000146817412/312022Q3FALSE(1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements. At September 30, 2022, restricted cash included cash in escrow for the redemption of our floating rate senior notes due 2023 (see Note 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
Form 10-Q
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File No. 001-34521
HYATT HOTELS CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware   20-1480589
(State or Other Jurisdiction of
Incorporation or Organization)
  (I.R.S. Employer
Identification No.)
     150 North Riverside Plaza
     8th Floor, Chicago, Illinois                     60606
     (Address of Principal Executive Offices)                     (Zip Code)
(312) 750-1234
(Registrant's Telephone Number, Including Area Code)
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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer   Smaller reporting company         
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.   ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
At October 28, 2022, there were 48,101,088 shares of the registrant's Class A common stock, $0.01 par value, outstanding and 59,017,749 shares of the registrant's Class B common stock, $0.01 par value, outstanding.


HYATT HOTELS CORPORATION
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED SEPTEMBER 30, 2022

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements.

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(In millions of dollars, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
REVENUES:
Owned and leased hotels $ 309  $ 263  $ 911  $ 558 
Management, franchise, and other fees 224  113  582  269 
Contra revenue (9) (9) (27) (26)
Net management, franchise, and other fees 215  104  555  243 
Distribution and destination management 244  —  746  — 
Other revenues 68  28  206  69 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties 705  456  1,885  1,082 
Total revenues 1,541  851  4,303  1,952 
DIRECT AND SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
Owned and leased hotels 236  208  675  506 
Distribution and destination management 186  —  586  — 
Depreciation and amortization 96  71  320  219 
Other direct costs 73  31  209  78 
Selling, general, and administrative 108  69  295  250 
Costs incurred on behalf of managed and franchised properties 697  465  1,881  1,117 
Direct and selling, general, and administrative expenses 1,396  844  3,966  2,170 
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts (12) (1) (89) 35 
Equity earnings (losses) from unconsolidated hospitality ventures (12) (6)
Interest expense (38) (40) (116) (123)
Gains (losses) on sales of real estate (1) 307  250  412 
Asset impairments (9) —  (19) (2)
Other income (loss), net (24) (3) (53) 34 
INCOME BEFORE INCOME TAXES 63  258  304  146 
PROVISION FOR INCOME TAXES (35) (138) (143) (339)
NET INCOME (LOSS) 28  120  161  (193)
NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS —  —  —  — 
NET INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION $ 28  $ 120  $ 161  $ (193)
EARNINGS (LOSSES) PER SHAREBasic
Net income (loss) $ 0.25  $ 1.17  $ 1.46  $ (1.89)
Net income (loss) attributable to Hyatt Hotels Corporation $ 0.25  $ 1.17  $ 1.46  $ (1.89)
EARNINGS (LOSSES) PER SHAREDiluted
Net income (loss) $ 0.25  $ 1.15  $ 1.44  $ (1.89)
Net income (loss) attributable to Hyatt Hotels Corporation $ 0.25  $ 1.15  $ 1.44  $ (1.89)




See accompanying Notes to condensed consolidated financial statements.
1

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions of dollars)
(Unaudited)

Three Months Ended Nine Months Ended
September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
Net income (loss) $ 28  $ 120  $ 161  $ (193)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustments, net of tax of $— for the three and nine months ended September 30, 2022 and September 30, 2021
(22) (24) (35) (53)
Unrealized gains on derivative activity, net of tax of $— for the three and nine months ended September 30, 2022 and September 30, 2021
Unrealized losses on available-for-sale debt securities, net of tax of $— for the three and nine months ended September 30, 2022 and September 30, 2021
(5) —  (15) (1)
Other comprehensive loss (25) (23) (45) (49)
COMPREHENSIVE INCOME (LOSS) 97  116  (242)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS —  —  —  — 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO HYATT HOTELS CORPORATION $ $ 97  $ 116  $ (242)




















