Bond Hyatt Hospitality 5.375% ( US448579AH52 ) in USD

Hyatt Hospitality

100.016 % ▲

United States

US448579AH52 ( in USD )

5.375% per year ( payment 2 times a year)

22/04/2025 - Bond has expired

Prospectus brochure of the bond Hyatt Hotels US448579AH52 in USD 5.375%, expired

2 000 USD

450 000 000 USD

448579AH5

BBB- ( Lower medium grade - Investment-grade )

Baa3 ( Lower medium grade - Investment-grade )

Hyatt Hotels Corporation is a multinational hospitality company that operates and franchises luxury and upscale hotels, resorts, and residential properties worldwide under various brands including Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt Centric, and Hyatt Place.

The Bond issued by Hyatt Hospitality ( United States ) , in USD, with the ISIN code US448579AH52, pays a coupon of 5.375% per year.
The coupons are paid 2 times per year and the Bond maturity is 22/04/2025

The Bond issued by Hyatt Hospitality ( United States ) , in USD, with the ISIN code US448579AH52, was rated Baa3 ( Lower medium grade - Investment-grade ) by Moody's credit rating agency.

The Bond issued by Hyatt Hospitality ( United States ) , in USD, with the ISIN code US448579AH52, was rated BBB- ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

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Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-221740
CALCULATION OF REGISTRATION FEE

Proposed Maximum
Proposed Maximum
Amount to be
Offering Price Per
Aggregate Offering
Amount of
Title of Each Class of Securities to be Registered

Registered

Note

Price

Registration Fee(1)
5.375% Senior Notes due 2025

$450,000,000

100.000%

$450,000,000

$58,410
5.750% Senior Notes due 2030

$450,000,000

100.000%

$450,000,000

$58,410

(1)
Calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended. This "Calculation of Registration Fee" table shall be deemed to
update the "Calculation of Registration Fee" table in the Registrant's Registration Statement on Form S-3 (File No. 333-221740).
Table of Contents

Prospe c t us Supple m e nt
(To Prospectus dated November 24, 2017)

H ya t t H ot e ls Corpora t ion
$450,000,000 5.375% Senior Notes due 2025
$450,000,000 5.750% Senior Notes due 2030

We are offering $450,000,000 of our 5.375% senior notes due 2025 (the "2025 Notes") and $450,000,000 of our 5.750% senior notes due 2030 (the "2030
Notes" and, together with the 2025 Notes, the "notes"). The 2025 Notes will mature on April 23, 2025 and the 2030 Notes will mature on April 23, 2030.
We will pay interest on the notes on April 23 and October 23 of each year, commencing October 23, 2020. The interest rate payable on the notes will be
subject to adjustment based on certain rating events. See "Description of the Notes--Interest Rate Adjustment of the Notes Based on Certain Rating Events."
At any time prior to the date that is one month prior to the maturity of the 2025 Notes and three months prior to the maturity of the 2030 Notes, as
applicable, we may redeem some or all of the notes at a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest plus a
"make-whole" amount. At any time on or after the date that is one month prior to the maturity of the 2025 Notes or three months prior to the maturity of the 2030
Notes, as applicable, we may redeem some or all of the notes at a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid
interest. If we experience a change of control triggering event, we must offer to purchase the notes. See "Description of the Notes--Optional Redemption."
The notes will be our unsubordinated obligations and will rank equally with all of our existing and future unsecured unsubordinated debt.
We do not intend to apply for listing of the notes on any securities exchange or for inclusion of the notes in any automated dealer quotation system. Currently,
there is no public market for the notes.

Investing in the notes involves risks. See "Risk Factors" beginning on page S-11 of this prospectus supplement for a discussion of certain risks that you
should consider in connection with an investment in the notes.

