice President, Chief Financial Officer	

Exhibit 99.1 Investor 2023 Day S E C R E T S M O X C H É A N D S E C R E T S I M P R E S S I O N M O X C H É , M E X I C O H Y A T T A N D R ELAT E D M AR K S A R E T R AD EM AR KS O F H Y AT T C OR POR AT I ON O R I T S A F F I LI AT E S. © 2 0 23 H Y AT T C OR POR AT I O N . A LL R I GH T S R ES ER VED .

DISCLAIMERS Forward-Looking Statements 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 our plans, strategies, outlook for 2023 and illustrative outlook for 2024 and 2025, growth trends, pipeline expectations, the amount by which the Company intends to reduce its real estate asset base, the expected amount of gross proceeds from the sale of such assets, and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, booking trends, RevPAR trends, our expected net income, our expected Adjusted EBITDA, our expected Net Deferrals and Net Financed Contracts, our expected Adjusted SG&A expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected free cash flow, our 2030 environmental goals, our Change Starts Here commitments, 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 the 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 geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; 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 property 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, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management 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, including as a result of the COVID-19 pandemic, 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; 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 report on Form 10-K, 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 l“†”, 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. For how we define the non-GAAP financial measures and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure, please refer to the Appendix at the end of this presentation. Key Business Metrics This presentation includes references to certain key business metrics used by the Company, each identified with the symbol “◊”. For how we define these metrics, please refer to the Appendix at the end of this presentati o n. 2

AGENDA OPENING | Noah Hoppe, SVP Investor Relations and FP&A THE NEW HYATT | Mark Hoplamazian, President & CEO Mark Hoplamazian, President & CEO | Rodrigo Llaguno, Group President, POWER OF THE ALG PLATFORM | Unlimited Vacation Club | Ray Snisky, Group President, ALG Vacations PERSONALIZING THE GUEST & CUSTOMER EXPERIENCE | Mark Vondrasek, EVP & CCO GROWING WITH INTENT | Mark Hoplamazian, President & CEO WORLD OF CARE | Margaret Egan, EVP General Counsel & Secretary DRIVING FINANCIAL RESULTS | Joan Bottarini, EVP & CFO 65 YEARS | Fireside Chat: Tom Pritzker & Mark Hoplamazian THE CAPE, A THOMPSON Q&A | Executive Panel & Closing HOTEL, MEXICO 3

SPEAKERS Mark Thomas Joan Pritzker Hoplamazian Bottarini E X E C U T I V E P R E S I D E N T & C H I E F E V P & C H I E F E X E C U T I V E O F F I C E R C H A I R M A N F I N A N C I A L O F F I C E R Mark Rodrigo Margaret Ray Egan Vondrasek Llaguno Snisky E V P & C H I E F G R O U P P R E S I D E N T , E V P G E N E R A L G R O U P P R E S I D E N T , C O M M E R C I A L O F F I C E R U N L I M I T E D V A C A T I O N C O U N S E L & A L G V A C A T I O N S S E C R E T A R Y C L U B A L I L A J A B A L A K H D A R , O M A N 4

HYATT YESTERDAY 2009 H o te ls a s o f 2 0 0 9 Hotels Hotel Sub- Pipeline 399 120K ~270 27K Rooms Markets Rooms 2009 2009 2009 2009 5 F i gures are as of fi s c al y ear end 2009. S ub -Ma r k e ts defi ned by S mi th T rav el Res earc h as T rac ts bas ed on Dec embe r 2022 S T R c ons en s us . E x c l udes any hotel s that are s us pend ed from operati on s .

HYATT TODAY 2022 + PIPELINE H o te ls a s o f 2 0 2 2 P i p e line H o tel s a s o f 2 0 2 2 T R I P L E D N U M B E R O F H O T E L S , N E A R LY T R I P L E D N U M B E R O F R O O M S & S U B - M A R K E T S & Q U A D R U P L E D N U M B E R O F P I P E L I N E R O O M S S IN C E 2 0 0 9 ~ Hotels Hotel Sub- Pipeline 304K 700 117K 1,263 Rooms Markets Rooms 2022 2022 2022 2022 6 F i gures are as of eac h res pec ti v e y ear end. P i pel i ne Hotel s bas ed on ex ec uted pi pel i ne as of fi s c al y ear end 2022. S ub-Mar k ets defi ned by S mi th T rav el Res earc h as T rac ts bas ed on Dec embe r 2022 S T R c ons ens us . E x c l udes any hotel s that are s us pende d from operati o ns .

THE NEW HYATT: FEE BASED, RESILIENT, & ASSET LIGHT MARK HOPLAMAZIAN | PRESIDENT & CHIEF EXECUTIVE OFFICER T H E D I W A C L U B B Y A L I L A , I N D I A 7

8

HYATT’S INTENTIONAL EVOLUTION YESTERDAY TODAY TOMORROW 2009 2022 2025 ~$ $ 750M $ 60M 473M † † Free Cash Flow F ree C as h F low † Free C ash Flow > 1,500 1,263 Hotels 399 H otels Hotels % > % 75 80 37% à à1 A sset-Lig h t E arnings M ix As s et-Light Earnings M ix à Asset-Lig h t Earnings Mix 1ààà A s s et-Li g ht E arni ngs Mi x for 2009 does not i nc l ude Net Deferr al s and Net F i nanc ed Contrac ts i n the c al c ul ati on . F i gures as of eac h res pec ti v e fi s c al y ear end. 9 T he Compan y ’ s i l l us trati v e l ong -te r m F ree Cas h F l ow outl ook and i l l us trati v e l ong -te r m outl ook for 2025 are bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Compan y 's ex pec tati on s may c hange. T here c an be no as s uranc e that the Compan y w i l l ac hi ev e thes e res ul ts .

DECISIVE, THOUGHTFUL ACTIONS SINCE 2007 POSITION HYATT AS A HIGH-GROWTH, ASSET LIGHT COMPANY PHASE 1: LAY THE GROUNDWORK PHASE 2: ACCELERATE GROWTH & ASSET-LIGHT EARNINGS MIX 2007 – 2016 2017-2022 Lead Industr y in Growth | Sell Owned Assets| Acquire Asset-Light Platfor ms Built Development Team Launched & Scaled Brands 25% 43% 47% pt Recycled Assets for 53% 28 Strategic Growth Increase in Asset-Ligh t Earnings à Mix in Just 5 Years 75% 57% 53% 47% Covid-19 Impacted 2017 2018 2019 2020 2021 2022 àà Real Estate Earnings Mix Asset-L i gh t Earnings Mix F i gures as of eac h res pec ti v e fi s c al y ear end; 2017 fi gures bas ed on fi nanc i al s res tate d i n 2018 fi nanc i al s tatemen ts . 10

T H E B E E K M A N , N E W Y O R K STRATEGIC INVESTMENTS & EXPANSION OF BRANDS HAVE DRIVEN LOYALTY & PREFERENCE Select ORGANIC BRANDS Luxury PLATFORM S Service LAUNCHED Wellbeing ACQUIRED Luxury / Lifestyle Lifestyle All-Inclusive All-Inclusive LOYALTY PROGRAM RELAUNCH + DATA & DIGITAL INVESTM ENT S 11

WE’RE TRANSFORMING HOW WE WORK Outcome-Centricity Experimentation: Create, Test, Learn, and Adjust Rapidly DRIVING A CULTURE OF Push Decision Making Down & AGILITY Cross-Functional Collaboration and Decision-Making SPEED 12

A N D A Z B A L I , I N D O N E S I A Resulting in... A FUNDAMENTALLY DIFFERENT COMPANY TODAY Industry Leading Growth Strategic Investments in Transformation, Differentiation, & Driving a Culture of & Acquisitions Data, Digital, & Loyalty Cash Flow Generation Agility & Speed 13

OUR TRANSFORMATION IS DRIVING VALUE FOR SHAREHOLDERS… WE ARE MORE FEE BASED, ASSET LIGHT, CASH FLOW GENERATIVE, & RESILIENT > % $ 40 increase 473M †à † in Adjusted EBITDA + Net Deferrals + Net Free Cash Flow generation in 2022, à 1 Financed Contracts in 2022, over 2019 new record by nearly 50% $ ~$ 2B 90M Returned to shareholders through share Reduction in annualized run-rate of 2 repurchases and dividends since year-end 2017 capital expenditures since 2017 A N D A Z C A P I T A L G A T E , A B U D H A B I 1àà Inc l udes the addi ti on of Net Deferr al s and Net F i nanc ed Contrac ts s i nc e the ac qui s i ti o n of A ppl e Lei s ure G roup (“ A LG ” ) on Nov embe r 2, 2021. 2 S hare repurc ha s e s s i nc e Dec emb e r 31, 2017. 14 F i gures as of fi s c al y ear end 2022. .

… AND WE’RE OUTPACING THE INDUSTRY SYSTEM-WIDE ROOMS VS 2017 FEE REVENUE VS 2017 PIPELINE VS 2017 LOYALTY MEMBERS VS 2017 + % + % + % + % 64 62 67 260 +37% +31% +114% +22% +23% +21% +14% +61% +15% +8% +5% +15% S ourc e: P ubl i c fi l i ngs for Hy att Hotel s Corpor a ti o n , Hi l ton Worl dw i de Hol di ngs Inc ., Marri ot t Interna ti on al Inc ., and IHG Hot el s & Res orts . Cal c ul ate d c ompari s o n s bas ed on y ear ends 2017 and 2022; 2017 fee rev enu e fi gures bas ed on fi nanc i al s res tate d i n 2018 fi nanc i al s tateme nt s . 15

H Ô T E L D U P A L A I S B I A R R I T Z — 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 , F R A N C E GLOBAL MACRO TRENDS & STRATEGIC INVESTMENTS PROVIDE CONTINUED TAILWINDS Conversion Opportunities Strong Industry Explosive Growth & Resurgence of Group Strength and Resilience Fundamentals Coinciding Attraction to All-Inclusive Demand & Accelerating of Independent Hotels of Leisure & the High- with Muted Supply Recovery in Asia Pacific End Traveler Sc heduled airlift in 2023 to Guest preferenc e and loyalty key all-inc lusive destinations ST R projec ting ~8% growth in Group revenue booked in program drive strong branded Intent to T ravel for high- c ontinues to expand; up 29% U.S. for Luxury and Upper Marc h 2023 ahead of 2019 by ec onom ic s; less than 50% of inc om e dem ographic s at 1 3 c ompared to 2019 and 12% Upsc ale in 2024 ; Supply up 4 30%; Asia Pac ific Oc c upanc y Luxury hotels are branded rec ord level ; Broader 2 1 c ompared to 2022 1% in 2023 and 1.3% in 2024 >70% in Marc h 2023 luxury growth exc eeding 5 GDP by 2x 1 S ourc e: S mi th T rav el Res earc h U.S . Hotel F orec as t Rev i ew , F ebruary 2023 P ubl i c ati o n. 2 S ourc e: Ci ri um A v i ati on A nal y ti c s , as of A pri l 2023. F or trav el for May to O c tober to k ey A l l -Inc l us i v e des ti nati on s : A CA , CUN, CUR, CZ M, HUX , LIR, MB J , MZ T , P O P , P T Y , P UJ , P V R, S DQ, S J D, Z IG . 3 S ourc e: S mi th T rav el Res earc h Cens us Data, Dec embe r 2022 P ubl i c ati o n. 4 16 S ourc e: A l phaWi s e US Cons ume r P ul s e S urv ey - Morgan S tanl ey Res earc h” , A pri l 2023 P ubl i c ati o n. 5 S ourc e: T he Lux ury & Li fes ty l e O pport un i t y - Morgan S tanl ey Res earc h” , A pri l 2023 P ubl i c ati o n .

HYATT’S PORTFOLIO IS OPTIMALLY POSITIONED… 1 † 2 2022 ROOM S REVENUE M IX 2022 ADJUSTED EBITDA M IX BY SEGM ENT BY HOTEL TYPE ~20% ~25% ~8% ~60% ~60% ~15% ~12% Lux ury , Lifes ty l e, Resort Select Serv ice Leisure Transient Busines s Transient Group Busines s / O ther Group/Conv e n ti on G R A N D H Y A T T B O G O T Á , C O L O M B I A 1à Compa ra bl e s y s tem -w i d e hotel s rooms rev enue i nc l us i v e of net pac k age rev enue . G roup rev enue i nc l udes c ontrac t rooms rev enue . 2 † † 2022 A dj us ted E B IT DA mi x by hotel ty pe c al c ul ated bas ed on A dj us ted E B IT DA c ontri b uti o n of eac h hotel by B as e, Inc enti v e , and F ranc hi s e F ees , and/or † 17 O w ned & Leas ed A dj us ted E B IT DA . F i gures as of fi s c al y ear end.

OUR VISION: A WORLD OF UNDERSTAN D ING AND CARE OUR M ISSION: WE DELIVER DISTINCT IVE EXPERIENCES FOR OUR GUESTS OUR VALUES: EM PATHY, EXPERIM ENT AT IO N, INCLUSION, INTEGRIT Y, RESPECT, WELLBEING …WE HAVE M AXIMIZE OUR CORE INTEGRATE NEW OPTIMIZE CAPITAL & OUR STRATEGY THE RIGHT BUSINESS GROWTH PLATFORMS RESOURCE DEPLOYMENT STRATEGY TO CAPITALIZE OUR PLAN CULTIVATE THE BEST DRIVE GUEST & OPERATE GROW PEOPLE & EVOLVE CUSTOMER WITH WITH THE CULTURE PERSONALIZATION EXCELLENCE INTENT OUR PURPOSE: WE CARE FOR PEOPLE SO THEY CAN BE THEIR BEST 18

ACCELERATING OUR TRANSFORMATION † UNLOCKING VALUE AND DRIVING FREE CASH FLOW A L I L A F O R T B I S H A N G A R H , I N D I A 19

EARNINGS FROM ACQUISITIONS HAVE DOUBLED EARNINGS LOST FROM DISPOSITIONS SINCE 2017… ACQUIRED $3.6B SOLD $3.8B NET ASSET-LIGHT PLATFORMS REAL ESTATE AT ~8X MULTIPLE AT >16X MULTIPLE ~$à N et Finance d C ontrac ts 60M ~$ à 95M N et Deferr a ls † A djuste d E B ITDA ~$ ~$ ~$ 225M 300M 225M † Adjusted EBITDA Lost 2022 Earnings Gained from Dispositions through Acquisitions T H O M P S O N C E N T R A L P A R K , N E W Y O R K F i gures as of fi s c al y ear end 2022. †àà E arni ngs defi ned as A dj us ted E B IT DA pl us Net Deferr al s pl us Net F i nanc ed Contrac ts ; A c qui red as s et -l i gh t pl atfor ms i nc l ude Mi rav al , T w o Roads Hos pi tal i ty , and A ppl e Lei s ure G roup. 20 .