See accompanying Notes to condensed consolidated financial statements.
2

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions of dollars, except share and per share amounts)
(Unaudited)
September 30, 2022 December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 1,223  $ 960 
Restricted cash 356  57 
Short-term investments 151  227 
Receivables, net of allowances of $58 and $53 at September 30, 2022 and December 31, 2021, respectively
702  633 
Inventories 10 
Prepaids and other assets 128  149 
Prepaid income taxes 35  26 
Assets held for sale 30  — 
Total current assets 2,634  2,062 
Equity method investments 182  216 
Property and equipment, net 2,361  2,848 
Financing receivables, net of allowances of $43 and $69 at September 30, 2022 and December 31, 2021, respectively
63  41 
Operating lease right-of-use assets 370  446 
Goodwill 3,120  2,965 
Intangibles, net 1,749  1,977 
Deferred tax assets 11  14 
Other assets 1,912  2,034 
TOTAL ASSETS $ 12,402  $ 12,603 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $ 654  $ 10 
Accounts payable 402  523 
Accrued expenses and other current liabilities 445  299 
Current contract liabilities 1,219  1,178 
Accrued compensation and benefits 195  187 
Current operating lease liabilities 36  35 
Liabilities held for sale — 
Total current liabilities 2,957  2,232 
Long-term debt 3,150  3,968 
Long-term contract liabilities 1,481  1,349 
Long-term operating lease liabilities 293  349 
Other long-term liabilities 1,075  1,139 
Total liabilities 8,956  9,037 
Commitments and contingencies (see Note 12)
EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized and none outstanding at September 30, 2022 and December 31, 2021
—  — 
Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 48,412,428 issued and outstanding at September 30, 2022, and Class B common stock, $0.01 par value per share, 391,012,161 shares authorized, 59,017,749 shares issued and outstanding at September 30, 2022. Class A common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 50,322,050 issued and outstanding at December 31, 2021, and Class B common stock, $0.01 par value per share, 391,647,683 shares authorized, 59,653,271 shares issued and outstanding at December 31, 2021
Additional paid-in capital 404  640 
Retained earnings 3,328  3,167 
Accumulated other comprehensive loss (290) (245)
Total stockholders' equity 3,443  3,563 
Noncontrolling interests in consolidated subsidiaries
Total equity 3,446  3,566 
TOTAL LIABILITIES AND EQUITY $ 12,402  $ 12,603 
See accompanying Notes to condensed consolidated financial statements.
3

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions of dollars)
(Unaudited)

  Nine Months Ended
  September 30, 2022 September 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 161  $ (193)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 320  219 
Gains on sales of real estate (250) (412)
Amortization of share awards 47  49 
Amortization of operating lease right-of-use assets 25  20 
Deferred income taxes (7) 210 
Asset impairments 19 
Equity (earnings) losses from unconsolidated hospitality ventures (8)
Loss on extinguishment of debt — 
Contra revenue 27  26 
Unrealized (gains) losses, net 68  (20)
Distributions from unconsolidated hospitality ventures 11  — 
Working capital changes and other (32) 316 
Net cash provided by operating activities 403  209 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments (780) (693)
Proceeds from marketable securities and short-term investments 886  1,002 
Contributions to equity method and other investments (7) (28)
Return of equity method and other investments 38  25 
Acquisitions, net of cash acquired (174) (237)
Capital expenditures (142) (65)
Issuance of financing receivables (22) (20)
Proceeds from sales of real estate, net of cash disposed 590  759 
Other investing activities 41  (5)
Net cash provided by investing activities 430  738 
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments and repurchases of debt (17) (258)
Repurchases of common stock (263) — 
Proceeds from issuance of Class A common stock, net of offering costs of $— and $25, respectively
—  575 
Utilization of restricted cash for legal defeasance of Series 2005 Bonds (8) — 
Other financing activities (17) (17)
Net cash provided by (used in) financing activities (305) 300 
EFFECT OF EXCHANGE RATE CHANGES ON CASH 26  (3)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, INCLUDING CASH, CASH EQUIVALENTS, AND RESTRICTED CASH CLASSIFIED WITHIN CURRENT ASSETS HELD FOR SALE 554  1,244 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH RECLASSIFIED TO ASSETS HELD FOR SALE (2) — 
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 552  1,244 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—BEGINNING OF YEAR 1,065  1,237 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—END OF PERIOD $ 1,617  $ 2,481 







See accompanying Notes to condensed consolidated financial statements.
Supplemental disclosure of cash flow information:
September 30, 2022 September 30, 2021
Cash and cash equivalents $ 1,223  $ 2,418 
Restricted cash (1) 356  15 
Restricted cash included in other assets (1) 38  48 
Total cash, cash equivalents, and restricted cash $ 1,617  $ 2,481 
(1) Restricted cash generally represents debt service on bonds, escrow deposits, and other arrangements. At September 30, 2022, restricted cash included cash in escrow for the redemption of our floating rate senior notes due 2023 (see Note 9).
Nine Months Ended
September 30, 2022 September 30, 2021
Cash paid during the period for interest $ 95  $ 116 
Cash paid (received) during the period for income taxes, net $ 87  $ (244)
Cash paid for amounts included in the measurement of operating lease liabilities $ 33  $ 27 
Non-cash investing and financing activities are as follows:
Non-cash contributions to equity method and other investments (Note 12) $ —  $ 42 
Change in accrued capital expenditures $ $
Non-cash right-of-use assets obtained in exchange for operating lease liabilities $ 20  $ 16 
Non-cash legal defeasance of Series 2005 Bonds (see Note 6) $ 166  $ — 
Non-cash reduction in right-of-use assets and operating lease liabilities for lease reassessment $ 12  $ — 
Non-cash held-to-maturity debt security received (see Note 6) $ 19  $ — 
Non-cash repurchases of common stock (see Note 13) $ 16  $ — 





