Per 2025
Per 2030

Note

Total

Note

Total

Public Offering Price (1)

100.000%
$450,000,000
100.000%
$450,000,000
Underwriting Discount and Commissions

1.000%
$
4,500,000

1.000%
$
4,500,000
Proceeds, Before Expenses, to Us

99.000%
$445,500,000

99.000%
$445,500,000

(1)
Plus accrued interest from April 23, 2020 if settlement occurs after that date.

N e it he r t he U .S. Se c urit ie s a nd Ex c ha nge Com m ission nor a ny st a t e se c urit ie s c om m ission ha s a pprove d or disa pprove d of
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t he se se c urit ie s or de t e rm ine d if t his prospe c t us supple m e nt or t he a c c om pa nying prospe c t us is t rut hful or c om ple t e . Any
re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .
We expect that delivery of the notes will be made to investors in book-entry form through The Depository Trust Company, including direct and indirect
participants Clearstream Banking, société anonyme, and Euroclear Banking, S.A./N.V., on or about April 23, 2020.
Joint Book-Running Managers

Goldm a n Sa c hs & Co. LLC

BofA Se c urit ie s

J .P. M orga n

Fift h T hird Se c urit ie s
Scotiabank
SunT rust Robinson H um phre y
Senior Co-Managers

Cre dit Agric ole CI B

De ut sc he Ba nk Se c urit ie s
PN C Ca pit a l M a rk e t s LLC

We lls Fa rgo Se c urit ie s
Co-Managers

SM BC N ik k o

U S Ba nc orp

Sie be rt Willia m s Sha nk

April 21, 2020
Table of Contents
T ABLE OF CON T EN T S
Prospe c t us Supple m e nt

About this Prospectus Supplement
S-ii
Where You Can Find More Information
S-ii
Information Incorporated by Reference
S-iii
Terms Used in this Prospectus Supplement
S-iii
Special Note Regarding Forward-Looking Statements
S-iv
Summary
S-1
The Offering
S-7
Risk Factors
S-11
Use of Proceeds
S-17
Capitalization
S-18
Description of the Notes
S-19
Book-Entry System; Delivery and Form
S-30
Material U.S. Federal Income Tax Consequences
S-33
Certain ERISA and Related Considerations
S-39
Underwriting (Conflicts of Interest)
S-42
Legal Matters
S-48
Experts
S-48
Prospe c t us

About this Prospectus
1
Terms Used in this Prospectus
1
Special Note Regarding Forward-Looking Statements
3
Where You Can Find More Information; Incorporation by Reference
5
The Company
7
Risk Factors
9
Use of Proceeds
10
Ratio of Earnings to Fixed Charges and Preferred Share Dividends
11
Description of Capital Stock
12
Description of Debt Securities
21
Description of Other Securities
33
Global Securities
34
Plan of Distribution
37
Legal Matters
38
Experts
38