H Y A T T R E G E N C Y T H E S S A L O N I K I , G R E E C E … ASSET-LIGHT TRAJECTORY DECREASES CAPITAL EXPENDITURES ~$ 321M $ 201M 2017-2019 Capital 2022 Capital Expenditures Average Expenditures A v erage Capi tal E x pendi tur es c al c ul ate d from fi gures as of eac h res pec ti v e fi s c al y ear end. 2022 Capi tal E x pendi tu r es as of f i s c al y ear end 2022. . 21

A L I L A K O T H A I F A R U M A L D I V E S , I N D O N E S I A † …RESULTING IN RECORD FREE CASH FLOW 473 † Free Cash Flow (In Millions, USD) Covid-19 Impacted 289 269 251 224 220 198 140 62 60 44 29 27 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 F i gures c al c ul ated from publ i c fi l i ngs as of eac h res pec ti v e fi s c al y ear end; 2016 and 2017 fi gures bas ed on fi nanc i al s res ta te d i n 2018 fi nanc i al s tatemen ts . 22

A L I L A U B U D , I N D O N E S I A WE ARE MORE FEE BASED ASSET LIGHT CASH FLOW GENERATIVE RESILIENT … AND OUR JOURNEY IS NOT COMPLETE 23

S C H L O S S R O X B U R G H E , U N I T E D K I N G D O M † FREE CASH FLOW EXPECTED TO INCREASE ~60% FROM 2022 TO 2025 DRIVEN BY OVER $1.2 BILLION IN FEE REVENUE † Free Cash Flow (In Millions, USD) 750 > % 550 80 473 Covid-19 Impacted 2025 Asset-Light 289 à 269 Earnings Mix Drives 251 224 220 † 198 strong Free Cash Flow 140 60 62 44 29 27 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2025E F i gures c al c ul ated from publ i c fi l i ngs as of eac h res pec ti v e fi s c al y ear end; 2016 and 2017 fi gures bas ed on fi nanc i al s res ta te d i n 2018 fi nanc i al s tatemen ts . † T he Compan y ’ s i l l us trati v e l ong -te r m outl ook for 2024 and 2025, and i l l us trati v e l ong -te r m F ree Cas h F l ow outl ook are bas ed on a number of as s umpti on s that are s ubj ec t to c hange and many of w hi c h are outs i de the 24 c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Compan y 's ex pec tati on s may c hange. T here c an be no as s uranc e that the Compan y w i l l ac hi ev e thes e res ul ts .

CAPACITY TO EXPAND SELL -DOWN COMMITMENT BEYOND 2024: ESTIMATED $2.6B-$3.2B IN OWNED ASSET VALUE REMAINING AFTER COMPLETION OF CURRENT SELL -DOWN COMMITMENT ~$ $ $ 300M 13x to 15x 3.9B to 4.5B 1 Owned Hotel Adjusted EBITDA Assumed M ultiple $ Subtracting 1.3B Remaining Disposition Commitment by YE 2024 $ $ 2.6B to 3.2B Implied Owned Real Estate Value Remaining After Completion of Current Disposition Commitment H Y A T T R E G E N C Y A R U B A R E S O R T S P A A N D C A S I N O , A R U B A 1. E s ti mate d bas ed on our c urrent ow ned and l eas ed hotel portfol i o and as s umi ng s tabi l i z ed perfor ma nc e at Hy att Regenc y Irv i n e † T he Compan y ’ s l ong -te rm outl ook and i l l us trati v e pro forma ow ned hotel A dj us ted E B IT DA outl ook are bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the 25 Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Compan y 's ex pec tati on s may c hange. T here c an be no as s uranc e that the Compan y w i l l ac hi ev e thes e res ul ts .

DISCIPLINED APPROACH TO ACQUISITIONS WE WILL CONTINUE FOCUSING ON VALUE ACCRETIVE PLATFORMS WHILE RETURNING EXCESS CAPITAL TO SHAREHOLDERS Asset-Light Earnings Complementary or Adjacent Customer Base Significant Embedded & Prospective Growth Expands Geographic Footprint Offers Compelling Guest Experience C A R M E L V A L L E Y R A N C H , C A L I F O R N I A 26

STRATEGIC ACQUISITIONS A DEEPER DIVE INTO HYATT’S TRANSFORMATION M I R A V A L A R I Z O N A R E S O R T A N D S P A , A R I Z O N A 27

Acquired Acquired Acquired Acquired 2017 2018 2021 2023 ACQUISITIONS TRANSFORM HYATT PORTFOLIO, INCREASE GUEST CHOICE, ENHANCE LOYALTY, AND DRIVE STRONG RESULTS 28

LEADING IN LUXURY Miraval ext end s our reach int o wellbeing & is d eeply $915 valued by our most loyal Total Revenue PAR (TRevPAR) g uest s $487 ~$ 400M Acquisition Price + Development CapEx $186 ~$ 35M EBITDA PAR † 2023E Adjusted EBITDA $110 % 45 World of Hyatt Miraval U.S. Luxury Chain Scale Room Night Contribution M I R A V A L A R I Z O N A R E S O R T A N D S P A , A R I Z O N A T he Compan y ’ s l ong -te rm outl ook i s bas ed on a number of as s umpti o ns that are S ourc e: U.S . Lux ury Chai n S c al e fi gures from “ S mi th T rav el Res earc h s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Compan y . If U.S . Monthl y P & L Rev i ew ” , Dec embe r 2022 P ubl i c ati o n. 29 ac tual res ul ts v ary from thes e as s umpti o ns , the Company ' s ex pec tati o ns may W orl d of Hy att, T Rev P A R, and E B IT DA P A R fi gures as of fi s c al y ear end 2022. c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts . .

ACCELERATING GROWTH 18 Two Road s Hospit alit y is a hig h-g rowt h plat f orm embraced by our members 12 ~$ 467M 10 Acquisition Price ~$ 50M 2023E Fees 5 % + 43 ~$ 30M World of Hyatt Estimated Stabilized Pipeline Fees Room Night At time of Acquisition As of Q1 2023 Contribution A L I L A V E N T A N A B I G S U R , C A L I F O R N I A Open Rooms Pipelin e (in thousan d s) T he Compan y ’ s l ong-te rm outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Compan y . If W orl d of Hy att Contri b u ti o n as of fi s c al y ear end 2022. 30 ac tual res ul ts v ary from thes e as s umpti o ns , the Company ' s ex pec tati o ns may . c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

LEADING IN ALL-INCLUSIVE ALG Resorts (Rooms) ALG has been our 34 most t ransf ormat ive acq uisit ion $ $ 231M 2.7B † 2022 Adjusted EBITDA Acquisition Price + 31 $ 94M à 2022 Net Deferrals % 21 + $ World of Hyatt 63M Room Night à 2022 Net Financed Contracts At Time of Acqusition Year-end 2022 Contribution S E C R E T S C A P C A N A R E S O R T & S P A , D O M I N I C A N R E P U B L I C (in thousan d s) †àà A dj us ted E B IT DA , Net Deferr al s , and Net F i nanc ed Contrac ts W orl d of Hy att Contri b u ti o n bas ed on the three- m on t h peri od ended Marc h 31, 2023. fi gures as of fi s c al y ear end 2022. . 31

EXPANDING LIFESTYLE REACH Dream Hot el G roup DHG Hotels acq uisit ion broad ens our lif est yle reach & 24 provid es d if f erent iated experience f or our loyal members 12 ~$ ~$ 125M 12M Ac quisition Pric e Expec ted Management 1 Fees of Open Hotels Open Hotels Signed Agreements Up to Up to Extends footpr in t in key markets: Nashville, Hollywood , South Beach, Durham, New York City, and Catskills $ $ 175M 27M Contingent Consideration Expec ted M anagement Signed long-term agreements represent additio na l 1 through 2028 Fees of Signed destinations including Las Vegas, Saint Lucia, and Doha Agreements if opened D R E A M D O W N T O W N , N E W Y O R K 1 E x pec ted manage m en t fees from open hotel s bas ed on s tabi l i z ati on i n 2024. T he Compan y 's l ong-ter m outl ook are bas ed on a number of as s umpti o ns that are O pen hotel s and s i gned agreem en ts fi gures as of Marc h 31, 2023. s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Compan y . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company ' s ex pec tati o ns may c hange. 32 T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

S E C R E T S L A N Z A R O T E R E S O R T & S P A , S P A I N OUR ACQUISITIONS DRIVE DIFFERENTION & SERVE AS A PLATFORM FOR LONG-TERM GROWTH >50K ~20K Luxury, Lifestyle, or Resort Pipeline Hotel Rooms $ ~ > 500M 8X Stabilized Earnings Aggregate Earnings Multiple Contribution Estimate On Purchase Price †àà E arni ngs Contri b ut i o n E s ti mate defi ned as A dj us ted E B IT DA pl us Net Defer ra l s , and Net F i nanc ed Contra c t s ; S tabi l i z ed E arni ngs Contri bu ti o n E s ti mate i nc l udes s tabi l i z ed as s umpti o n for Dream Hotel G roup A c qui s i ti o n. E x i s ti ng i nv ento ry and pi pel i ne as of Marc h 31, 2023; i nc l udes as s umpti o n for pi pel i ne rooms for Dream Hotel G roup. 33 T he Compan y 's l ong -ter m outl ook i s bas ed on a number of as s umpti on s that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company ' s ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

APPLE LEISURE GROUP ASSET LIGHT, FEE BASED, VERTICAL LY INTEGRAT ED S E C R E T S I M P R E S S I O N M O X C H É , M E X I C O H Y A T T A N D R ELAT E D M AR K S A R E T R AD EM AR KS O F H Y AT T C OR POR AT I ON O R I T S A F F I LI AT E S. © 2 0 23 H Y AT T C OR POR AT I O N . A LL R I GH T S R ES ER VED . 34

S E C R E T S A K U M A L R I V I E R A M A Y A , M E X I C O SPEAKERS M A R K R O DR I G O R A Y H O P L A M A Z I A N L L A G U N O SN I SK Y P R E S I D E N T A N D G R O U P P R E S I D E N T , G R O U P P R E S I D E N T , C H I E F E X E C U T I V E U N L I M IT E D V A C A T I O N C L U B A L G V A C A T I O N S O F F I C E R 35

S E C R E T S B A H I A M I T A S U R F & S P A R E S O R T , M E X I C O RECORD AIRLIFT INTO ALL -INCLUSIVE MARKETS REFLECTS GROWING POPULARITY 1 AIRLIFT TO TOP ALL-INCLUSIVE DESTINATIONS HAS INCREASED NEARLY 250% SINCE 2005; CONTINUES TO STRENGT HEN IN 2023 Airlift Seat Volume to Key All-Inclusive Destinations 30 20 10 0 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 S c hedul ed A i rl i ft S eat V ol ume 1 T op al l -i nc l us i v e mark ets i nc l ude: Canc ún , Méx i c o; Montego B ay , J amai c a; P unta Cana, Domi ni c an Republ i c ; and Cabo S an Luc as , Méx i c o. S ourc e: Ci ri um A v i ati on A nal y ti c s , A pri l 2023. 36 Seats (Millions)

HIGH-END TRAVELERS LOVE ALL-INCLUSIVE ALG ALL-INCLUSIVE GUESTS SAVE Convenience % 13 Value per room night at ALG resorts when compared to non-all-i ncl usive 1 Simplicity comparable set Guests value the convenience and ease of an all-inclusive offering, when they can also ensure great service, accommodations and meals. Z O Ë T R Y P A R A I S O D E L A B O N I T A , M E X I C O 1 S ourc e: Non -al l -I nc l u s i v e c ompari s o n s et bas ed on HotS tat s P & L A nal y s i s as of Dec embe r 2022 for the trai l i ng 12 -mon t h peri od c ompar e d to A LG Compar ab l e proper ti es for the s ame s et of metri c s ov er s ame ti me peri od. Non -al l -i nc l us i v e brands i n the c ompari s on - s e t i nc l ude J W Marri ott , Hi l ton, Marri ot t , F ai r mont , G rand Hy att, Wes ti n, and Conrad brands i n Mex i c o 37 res ort des ti nati o ns .

S E C R E T S H U A T U L C O R E S O R T & S P A , M E X I C O OWNERS LOVE ALL-INCLUSIVE 1 RELATIVE TO NON-ALL-INCL USIVE COMPARABL E SET , Owners value strong financial returns ALG OWNERS GENERAT E through high occupancy, effective cost management and high GOP margins Over 80% of hotels in the ALG portfolio % 34 940 bps are composed of multi-property owners, a strong indication of owner satisfaction more profit per available room higher gross operating profit margins 1 S ourc e: Non -al l -I nc l u s i v e c ompari s o n s et bas ed on HotS tat s P & L A nal y s i s as of Dec embe r 2022 for the trai l i ng 12 -mon t h peri od c ompar e d to A LG Compar ab l e proper ti es for the s ame s et of met ri c s ov er s ame ti me peri od. Non -al l -i nc l us i v e brands i n the c ompari s on - s e t i nc l ude J W Marri ott , Hi l ton, Marri ot t , F ai rmont , G rand Hy a tt, W es ti n, and Conrad brands i n Mex i c o res ort des ti nati o n s . 38

ALL-INCLUSIVE GUESTS INCREASINGLY PREFER LUXURY AND UPPER UPSCALE B R E A T H L E S S NEARLY 80% OF ALL-INCLUSIVE ROOMS ADDED SINCE 2020 R I V I E R A C A N C U N R E S O R T & S P A , ARE IN THE LUXURY AND UPPER UPSCAL E CHAIN SCALE M E X I C O Mix of Rooms Added in All-Inclusive Segment by Decade 22% 37% 42% 48% 32% 27% 25% 18% 46% 36% 34% 33% 1990 2000 2010 2020 Luxury Upper Upscale Upscale & Below S ourc e: S mi th T rav el Res earc h Cens us Data for A l l -Inc l us i v e P roper ti es as defi ned by S mi th T rav el Res earc h as of Dec emb e r 2022. Data c al c ul ated bas ed on hotel openi ng date; onl y hotel s w i th a defi ned openi ng date refl ec te d i n perc ent a g es pres en te d abov e . 39

APPLE LEISURE GROUP I N N OVAT OR S OF L U X U R Y A L L - IN C L U S IV E D R E A M S N A T U R A R E S O R T & S P A , M E X I C O 40

S E C R E T S M O X C H É , M E X I C O Booking platform provides all-inclusive vacation experiences including flights, transport, excursions, and resort packages ALG'S END-TO-END SOLUTIONS DRIVE LOYALTY AND GROWTH Membership program World’s largest portfolio provides exclusive of luxury all- offerings at our all-inclusive 1 inclusive resorts luxury resort properties 1 Unl i mi te d V ac ati on Cl ub (“ UV C” ) members hi p progra m onl y av ai l abl e at A LG res orts i n the A meri c as as of Marc h 31, 2023. 41

A L U A S O U L I B I Z A , S P A I N Management Membership Fees Revenues Primarily driven by Primarily driven by fees paid by hotel the sale of ALG MODEL DRIVES owners to manage or Unlimited Vacation AS S E T franchise a resort Club membership SIGNIFICANT FEE- property contracts L IGHT BASED EARNINGS Distribution and Destination Management Revenues Primarily driven by revenues from reservations booked through ALG Vacations 42

Z O Ë T R Y M A L L O R C A , S P A I N ALG’S UNIQUE COMPETITIVE ADVANTAGES HAVE LED TO EXPLOSIVE GROWTH 34 32 Number of resort properties ~16% 25 grew from only 9 in 2007 to 24 CAGR 20 19 19 111 resorts 15 14 in 2022 13 12 10 8 6 5 4 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ALG Resorts Rooms ('000 T housands) F i gures as of eac h res pec ti v e fi s c al y ear end. 43

A L G + H YAT T INCLUSIVE COLLECTION A L U A C A L A S D E M A L L O R C A R E S O R T , S P A I N 44

Spain Balearic M ex ic o Bulgaria Dom inic an Spain C aribbean M ainland R epublic Portugal M ex ic o St. M artin Pac ific C uraç ao Aruba Spain C anary Greec e J am aic a C olom bia St. Luc ia Panam a C os ta R ic a F o o t p rin t a s o f D e c ’2 2 R e s orts R e s ort s Open C o m in g S o on IN C L U S IV E C O L L E C T IO N : $ 9 121 38K 3B THE LARGEST PORTFOLIO OF LUXURY ALL-INCLUSIVE Brands Resorts Rooms Total System 2 Revenue 1 RESORTS IN THE WORLD 1 S ourc e: S mi th T rav el Res earc h Cens us Data for A l l -Inc l us i v e P roper ti e s as defi ned by S mi th T rav el Res earc h , Dec embe r 2022 P ubl i c ati on . 2 Repres e nt s T otal Rev enu e genera t ed on proper ty at Inc l us i v e Col l ec ti on res orts . 45 F i gures bas ed on fi s c al y ear end 2022.