See accompanying Notes to condensed consolidated financial statements.
4

HYATT HOTELS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(In millions of dollars, except share and per share amounts)
(Unaudited)
Common Shares Outstanding Common Stock Amount Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests in Consolidated Subsidiaries Total
Class Class Class Class
A B A B
BALANCE—January 1, 2021 39,250,241  62,038,918  $ $ —  $ 13  $ 3,389  $ (192) $ $ 3,214 
Total comprehensive loss —  —  —  —  —  (304) (45) —  (349)
Employee stock plan issuance 10,992  —  —  —  —  —  — 
Class share conversions 800,169  (800,169) —  —  —  —  —  —  — 
Share-based payment activity 462,103  —  —  —  22  —  —  —  22 
BALANCE—March 31, 2021 40,523,505  61,238,749  —  36  3,085  (237) 2,888 
Total comprehensive income —  —  —  —  —  (9) 19  —  10 
Employee stock plan issuance 9,603  —  —  —  —  —  — 
Class share conversions 614,831  (614,831) —  —  —  —  —  —  — 
Share-based payment activity 11,150  —  —  —  10  —  —  —  10 
BALANCE—June 30, 2021 41,159,089  60,623,918  —  47  3,076  (218) 2,909 
Total comprehensive income —  —  —  —  —  120  (23) —  97 
Employee stock plan issuance 12,129  —  —  —  —  —  —  —  — 
Class share conversions 970,647  (970,647) —  —  —  —  —  —  — 
Share-based payment activity 95,731  —  —  —  —  —  — 
Issuance of Class A common stock 8,050,000  —  —  —  575  —  —  —  575 
BALANCE—September 30, 2021 50,287,596  59,653,271  $ $ —  $ 630  $ 3,196  $ (241) $ $ 3,589 
BALANCE—January 1, 2022 50,322,050  59,653,271  $ $ —  $ 640  $ 3,167  $ (245) $ $ 3,566 
Total comprehensive loss —  —  —  —  —  (73) 14  —  (59)
Employee stock plan issuance 12,221  —  —  —  —  —  — 
Class share conversions 635,522  (635,522) —  —  —  —  —  —  — 
Share-based payment activity 303,355  —  —  —  16  —  —  —  16 
BALANCE—March 31, 2022 51,273,148  59,017,749  —  657  3,094  (231) 3,524 
Total comprehensive income —  —  —  —  —  206  (34) —  172 
Repurchases of common stock (1,210,402) —  —  —  (101) —  —  —  (101)
Employee stock plan issuance 13,963  —  —  —  —  —  — 
Share-based payment activity 19,623  —  —  —  16  —  —  —  16 
BALANCE—June 30, 2022 50,096,332  59,017,749  —  573  3,300  (265) 3,612 
Total comprehensive income —  —  —  —  —  28  (25) — 
Repurchases of common stock (1,865,489) —  —  —  (162) —  —  —  (162)
Liability for repurchases of common stock (1) —  —  —  —  (16) —  —  —  (16)
Employee stock plan issuance 18,143  —  —  —  —  —  — 
Share-based payment activity 163,442  —  —  —  —  —  — 
BALANCE—September 30, 2022 48,412,428  59,017,749  $ $ —  $ 404  $ 3,328  $ (290) $ $ 3,446 
(1) Represents repurchases of 189,000 shares for $16 million that were initiated prior to September 30, 2022, but settled in the fourth quarter of 2022. At September 30, 2022, the shares were included in shares outstanding and the liability was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet.










See accompanying Notes to condensed consolidated financial statements.
5

HYATT HOTELS CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(amounts in millions of dollars, unless otherwise indicated)
(Unaudited)
1.    ORGANIZATION
Hyatt Hotels Corporation, a Delaware corporation, and its consolidated subsidiaries (collectively, "Hyatt Hotels Corporation") has offerings that consist of full service hotels, select service hotels, all-inclusive resorts, and other forms of residential, vacation ownership, and condominium units. We also offer travel distribution and destination management services through ALG Vacations and a paid membership program through the Unlimited Vacation Club. At September 30, 2022, our hotel portfolio included 536 full service hotels, comprising 175,294 rooms throughout the world; 553 select service hotels, comprising 80,754 rooms, of which 442 hotels are located in the United States; and 122 all-inclusive resorts, comprising 38,840 rooms. At September 30, 2022, our portfolio of properties operated in 72 countries around the world. Additionally, through strategic relationships, we provide certain reservation and/or loyalty program services to hotels that are unaffiliated with our hotel portfolio and operate under other tradenames or marks owned by such hotels or licensed by third parties.
Unless otherwise specified or required by the context, references in this Quarterly Report on Form 10-Q to "Hyatt," the "Company," "we," "us," or "our" mean Hyatt Hotels Corporation and its consolidated subsidiaries. As used in these Notes and throughout this Quarterly Report on Form 10-Q:
"condominium 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 and/or homeowner associations associated with such units;
"hospitality ventures" refers to entities in which we own less than a 100% equity interest;
"hotel portfolio" refers to our full service hotels, including our wellness resorts, our select service hotels, and our all-inclusive resorts;
"loyalty program" refers to the World of Hyatt guest loyalty program that is operated for the benefit of participating properties and generates substantial repeat guest business by rewarding frequent stays with points that can be redeemed for hotel nights and other valuable rewards;
"properties," "portfolio of properties," or "property portfolio" refer to our hotel portfolio and residential, vacation ownership, and condominium units in our offering, including under the Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Residence Club, Hyatt Place, Hyatt House, UrCove, Miraval, Alila, Andaz, Thompson Hotels, Hyatt Centric, Caption by Hyatt, The Unbound Collection by Hyatt, Destination by Hyatt, JdV by Hyatt, Hyatt Ziva, Hyatt Zilara, Zoëtry Wellness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas brands;
"residential 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 our portfolio of properties or in unique leisure locations; and
"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.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all information or footnotes required by GAAP for complete annual financial statements. As a result, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements and accompanying Notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "2021 Form 10-K").
We have eliminated all intercompany accounts and transactions in our condensed consolidated financial statements. We consolidate entities under our control, including entities where we are deemed to be the primary beneficiary.
6