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Table of Contents
ABOU T T H I S PROSPECT U S SU PPLEM EN T
We provide information to you about this offering in two separate parts. The first part is this prospectus supplement, which
describes the specific details regarding this offering. The second part is the prospectus, which provides general information about us and
securities we may offer from time to time. All of the information in this prospectus supplement will apply to this offering, but some of the
general information in the accompanying prospectus does not apply to this offering and will be superseded by information in this
prospectus supplement, as described below. Generally, when we refer to the "prospectus," we are referring to both parts combined.
We are also incorporating additional documents by reference into this prospectus supplement. See "Where You Can Find More
Information" and "Information Incorporated by Reference." You should read this prospectus supplement, the accompanying prospectus and
the documents incorporated by reference into this prospectus supplement and the accompanying prospectus before deciding whether to
invest in the notes offered by this prospectus supplement.
We a re re sponsible for t he inform a t ion c ont a ine d a nd inc orpora t e d by re fe re nc e in t his prospe c t us
supple m e nt , t he a c c om pa nying prospe c t us a nd a ny re la t e d fre e w rit ing prospe c t us w e pre pa re or a ut horize . We
a nd t he unde rw rit e rs ha ve not a ut horize d a nyone t o give you a ny ot he r inform a t ion, a nd w e a nd t he unde rw rit e rs
t a k e no re sponsibilit y for a ny ot he r inform a t ion t ha t ot he rs m a y give you. We a re not , a nd t he unde rw rit e rs a re
not , m a k ing a n offe r of t he not e s in a ny jurisdic t ion w he re t he offe r or sa le is not pe rm it t e d. Y ou should a ssum e
t ha t t he inform a t ion c ont a ine d a nd inc orpora t e d by re fe re nc e in t his prospe c t us supple m e nt , t he a c c om pa nying
prospe c t us a nd a ny fre e w rit ing prospe c t us w it h re spe c t t o t his offe ring file d by us w it h t he U .S. Se c urit ie s a nd
Ex c ha nge Com m ission (t he "SEC") is only a c c ura t e a s of t he re spe c t ive da t e s of suc h doc um e nt s. Our busine ss,
fina nc ia l c ondit ion, re sult s of ope ra t ions a nd prospe c t s m a y ha ve c ha nge d sinc e t hose da t e s.
If the information set forth in this prospectus supplement varies in any way from the information set forth in the accompanying
prospectus, you should rely on the information contained in this prospectus supplement. If the information set forth in this prospectus
supplement varies in any way from the information set forth in a document we have incorporated by reference, you should rely on the
information in the more recent document.
You should not consider any information in this prospectus supplement or the accompanying prospectus to be investment, legal or
tax advice. You should consult your own counsel, accountants and other advisers for legal, tax, business, financial and related advice
regarding the purchase of any of the notes offered by this prospectus supplement.
WH ERE Y OU CAN FI N D M ORE I N FORM AT I ON
We are subject to the informational requirements of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"),
and file annual, quarterly and current reports, proxy statements and other information with the SEC. You may access filed documents at
the SEC's website at www.sec.gov.
This prospectus supplement is part of a registration statement on Form S-3 that we have filed with the SEC under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), and does not contain all of the information in such registration statement.
Whenever a reference is made in this prospectus supplement to a contract or other document of ours, the reference is only a summary
and you should refer to the exhibits that are a part of the registration statement for a copy of the contract or other document. You may
read or obtain a copy of the registration statement, including exhibits, from the SEC in the manner described above.

S-ii
Table of Contents
I N FORM AT I ON I N CORPORAT ED BY REFEREN CE
The SEC allows us to "incorporate by reference" the information that we file with it, which means that we can disclose important
information to you by referring you to those documents instead of repeating such information in this prospectus supplement. The
information incorporated by reference is considered to be part of this prospectus supplement, and information incorporated by reference
that we file later with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed
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below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act between the date of this
prospectus supplement and the termination of this offering; provided, however, that we are not incorporating any information deemed
furnished (and not filed) in accordance with SEC rules, including pursuant to Item 2.02 or Item 7.01 of any current report on Form 8-K:

· our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 20, 2020

(excluding the portions of our definitive proxy statement for our 2020 annual meeting of stockholders incorporated by reference
therein);

· the portions of our Definitive Proxy Statement on Schedule 14A filed on April 6, 2020 incorporated by reference in Part III of our