H Y A T T Z I V A C A P C A N A , D O M I N I C A N R E P U B L I C LEADING POSITION IN LUXURY ALL-INCLUSIVE THROUGH THE LAUNCH OF THE “INCLUSIVE COLLECTION” HYATT HAS A LEADING POSITION IN LUXURY ALL-INCLUSIVE % 33 Global Luxury Chain Scale All-Inclusive Market Share Global Luxury Chain Scale All-Inclusive 33% Market Share 14% 10% 8% 8% Hy att Inclus iv e Grupo Pinero Palladi u m Hotel Group Sandals Resorts Palace Resorts Collec tio n S ourc e: S mi th T rav el Res earc h Cens us Data for A l l -Inc l us i v e P roper ti es as defi ned by S mi th T rav el Res earc h as of Dec emb e r 2022. 46

UNLIMITED VACATION CLUB H I G H LY VA L U E D B Y M E M B E R S A N D O W N E R S S E C R E T S M O X C H É , M E X I C O 47

UNLIMITED VACATION CLUB BENEFITS MAXIMIZE VALUE FOR MEMBERS Access to the largest network of luxury all-inclusive properties Free nights and discounts on room prices across all ALG resorts with room upgrades VIP treatment on property, including a streamlined check-in process, access to special areas, and invitations to exclusive member-only events Full flexibility to choose vacation weeks and resort locations S E C R E T S P A P A G A Y O , C O S T A R I C A 48

S E C R E T S M A R O M A B E A C H R I V I E R A C A N C U N , M E X I C O UNLIMITED VACATION CLUB IS A HIGHLY VALUED UNIQUE SOURCE OF DEMAND Active Member Growth ENGAGED (in thousand s) 131 MEMBERS 118 106 103 87 69 52 FUELS 38 PERFORMANCE 27 19 4 0 11 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 % % % ~11 ~20 <6 NETWORK of rooms occupied at of signed contrac ts are upgrades from av erage early termina ti on rate of EFFECT ALG resorts are members ex isting members to a higher tier membersh ip s sold ov er the past 5 y ears Unl i mi ted V ac ati on Cl ub i s onl y av ai l abl e at A LG res orts i n the A meri c as as of Marc h 31, 2023. F i gures as of eac h res pec ti v e fi s c al y ear end. 49

UNLIMITED VACATION CLUB EARNINGS ARE DURABLE; NEW CONTRACTS TRACK CLOSELY TO ALG AMERICAS GROWTH NEW SIGNED CONTRACTS ARE STRONGLY CORRELATED TO ALG SYSTEM GROWTH IN THE AMERICAS 30, 000 2022: Record year of 25, 000 new contracts signed 2017-2019 20, 000 2021: Contracts 2016 Signed jumps after Covid-19, consistent 15, 000 2020: Relationship of with hotel re- openings 2015 New Contracts signed to Rooms Available holds during Covid- 19 10, 000 2013 2014 2011 2012 5, 000 2010: Program Launched - - 1, 000, 000 2, 000, 000 3, 000, 000 4, 000, 000 5, 000, 000 6, 000, 000 7, 000, 000 8, 000, 000 9, 000, 000 ROOMS AVAILABLE — ALG RESORTS IN THE AMERICAS Figures as of each respective fiscal year end. ALG system size for the purposes of the regression analysis is defined by ALG properties in the Americas. 50 NEW CONTRACTS EXCLUDING UPGRADES

ALG VACATIONS O N E O F T H E L A R G E S T P R O V I D E R S O F L E I S U R E T R AV E L T O M E X I C O & T H E C A R I B B E A N S E C R E T S P L A Y A M U J E R E S G O L F & S P A R E S O R T , M E X I C O 51

ALG VACATIONS SUPPORTS TRAVEL ADVISORS & GUESTS, DRIVING IMPRESSIVE MARKET SHARE AS A DISTRIBUTION PLATFORM Online marketplace for travel suppliers and U.S.-based travel advisors Provides dynamic packaging & multi-channel merchandising to airlines, hotels, & tour operators for both B2B & B2C Personalized support to travel advisors & guests delivers a seamless booking experience and customer service 173K $3.5B 875K S E C R E T S A K U M A L R I V I E R A M A Y A , M E X I C O T ravel advisors on platform Annual travel bookings Properties ac c essible worldwide F i gures repres e nt A LG V ac ati ons bus i nes s as of fi s c al y ear end 2022 and do not i nc l ude T ri s ept S ol uti ons ex ternal c us tomer s . 52

Z O Ë T R Y M O N T E G O B A Y , J A M A I C A % 12 ALG Vacations is estimated to account for 12% of all travelers from the United States to key all- inclusive markets in Mexico & Caribbean; Driving strong market share for owners S ourc e: E s ti mated v ol ume of l ei s ure trav el ers i nto Mex i c o and the Cari bbe an bas ed on a Mc K i ns ey and Company anal y s i s us i ng IA T A data; K ey A l l -Inc l us i v e des ti nati on s i nc l ude Canc un, P unta Cana, and Monteg o B ay . 53 .

ALG VACATIONS HELPS DRIVE STRONG OCCUPANCY TO ALG RESORTS 1 3 6 0 b p s h ig her o c cupancy in 2 0 2 2 1 vs . n o n -a ll-inclu sive c o mparable s e t p o wered b y AL G Ne twork, in c luding AL G Va c a tions 1 OCCUPANCY FOR ALG RESORTS COMPARE D TO A NON-ALL -I NCL USIVE COMPARABL E SET 90% AL G Va c atio ns d rive s e ffo rtless b o o king e x perienc es fo r g u e s ts & 80% s te a d y d e man d g e neratio n fo r o wn ers 70% Pa rtn erships with to p tra ve l 60% c o mp anies & s u p p lie rs me ans va lu e fo r g u e s ts , d rivin g b o okings , & h ig h er o c c upancy fo r o wn e rs 50% 40% Se a mless in te gration with b ro a der AL G n e two rk , e n abling o wn ers a c c ess 30% to re s o urces a n d s u ppo rt, d riv ing J an -22 F e b -22 M ar -22 A pr -22 M ay -22 J un -22 J ul-22 A ug -22 S e p -22 O c t-22 N ov -22 D ec -22 o p timal b u siness p e rformance 1 A L G R e s o r ts N o n - A l l - I nc l u s i v e C o mp S e t 1 S ourc e: Non -al l -i nc l us i v e c ompari s on s et bas ed on HotS tats P & L A nal y s i s as of Dec emb e r 2022 for the trai l i ng 12 -mon th peri od c ompare d to A LG Compar a bl e properti e s for the s ame s et of metri c s ov er s ame ti me peri od. Non -al l - i n c l us i v e brands i n the c ompari s o n - 54 s et i nc l ude J W Marri ot t , Hi l ton, Marri ot t, F ai rmont , G rand Hy att, Wes ti n, and Conrad brands i n Mex i c o res ort des ti nati o ns .

FUELING THE CONTINUED GROWTH OF ALG Z O Ë T R Y C U R A Ç A O R E S O R T & S P A , C U R A Ç A O 55

D R E A M S L A S M A R E A S , C O S T A R I C A WORLD OF HYATT FUELS CONTINUED GROWTH AT ALG RESORTS > % Spend premium of World of Hyatt members 30 versus Non-Members at ALG resorts Since completion of ALG transaction, World of % % Hyatt member contributio n at 0 → 21 ALG resorts in the Americas Prior to Followi ng has increased from 1 Acquisition Acquisition New World of Hyatt Members who have > 2 signed up at ALG Resorts 500K 1 Refl ec ts Members hi p Contri b u ti o n as of the three - mo n t h peri od endi ng Marc h 2023. 2 A s of Marc h 31, 2023, UV C members hi p program onl y av ai l abl e at A LG res orts i n the A meri c as as 56 of Marc h 31, 2023.

12 NEW RESORTS TO OPEN IN 2023, D R E A M S F L O R A R E S O R T & ADDING 5,000 ROOMS S P A , D O M I N I C A N R E P U B L I C Openings scheduled for 2023 in 8 destinations across 4 countries MEXICO PACIFIC CURAÇAO Zöetry Curaçao (Room Addition) Dreams Estrella del M ar BULGARI A MEXICO CARIBBE AN S E C R E T S I M P R E S S I O N D R E A M S S U N N Y B E A C H Dreams Sunny Beach Resort Secrets Impression Isla M ujeres I S L A M U J E R E S , M E X I C O R E S O R T & S P A , B U L G A R I A Secrets Sunny Beach Resort Secrets Tulum Alua Helios Bay Dreams Grand Island Alua Sun Helios Beach Vivid Grand Island DOMINICAN REPUBLIC Dreams Flora Resort & Spa Secrets Tides Resort & Spa Z O Ë T R Y C U R A Ç A O D R E A M S G R A N D S E C R E T S T U L U M R E S O R T R E S O R T & S P A , I S L A N D , M E X I C O & B E A C H C L U B , M E X I C O C U R A Ç A O O peni ngs bas ed on pi pel i ne as of Marc h 31, 2023. T he Compan y ’ s outl ook i s bas ed on a number of as s umpti o n s that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontro l of the Compan y . If ac tual res ul ts v ary from thes e as s umpti on s , the Company 's ex pec tati o ns 57 may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

B R E A T H L E S S C A N C U N S O U L R E S O R T & S P A , M E X I C O ALG SEGMENT DRIVES SIGNIFICANT CASH FLOW GENERATION ASSET-LIGHT PLATFORM HAS EXCEEDED EXPECTATIONS; FINANCIAL PERFORM ANCE DRIVES STRONG FREE CASH FLOW % Full-Year 2022 ALG Segment Financial Results ~75 †àà Adjusted EBITDA , Net Deferrals , and Net Financed Contracts (In M illions , USD) FREE CASH FLOW à CONVERSION $231 $94 $63 †àà Adjusted EBITDA Net Deferrals Net Financed Contracts F i gures as of fi s c al y ear end 2022. 58

H YAT T + A L G WE’RE JUST GETTING STARTED Z O Ë T R Y C A S A D E L M A R L O S C A B O S , M E X I C O 59

L A Z A M B R A , S P A I N PERSONALIZING THE GUEST & CUSTOMER EXPERIENCE MARK VONDRASEK | EVP & CHIEF COMMERCIAL OFFICER 60

61

WE’RE BUILDING FROM A POSITION OF STRENGTH MEMBER GROWTH AND DIRECT CHANNEL VS 2019 MARKET SHARE VS 2019 LOYALTY PENETRATION VS 2017 + + + + 310BPS 220BPS 2.6X 1200BPS 2019 2022 2017 2022 2017 2022 2019 2022 Sy stem- W i de Sy stem- W i de Sy stem- W i de A L I L A V I L L A S U L U W A T U , I N D O N E S I A F i gures bas ed on and c al c ul ated from eac h res pec ti v e fi s c al y ear end. Mark et s hare data s ourc ed from S mi th T rav el Res earc h as of Dec embe r 2022. 62

SCALE AFFORDS INCREASED INVESTMENT $ + % 22B 44 Our system is expected Increase in spend on behalf to generate $22B in of our hotels expected in 2023, revenue in 2023 relative to 2019 (excludes World of Hyatt and ALG) T H O M P S O N Z I H U A T A N E J O , M E X I C O Inc reas e i n s pend repres e n ts c ontri but i o ns i nto Commerc i a l S erv i c es funds and does not i nc l ude A ppl e Lei s ure G roup proper ti es . T he Compan y ’ s l ong -te rm outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company ’ s 63 ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

A N D A Z A M S T E R D A M P R I N S E N G R A C H T , N E T H E R L A N D S INSIGHTS SHAPING Changes in Why Care for the Wellbeing & Familiar, Flexible & How People Sustainability & Secure OUR WORK We Travel I Care About Passions Technology 64

G R A N D H Y A T T A M M A N , J O R D A N KEY AREAS OF FOCUS Harnessing Value Redefining Commercializing Wellbeing & 2 from Our Growth 1 Loyalty 3 Ancillary Offerings Reimagining Sales, Meetings Elevating Our Digital & 4 5 & Events Technology Platforms 65

HARNESSING VALUE FROM GROWTH O n A pri l 28, 2023 Hy att announc e d an agreem e n t to ac qui re Mr & Mrs S mi th; the trans ac ti o n i s anti c i pat ed to c l os e i n Q2 2023. T he Compan y 's l ong -ter m outl ook are bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company ' s 66 ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

REDEFINING LOYALTY “Best Hotel Rewards Program” “America’s Best Loyalty Program”

BUILDING ON MOMENTUM IN LOYALTY % + % 90 Stay 46 More of member room nights more stays in a year than WORLD OF HYATT are booked direct profiled non-members MEMBER VALUE + % 1 = 40 Spend 73 More 1 Globalist = the revenue average spend per year value of 40 non-members than profiled non-members F U J I S P E E D W A Y H O T E L , J A P A N T he Compan y ’ s l ong -te rm outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company ’ s 68 68 68 ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

P Á R I S I U D V A R H O T E L B U D A P E S T , H U N G A R Y DIFFERENTIATED BENEFITS FROM STRATEGIC ALLIANCES 69

H O T E L S O P H I A B A R C E L O N A , S P A I N Globalist “This is simply an awesome benefit. I used it recently for my brother…I love being able A UNIQUE TIME AND to treat my close friends and family to something special.” OPPORTUNITY Travel Advisor TO SHAPE WHAT LOYALTY “I love this idea as relates to Hyatt because they’re, of course, all about care. MEANS IN HOSPITALITY No one else is doing this in their loyalty program. This is a big differentiator.” FOR GUESTS AND CUSTOMERS Corporate Decision Maker “I think that it is something that is WITH GUEST OF HONOR unparalleled in the industry. Something like this sets one brand apart.” 70

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A N D A Z C O S T A R I C A R E S O R T A T P E N I N S U L A P A P A G A Y O , C O S T A R I C A COMMERCIALIZING WELLBEING & ANCILLARY OFFERINGS 72

M I R A V A L B E R K S H I R E S R E S O R T A N D S P A , M A S S A C H U S E T T S ICONIC EXPERIENCES OFFERED AT SCALE 150+ wellbeing Targeted global alliances Branded, scaled & infused experiences globally with exclusive across the guest journey inspired by the hospitality collaborations brand leader in wellbeing 73

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A N D A Z M A U I A T W A I L E A R E S O R T COMMERCIALIZING AT SCALE 75

REIMAGINING SALES, MEETINGS & EVENTS 76

BUILDING ON MOMENTUM IN SALES, MEETINGS & EVENTS From 2019 to 2022 we HYATT PRIVÉ SALES GROWTH GROUP MARKET SHARE grew market share in % + + % 90 510BPS 116 of our top 10 corporate accounts A N D A Z L O N D O N L I V E R P O O L S T R E E T , U N I T E D K I N G D O M 2019 2022 2019 2022 F i gures as of eac h res pec ti v e fi s c al y ear end. G roup Mark et S hare per S mi th T rav el Res earc h as of Dec embe r 2019 and 2023, res pec ti v el y . 77 .