Management believes the accompanying condensed consolidated financial statements reflect all adjustments, which are all of a normal recurring nature, considered necessary for a fair presentation of the interim periods.
2.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Adopted Accounting Standards
Government Assistance—In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2021-10 ("ASU 2021-10"), Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. ASU 2021-10 requires annual disclosures that are expected to increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity's financial statements. The provisions of ASU 2021-10 are effective for fiscal years beginning after December 31, 2021, and we adopted ASU 2021-10 on January 1, 2022. We are currently evaluating the impact of ASU 2021-10 on our annual disclosures and do not expect a material impact to the Notes to our consolidated financial statements.
Future Adoption of Accounting Standards
Reference Rate Reform—In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional expedients and exceptions that we can elect to adopt, subject to meeting certain criteria, regarding contract modifications, hedging relationships, and other transactions that reference the London Interbank Offered Rate or another reference rate expected to be discontinued because of reference rate reform. The provisions of ASU 2020-04 are available through December 31, 2022, and we are currently assessing the impact of adopting ASU 2020-04.
7

3.    REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenues
The following tables present our revenues disaggregated by the nature of the product or service:
Three Months Ended September 30, 2022
Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Apple Leisure Group Corporate and other Eliminations Total
Rooms revenues $ 196  $ —  $ —  $ —  $ 15  $ —  $ (7) $ 204 
Food and beverage 69  —  —  —  —  —  —  69 
Other 35  —  —  —  —  —  36 
Owned and leased hotels 300  —  —  —  16  —  (7) 309 
Base management fees —  60  12  11  10  —  (9) 84 
Incentive management fees —  15  11  12  —  (3) 43 
Franchise fees —  49  —  —  —  52 
Other fees —  18  13  —  45 
Management, franchise, and other fees —  127  26  30  40  13  (12) 224 
Contra revenue —  (5) (1) (2) (1) —  —  (9)
Net management, franchise, and other fees —  122  25  28  39  13  (12) 215 
Distribution and destination management —  —  —  —  244  —  —  244 
Other revenues —  28  —  —  37  —  68 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties —  614  37  27  27  —  —  705 
Total $ 300  $ 764  $ 62  $ 55  $ 363  $ 16  $ (19) $ 1,541 
8

Nine Months Ended September 30, 2022
Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Apple Leisure Group Corporate and other Eliminations Total
Rooms revenues $ 572  $ —  $ —  $ —  $ 19  $ —  $ (21) $ 570 
Food and beverage 225  —  —  —  —  —  —  225 
Other 115  —  —  —  —  —  116 
Owned and leased hotels 912  —  —  —  20  —  (21) 911 
Base management fees —  167  28  28  27  —  (27) 223 
Incentive management fees —  45  21  23  48  —  (9) 128 
Franchise fees —  133  —  —  —  139 
Other fees —  11  31  34  —  92 
Management, franchise, and other fees —  354  58  66  106  34  (36) 582 
Contra revenue —  (17) (3) (6) (1) —  —  (27)
Net management, franchise, and other fees —  337  55  60  105  34  (36) 555 
Distribution and destination management —  —  —  —  746  —  —  746 
Other revenues —  91  —  —  104  206 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties —  1,632  100  71  82  —  —  1,885 
Total $ 912  $ 2,060  $ 155  $ 131  $ 1,057  $ 43  $ (55) $ 4,303 
Three Months Ended September 30, 2021
Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Corporate and other Eliminations Total
Rooms revenues $ 167  $ —  $ —  $ —  $ —  $ (5) $ 162 
Food and beverage 64  —  —  —  —  —  64 
Other 37  —  —  —  —  —  37 
Owned and leased hotels 268  —  —  —  —  (5) 263 
Base management fees —  41  10  —  (8) 50 
Incentive management fees —  —  (3) 10 
Franchise fees —  35  —  —  —  36 
Other fees —  11  —  17 
Management, franchise, and other fees —  85  16  12  11  (11) 113 
Contra revenue —  (5) (1) (3) —  —  (9)
Net management, franchise, and other fees —  80  15  11  (11) 104 
Other revenues —  24  —  —  28 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties —  412  26  18  —  —  456 
Total $ 268  $ 516  $ 41  $ 27  $ 14  $ (15) $ 851 
9