Annual Report on Form 10-K for the fiscal year ended December 31, 2019; and

· our Current Reports on Form 8-K filed on April 6, 2020 and April 21, 2020.
If the information set forth in this prospectus supplement varies in any way from the information set forth in a document we have
incorporated by reference, you should rely on the information in the more recent document. Information contained in documents filed later
with the SEC will automatically update and supersede information contained in documents filed earlier with the SEC or contained in this
prospectus supplement or the accompanying prospectus.
You may request a free copy of any of the documents incorporated by reference in this prospectus supplement by writing to us or
telephoning us at the address and telephone number set forth below.
Hyatt Hotels Corporation
Attn: Senior Vice President--Investor Relations
150 North Riverside Plaza
Chicago, Illinois 60606
United States of America
+1 (312) 750-1234
You may also access all of the documents above and incorporated by reference into this prospectus supplement free of charge at
our website www.hyatt.com. The reference to our website does not constitute incorporation by reference of the information contained on
such website.
T ERM S U SED I N T H I S PROSPECT U S SU PPLEM EN T
Unless we have indicated otherwise, or the context otherwise requires, references in this prospectus supplement and the
accompanying prospectus to the terms "we," "us," "our," the "Company" or "Hyatt" or other similar terms mean Hyatt Hotels Corporation
and its consolidated subsidiaries. However, in the "Description of the Notes" section of this prospectus supplement, "we," "our," "us," "Hyatt"
and the "Company" mean Hyatt Hotels Corporation only, and not any of its subsidiaries, unless context otherwise requires or as otherwise
expressly stated.

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Table of Contents
As used in this prospectus supplement, the term:

· "Properties" refers to hotels, resorts, and other properties, including branded spas and fitness studios, and residential, vacation,

and condominium ownership units that we develop, own, operate, manage, franchise, or to which we provide services or license
our trademarks;

· "Hyatt portfolio of properties" or "portfolio of properties" refers to hotels, resorts, and other properties that we develop, own,
operate, manage, franchise, license, or provide services to, including under our Park Hyatt®, Miraval®, Grand Hyatt®, Alila®,

Andaz®, The Unbound Collection by Hyatt®, Destination®, Hyatt Regency®, Hyatt®, Hyatt ZivaTM, Hyatt ZilaraTM, Thompson
Hotels®, Hyatt Centric®, Caption by Hyatt, Hyatt House®, Hyatt Place®, tommieTM, Hyatt Residence Club®, Hyatt Residences®,
Exhale®, World of Hyatt® and Hyatt ResortsTM;

· "Worldwide hotel portfolio" refers to our full and select service hotels;

· "Residential ownership units" refer to residential units that we manage, own, or to which we provide services or license our
trademarks (such as serviced apartments and Hyatt-branded residential units) that are typically part of a mixed-use project and

located either adjacent to or near a full service hotel that is a member of the Hyatt portfolio of properties or in unique leisure
locations;

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· "Vacation ownership units" refer to the fractional and timeshare vacation ownership properties with respect to which we license

our trademarks and that are part of the Hyatt Residence Club®; and

· "Condominium ownership units" refer to whole ownership residential units (condominium and private residences) that we provide

services to and, in some cases management of, the rental programs or homeowner associations associated with such units.
As used in this prospectus, the term "colleagues" refers to the more than 151,000 individuals working at our corporate and regional
offices and our managed, franchised and owned properties in 65 countries around the world as of December 31, 2019. We directly employ
approximately 55,000 of these 151,000 colleagues. The remaining colleagues are employed by third-party owners and franchisees of our
properties.
SPECI AL N OT E REGARDI N G FORWARD-LOOK I N G ST AT EM EN T S
This prospectus supplement and the accompanying prospectus, including the information we incorporate by reference herein or
therein, contain "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act. These statements include statements about our plans, strategies, 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:

· the factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, under the sections titled

"Risk Factors" in Part I, Item 1A and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in
Part II, Item 7, as such factors may be updated in our periodic filings with the SEC;

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· the short- and longer-term effects of the COVID-19 pandemic, including on the demand for travel, transient and group business,

and levels of consumer confidence;

· actions that governments, businesses, and individuals take in response to the COVID-19 pandemic or any future resurgence,

including limiting or banning travel;

· the impact of the COVID-19 pandemic, and actions taken in response to the COVID-19 pandemic or any future resurgence, on

global and regional economies, travel, and economic activity, including the duration and magnitude of its impact on
unemployment rates and consumer discretionary spending;

· the ability of third-party owners, franchisees or hospitality venture partners to successfully navigate the impacts of the COVID-19

pandemic;

· the pace of recovery following the COVID-19 pandemic or any future resurgence;