REIMAGINING SALES, MEETINGS & EVENTS hyatt.com/events Redesign S trengthening Hyatt P rivé & Leverage E xtending World of Hyatt B enefits to Customers Together by Hyatt: Wellbeing & S ustainability 78

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ELEVATING OUR DIGITAL & TECHNOLOGY PLATFORMS 80

BUILDING ON MOMENTUM IN DIGITAL DIRECT CHANNEL VS 2019 20 MO NTHS + 310BPS OF DIGITA L DIRECT OU TPE RFORMING OTA’s + % 5 CLICK TO BO O K 2019 2022 % 40 Sy stem- W i de LO WER BO UNCE T H O M P S O N A T L A N T A — ON N EW P ROPERTY S ITES B U C K H E A D , G E O R G I A F i gures as of eac h res pec ti v e fi s c al y ear end. 81 . .

ELEVATING OUR DIGITAL PLATFORMS DISCOVERY SEARCH PERSONALIZATION 82 82

A L I L A M A N G G I S , I N D O N E S I A ELEVATING OUR TECHNOLOGY PLATFORMS PROFIT- BEST- SPEED-TO- OPTIMIZED IN-CLASS MARKET Revenue Management Central Reservations Integration System System Capabilities 83 83

KEY AREAS OF FOCUS H A R N E S S R E D E F I N E R E I M A G I N E S A L E S , V A L U E F R O M G R O W T H L O YA L T Y M E E T I N G S & E V E N T S C O M M E R C I A L I Z E E L E V A T E D I G I T A L W E L L B E I N G & A N C I L L A R Y & T E C H N O L O G Y 84

GROWING WITH INTENT MARK HOPLAMAZIAN | PRESIDENT & CHIEF EXECUTIVE OFFICER A L I L A W U Z H E N , C H I N A H Y A T T A N D R ELAT E D M AR K S A R E T R AD EM AR KS O F H Y AT T C OR POR AT I ON O R I T S A F F I LI AT E S. © 2 0 23 H Y AT T C OR POR AT I O N . A LL R I GH T S R ES ER VED . 85

HYATT HAS LED THE INDUSTRY IN NET ROOMS GROWTH FOR 6 CONSECUTIVE YEARS Hyatt NET ROOMS GROWTH 2017 – 2022 Marriott Hilton IHG + % + % + % + % + % + % 7.0 7.2 7.4 5.2 6.7 6.1 + + + + + + 50BPS 20BPS 80BPS 10BPS 200BPS 50BPS Ex cludin g: Two Roads & ALG 0.3% 5.6% 6.5% 4.0% 4.7% 7.0% 4.8% 4.8% 6.6% 5.6% 3.1% 5.1% 3.9% 5.6% 3.1% 4.7% 3.6% 2017 2018 2019 2020 2021 2022 -0.6% Two Roads & + + 640bps 1,340bps ALG Impact: Net rooms grow th bas i s poi nt c ompari s o n repres e n ts Hy att Hotel s Corpor a ti on c ompare d to the nex t c l os es t peer fi gure. Hy att Hotel s Corpo ra ti o n net rooms grow th ex c l udes the i mpac t of mergers and ac qui s i ti o ns ; peer fi gures hav e not been adj us te d. 86 S ourc e: 2017 -20 2 2 P ubl i c fi l i ngs for Hy att Hotel s Corpor a ti o n , Hi l ton Worl dw i de Hol di ngs Inc ., Marri ot t Interna ti on al Inc ., and IHG Hotel s & Res orts .

7 P I N E S R E S O R T I B I Z A , S P A I N Hyatt focused growth on Luxury properties to serve high-end customers Luxury Upper Upscale Upscale Upper M idscale WE’VE GROWN 39% 29% 29% WITHOUT COMPROMISING 3% QUALITY… While competito rs focused on Chain scale mix of net rooms growth Upscale and Upper Midscale & Midscale over the past 5 years (2017-2022) 10% 18% 46% 26% 3% 15% 30% 52% 9% 8% 28% 55% Chai n s c al es defi ned by S mi th T rav el Res earc h. S ourc e: Chai n S c al e determi n ed by S mi th T rav el Res earc h. E x c l udes brands l i s ted as other or ex c l uded from S T R Chai n S c al es . F i gures do not i nc l ude v ac ati on ow ners hi p, res i denti al , c ondomi ni um ow ners hi p uni ts , or y ac hts . Lux ury Upper Upscale Upscale Upper Midscale & Midsca le S ourc e: 2017-20 2 2 E arni ngs Rel eas es and A nnual Reports ; Hy att Hotel s Corpor a ti on , Hi l ton W orl dw i de Hol di ngs Inc ., Marri o tt Interna ti o na l Inc ., and IHG Hotel s & Res orts . 87

H A N A - M A U I R E S O R T , H A W A I I … AND TRANSFORMED OUR PORTFOLIO LUXURY, LIFESTYLE, OR RESORT ROOMS AS % OF PORTFOLIO 2017 – 2022 304K Lux ury , Lifes ty l e, or Resort 135K 186K +76K All Other 59K Luxury, Lifestyle, or Resort Rooms 169K 127K 2017 2022 % % 32 44 portfol i o mix of portfol i o mix of Lux ury , Lifes ty le , or Resort Lux ury , Lifes ty l e, or Resort F i gures as of fi s c al y ear ends 2017 and 2022 and c al c ul ated bas ed on S mi th T rav el Res earc h c l as s i fi c ati on s . Lux ury , l i fes ty l e, and res ort hotel s as defi ned by S mi th T rav el Res earc h. 88

P A R K H Y A T T Z A N Z I B A R , T A N Z I N I A SINCE 2017, HYATT HAS: 4X 2X 3X Lifestyle Rooms Luxury Rooms Resort Rooms 13 18 224 New Countries New Sub-Markets Brands added entered entered F i gures as fi s c al y ear end 2022 and do not i nc l ude v ac ati on ow ners hi p, res i denti al , or c ondomi ni u m ow ners hi p uni ts . F i gures c al c ul ate d as of fi s c al y ear end 2017. 89 F i gures c al c ul ated bas ed on S mi th T rav el Res earc h c l as s i fi c ati o ns . Lux ury , l i fes ty l e, and res ort hotel s as defi ned by S mi th T rav el Res earc h.

HYATT HAS THE FASTEST GROWING LUXURY PORTFOLIO Net change in Luxury Chain Scale rooms 2017 – 2022 +46K +25K +10K +7K H Y A T T Z I V A R I V I E R A C A N C U N , M E X I C O F i gures as fi s c al y ear end 2022 and do not i nc l ude v ac ati on ow ners hi p, res i denti al , or c ondomi ni u m ow ners hi p uni ts . F i gures c al c ul ate d as of fi s c al y ear ends 2017 and 2022. Lux ury , l i fes ty l e, and res ort hotel s as defi ned by S mi th T rav el Res earc h. 90 S ourc e: 2017 -20 2 2 E arni ngs Rel eas es and A nnual Reports ; Hy att Hotel s Corpo ra ti o n, Hi l ton Worl dw i de Hol di ngs Inc ., Marri ot t Inter n ati o n al Inc ., and IHG Hotel s & Res orts .

P A R K H Y A T T S T . K I T T S C H R I S T O P H E H A R B O U R , S T . K I T T S HYATT IS DIFFERENTIATED WITH A COMMANDING POSITION IN PROPERTIES MOST VALUED BY OUR LOYALTY MEMBERS GLOBAL MARKET SHARE OF LUXURY BRANDED ROOMS IN RESORT LOCATIONS 18% # 15% 1 Global Market share of Luxury Rooms in 7% Resort Locations 4% F i gures as fi s c al y ear end 2022 and c al c ul ated bas ed on S mi th T rav el Res earc h c l as s i fi c ati o ns . Lux ury , l i fes ty l e, and res ort hotel s as defi ned by S mi th T rav el Res earc h. 91

HYATT IS THE PREMIER HOTEL BRAND FOR HIGH-END TRAVELERS Average Rates $195 $173 $151 $124 A N D A Z M A U I A T W A I L E A R E S O R T , H A W A I I Report e d fi gures as fi s c al y ear end 2022. S ourc e: 2017-20 2 2 E arni ngs Rel eas es and A nnual Reports ; Hy att Hotel s Corpo ra ti o n, Hi l ton Worl dw i de Hol di ngs Inc ., Marri ot t Inter n ati o n al Inc ., and IHG Hotel s & Res orts . 92

HYATT’S GROWTH OUTLOOK IS STRONG P A R K H Y A T T M A L D I V E S H A D A H A A , I N D O N E S I A 93

47,000 6-7% WE EXPECT TO NRG CAGR 2024 -2025 MAINTAIN OUR 25,000 22,000 21,000 INDUSTRY LEADING 19,000 18,000 16,000 15,000 13,000 POSITION; NET 12,000 12,000 12,000 9,000 ROOMS GROWTH OF 6-7% PLANNED 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E Organic Rooms M&A Rooms 7 P I N E S R E S O R T S A R D I N I A , I T A L Y O rgani c and M& A rooms repres e n ts net rooms added per y ear as of eac h res pec ti v e fi s c al y ear end. T he Compan y ’ s 2023 outl ook and i l l us trati v e l ong -te r m outl ook for 2024 and 2025 are bas ed on a number of as s umpti o ns that are s u bj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If 94 ac tual res ul ts v ary from thes e as s umpti o ns , the Company ' s ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company wi l l ac hi ev e thes e res ul ts . .

RECORD PIPELINE FUELS 580 117,000 ROOMS GROWTH PROPERTIES ROOMS 1 2 America s EAME Lux ury Upper Upscale 3 Franchised Managed ASPAC ALG Upscale & Upper Midscal e 7% 23% 29% 33% 40% Pipeline Pipeline Rooms Pipeline Rooms Rooms by by Type by Segment Chain Scale 49% 67% 21% 31% A L I L A D I W A G O A , I N D I A F i gures as fi s c al y ear end 2022. P i pel i ne repres en ts approx i ma t e mi x . Chai n s c al e c l as s i fi c ati o n as defi ned by S mi th T rav el Res earc h . 95 S ourc e: 2017 -20 2 2 E arni ngs Rel eas es and A nnual Reports ; Hy att Hotel s Corpo ra ti o n, Hi l ton Worl dw i de Hol di ngs Inc ., Marri ot t Inter n ati o n al Inc ., and IHG Hotel s & Res orts . 95

OUR PIPELINE LEADS THE A N D A Z M U N I C H S C H W A B I N G E R T O R , G E R M A N Y INDUSTRY AS % OF EXISTING BASE ROOMS IN PIPELINE AS % OF EXISTING ROOMS 38% 37% 33% 31% A L I L A S O L O , I N D O N E S I A F i gures c al c ul ated as fi s c al y ear end 2022. S ourc e: 2022 E arni ng s Rel eas es and A nnual Report ; Hy att Hotel s Corpor a ti on , Hi l ton Worl dw i de Hol di ngs Inc ., Marri ot t Interna t i o nal Inc ., and IHG Hotel s & Res orts . 96

SIGNIFICANT OPPORTUNITY TO ENTER MORE MARKETS AND EXPAND DEPTH IN EACH MARKET HOTELS PER M ARKET GLOBAL M ARKET COVERAG E: HYATT COM PARED TO PEERS Peer Average 100% Top 200 Markets 93% 14 4 96% Hotels per Market Hotels per Market Middle 200 Markets 60% 63% Hyatt peers, on average, have Remaining Markets 16% 10 more hotels per market compared to Hyatt, giving significant room for growth Peer Av erage P eer fi gures i nc l ude Hi l ton Worl dw i de Hol di ngs Inc ., Marri ot t Intern at i o n al Inc ., and IHG Hotel s & Res orts as of Dec embe r 31, 2022. Mark ets and l oc ati on ty pe determi n e d by S mi th T rav el Res earc h . T op 200 Mark ets are determi n e d by aggreg at e room c ount of Hy at t, Marri ott , Hi l ton, and IHG by mark et, gl obal l y . 97 S ourc e: S mi th T rav el Res earc h Cens us as of Dec embe r 2022. 97

ATTRACTIVE FOUNDATION FOR GROWTH BRAND AWARENESS, LOCATION IN TOP MARKET S, & PORTFOLIO DIFFERENTIAT ION PROVIDE AN OPPORT UNIT Y FOR SIGNIFICANT EXPANSION % % 93 95 1 Hyatt brand awareness in U.S., in line Hotel presence in top with top competito rs & ahead of 200 global markets competitive set average H Y A T T C E N T R I C C A M P E S T R E L E Ó N , F R A N C E B rand aw arenes s bas ed on s urv ey c onduc te d by Hy att of 1,500 i ndi v i dual s w i thi n the Uni ted S tates w ho hav e s tay ed at a hotel a t l eas t 6 ni ghts i n the pas t y ear. S T R Mark ets and l oc ati on ty pe determi ne d by S mi th T rav el Res earc h. T op 200 Mark ets are determi n e d bas ed on aggreg at e room c ou nt by mark et for Hy att, Marri ot t , Hi l ton, and IHG by 98 mark et gl obal l y .