Nine Months Ended September 30, 2021
Owned and leased hotels Americas management and franchising ASPAC management and franchising EAME/SW Asia management and franchising Corporate and other Eliminations Total
Rooms revenues $ 346  $ —  $ —  $ —  $ —  $ (11) $ 335 
Food and beverage 127  —  —  —  —  —  127 
Other 96  —  —  —  —  —  96 
Owned and leased hotels 569  —  —  —  —  (11) 558 
Base management fees —  87  27  13  —  (17) 110 
Incentive management fees —  11  15  —  (4) 30 
Franchise fees —  80  —  —  82 
Other fees —  11  25  —  47 
Management, franchise, and other fees —  189  51  25  25  (21) 269 
Contra revenue —  (14) (3) (9) —  —  (26)
Net management, franchise, and other fees —  175  48  16  25  (21) 243 
Other revenues —  60  —  —  69 
Revenues for the reimbursement of costs incurred on behalf of managed and franchised properties —  966  70  46  —  —  1,082 
Total $ 569  $ 1,201  $ 118  $ 62  $ 33  $ (31) $ 1,952 
Contract Balances
Our contract assets, included in receivables, net on our condensed consolidated balance sheets, were $2 million and insignificant at September 30, 2022 and December 31, 2021, respectively. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant at year end.
Contract liabilities were comprised of the following:
September 30, 2022 December 31, 2021
Deferred revenue related to the paid membership program $ 987  $ 833 
Deferred revenue related to the loyalty program 904  814 
Deferred revenue related to travel distribution and destination management services 613  629 
Advanced deposits 59  61 
Initial fees received from franchise owners 44  42 
Deferred revenue related to insurance programs 52 
Other deferred revenue 87  96 
Total contract liabilities $ 2,700  $ 2,527 
Revenue recognized during the three months ended September 30, 2022 and September 30, 2021 included in the contract liabilities balance at the beginning of each year was $153 million and $83 million, respectively. Revenue recognized during the nine months ended September 30, 2022 and September 30, 2021 included in the contract liabilities balance at the beginning of the year was $822 million and $230 million, respectively. This revenue primarily relates to travel distribution and destination management services, the loyalty program, and the paid membership program.
10

Revenue Allocated to Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $490 million at September 30, 2022, approximately 20% of which we expect to recognize over the next 12 months, with the remainder to be recognized thereafter.
4.    DEBT AND EQUITY SECURITIES
Equity Method Investments
Equity method investments were $182 million and $216 million at September 30, 2022 and December 31, 2021, respectively.
During the nine months ended September 30, 2022, we received $23 million of proceeds related to the sale of our ownership interest in an equity method investment and recognized a $4 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss), net of a $5 million reclassification from accumulated other comprehensive loss (see Note 13).
During the nine months ended September 30, 2021, we received $17 million of proceeds related to sales activity of certain equity method investments and recognized an insignificant net loss in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss).
During the nine months ended September 30, 2021, we purchased our hospitality venture partner's interest in the entities that own Grand Hyatt São Paulo for $6 million of cash, and we repaid the $78 million third-party mortgage loan on the property. We recognized a $69 million pre-tax gain in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss) (see Note 6).
Marketable Securities
We hold marketable securities with readily determinable fair values to fund certain operating programs and for investment purposes. We periodically transfer available cash and cash equivalents to purchase marketable securities for investment purposes.
Marketable Securities Held to Fund Operating Programs—Marketable securities held to fund operating programs, which are recorded at fair value on our condensed consolidated balance sheets, were as follows:
September 30, 2022 December 31, 2021
Loyalty program (Note 8)
$ 673  $ 601 
Deferred compensation plans held in rabbi trusts (Note 8 and Note 10)
401  543 
Captive insurance company (Note 8)
107  148 
Total marketable securities held to fund operating programs $ 1,181  $ 1,292 
Less: current portion of marketable securities held to fund operating programs included in cash and cash equivalents and short-term investments (279) (173)
Marketable securities held to fund operating programs included in other assets $ 902  $ 1,119 
At September 30, 2022 and December 31, 2021, marketable securities held to fund operating programs included:
$164 million and $141 million, respectively, of available-for-sale ("AFS") debt securities with contractual maturity dates ranging from 2023 through 2069. The fair value of our AFS debt securities approximates amortized cost;
$138 million and $4 million, respectively, of time deposits classified as held-to-maturity ("HTM") debt securities with contractual maturity dates ranging from 2022 through 2026. The fair value of our time deposits approximates amortized cost;
$60 million and $89 million, respectively, of equity securities with a readily determinable fair value.
11