· 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;

· levels of spending in business and leisure segments as well as consumer confidence;

· declines in occupancy and average daily rate;

· limited visibility with respect to future bookings;

· loss of key personnel;

· domestic and international political and geopolitical conditions, including 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 such as earthquakes, tsunamis, tornadoes, hurricanes, floods, wildfires, oil spills, nuclear
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incidents, and global outbreaks of pandemics or contagious diseases or fear of such outbreaks, such as the COVID-19
pandemic;

· 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;

· 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 capital necessary to fund current

operations or implement our plans for growth;

· risks associated with potential acquisitions and dispositions and the introduction of new brand concepts;

· the timing of acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations;

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· 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 and operating costs;

· foreign exchange rate fluctuations or currency restructurings;

· 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;

· cyber incidents and information technology failures;

· outcomes of legal or administrative proceedings; and

· violations of regulations or laws related to our franchising business.
These factors and the other risk factors described or incorporated by reference in this prospectus supplement are not necessarily
all of the important factors that could cause our actual results, performance, or achievements to differ materially from those expressed in or
implied by any of our forward-looking statements. Other unknown or unpredictable factors also could harm our business, financial
condition, results of operations, or cash flows. 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. Forward-looking statements speak only as of the date
they are made, and 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
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we will make additional updates with respect to those or other forward-looking statements.

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SU M M ARY
This summary highlights selected information about us and this offering. It does not contain all of the information that you
should consider before deciding whether to invest in the notes. You should also refer to the other information in this prospectus
supplement the accompanying prospectus, any related free writing prospectus and the documents that are incorporated by reference,
especially the sections titled "Risk Factors" and the financial statements included or incorporated by reference, before making an
investment decision.
T he Com pa ny
We are a global hospitality company with widely recognized, industry-leading brands and a tradition of innovation developed
over our more than sixty-year history. We develop, own, operate, manage, franchise, license, or provide services to a portfolio of
properties, consisting of full service hotels, select service hotels, resorts, and other properties, including branded spas and fitness
studios, timeshare, fractional, and other forms of residential, vacation, and condominium ownership units. At December 31, 2019, our
worldwide hotel portfolio consisted of 913 hotels (223,111 rooms).
Our twelve full service brands are: Park Hyatt, Grand Hyatt, Alila, Andaz, The Unbound Collection by Hyatt, Destination, Hyatt
Regency, Hyatt, Thompson Hotels, Hyatt Centric, Joie de Vivre, and tommie. Our select service brands are Caption by Hyatt, Hyatt
House, and Hyatt Place. In addition, we participate in an unconsolidated hospitality venture with a Chinese hospitality company that
owns and is developing the UrCove select service brand intended to serve the upper-midscale market in Greater China. The Miraval
and Exhale brands form a distinct wellness category within our portfolio of brands. Our all-inclusive resort brands are Hyatt Ziva and
Hyatt Zilara. We also manage, provide services to, or license our trademarks with respect to residential ownership units that are often
adjacent to a Hyatt-branded full service hotel. We consult with third parties in the design and development of such mixed-use
projects. We license certain of our trademarks with respect to vacation ownership units, which are part of Hyatt Residence Club.
Additionally, we provide services and/or manage the rental programs or homeowner associations associated with condominium
ownership units.
Substantially all of our hotel general managers are trained professionals in the hospitality industry with extensive hospitality
experience in their local markets and host countries. The general managers of our managed properties are empowered to operate
their properties on an independent basis using their market knowledge, management experience, and understanding of our brands.
Our colleagues and hotel general managers are supported by our regional management teams located in cities around the world and
our executive management team, headquartered in Chicago.
Our principal executive offices are located at 150 North Riverside Plaza, 8th Floor, Chicago, Illinois 60606, United States of
America. Our telephone number is +1 (312) 750-1234. Our website address is www.hyatt.com. The information on, or that may be
accessed through, our website is not a part of this prospectus supplement or the accompanying prospectus.
Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination®, Hyatt Regency®,
Hyatt®, Hyatt ZivaTM, Hyatt ZilaraTM, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, Hyatt House®, Hyatt Place®, tommieTM,
Hyatt Residence Club®, Hyatt Residences®, Exhale®, World of Hyatt®, Hyatt ResortsTM, and related trademarks, logos, trade names,
and service marks appearing in this prospectus supplement or the accompanying prospectus are the property of Hyatt Corporation or
another wholly owned subsidiary of Hyatt Hotels Corporation. All other trademarks, trade names or service marks appearing in this
prospectus supplement or the accompanying prospectus are the property of their respective owners.