BACKED BY DATA OUR RESEARC H CONFIRM S THE OPPORT UNIT Y > % 60 When guests who stay at Hyatt also stay 1 guest spend with a competitor, nearly two-thirds of the time it is because: there is no Hyatt within 5 miles, or, the guest stayed at a lower chain scale hotel 1 V i s a Cons ul ti n g & A nal y ti c s , Dec emb e r 2022. 99

H Y A T T H O U S E D E N V E R / D O W N T O W N , C O L O R A D O + GROWING OUR FOOTPRINT 250 U.S. Submarkets SIGNIFICANT OPPORT UNIT Y TO BROADEN OUR SUBMARKET Targeted PRESENCE IN THE UNITED STATES to Enter 100% U.S. submarket penetration gap that Hyatt plans to address Current Hyatt submarket penetration by location type Urban Airport Resort Suburban Intersta te Small Metro/Town Total U.S. Submark e ts 68 38 41 309 51 147 S ourc e: S mi th T rav el Res earc h Cens us . U.S . S ubmark e t l oc ati ons determi n e d by s ub-ma rk et , O c tober 2022. T he Compan y ’ s i l l us trati v e l ong-te r m outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h ar e outs i de the c ontrol of the Company . 100 If ac tual res ul ts v ary from thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

AN UPPER MIDSCALE BRAND CONCEIVED BY DEVELOPERS 101

DEVELOPER-DRIVEN APPROACH BRAND RESPONSIVE TO GUEST & OWNER NEEDS Simple design that is intended to keep construction costs low Extended stay offering designed to be flexible for developer needs Operating model designed to be efficient, streamline hotel operations, & generate outsized returns 102

BOOSTS NETWORK EFFECT & FURTHER ACCELERATES INDUSTRY LEADING GROWTH INTEREST IS STRONG INTEREST EXPRESSE D IN THE FOLLOWING MARKET S > ME A r e a o f f o c u s 100 WA VT ND MN MT T h e H y a t t S t u d i o s b r a n d h a s NH OR MA l e t t e r s o f i n t e r e s t t o t a l i n g NY WI RI CT SD m o r e t h a n 1 0 0 p r o p e r t i e s w i th ID MI t h e f i r s t s c h e d u l e d h o t e l t o WY PA NJ MD IA o p e n i n l a t e 2 0 2 4 NE OH DE IN NV IL WV UT VA CO KY KS MO CA NC TN SC OK V A : Ri c hmond , Norfol k AR AZ NM NC: Charl ot t e, Ral ei gh, Wi l mi ngton , MS F ay ettev i l l e WA : T ac oma, Lak ew ood AL GA S C: G reenv i l l e , Cl ems on , Col umbi a, MT : B i l l i ngs My rtl e B eac h, North Charl es t o n ID: B oi s e LA T N: K nox v i l l e, Chattan o og a , UT : S al t Lak e Ci ty TX G atl i nbu rg , J ohns on Ci ty A Z : P hoeni x G A : A thens , A ugus ta, K ennes aw , CA : O ntari o, Reddi ng, A l phare tt a S ac rame n to , S an Di ego FL F L: P ens ac ol a, Des ti n, T al l ahas s e e, G ai nes v i l l e, J ac k s onv i l l e , New S my rna, O rl ando T X : A us ti n, S an A ntoni o , Dal l as , Hous ton Ci ty P l ac e T he Compan y ’ s i l l us trati v e l ong -te r m outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h ar e outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l a c hi ev e thes e res ul ts . 103 103

P A R K H Y A T T M A L D I V E S H A D A H A A , I N D O N E S I A ILLUSTRAT IVE ANNUAL NET ROOM S GROWTH OUTLOOK 2024 – 2025 % % MULTIPLE LEVERS 6 – 7 TO DRIVE INDUSTRY LEADING NEW CONSTRUCTI ON CONVERSIONS RAMPING UPPER MIDSCALE GROWTH ~ > % 40% 20 Pipeline rooms are of Net Rooms Growth under construc tion ex pected to come from conv ersions P i pel i ne and rooms under c ons truc ti o n as of Marc h 31, 2023 for al l future y ears T he Compan y ’ s i l l us trati v e l ong -te r m outl ook for 2024 and 2025 are bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de 104 the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Compan y 's ex pec tati on s may c hange. T here c an b e no as s uran c e that the Compan y w i l l ac hi ev e thes e res ul ts .

WORLD OF CARE MARGARET EGAN | EVP & GENERAL COUNSEL WORLD OF CARE EXECUTIVE SPONSOR G R A N D H Y A T T J A K A R T A A N D A L I L A S C B D J A K A R T A , I N D O N E S I A H Y A T T A N D R ELAT E D M AR K S A R E T R AD EM AR KS O F H Y AT T C OR POR AT I ON O R I T S A F F I LI AT E S. © 2 0 23 H Y AT T C OR POR AT I O N . A LL R I GH T S R ES ER VED . 105

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Climate Change & Water Conservation Diversity, Equity & Inclusion Fair & Ethical Business Waste & Circulari ty Colleague Development Risk Management Responsible Sourcing Wellbeing Data Privacy & Security Thriving Destinations Human Rights Working with Other Businesses Community Engagement & Volunteerism Reporting 107

2030 ENVIRONMENTAL GOALS A HEALTHY ENVIRONMENT IS IMPORTANT FOR ALL PEOPLE TO BE THEIR BEST. HYATT IS COMMITTED TO ADVANCING ENVIRONMENTAL ACTION SO THAT DESTINATIONS AROUND THE WORLD ARE VIBRANT FOR OUR GUESTS, CUSTOMERS, COLLEAGUES & COMMUNITIES. The Company’s illustrative long -term goals for 2030 are 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. 108

CHANGE STARTS HERE WHO WE EMPLOY, DEVELOP, & ADVANCE 2x 10K Women & People Of Color Opportunity Youth in leadership positions by 2025 Hires by 2025 WHO WE SUPPORT WHO WE BUY FROM & WORK WITH $ 500 1 Million in multi-year grants to 6 non-profit New Black Suppliers organizations in the United States to our database since 2020 and that number increases monthly Figures for multi -year grants awarded and suppliers as of fiscal year end 2022. The Company’s illustrative long -term goals for 2025 are 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 th es e 109 assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.

WORLD OF CARE GOVERNANCE Our Governance Structure Board of Directors Advances Organizational & Nominating and Corporate Governance Committee Understanding & Collaboration for ESG Topics & Identifies Direct Executive Sponsor: Responsibility for the General Counsel Alignment of Hyatt's Principles Across Regions. Steering Committee: GC, CFO, CHRO Global World of Care Committee World of Care Regional & Hotel-level Engagement 110

2022 REPORTING & PROGRESS UPDATE 2021 GLOBAL REPORTING INITIATIVE (GRI) “I just started at Hyatt this week, and I am so impressed with all that I have seen so far about World of Care. I have been looking for a company that cares about its employees and the impact it has on the world around it.” – Noel Vandeviver, Regional Director of Field Operations, Hyatt A N D A Z N A P A , C A L I F O R N I A 111

GLOBAL WORLD OF CARE RECOGNITION ® Top 3 Ranking for Midcap Companies Ragan Communications CSR & Human Rights Campaign PEOPLE and Great Place to Work in Gaming & Lodging (2023) Diversity Awards Best Places to Work for LGBTQ+ Equality Companie s that Care (2022; 18 consecu t iv e y ears) (2022; 4 consecu tiv e y ears) Best Analy st/I nv e s tor Ev ent | Best IR ESG Program of the Year (2022) Program | Best CEO | Best ESG Fortune Fortune Forbes Forbes World’ s Most Admired Companie s 100 Best Companie s to Work For World’ s T op F emale F riendly Compani e s America ’ s Best Employ er s for Div ersity (2023) (2023; 10 consecu t iv e y ears) (2022) (2023; 6 consecu tiv e y ears) H Y A T T Z I L A R A C A P C A N A , D O M I N I C A N R E P U B L I C 112

GLOBAL WORLD OF CARE RECOGNITION P A R K H Y A T T Z U R I C H , S W I T Z E R L A N D 113

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DRIVING FINANCIAL RESULTS JOAN BOTTARINI | EVP & CHIEF FINANCIAL OFFICER H O T E L F I G U E R O A , C A L I F O R N I A H Y A T T A N D R ELAT E D M AR K S A R E T R AD EM AR KS O F H Y AT T C OR POR AT I ON O R I T S A F F I LI AT E S. © 2 0 23 H Y AT T C OR POR AT I O N . A LL R I GH T S R ES ER VED . 115

DISCLAIMERS Forward-Looking Statements 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 our plans, strategies, outlook for 2023 and illustrative outlook for 2024 and 2025, growth trends, pipeline expectations, the amount by which the Company intends to reduce its real estate asset base, the expected amount of gross proceeds from the sale of such assets, and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, booking trends, RevPAR trends, our expected net income, our expected Adjusted EBITDA, our expected Net Deferrals and Net Financed Contracts, our expected Adjusted SG&A expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected free cash flow, our 2030 environmental goals, our Change Starts Here commitments, 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 the 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 geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; 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 property 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, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management 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, including as a result of the COVID-19 pandemic, 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; 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 report on Form 10-K, 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 l“†”, 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. For how we define the non-GAAP financial measures and a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure, please refer to the Appendix at the end of this presentation. Key Business Metrics This presentation includes references to certain key business metrics used by the Company, each identified with the symbol “◊”. For how we define these metrics, please refer to the Appendix at the end of this presentati o n. 116

Operational and Commercial Execution Leading to Record † Performance and Free Cash Flow Strong Outlook Supported by Optimal Positioning and Investment in Capabilities TRANSFORMING Industry Leading Growth Driven by Powerful Network OUR EARNINGS Effect and Brand Preference PROFILE Capital Allocation Strategy Fueling Growth and Delivering Returns for Shareholders Fundamentally an Asset-Light Company with a Track Record of Unlocking Value 117

P A R K H Y A T T S Y D N E Y , A U S T R A L I A A C H IE V E D S T R ON G OP E R AT I ON A L & F IN A N C IA L R E S U LT S IN 2 0 2 2 Operational Results Cash Flow & Capital Allocation $ $ $ $ $ 908M + 94M + 63M 473M 717M †àà † Adjusted EBITDA Net Deferrals Net Financed Contracts Free Cash Flow Proceeds from Dispositions Less Acquisi ti on s $ $ % 369M 880M 6.7 117,000 Class A Shares Repurchased Debt Reduction Full-Year Net Rooms Growth Record Rooms Pipeline F i gures as of fi s c al y ear end 2022. 118

P A R K H Y A T T S H A N G H A I , C H I N A HYATT IS POSITIONED FOR STRONG GROWTH IN 2023 Q1 2 0 2 3 RE S ULT S + % + % 43 33 àà System-wide RevPAR vs LY System-wide Net Package RevPAR vs LY + % + % 6 3 àà System-wide RevPAR vs 2019 Levels Asia Pacific RevPAR vs 2019 Levels F UL L - Y E A R 2 0 2 3 PA CE + % + % 24 15 à Group Pace vs LY Net Package RevPAR Pace vs LY à F i gures as of Marc h 31, 2023 and i nc l ude c ompara bl e hotel s for 2022 and 2023, and 2019 and 2023. LY (l as t y ear) refers to three months ended Marc h 31, 2022. G roup P ac e bas ed on s ame s et of A meri c as F ul l S erv i c e Managed proper ti e s . 119 .

OUTLOOK FOR 2023 IMPLIES ANOTHER YEAR OF RECORD RESULTS 2023 OUTLOOK †àà Adjusted EBITDA + Net Deferrals + Net Financed Contracts + % (U S D in millions ) 23 % 1,225 23 +6% 60 -1% Growth Driv en by +4% +3% 120 +10% 63 65 2023 Outlook 1,000 63 94 12%-16% 94 Asset Light Accounts for: à System-wide RevPAR 75% of Growth Growth 1 ,0 4 5 908 843 ~6% Net Rooms Growth 500 2022 Transa c ti o ns & 2022 Rev P A R à & A LG V acatio n s N et Rooms Ow ned & C orpora te & 2023E 1 A s Reporte d A LGV C redits Includi n g N et P ackage & U V C Grow th Leased Other M idpoin t à A djustm e n ts Rev P A R † àà SAer dijes us1te d E B ITDA Series2 Series3 Series4 N et Deferr a ls N et Finance d C ontrac ts 1 A LG V Credi ts adj us tme nt rel ated to the ex pi rati o n of non -re c u r ri n g , pandemi c - re l a t e d trav el c redi ts and refunds . F i gures may no t ti e-out due to roundi n g . T he Compan y ’ s 2023 outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o n s , the Company 's 120 ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

FULL-YEAR 2023 OUTLOOK IS STRONG % ~ % ~$ ~$ 12-16 6 225M 550M à † RevPAR Range Net Room s Growth Net Inc om e Free Cash Flow $ 1,020M ~$ ~$ to + 120M + 60M $ àà Net Deferrals Net Financ ed Contrac ts 1,070M † Adjusted EBIT DA A L I L A H I N U B A Y , O M A N T he Compan y ’ s 2023 outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts . 121

GROWTH EXPECTED TO CONTINUE IN 2024 & 2025 E X P E CT E D IL L U S T R AT IV E CAGR: 2 0 2 4 -2025 à à System-wide RevPAR Net Package RevPAR Net Rooms Growth % % % % % % 3 - 7 3 - 7 6 - 7 ALG Vacation s Departures Mov e Directiona l ly UVC Signed Contracts Mov e Directiona l ly à with Net Package Rev PAR with Net Rooms Growth A D D IT ION A L IL L U S T R AT IV E A S S U MP T ION S $ ~$ % 1.3B 100M 3 † Approximate Asset Sales Run-Rate Capital Expenditur es Adjusted SG&A Growth in 2023 and 2024 Reduced to ~$100M in 2025 A L I L A N A P A V A L L E Y , C A L I F O R N I A T he Compan y 's i l l us trati v e l ong -te r m outl ook for 2024 and 2025 i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange an d many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Compan y 's ex pec tati on s may c hange. T here c an be no as s uranc e that the Compan y w i l l ac hi ev e thes e res ul ts . 122

2025 ILLUSTRATIVE OUTLOOK REFLECTS STRONG MOMENTUM †àà Adjusted EBITDA + Net Deferrals + Net Financed Contracts % 12 (U S D in millions ) CAGR 2024 & 2025 - - 1,400 70 + % 12 CAGR 120 2024-2025 Outlook 60 100 1,125 120 60 5% à System-wide RevPAR & Net 120 1,210 à Package RevPAR Growth Asset Light Accounts for: at the m idpoint 1,045 85% of Growth 945 6.5% Net Rooms Growth at the m idpoint 500 2023E 2023-2025 2023E 2025E Midpoint Assumed Midpoint Outlook Dispositions incl. Dispositions Midpoint †àà A djuste d E B ITDA N et Deferr a ls N et Finance d C ontrac ts T he Compan y 's i l l us trati v e l ong -te r m outl ook for 2024 and 2025 i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange an d many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts . 123

EARNINGS MODEL SENSITIVITIES REFLECT A MORE RESILIENT, † ASSET LIGHT, & FREE CASH FLOW GENERATIVE BUSINESS KEY METRICS EARNINGS MODEL SENSITIVIT IES FOR 2024 AND 2025 à † † System-wide RevPAR O&L Adjusted EBITDA Fee-Based Adjusted EBITDA +/- 1 point ~$ $ ~$ $ 3 – 5M 8 – 12M à Net Package RevPAR +/- $ $ 15M – 25M † in Adjusted EBITDA + à ALG Vacations Departures Net Deferrals & Net Financed † à ALG Adjusted EBITDA à Net Deferra ls + Contrac ts +/- 1 point à ~$ $ Net Financed Contrac ts 2 – 4M ~$ $ UVC Signed Contrac ts 1 – 2M † Fee-Based Adjuste d EBITDA Net Rooms Growth +/- 1 point ~$ $ 6 – 8M Corporate & Other Corporate & Other +/- 1 point ~ $ ( 2M) Asset Light Owned & Leased ààà S y s tem-w i d e Rev P A R and Net P ac k age Rev P A R i nc l ude Compar a bl e hotel s . T he Compan y 's i l l us trati v e l ong -te r m outl ook for 2024 and 2025 i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange an d many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e 124 as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