Net unrealized and realized gains (losses) from marketable securities held to fund operating programs recognized on our condensed consolidated financial statements were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Unrealized gains (losses), net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts $ (12) $ (4) $ (90) $ 19 
Other income (loss), net (Note 18) (12) (3) (42) (8)
Other comprehensive loss (Note 13) (5) —  (15) (1)
Realized gains, net
Net gains (losses) and interest income from marketable securities held to fund rabbi trusts $ —  $ $ $ 16 
Other income (loss), net (Note 18) —  — 
Marketable Securities Held for Investment Purposes—Marketable securities held for investment purposes, which are recorded at cost or fair value, depending on the nature of the investment, on our condensed consolidated balance sheets, were as follows:
September 30, 2022 December 31, 2021
Interest-bearing money market funds $ 477  $ 231 
Common shares in Playa N.V. (Note 8)
71  97 
Time deposits (1) 43  255 
Total marketable securities held for investment purposes $ 591  $ 583 
Less: current portion of marketable securities held for investment purposes included in cash and cash equivalents and short-term investments (520) (486)
Marketable securities held for investment purposes included in other assets $ 71  $ 97 
(1) Time deposits have contractual maturity dates in 2022.
We hold common shares in Playa Hotels & Resorts N.V. ("Playa N.V."), which are accounted for as an equity security with a readily determinable fair value as we do not have the ability to significantly influence the operations of the entity. We did not sell any shares of common stock during the nine months ended September 30, 2022 or September 30, 2021. Net unrealized gains (losses) recognized on our condensed consolidated statements of income (loss) were as follows:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
Other income (loss), net (Note 18) $ (12) $ 10  $ (26) $ 28 
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Fair Value—We measure marketable securities held to fund operating programs and held for investment purposes at fair value on a recurring basis:
September 30, 2022 Cash and cash equivalents Short-term investments Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds $ 613  $ 613  $ —  $ — 
Mutual funds 461  —  —  461 
Common shares in Playa N.V. 71  —  —  71 
Level Two - Significant Other Observable Inputs
Time deposits 181  35  143 
U.S. government obligations 231  —  229 
U.S. government agencies 55  —  53 
Corporate debt securities 111  —  107 
Mortgage-backed securities 21  —  —  21 
Asset-backed securities 23  —  —  23 
Municipal and provincial notes and bonds —  — 
Total $ 1,772  $ 648  $ 151  $ 973 
December 31, 2021 Cash and cash equivalents Short-term investments Other assets
Level One - Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds $ 397  $ 397  $ —  $ — 
Mutual funds 632  —  —  632 
Common shares in Playa N.V. 97  —  —  97 
Level Two - Significant Other Observable Inputs
Time deposits 259  35  221 
U.S. government obligations 235  —  —  235 
U.S. government agencies 58  —  —  58 
Corporate debt securities 137  —  131 
Mortgage-backed securities 24  —  —  24 
Asset-backed securities 28  —  —  28 
Municipal and provincial notes and bonds —  — 
Total $ 1,875  $ 432  $ 227  $ 1,216 
During the nine months ended September 30, 2022 and September 30, 2021, there were no transfers between levels of the fair value hierarchy. We do not have nonfinancial assets or nonfinancial liabilities required to be measured at fair value on a recurring basis.
Other Investments
HTM Debt Securities—We also hold investments in third-party entities related to certain of our hotels, which are redeemable on various dates through 2062 and are recorded as HTM debt securities within other assets on our condensed consolidated balance sheets:
September 30, 2022 December 31, 2021
HTM debt securities $ 94  $ 91 
Less: allowance for credit losses (30) (38)
Total HTM debt securities, net of allowances $ 64  $ 53 
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The following table summarizes the activity in our HTM debt securities allowance for credit losses:
2022 2021
Allowance at January 1 $ 38  $ 21 
Provisions (reversals), net (1)
Allowance at June 30 $ 40  $ 29 
Provisions (reversals), net (10)
Allowance at September 30 $ 30  $ 31 
(1) Provisions for credit losses were partially or fully offset by interest income recognized in the same periods (see Note 18).
We estimated the fair value of these HTM debt securities to be approximately $80 million and $77 million at September 30, 2022 and December 31, 2021, respectively. The fair values of our investments in preferred shares, which are classified as Level Three in the fair value hierarchy, are estimated using internally developed discounted cash flow models based on current market inputs for similar types of arrangements. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value. The remaining HTM debt securities are classified as Level Two in the fair value hierarchy due to the use and weighting of multiple market inputs being considered in the final price of the security.
Equity Securities Without a Readily Determinable Fair Value—At both September 30, 2022 and December 31, 2021, we held $12 million of investments in equity securities without a readily determinable fair value, which are recorded within other assets on our condensed consolidated balance sheets and represent investments in entities where we do not have the ability to significantly influence the operations of the entity.
5.    RECEIVABLES        
Receivables
At September 30, 2022 and December 31, 2021, we had $702 million and $633 million of net receivables, respectively, recorded on our condensed consolidated balance sheets.