S-1
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Risk Fa c t ors
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See the sections entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and
in this prospectus supplement for a discussion of the factors you should consider carefully before deciding to invest in the notes.
Re c e nt De ve lopm e nt s
Overview of the Impact of the COVID-19 Pandemic
The COVID-19 pandemic and related travel restrictions and other containment efforts have had a significant impact on the
travel industry generally and, as a result, on our business, results of operations and cash flows. The impact began in the first quarter
of 2020 and has extended into the second quarter. We do not expect a material improvement in results until business traveler and
general consumer confidence related to risks associated with the COVID-19 pandemic improves and various governmental restrictions
on travel and freedom of movement are lifted. Even after such restrictions are lifted and we are able to reopen hotels where
operations are currently suspended, there remains considerable uncertainty as to the time it will take to see an increase in travel and
demand for lodging and travel-related experiences. We will continue to monitor the rapidly evolving situation and guidance from
international and domestic authorities, including federal, state and local public health authorities, and we may be required or elect to
take additional actions based on their recommendations. Under these circumstances, there may be developments that require us to
further adjust our operations. Given the uncertainty and dynamic nature of the situation, we cannot currently estimate the financial
impact of the COVID-19 pandemic, but we expect it will have a material impact on our business, results of operations and cash flows
for the year.
Caring for the Well-Being of our Guests and Colleagues
Guided by our purpose--to care for people so they can be their best--we continue to put the well-being of our colleagues and
guests first and foremost. At the outset of the COVID-19 outbreak, we put comprehensive COVID-19 guidance in place at Hyatt
hotels globally and developed cross-functional, global response teams, including infectious disease and occupational health experts, to
provide further guidance for our operations. In addition, to demonstrate our care for guests impacted by travel disruptions, we
implemented a number of actions to provide guests with greater travel flexibility, including offering 10,000 points for canceled prepaid
reservations made before March 8 for travel through June 30, 2020, cancellation fee waivers for reservations made through June 30,
2020 for any future arrival date including advance purchase rates and waiver of fees associated with changed reservations. For World
of Hyatt members, we also suspended the forfeiture of points through December 31, 2020, extended free night, suite upgrades and
club award expirations between March 1 and December 31, 2020 and extended tier status to February 28, 2022.
On April 14, 2020, we launched the Hyatt Care Fund to provide financial assistance to those colleagues with the most pressing
financial needs during this time. The Hyatt Care Fund has been seeded with initial contributions from the Hyatt Hotels Foundation,
salary reductions of our Senior Leadership Team, our Chairman and our Board of Directors, donations from Pritzker family foundations
and donations from some Hyatt hotel owners.