ASSET-LIGHT, FEE-DRIVEN MODEL INCREASES CASH FLOW AND REDUCES VOLATILITY 9% 11% Benefits of Asset-Light Business > % 80 Model 2025 à • More Predictable Earnings Stream Asset-Light Earnings Mix Estimated Mix Driven by Top-Line Revenue 1 <20% by Source • Long-Term Durable Contracts $ 1.2B • Low Capital Intensity Total Fee Rev enue >60% † • Higher Free Cash Flow 2 Fee-Based Earnings Unlimited Vacation Club • Increased Returns to Shareholders Distribution & Destination Management Owned & Leased 1 †àà E s ti mate d Mi x by s ourc e bas ed on 2025 es ti mates for A dj us ted E B IT DA , Net Deferr al s , and Net F i nanc ed Contrac t s , and ex c l udes Corpo r at e & O ther. 2àà Unl i mi te d V ac ati on Cl ub fi gures i nc l ude Net Deferr al s and Net F i nanc ed Contra c t s . 125 T he Compan y 's i l l us trati v e l ong -te r m outl ook for 2024 and 2025 i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange an d many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

ASSET LIGHT TRANSFORMATION DRIVES LOWER CAPITAL EXPENDITURES… 2025 ILLUSTRATIVE OUTLOOK (In million s, U S D) 1,400 70 120 1,210 ~$ 1,065 63 200M 94 Run-Rate Capital Expenditur es 908 Reduction 792 sinc e 2017 ~300 > pt ~200 ~100 33 0 2022 2025E 2017 à Asset-Ligh t Earnings Mix Midpoint Increase As s e t- L ight sinc e 2017 47% 75% >80% à E a r n ing s M ix †à à A djuste d E B ITDA N et Deferr a ls N et Finance d C ontrac ts C apital E x penditu r es F i gures c al c ul ated as of eac h res pec ti v e fi s c al y ear end; 2017 fi gures bas ed on res tated v al ues prov i ded i n the 2018 fi nanc i a l s tateme nt s . T he Compan y 's i l l us trati v e l ong -te r m outl ook for 2024 and 2025 i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange an d many of 126 w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company ' s ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

…AND HIGHER FREE CASH à FLOW CONVERSION 2025 ILLUSTRATIVE OUTLOOK (In million s, U S D) 1,400 70 120 1,210 ~$ 1,065 450M 63 94 † Free Cash Flow Growth 908 since 2017 54% 792 44% ~750 37% ~ pt 473 17 289 0 Free Cash Flow 2017 2022 2025E à Conversion Percentage Increase Midpoint since 2017 †àà † A djuste d E B ITDA N et Deferr a ls N et Finance d C ontrac ts Free C ash Flow F i gures c al c ul ated as of eac h res pec ti v e fi s c al y ear end; 2017 fi gures bas ed on res tated v al ues prov i ded i n the 2018 fi nanc i a l s tateme nt s . T he Compan y 's i l l us trati v e l ong -te r m outl ook for 2024 and 2025 and i l l us trati v e l ong -te r m F ree Cas h F l ow outl ook are bas ed on a number of 127 as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

C O M M U N E B Y T H E G R E A T W A L L , C H I N A † FREE CASH FLOW RESULTS IN SIGNIFICANT CUMULATIVE CASH GENERATION OVER THE NEXT THREE YEARS 2023E – 2025E CUMULATIVE RANGE at the Midpoint †à Adjusted EBITDA + Net Deferrals + à ~$ Net Financed Contracts 3.8B Illustra tive Outlook Range † Free Cash Flow ~$ 1.9B Illustra tive Outlook Range † F ree Cas h F l ow i l l us trati v e outl ook range as s umes no tax es on as s umed as s et di s pos i ti on s as the amount i s not es ti mabl e . T he Compan y 's i l l us trati v e l ong -te r m outl ook for 2023, 2024 and 2025 and i l l us trati v e l ong -te rm F ree Cas h F l ow outl ook are bas ed on a number of 128 as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o n s , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

A L I L A H I N U B A Y , O M A N SIGNIFICANT CASH ON HAND TO INVEST IN GROWTH & INCREASE SHAREHOLDER RETURNS CUMULATIVE ILLUSTRATIVE 2023E TO 2025E † F r e e C a sh F l ow P o s t-T ax O & L D i sp osition P r oc eeds ~$ ~$ 1.1B 1.9B $1.3B O&L Disposi ti on Proceeds less ~15% assume d tax rate CASH AVAILABLE TO DRIVE VALUE ~$ 3.0B CAPITAL ALLOCATION PRIORITIES Invest for Growth Return Capital to Shareholders † F ree Cas h F l ow i l l us trati v e outl ook range as s umes no tax es on as s umed as s et di s pos i ti on s as the amount i s not es ti mabl e . T he Compan y 's i l l us trati v e l ong -te r m outl ook for 2023, 2024 and 2025 and i l l us trati v e l ong -te rm F ree Cas h F l ow outl ook are bas ed on a number of as s umpti on s that are 129 s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Compan y . If ac tual res ul ts v ary from thes e as s umpti on s , th e Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

INVEST FOR GROWTH: HYATT WILL CONTINUE TO PRIORITIZE INVESTMENTS IN ASSET LIGHT PLATFORMS Ac quired 2017 Ac quired 2018 Ac quired 2021 Ac quired 2023 $400M $467M $125M $2.7B Acquisition Price 1 Acquisition Price Acquisition Price Acquisitio n Price + Developmen t CapEx ~8X Aggregate Earnings Multiple on Purchase Price Asset Light Complementary or Adjacent Significant Embedded & Expands Offers Compelling Customer Base Prospective Growth Geographic Footprint Guest Experience 1 Does not i nc l ude $175M of c onti nge nt c ons i der at i o n through 2028. F i gures bas ed on the date of eac h res pec ti v e ac qui s i ti o n date. 130

A L I L A V I L L A S U L U W A TU , I N D O N E S I A COMMITTED TO RETURNING CAPITAL THROUGH DIVIDENDS & EXCESS CASH THROUGH SHARE REPURCHASES QUA RTERLY DIVIDEN D REINSTA TED SHA RE REPURC HA S E A UTHORIZA TI O N Hyatt resumes cash dividends, declaring a $ Hyatt increases authoriz atio n by $1 billion — $ 1 0.15 $0.15 per share cash dividend for the 1.5B now has total authorization of $1.5 2 second quarter of 2023 billion Total authorization per share 1 S ec ond Quart e r 2023 di v i dend pay abl e on J une 12, 2023 to s harehol d e rs of rec ord as of May 30, 2023. 2 S hare repurc ha s e s may be made from ti me to ti me i n the open mark et, i n pri v atel y negoti at e d trans ac ti on s , or otherw i s e, i nc l u di ng purs uan t to a Rul e 10b5-1 pl an or an ac c el erat e d s hare repurc h as e trans ac ti o n , at pri c es that the Compan y deems approp ri a t e and s ubj ec t to mark et c ondi ti ons , appl i c abl e l aw and other fac tors deemed rel ev an t i n the Company ’ s s ol e di s c reti on . T he c ommon s toc k repurc h as e progra m appl i es to the Company ’ s 131 Cl as s A Common S toc k and/or the Company ’ s Cl as s B Common S toc k . T he c ommon s toc k repurc ha s e progra m does not obl i gate the Compan y to repurc ha s e any dol l ar amount or number of s hares of c ommon s toc k and the progra m may be s us pend e d or di s c onti nu e d at any ti me.

H Y A T T P L A C E P A N A M A C I T Y B E A C H / B E A C H F R O N T , F L O R I D A COMMITTED TO Debt Maturity by Year INVESTMENT GRADE Total Debt: $3.1B $M USD Credit Ratings BBB- Baa3 BBB- Stable Stable Negative 848 749 Liquidity 660 Strong position with: 452 404 $1.2B $1.5B Cash, Cash Equivalents, Revolver Capacity Available & Short-Term Investments 2023 2024 2025 2026 2027 2028 & Thereafter Total Debt and Liquidity figures as of December 31, 2022. 132 $1.5B Revolver

UNLOCKING VALUE THROUGH ASSET SALES IS CORE TO OUR LONG-TERM STRATEGY TOTAL 2017 2018 2019 2020 2021 2022 1 $305M $1.4B $956M $11M $779M $852M $4.3B Asset Sales GH San Francisco HR Atlanta HR Baku HR Lost Pines HR Indian Wells HR Scottsdale AZ Maui GH Seoul HR Lake Tahoe GH San Antonio Royal Palms Resort 2 A lila Ventana Big Sur HR Coconut Point San Francisco Lease D ris k ill HR Bishkek HR Mexico City Confidante Miami Beach HR Mainz HR Greenwich $148M $135M $260M $0.5B Asset Purchases 2 A lila Ventana Big Sur HR Phoenix Hotel Irvine HR Indian Wells $ $ > 40M 3.8B 16x 1 Run-Rate Fees Net Total to Date EBITDA Multiple GRAND HYATT GOA, INDIA 1 Figure does not include sales proceeds on Hyatt Regency Grand Cypress, Hyatt Regency Monterey, and Hyatt Regency Louisville; th es e occurred in 2017 prior to Hyatt’s asset disposition commitment announcement. 2 133 P ur c has e d and sold the asset in same fiscal y ear . Figures based on respective fiscal year end and through March 31, 2023.

HIGH QUALITY & DIVERSE ASSET BASE PROVIDES OPTIONALITY FOR CURRENT COMMITMENT & BEYOND CURRENT PORTFOLIO OF OWNED ASSETS AT 13 – 15X MULTIPLE IMPLIES $3.9B – $4.5B OF VALUE IRREPLACEABL E LUXURY LUXURY WELLBEING/RESORTS BUSINESS/OTHER GROUP/CONVENTION 5 HOTELS 4 HOTELS 7 HOTELS 7 HOTELS H Y A T T G R A N D C E N T R A L P A R K H Y A T T P A R I S - V E N D Ô M E M I R A V A L A U S T I N H Y A T T R E G E N C Y O R L A N D O N E W Y O R K T he Compan y ’ s l ong -te rm outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company ' s ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts . A t thi s ti me, the Compan y i s not mak i ng a s el l -dow n c ommi tme n t bey ond i ts c urrent as s et-di s p os i ti on c ommi tme nt 134 announc e d i n A ugus t 2021.

P A R K H Y A T T C H I C A G O P A R K H Y A T T N E W Y O R K P A R K H Y A T T Z U R I C H ààà ~$500 A DR ~$1,050 A DR ~$750 A DR IRREPLACEABLE LUXURY P A R K H Y A T T P A R I S - V E N D Ô M E A N D A Z L O N D O N L I V E R P O O L S T R E E T 5 Iconic Sought After Locations à ~$à ~$1,000 A DR 350 A DR F i gures bas ed on ful l y ear es ti mates for 2023 135

M I R A V A L A R I Z O N A M I R A V A L A U S T I N R E S O R T A N D S P A R E S O R T A N D S P A ~$1,800 TRev P OR ~$1,500 TRev P OR ~410 A cres ~240 A cres LUXURY WELLBEING/ RESORTS High barrier to entry resorts on H Y A T T R E G E N C Y A R U B A M I R A V A L B E R K S H I R E S R E S O R T S P A & C A S I N O R E S O R T A N D S P A expansive acreage ~$1,700 TRev P ORà ~$600 A DR ~380 A cres T Rev P O R i s defi ned as T otal Rev enue per O c c upi ed Room. 136 F i gures bas ed on ful l y ear es ti mates for 2023.

H Y A T T R EG EN C Y O R LA N DO ~204K S Q. FT GROUP & CONVENTION HOTELS UNIQUELY POSIT IONED WITH OVER 400K SQ. FT OF AGGREGAT E MEETING SPACE; STRONG GROUP DEMAND TRENDS WITH VERY LIMITED NEW CONVENT ION HOTEL SUPPLY H Y A T T R EG EN C Y B A L T I M OR E H Y A T T R EG EN C Y P H O E N I X H Y A T T R EG EN C Y L O N G B E AC H I N N E R H A R BO R ~36K S Q. FT ~17K S Q. FT ~27K S Q. FT H Y A T T R EG EN C Y O ’ H A R E H Y A T T R EG EN C Y S A N A N T ON I O H Y A T T R EG EN C Y I R V I N E C H I C A G O R I V E R W AL K RE - O P EN I N G L A T E 2 0 23 ~92K S Q. FT ~30K S Q. FT ~56K S Q. FT F i gures as of Marc h 31, 2023. 137

SHIFT TOWARDS ASSET LIGHT CONTINUES à ASSET-LIGHT EARNINGS MIX + + 2800 bps 500 bps 2026 & BEY OND 2017 2022 Illustrativ e Ongoing shift 2025 + % % > % 100bps 47 75 80 per year and ability to shift further through monetizing owned assets T H E C A R O L I N A I N N , N O R T H C A R O L I N A F i gures c al c ul ated as of eac h res pec ti v e fi s c al y ear end. T he Compan y 's i l l us trati v e l ong -te r m outl ook for 2025 and 2026 and bey ond i s bas ed on a number of as s umpti o ns that are s ubj ec t t o c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from 138 138 thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts .

Operational and Commercial Execution Leading to Record † Performance and Free Cash Flow Strong Outlook Supported by Optimal Positioning and Investment in Capabilities TRANSFORMING Industry Leading Growth Driven by Powerful Network OUR EARNINGS Effect and Brand Preference PROFILE Capital Allocation Strategy Fueling Growth and Delivering Returns for Shareholders Fundamentally an Asset Light Company with a Track Record of Unlocking Value 139

Appendix 2023 S E C R E T S M O X C H É A N D S E C R E T S I M P R E S S I O N M O X C H É H Y A T T A N D R ELAT E D M AR K S A R E T R AD EM AR KS O F H Y AT T C OR POR AT I ON O R I T S A F F I LI AT E S. © 2 0 23 H Y AT T C OR POR AT I O N . A LL R I GH T S R ES ER VED .