The following table summarizes the activity in our receivables allowance for credit losses:
2022 2021
Allowance at January 1 $ 53  $ 56 
Provisions (reversals), net 13 
Other (7) (3)
Allowance at June 30 $ 59  $ 58 
Provisions (reversals), net — 
Other (1) (1)
Allowance at September 30 $ 58  $ 58 
Financing Receivables
September 30, 2022 December 31, 2021
Unsecured financing to hotel owners $ 131  $ 133 
Less: current portion of financing receivables, included in receivables, net (25) (23)
Less: allowance for credit losses (43) (69)
Total long-term financing receivables, net of allowances $ 63  $ 41 
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Allowance for Credit Losses—The following table summarizes the activity in our unsecured financing receivables allowance for credit losses:
2022 2021
Allowance at January 1 $ 69  $ 114 
Provisions (reversals), net (7)
Write-offs (1) — 
Foreign currency exchange, net (1) — 
Allowance at June 30 $ 60  $ 120 
Provisions (reversals), net (2) — 
Write-offs (1) (14) (60)
Foreign currency exchange, net (1) (3)
Allowance at September 30 $ 43  $ 57 
(1) The amount written off during the three months ended September 30, 2022 primarily related to loans with a third-party that were sold. The amount written off during the three months ended September 30, 2021 related to a financing arrangement with a hotel owner, which was legally waived.
Credit Monitoring—Our unsecured financing receivables were as follows:
September 30, 2022
  Gross loan balance (principal and interest) Related allowance Net financing receivables Gross receivables on nonaccrual status
Loans $ 130  $ (42) $ 88  $ 21 
Other financing arrangements (1) —  — 
Total unsecured financing receivables $ 131  $ (43) $ 88  $ 21 
December 31, 2021
  Gross loan balance (principal and interest) Related allowance Net financing receivables Gross receivables on nonaccrual status
Loans $ 130  $ (67) $ 63  $ 47 
Other financing arrangements (2) — 
Total unsecured financing receivables $ 133  $ (69) $ 64  $ 47 
Fair Value—We estimated the fair value of financing receivables to be approximately $120 million and $88 million at September 30, 2022 and December 31, 2021, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, are estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan.
6.    ACQUISITIONS AND DISPOSITIONS
Acquisitions
Hotel Irvine—During the three months ended September 30, 2022, we acquired Hotel Irvine from an unrelated third party for $135 million, net of closing costs and proration adjustments. Upon completion of the asset acquisition, we recorded $135 million of property and equipment within our owned and leased hotels segment on our condensed consolidated balance sheet.
Apple Leisure Group—During the year ended December 31, 2021, we acquired 100% of the outstanding limited partnership interests in Casablanca Global Intermediate Holdings L.P., doing business as Apple Leisure Group ("ALG"), and 100% of the outstanding ordinary shares of Casablanca Global GP Limited, its general partner, in a business combination for a purchase price of $2.7 billion (the "ALG Acquisition"). The transaction included $69 million of contingent consideration payable upon achieving certain targets related to ALG's outstanding travel credits; however, we did not record a contingent liability as the achievement was not considered probable as of the acquisition date.
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We closed on the transaction on November 1, 2021 and paid $2,718 million of cash, inclusive of $39 million of purchase price adjustments for amounts due back to the seller that were recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet at December 31, 2021 and paid during the nine months ended September 30, 2022.
Net assets acquired were determined as follows:
Cash paid, net of cash acquired $ 2,718 
Cash and cash equivalents acquired 460 
Restricted cash acquired 16 
Net assets acquired $ 3,194 
The acquisition includes (i) management and marketing agreements for operating and pipeline hotels, primarily across Mexico, the Caribbean, Central America, and Europe, and brand names affiliated with ALG resorts; (ii) customer relationships and brand names related to ALG Vacations; and (iii) customer relationships and a brand name associated with the Unlimited Vacation Club paid membership program.
Our condensed consolidated balance sheets at both September 30, 2022 and December 31, 2021 reflect preliminary estimates of the fair value of the assets acquired and liabilities assumed based on available information as of the acquisition date. The fair values of intangible assets acquired are estimated using either discounted future cash flow models or the relief from royalty method, both of which include revenue projections based on the expected contract terms and long-term growth rates, which are primarily Level Three assumptions. The fair values of performance guarantee liabilities assumed are estimated using scenario-based weighting, which utilizes a Monte Carlo simulation to model the probability of possible outcomes. The valuation methodology includes assumptions and judgments regarding probability weighting, discount rates, volatility, and hotel operating results as well as qualitative factors, which are primarily Level Three assumptions (see Note 12). The remaining assets and liabilities were recorded at their carrying values, which approximate their fair values.