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Table of Contents
Operational Update
We are in the process of finalizing our first quarter operating results and expect to report comparable system-wide RevPAR
declines of 28% for the three months ended March 31, 2020, compared with the same period in the prior year. These results are
computed on a constant dollar comparable basis with all hotels where operations are currently suspended due to the COVID-19
pandemic included as comparable hotels. System-wide results have worsened in the first half of April, and we expect a material
decrease in RevPAR for the second quarter of 2020.
We started 2020 with RevPAR growth in the low single-digits in both comparable system-wide and owned and leased hotels,
excluding our ASPAC region. February year-to-date system-wide results decreased approximately 4.8% entirely due to the impact of
COVID-19 in Greater China and other areas of Asia. Excluding the results of our ASPAC region, February year-to-date system-wide
results increased 1.6%. With the global spread of the COVID-19 pandemic in March, we began to experience significant decreases in
demand, with a system-wide RevPAR decrease of approximately 67% in March. This system-wide RevPAR decrease reflects declines
of 64% in the Americas, 78% in ASPAC, 69% in EAME/SW Asia and 72% in our owned and leased portfolio in March.
The following table sets forth our preliminary estimated RevPAR performance by month for the three months ended March 31,
2020, when compared to the same period in 2019:
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T hre e M ont hs Ende d

J a nua ry 2 0 2 0

Fe brua ry 2 0 2 0

M a rc h 2 0 2 0

M a rc h 3 1 , 2 0 2 0

Owned and leased

1.7%

3.4%

(71.9)%

(25.8)%
Management and franchising:

Americas

2.0%

0.3%

(63.6)%

(23.8)%
ASPAC

(6.9)%

(56.8)%

(77.8)%

(48.0)%
EAME/SW Asia

10.5%

(2.5)%

(69.3)%

(21.9)%
System-wide

1.2%

(10.6)%

(66.6)%

(28.1)%
System-wide occupancy rates as of April 15, 2020 are averaging approximately 15% for hotels that remain operational. As of
April 15, 2020, operations were suspended at approximately 35% of our hotels around the world. Excluding our owned and leased
hotels, operations were suspended at 33% of our hotels in the Americas, operations were suspended at 19% of our hotels in our
ASPAC region and operations were suspended at 51% of our hotels in EAME/SW Asia. Operations were suspended at 84% of our
owned and leased hotels. Occupancy levels in Greater China, where the effects of COVID-19 were first felt, have shown gradual
improvement over the past few weeks, with occupancy approaching 20% in April on a month-to-date basis through April 15,
recovering from a low of mid-single digits in mid-February, as quarantines and travel restrictions have lifted. There are currently four
hotels where operations are suspended in Greater China, compared to 26 hotels at the peak of the crisis during February. The
increase in demand is driven by leisure travel. Other parts of the world largely remain under strict quarantines and travel restrictions,
which have resulted in recent significant declines in occupancy with uncertainty surrounding near-term improvement.
Hyatt's group business trends reflect significant near-term cancellations so far this year, with limited cancellations for dates in
the second half of 2020 and virtually no cancellations in 2021 and beyond. Some near-term group business has been deferred and
rebooked into the later part of 2020 or early 2021. We currently continue to see long-term group bookings production; however,
booking volumes have decreased in the last several weeks.