DISCLAIMERS Forward-Looking Statements 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 our plans, strategies, outlook for 2023 and illustrative outlook for 2024 and 2025, growth trends, pipeline expectations, the amount by which the Company intends to reduce its real estate asset base, the expected amount of gross proceeds from the sale of such assets, and the anticipated timeframe for such asset dispositions, the number of properties we expect to open in the future, booking trends, RevPAR trends, our expected net income, our expected Adjusted EBITDA, our expected Net Deferrals and Net Financed Contracts, our expected Adjusted SG&A expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected free cash flow, our 2030 environmental goals, our Change Starts Here commitments, 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 the 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 geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; 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 property 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, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management 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, including as a result of the COVID-19 pandemic, 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; 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 report on Form 10-K, 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. Key Business Metrics This presentation includes references to certain key business metrics used by the Company, each identified with the symbol “◊”. For how we define these metrics, please refer to the Appendix at the end of this presentation. 141

DEFINITIONS Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization (Adjusted EBITDA) and EBITDA: We use the terms Adjusted EBITDA and EBITDA throughout this earnings release. Adjusted EBITDA and EBITDA, as we define them, are non-GAAP measures. 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 franchise agreement assets and performance cure payments, which constitute payments to customers (Contra revenue); • revenues for the reimbursement of costs incurred on behalf of managed and franchised properties; • costs incurred on behalf of managed and franchised properties that we intend to recover over the long term; • equity earnings (losses) from unconsolidated hospitality ventures; • stock-based compensation expense; • gains (losses) on sales of real estate and other; • asset impairments; and • other income (loss), net. We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to corporate and other 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 segmen ts 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 interna lly 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 a nd 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; an d stock-based compensation expense, which varies among companies as a result of different compensation plans companies have adopted. We exclude revenues for the reimbursement of costs and costs incurred on behalf of managed and franch ised properties 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 perio d-over-period changes in our operating results. Adjusted EBITDA includes costs incurred on behalf of our managed and franchised properties related to system-wide services and programs that we do not intend to recover from hotel owners. Finally, we exclude other items that are not core to our operations, such as asset impairments and unrealized and realized gains and losses on marketable securities. Adjusted EBITDA and EBITDA are not substitutes 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 and EBITDA. Although we believe that Adjusted EBITDA can make an evaluation of our operating performance more consiste nt 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. 142

DEFINITIONS Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Losses) per 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 ongoin g 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 C orporation, 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 Adu j sted 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. Adjusted Selling, General, and Administrative (SG&A) Expenses: Adjusted SG&A expenses, as we define it, is a non-GAAP measure. Adjusted SG&A expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted SG&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. Asset-Light Earnings Mix: Asset-Light Earnings Mix calculated as Adjusted EBITDA from the Americas Management and Franchising Segment, ASPAC Management and Franchising Segment, EAME Management and Franchising Segment, and Apple Leisure Group Segment, excluding Corporate & Other and Eliminations plus Net Deferrals and Net Financed Contracts divided by Adjusted EBITDA plus Net Deferrals and Net Financed Contracts. Our management uses this calculation to assess the composition of the Company’s earnings. Comparable Hotels: Comparable system-wide hotels represents all properties we manage or franchise, 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, or Comparable system-wide hotels also exclude properties for which comparable results are not available. We may use variations of comparable system-wide hotels to specifically refer to comparable system-wide Americas hotels, including our wellness resorts, or our all-inclusive resorts, for those properties that we manage or franchise within the Americas management and franchising segment, comparable system-wide ASPAC hotels for those properties we manage or franchise within the ASPAC management and franchising segment, comparable system-wide EAME hotels for those properties that we manage or franchise within the EAME management and franchising segment, or comparable system-wide ALG all-inclusive resorts for those properties that we manage within the Apple Leisure Group segment. Comparable owned and leased hotels represents all properties we own or lease that are operated and consolidated for the entirety of the periods being compared a nd have not sustained substantial damage, business interruption, or undergone large-scale renovations during the periods being compared, Comparable owned and leased hotels also excludes properties for which comparable results are not available. Comparable system-wide hotels and comparable owned and leased hotels are commonly used as a basis of measurement in our industry. Non-comparable system-wide hotels or non-comparable owned and leased hotels represent all hotels that do not meet the respective definition of comparable as defined above. 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 r oom 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. Free Cash Flow: Free cash flow represents net cash provided by operating activities less capital expenditures. We believe free cash flow to b e 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. See our consolidated statements of cash flows in our consolidated financial statements included in our Annual Report on Form 10-K. Free Cash Flow Conversion: Free cash flow conversions represents the percentage of percentage of Adjusted EBITDA, Net Deferrals, and Net Financed Contra cts that is expected to produce free cash flow. We believe free cash flow conversion to be a useful liquidity measure to us and investors business metric 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. There are limitations to using non-GAAP measures such as free cash flow conversion and management compensates for these limitations by referencing our GAAP results and using free cash flow conversion supplementally. See our consolidated statements of cash flows in our consolidated financial statements included in our Annual Report on Form 10-K. 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. 143

DEFINITIONS Revenue per Available Room (RevPAR): RevPAR is the product of the average daily rate 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 a nd 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. Net Package ADR: Net Package ADR represents net package revenues, divided by the total number of rooms sold in a given period. 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 revenue s and incremental profitability than changes in occupancy, as described above. Net Package RevPAR: Net Package RevPAR is the product of the net package ADR and the average daily occupancy percentage. Net Package RevPAR generally includes revenue derived from the sale of package revenue comprised of rooms revenue, food and beverage, and entertainment, net of compulsory tips paid to employees. Our management uses Net Package RevPAR to identify trend information with respect to room revenues from comparable properties and to evaluate hotel performance on a regional and segment basis. Net Package RevPAR is a commonly used performance measure in our industry. Net Financed Contracts: Net Financed Contracts represent Unlimited Vacation Club contracts signed during the period for which an initial cash down pa yment 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 condensed 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. At March 31, 2023, the Net Financed Contract balance not recorded on our condensed consolidated balance sheet was $203 million. 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 condensed consolidated statements of income (loss) over th e customer life, which ranges from 3 to 25 years. 144

NON-GAAP MEASURES RECONCILIATION RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO F REE CASH FLOW 2008-2022 (In Millions, USD) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2022 Net Cash Provided by Operating Activities 287 276 450 393 499 456 473 538 462 587 341 396 674 Capital Expenditures 258 216 310 331 301 232 253 269 211 298 297 369 201 Free Cash Flow 29 60 140 62 198 224 220 269 251 289 44 27 473 2 0 1 6 a n d 2 0 17 fi gures b a s ed o n f i n anc i als r e s t at ed i n 2 0 18 f i n anc i al s t a t em ent s . 145

NON-GAAP MEASURES RECONCILIATION RECONCILIATION OF NET INCOME TO EBITDA AND EBITDA TO ADJUSTED EB ITDA 2022, 2019, 2017 (In M illions, USD) 2017 2019 2022 Net income 389 1,263 455 Interest expense 80 75 150 (Benefit)Provision for income taxes 332 (257) (92) Depreciation and amortization 348 329 426 EBITDA 1,149 1,410 939 Contra revenue 18 22 31 Costs incurred on behalf of managed and franchised properties, net of 20 59 12 revenues for the reimbursement of costs Equity (earnings) losses from unconsolidated hospitality ventures (219) 10 (5) Stock-based compensation expense 29 35 61 (Gains) on sales of real estate (236) (723) (263) Asset impairments - 18 38 Other (income), net (42) (127) 40 Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA 73 50 55 Adjusted EBITDA 792 754 908 Net Deferrals - - 94 Net Financed Contracts - - 63 2017 fi gures bas ed on res tate d v al ues prov i de d i n the 2018 fi nanc i al s tatemen ts . 146

2023 NON-GAAP MEASURES RECONCILIATION OUTLOOK: NET INCOME TO EBITDA AND EBITDA TO ADJUSTED EBITDA 2023E (In Millions, USD) 2023 Outlook Ranges Low Case High Case Net income 197 255 Interest expense 127 127 Provision for income taxes 141 154 Depreciation and amortization 386 386 EBITDA 850 922 Contra revenue 45 45 Costs incurred on behalf of managed and franchised properties, net of 82 72 revenues for the reimbursement of costs Equity (earnings) losses from unconsolidated hospitality ventures 0 0 Stock-based compensation expense 68 68 (Gains) on sales of real estate - - Asset impairments 2 2 Other (income), net (89) (109) Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA 61 69 Adjusted EBITDA 1,020 1,070 Net Deferrals 120 120 Net Financed Contracts 60 60 No addi ti on al di s pos i ti on or ac qui s i ti on ac ti v i ty bey ond w hat has been c ompl ete d as of the date of thi s rel eas e has been i nc l uded i n the forec as t. T he Compan y 's outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Compan y . If ac tual res ul ts v ary from thes e as s umpti on s , th e Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l 147 ac hi ev e thes e res ul ts .

2023 NON-GAAP MEASURES RECONCILIATION OUTLOOK: NET INCOME TO FREE CASH FLOW 2023E (In Millions, USD) 2023 Outlook Ranges Low Case High Case Net income attributable to Hyatt Hotels Corporation 196 254 Stock-based compensation expense 68 68 Income Taxes 13 20 Depreciation and amortization 386 386 Other Operating Cash Flow Adjustment & Working Capital Changes 63 48 Net Cash Provided by Operating Activities 725 775 Capital Expenditures (200) (200) Free Cash Flow 525 575 No addi ti on al di s pos i ti on or ac qui s i ti on ac ti v i ty bey ond w hat has been c ompl ete d as of the date of thi s rel eas e has been i nc l uded i n the forec as t. T he Compan y 's outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Compan y 's ex pec tati on s may c hange. T here c an be no as s uranc e that the Compan y w i l l ac hi ev e thes e res ul ts . 148

2023 NON-GAAP MEASURES RECONCILIATION OUTLOOK: SG&A EXPENSES TO ADJUSTED SG&A EXPENSES 2023E (In Millions, USD) 2023 Outlook Ranges Low Case High Case SG&A Expenses 546 556 Less: Rabbi Trust Impact (a) - - Less: Stock Based Compensation Expense (66) (66) Adjusted SG&A Expenses 480 490 (a) Impac t of rabbi trus t i s not forec as t e d for the y ear ended Dec embe r 31, 2023 as perfor ma n c e of underl y i ng i nv es ted as s ets is not es ti mabl e . . No addi ti on al di s pos i ti on or ac qui s i ti on ac ti v i ty bey ond w hat has been c ompl ete d as of the date of thi s rel eas e has been i nc l uded i n the forec as t. T he Compan y 's outl ook i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Compan y 's ex pec tati on s may c hange. T here c an be no as s uranc e that the Compan y w i l l ac hi ev e thes e res ul ts . Res ul ts of operati o ns as pres ent e d on the c ondens ed c ons ol i da te d s tatemen ts of i nc ome (l os s ) i nc l ude ex pens es rec ogni z e d w i th res pec t to deferr ed c ompens ati o n pl ans funded throug h rabbi trus ts . Certai n of thes e ex pens es are rec ogni z ed i n S G & A ex pens es and are c ompl et el y offs et by the c orres po n di n g net gai ns (l os s es ) and i nteres t i nc ome from mark et a bl e s ec uri ti es hel d to fund rabbi trus ts , thus hav i ng no net i mpac t to our earni ngs (l os s es ). S G & A 149 ex pens es al s o i nc l ude ex pens es rel ated to s toc k -bas e d c ompens ati o n . A bov e i s a rec onc i l i at i o n of thi s forec as te d meas ure ex c l udi ng the i mpac t of our rabbi trus t i nv es tmen ts and forec as t ed s toc k -bas e d c ompens a ti o n ex pens e.

2025 NON-GAAP MEASURES RECONCILIATION OUTLOOK: NET INCOME TO EBITDA AND EBITDA TO ADJUSTED EBITDA 2025E (In Millions, USD) 2025 Illustrative Outlook Ranges Low Case High Case Net income 251 419 Interest expense 130 130 Provision for income taxes 222 316 Depreciation and amortization 336 336 EBITDA 939 1,201 Contra revenue 58 58 Costs incurred on behalf of managed and franchised properties, net of 54 24 revenues for the reimbursement of costs Equity (earnings) losses from unconsolidated hospitality ventures - - Stock-based compensation expense 74 74 (Gains) on sales of real estate - - Asset impairments - - Other (income), net (79) (119) Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA 63 71 Adjusted EBITDA 1,110 1,310 Net Deferrals 120 120 Net Financed Contracts 70 70 T he Compan y ’ s i l l us trati v e outl ook for 2025 i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company ' s ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts 150

2025 NON-GAAP MEASURES RECONCILIATION OUTLOOK: NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES AND NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW 2025E (In Millions, USD) 2025 Illustrative Oultook Ranges Low Case High Case Net income attributable to Hyatt Hotels Corporation 251 419 Stock-based compensation expense 74 74 Income Taxes 59 99 Depreciation and amortization 336 336 Other Operating Cash Flow Adjustment & Working Capital Changes 30 22 Net Cash Provided by Operating Activities 750 950 Capital Expenditures (100) (100) Free Cash Flow 650 850 T he Compan y ’ s i l l us trati v e outl ook for 2025 i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange and many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts 151

2023-2025 CUMULATIVE NON-GAAP MEASURES RECONCILIATION OUTLOOK: NET INCOME TO EBITDA AND EBITDA TO ADJUSTED EBITDA 2023-2025E Cumulative (In M illions, USD) 2023-2025 Cumulative Illustrative Outlook Ranges Low Case High Case Net income 634 990 Interest expense 402 402 Provision for income taxes 531 711 Depreciation and amortization 1,094 1,094 EBITDA 2,661 3,197 Contra revenue 155 155 Costs incurred on behalf of managed and franchised properties, net of 183 123 revenues for the reimbursement of costs Equity (earnings) losses from unconsolidated hospitality ventures (13) (13) Stock-based compensation expense 213 213 (Gains) on sales of real estate - - Asset impairments 2 2 Other (income), net (247) (347) Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA 190 214 Adjusted EBITDA 3,145 3,545 Net Deferrals 364 364 Net Financed Contracts 185 185 T he Compan y 's i l l us trati v e outl ook for 2023, 2024, and 2025 i s bas ed on a number of as s umpti on s that are s ubj ec t to c hange an d many of w hi c h are outs i de the c ontrol of the Compan y . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts 152

2023-2025 CUMULATIVE NON-GAAP MEASURES RECONCILIATION OUTLOOK: NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES AND NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW 2023-2025E Cumulative (In M illions, USD) 2023-2025 Cumulative Illustrative Outlook Ranges Low Case High Case Net income attributable to Hyatt Hotels Corporation 634 990 Stock-based compensation expense 213 213 Income Taxes 88 164 Depreciation and amortization 1,094 1,094 Other Operating Cash Flow Adjustment & Working Capital Changes 150 119 Net Cash Provided by Operating Activities 2,180 2,580 Capital Expenditures (480) (480) Free Cash Flow 1,700 2,100 T he Compan y ’ s i l l us trati v e outl ook for 2023, 2024, and 2025 i s bas ed on a number of as s umpti o ns that are s ubj ec t to c hange an d many of w hi c h are outs i de the c ontrol of the Company . If ac tual res ul ts v ary from thes e as s umpti o ns , the Company 's ex pec tati o ns may c hange. T here c an be no as s uranc e that the Company w i l l ac hi ev e thes e res ul ts 153