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Financial Update
Our preliminary estimate of our total revenues for the three months ended March 31, 2020 is in the range of approximately
$980 million to $1.0 billion, compared to total revenues of $1.2 billion for the three months ended March 31, 2019. Due to this
expected decrease in revenues and the expenses we expect to report, we expect our net income and Adjusted Earnings Before
Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA") to decrease materially for the three months ended
March 31, 2020 compared to the three months ended March 31, 2019. See "Item 7. Management's Discussion and Analysis of
Financial Condition of Results of Operations--Key Business Metrics Evaluated by Management" in our Annual Report on Form 10-K
for the year ended December 31, 2019 ("2019 Form 10-K"), incorporated by reference into this prospectus supplement, for an
explanation of how we define and use Adjusted EBITDA.
Our financial statements as of and for the three months ended March 31, 2020 are not yet complete. Accordingly, we are
presenting preliminary estimates of certain financial information that we expect to report as of and for the three months ended
March 31, 2020. We have prepared the preliminary estimates disclosed in good faith based upon our internal reporting as of and for
the three months ended March 31, 2020. These estimates are preliminary and unaudited and are inherently uncertain and subject to
change as we complete our financial statements as of and for the three months ended March 31, 2020. Given the timing of these
estimates, we have not completed our customary financial closing and review procedures, including the completion of final journal
entries, impairment tests for goodwill, intangibles and certain other long-lived assets, as well as full income tax calculations and
management's review of the results. We may identify other items that require material adjustments to our preliminary estimates as we
close our books for the quarter. Accordingly, these estimates should not be viewed as a substitute for full interim financial statements
for the quarter prepared in accordance with GAAP.
Final results for the first quarter of 2020 could differ materially from these estimates. You should exercise caution in relying on
this information and should not place undue reliance on this information or draw any inferences from this information regarding
financial or operating data not yet provided or available. These preliminary results are subject to the review by our audit committee
and the independent auditors. Accordingly, our independent auditors do not express an opinion or any other form of assurance with
respect thereto.
Important factors that could cause our actual results to differ from our preliminary estimates are set forth under the headings
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"Special Note Regarding Forward-Looking Statements" and "Risk Factors."
Guidance
Given the magnitude and uncertainty related to the COVID-19 pandemic and its effects on our industry and our business, on
March 2, 2020, we withdrew all 2020 guidance and earnings sensitivity based on Greater China RevPAR provided in our fourth
quarter 2019 earnings release issued on February 19, 2020 and subsequent conference call with the investment community.
Cash Position and Cost-Savings Measures
Based on our preliminary estimates, we expect to report approximately $1.2 billion of cash and cash equivalents on our balance
sheet as of March 31, 2020. We have taken significant actions to enhance our cash position. See "--Revolving Credit Facility" and "--
Bridge Credit Facility."

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Table of Contents
We have also taken significant actions to manage operating expenses and capital commitments consistent with business needs
and demand levels, including:

· reducing adjusted capital expenditures, including discretionary capital expenditures, by approximately $125 million in 2020;

· reducing corporate selling, general and administrative expenses through various actions, including reducing payroll through

furloughs and salary reductions, as well as eliminating all non-essential spending, which represents a reduction of
approximately 40% in current monthly operating costs, excluding any bad debt expense, compared to budget;

· implementing various contingency plans across the entire portfolio of hotels, including reducing staffing, closing food and

beverage outlets and other cost-saving measures; and

· reducing costs that we incur on behalf of our third-party owners related to marketing, sales, reservations and technology, with

the goal of providing relief to third-party owners during this period of suppressed demand.
We have also taken steps to relieve third-party hotel owners' direct costs through this period, such as by suspending services
and brand standards changes with cost implications, waiving and reallocating reserves for furniture, fixtures and equipment
replacement and negotiating reductions in costs from third parties. We will continue to evaluate and may take additional actions in the
future to manage operating expenses consistent with our business needs and demand levels.
In addition, we expect to remain on track to successfully execute plans to sell approximately $1.5 billion of real estate by March
2022 as part of our capital strategy, and as of March 31, 2020, we have realized proceeds of almost $1.0 billion from the disposition
of owned assets.
Share Repurchase Program and Cash Dividend
We discontinued all share repurchase activity effective March 3, 2020 and have suspended our quarterly dividend program
through the first quarter of 2021. We repurchased $69.6 million of Class A shares in 2020, through March 2, 2020.
Revolving Credit Facility
On March 18, 2020, we borrowed $400 million under our revolving credit facility to enhance our cash position in response to
the COVID-19 pandemic. We repaid $50 million of these borrowings on March 31, 2020. As of April 21, 2020, we had $350 million of
borrowings outstanding and $1.15 billion of total capacity under our revolving credit facility, net of outstanding undrawn letters of
credit.
On April 21, 2020, we amended our revolving credit facility. Concurrently, we entered into the bridge facility described below.
See "--Bridge Credit Facility." Among other things, the amendment to our revolving credit facility relieves our compliance with certain
covenants under the facility by:

· suspending the testing of the leverage ratio covenant until April 1, 2021,

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Document Outline

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