Exhibit 99.2
HYATT INVESTOR DAY TO HIGHLIGHT ASSET-LIGHT TRANSFORMATION AND EXPECTATIONS FOR SIGNIFICANT EXPANSION IN FREE CASH FLOW
Reinstates Quarterly Dividend, Initiates at $0.15 Per Share
Announces $1,055 Million Increase in Share Repurchase Authorization, resulting in $1.5 Billion Total Share Repurchase Authorization
Provides Full-Year 2023 Financial Guidance inclusive of Net Income and Adjusted EBITDA; Outlines Illustrative Cumulative Free Cash Flow Expectations through 2025
CHICAGO, May 11, 2023 – At its Investor Day today, Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE: H) intends to highlight the strategic actions the Company has taken to position it to become the preferred hospitality brand for high-end travelers in each segment that it serves, and the Company’s plans to build on its strong momentum to drive further growth and shareholder value.
Mark S. Hoplamazian, President and Chief Executive Officer of Hyatt, said, “Over the past several years, we have taken decisive actions to drive faster and more profitable growth by positioning Hyatt to become the preferred brand for the high-end traveler in each segment that we serve. We have launched and scaled new brands in high-growth segments, acquired asset-light, fee-based platforms with a focus on Luxury, Lifestyle and Resort, and invested in digital capabilities, all through a culture of agility and underpinned by our purpose. Taken together with the successful sell-down of a significant portion of our owned and leased assets, we believe we have great business momentum driving industry leading growth in rooms, fee revenue, and loyalty membership. We believe we are well positioned to build on our strong momentum and capitalize on global macro trends.”
Joan Bottarini, Chief Financial Officer of Hyatt, said, “With substantial free cash flow generated from asset-light earnings, together with cash generated from continued asset dispositions, we believe we will continue to have significant flexibility to invest in growth and return capital to shareholders, while maintaining our investment grade profile. We are also pleased to reinstate our quarterly dividend and increase our share repurchase authorization.”
At today’s Investor Day, Hyatt plans to highlight its asset light transformation and strategy for continued industry-leading growth and value creation:
 
 	•	 	The strategic transformation of Hyatt’s portfolio positions the Company to become the premier brand for the high-end guest in each segment and to benefit from global macro trends, including strong growth in and guest attraction to all-inclusive experiences, the durability of leisure travel and the growing momentum in group and business transient demand. Hyatt has focused its growth to position it to become the premier brand and the preferred loyalty program for high-end customers in each segment. Hyatt has increased its mix of Luxury, Lifestyle and Resort rooms to 44% of the portfolio in 2022, vs. 32% in 2017. The acquisitions of Miraval, Two Roads Hospitality, Apple Leisure Group, and Dream Hotel Group since 2017 have significantly increased Hyatt’s brand presence in the fast-growing categories of all-inclusive, lifestyle and wellbeing, and the planned acquisition of Mr & Mrs Smith, expected to close in the second quarter of 2023, will expand its brand presence in luxury. The end-to-end solutions and leading market share in luxury all-inclusive of Apple Leisure Group, the Company’s largest and most transformative acquisition, are fueling growth and loyalty. Hyatt is also strategically expanding its portfolio in Upper-Midscale and Upscale, including the recent announcement of the Hyatt Studios brand, to enable more travelers to choose Hyatt hotels in additional segments, for all of their travel needs. Hyatt’s strategy is working: Since 2017, Hyatt has grown loyalty members by 260%, more than double the growth of its next closest primary competitor during that period.	

 	•	 	Hyatt has taken decisive actions to position the Company as high-growth, asset-light, and free-cash flow generative. Hyatt has launched and scaled several new brands and acquired asset-light, high-growth platforms, while monetizing a significant portion of its owned and leased assets. Since the Company’s IPO in 2009, Hyatt has tripled its number of hotels, nearly tripled the number of hotel rooms and quadrupled the number of pipeline rooms. Over the same period, Hyatt has grown annual free cash flow to $473 million in 2022 from $60 million in 2009 and increased the percentage of asset-light earnings mix to 75% from 37%. Through continued disciplined execution of this strategy, Hyatt illustrates a path to $750M in free cash flow and more than 80% asset-light earnings mix by 2025. The Company’s asset-light, fee-driven model increases earnings strength and predictability while significantly reducing capital expenditures, which the Company expects will be reduced to a run-rate of approximately $100 million by 2025.	
 
 	•	 	Hyatt has significant flexibility to continue to invest in growth and return capital to shareholders. Hyatt expects to generate approximately $3.0 billion of cash through the combination of Free Cash Flow and net cash generated from asset dispositions cumulatively from 2023 to 2025. The Company intends to deploy this cash to continue investing in high-growth, asset-light platforms and return capital to shareholders. Hyatt has reinstated the Company’s quarterly dividend, declaring a cash dividend of $0.15 per share for the second quarter of 2023, payable on June 12, 2023, to shareholders of record as of May 30, 2023. The Company also announced a $1,055 million expansion in the Company’s share repurchase authorization, resulting in a $1.5 billion total repurchase authorization. Share repurchases will be contingent on the pacing of asset sales and potential investment opportunities for growth. Hyatt remains committed to maintaining an investment grade profile.	
Hyatt is pleased to showcase the results of the strong execution of its talented teams and an impressive illustrative long-term 2025 outlook that the Company believes will lead to continued value creation for shareholders.
2023 Outlook
The Company is reaffirming and expanding upon its previously provided outlook for full year 2023:

 	  	Full Year 2023 vs. 2022	
System-Wide RevPAR1	  	12% to 16%	
		
 	  	Full Year 2023 vs. 2022	
Net Rooms Growth	  	Approx. 6.0%	
		
(in millions)	  	Full Year 2023	
Net Income	  	Approx. $225	
Adjusted EBITDA2	  	$1,020 – $1,070	
Net Deferrals	  	Approx. $120	
Net Financed Contracts	  	Approx. $60	
Capital Expenditures	  	Approx. $200	
Total Adjusted SG&A2	  	$480 - $490	
One-Time Integration Costs3	  	Approx. $15	
Free Cash Flow2	  	Approx. $550	
 
1	RevPAR is based on constant currency whereby previous periods are translated based on the current period exchange rate. RevPAR percentage for 2023 vs. 2022 is based on comparable hotels.	
2	Refer to the schedules attached to this release for a reconciliation of net income (loss) attributable to Hyatt Hotels Corporation to EBITDA and EBITDA to Adjusted EBITDA, selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses, and net cash provided by operating activities to Free cash flow.	
3	One-time integration costs are related to acquisition activity and are included within Adjusted selling, general, and administrative expenses.	

No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2023 Outlook. The Company’s long-term 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.
About the Event and Live Webcast
The Company is hosting its 2023 Investor Day today at the luxury, all-inclusive Moxché Resort in Playa del Carmen, Mexico, with investors and analysts attending on site. Hyatt has created a highly personalized experience for its in-person guests enabling them to experience firsthand the Company’s purpose, to care for people so they can be their best. Additional stakeholders are invited to participate through the live webcast that can be accessed at Hyatt’s website investors.hyatt.com.
Webcast Replay
A replay of the meeting and the materials presented are available on the investor relations section of Hyatt’s website at investors.hyatt.com.
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 March 31, 2023, the Company’s portfolio included more than 1,250 hotels and all-inclusive properties in 75 countries across six continents. The Company’s offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Residence Club®, Hyatt Place®, Hyatt House®, Hyatt Studios, and UrCove; theBoundless 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 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®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.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 for 2023 and illustrative outlook for 2024 and 2025, growth trends, pipeline expectations, our positioning to be a preferred brand, our expected net income, our expected Adjusted EBITDA, our expected Adjusted SG&A expense, our expected capital expenditures, our expected net rooms growth, our expected system-wide RevPAR, our expected free cash flow, our planned cash dividend and related payment date, any future share repurchases under the additional repurchase authorization, 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,” “guidance,” “outlook,” “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 the 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 geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other

pandemics, epidemics or other health crises; 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 property 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, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management 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, including as a result of the COVID-19 pandemic, 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; 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 report on Form 10-K, 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.
Investor Contact
Noah Hoppe, 312.780.5991, noah.hoppe@hyatt.com
Media Contact
Franziska Weber, 312.780.6106, franziska.weber@hyatt.com

Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Outlook: Income (Loss) Attributable to Hyatt Hotels Corporation to EBITDA and EBITDA to Adjusted EBITDA
No additional disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2023 Outlook. The Company’s 2023 outlook and 2025 illustrative outlook are 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.

(in millions)	  	2023 Outlook Ranges	 	
 	  	Low Case	 	  	High Case	 	
Net income	  	$	197	 	  	$	255	 	
Interest expense	  	 	127	 	  	 	127	 	
Provision for income taxes	  	 	141	 	  	 	154	 	
Depreciation and amortization	  	 	386	 	  	 	386	 	
	  	 	 	 	  	 	 	 	
EBITDA	  	$	850	 	  	$	922	 	
	  	 	 	 	  	 	 	 	
Contra Revenue	  	 	45	 	  	 	45	 	
Costs incurred on behalf of managed and franchised properties, net of revenues for the reimbursement of costs	  	 	82	 	  	 	72	 	
Equity (earnings) losses from unconsolidated hospitality ventures	  	 	—  	 	  	 	—  	 	
Stock-based compensation expense	  	 	68	 	  	 	68	 	
(Gains) on sales of real estate	  	 	—  	 	  	 	—  	 	
Asset impairments	  	 	2	 	  	 	2	 	
Other (income), net	  	 	(89	) 	  	 	(109	) 	
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA	  	 	61	 	  	 	69	 	
	  	 	 	 	  	 	 	 	
Adjusted EBITDA	  	$	1,020	 	  	$	1,070	 	
	  	 	 	 	  	 	 	 	
Net Deferrals	  	$	120	 	  	$	120	 	
Net Financed Contracts	  	$	60	 	  	$	60	 	

(in millions)	  	2025 Illustrative Outlook Ranges	 	
 	  	Low Case	 	  	High Case	 	
Net income	  	$	251	 	  	$	419	 	
Interest expense	  	 	130	 	  	 	130	 	
Provision for income taxes	  	 	222	 	  	 	316	 	
Depreciation and amortization	  	 	336	 	  	 	336	 	
	  	 	 	 	  	 	 	 	
EBITDA	  	$	939	 	  	$	1,201	 	
	  	 	 	 	  	 	 	 	
Contra Revenue	  	 	58	 	  	 	58	 	
Costs incurred on behalf of managed and franchised properties, net of revenues for the reimbursement of costs	  	 	54	 	  	 	24	 	
Equity (earnings) losses from unconsolidated hospitality ventures	  	 	—  	 	  	 	—  	 	
Stock-based compensation expense	  	 	74	 	  	 	74	 	
(Gains) on sales of real estate	  	 	—  	 	  	 	—  	 	
Asset impairments	  	 	—  	 	  	 	—  	 	
Other (income), net	  	 	(79	) 	  	 	(119	) 	
Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA	  	 	63	 	  	 	71	 	
	  	 	 	 	  	 	 	 	
Adjusted EBITDA	  	$	1,110	 	  	$	1,310	 	
	  	 	 	 	  	 	 	 	
Net Deferrals	  	$	120	 	  	$	120	 	
Net Financed Contracts	  	$	70	 	  	$	70	 	

Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Outlook: SG&A Expenses to Adjusted SG&A Expenses
No additional disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the forecast. The Company’s 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 (loss) include expenses recognized with respect to deferred compensation plans funded through rabbi trusts. Certain of these expenses are recognized in SG&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). SG&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)	  	2023 Outlook Ranges	 	
 	  	Low Case	 	  	High Case	 	
SG&A Expenses	  	$	546	 	  	$	556	 	
Less: Rabbi Trust Impact (a)	  	 	—  	 	  	 	—  	 	
Less: Stock Based Compensation Expense	  	 	(66	) 	  	 	(66	) 	
	  	 	 	 	  	 	 	 	
Adjusted SG&A Expenses	  	$	480	 	  	$	490	 	

(a)	Impact of rabbi trust is not forecasted for the year ended December 31, 2023 as performance of underlying invested assets is not estimable.	

Hyatt Hotels Corporation
Reconciliation of Non-GAAP Financial Measure: Outlook: Net cash provided by operating activities to Free cash flow
No disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the 2023 Outlook. The Company’s 2023 outlook and 2025 illustrative outlook are 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.

(in millions)	  	 	 	
 	  	2009	 	  	2022	 	
Net Cash Provided by Operating Activities	  	$	276	 	  	$	674	 	
Capital Expenditures	  	 	(216	) 	  	 	(201	) 	
	  	 	 	 	  	 	 	 	
Free Cash Flow	  	$	60	 	  	$	473	 	

									
(in millions)	  	2023 Outlook Ranges	 	
 	  	Low Case	 	  	High Case	 	
Net Cash Provided by Operating Activities	  	$	725	 	  	$	775	 	
Capital Expenditures	  	 	(200	) 	  	 	(200	) 	
	  	 	 	 	  	 	 	 	
Free Cash Flow	  	$	525	 	  	$	575	 	

									
(in millions)	  	2025 Illustrative Outlook Ranges	 	
	  	Low Case	 	  	High Case	 	
Net Cash Provided by Operating Activities	  	$	750	 	  	$	950	 	
Capital Expenditures	  	 	(100	) 	  	 	(100	) 	
	  	 	 	 	  	 	 	 	
Free Cash Flow	  	$	650	 	  	$	850	 	

Hyatt Hotels Corporation
Definitions
Adjusted Earnings Before Interest Expense, Taxes, Depreciation, and Amortization (Adjusted EBITDA) and EBITDA
We use the terms Adjusted EBITDA and EBITDA throughout this earnings release. Adjusted EBITDA and EBITDA, as we define them, are non-GAAP measures. 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 franchise agreement assets and performance cure payments, which constitute payments to customers (Contra revenue);	
 
 	•	 	revenues for the reimbursement of costs incurred on behalf of managed and franchised properties;	
 
 	•	 	costs incurred on behalf of managed and franchised properties that we intend to recover over the long term;	
 
 	•	 	equity earnings (losses) from unconsolidated hospitality ventures;	
 
 	•	 	stock-based compensation expense;	
 
 	•	 	gains (losses) on sales of real estate and other;	
 
 	•	 	asset impairments; and	
 
 	•	 	other income (loss), net.	
We calculate consolidated Adjusted EBITDA by adding the Adjusted EBITDA of each of our reportable segments and eliminations to corporate and other 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 the reimbursement of costs and costs incurred on behalf of managed and franchised properties 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 costs incurred on behalf of our managed and franchised properties related to system-wide services and programs that we do not intend to recover from hotel owners. Finally, we exclude other items that are not core to our operations, such as asset impairments and unrealized and realized gains and losses on marketable securities.

Adjusted EBITDA and EBITDA are not substitutes 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 and 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.
Asset Light Earnings Mix
Asset-Light Earnings Mix is calculated as Adjusted EBITDA from the Americas Management and Franchising Segment, ASPAC Management and Franchising Segment, EAME Management and Franchising Segment, and Apple Leisure Group Segment plus Net Deferrals and Net Financed Contracts divided by Adjusted EBITDA, excluding Corporate & Other and Eliminations, plus Net Deferrals and Net Financed Contracts. Our management uses this calculation to assess the composition of the Company’s earnings.
Adjusted Selling, General, and Administrative (SG&A) Expenses
Adjusted SG&A expenses, as we define it, is a non-GAAP measure. Adjusted SG&A expenses exclude the impact of deferred compensation plans funded through rabbi trusts and stock-based compensation expense. Adjusted SG&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.
Revenue per Available Room (RevPAR)
RevPAR is the product of the average daily rate 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.
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. At March 31, 2023, the Net Financed Contract balance not recorded on our condensed consolidated balance sheet was $203 million.

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 condensed consolidated statements of income (loss) over the customer life, which ranges from 3 to 25 years.
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.
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