During 2022, the fair values of certain assets acquired and liabilities assumed were revised. The measurement period adjustments primarily resulted from the refinement of certain assumptions, including contract terms, renewal periods, and useful lives, which affected the underlying cash flows in the valuation and were based on facts and circumstances that existed at the acquisition date. Measurement period adjustments recorded on our condensed consolidated balance sheet at September 30, 2022 primarily include a $111 million increase in other long-term liabilities, largely due to performance guarantees (see Note 12); a $42 million decrease in intangibles, net; and a $16 million decrease in property and equipment, net, all of which contributed to a corresponding $177 million increase to goodwill. During the nine months ended September 30, 2022, we recognized a reduction of expenses of approximately $4 million and an increase in expenses of approximately $11 million on our condensed consolidated statements of income (loss), primarily related to amortization, that would have been recognized during the six months ended June 30, 2022 and the year ended December 31, 2021, respectively, if the measurement period adjustments would have been made as of the acquisition date.
We will finalize the fair values of the assets acquired and liabilities assumed in the fourth quarter of 2022. We will continue to evaluate the contracts acquired and the underlying inputs and assumptions used in our valuation of assets acquired and liabilities assumed. The estimates, along with any related tax impacts, are subject to change during the measurement period, which is up to one year from the acquisition date.
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The following table summarizes the preliminary fair value of the identifiable net assets acquired at the acquisition date recorded on the Apple Leisure Group segment:
Cash and cash equivalents $ 460 
Restricted cash 16 
Receivables 168 
Prepaids and other assets 59 
Property and equipment
Financing receivables, net 19 
Operating lease right-of-use assets 79 
Goodwill (1) 2,854 
Indefinite-lived intangibles (2) 499 
Management agreement intangibles (3) 484 
Customer relationships intangibles (4) 608 
Other intangibles 15 
Other assets 40 
Total assets acquired $ 5,307 
Accounts payable $ 255 
Accrued expenses and other current liabilities 98 
Current contract liabilities (5) 638 
Accrued compensation and benefits 49 
Current operating lease liabilities
Long-term contract liabilities (5) 745 
Long-term operating lease liabilities 71 
Other long-term liabilities 249 
Total liabilities assumed $ 2,113 
Total net assets acquired attributable to Hyatt Hotels Corporation $ 3,194 
(1) The goodwill is attributable to the growth opportunities we expect to realize by expanding our footprint in all-inclusive luxury and resort travel, increasing choices and experiences for guests, and enhancing end-to-end leisure travel offerings. Goodwill of $36 million is tax deductible.
(2) Includes intangible assets related to various ALG brand names.
(3) Amortized over useful lives of approximately 1 to 19 years, with a weighted-average useful life of approximately 11 years.
(4) Amortized over useful lives of 4 to 11 years, with a weighted-average useful life of approximately 8 years.
(5) Contract liabilities assumed were recorded at carrying value at the date of acquisition.
Land—During the three months ended September 30, 2021, we acquired $7 million of land through an asset acquisition from an unrelated third party to develop a hotel in Tempe, Arizona.
Alila Ventana Big Sur—During the nine months ended September 30, 2021, we completed an asset acquisition of Alila Ventana Big Sur for $146 million, net of closing costs and proration adjustments, which primarily consisted of $149 million of property and equipment. The seller is indirectly owned by a limited partnership affiliated with the brother of our Executive Chairman. The acquisition was identified as replacement property in a potential reverse like-kind exchange; however, we sold the property before a suitable replacement property was identified.
During the three months ended September 30, 2021, we sold the property to an unrelated third party for approximately $148 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $2 million pre-tax gain, which was recognized in gains (losses) on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended September 30, 2021. The operating results and financial position of this hotel during our period of ownership remain within our owned and leased hotels segment.
Grand Hyatt São Paulo—We previously held a 50% interest in the entities that own Grand Hyatt São Paulo, and we accounted for the investment as an unconsolidated hospitality venture under the equity method. During the
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nine months ended September 30, 2021, we purchased the remaining 50% interest for $6 million of cash. Additionally, we repaid the $78 million third-party mortgage loan on the property and were released from our debt repayment guarantee. The transaction was accounted for as an asset acquisition, and we recognized a $69 million pre-tax gain related to the transaction in equity earnings (losses) from unconsolidated hospitality ventures on our condensed consolidated statements of income (loss). The pre-tax gain is primarily attributable to a $42 million reversal of other long-term liabilities associated with our equity method investment and a $22 million reclassification from accumulated other comprehensive loss (see Note 13).
Net assets acquired were determined as follows:
Cash paid $
Repayment of third-party mortgage loan 78 
Fair value of our previously-held equity method investment
Net assets acquired $ 90 
Upon acquisition, we recorded $101 million of property and equipment and $11 million of deferred tax liabilities within our owned and leased hotels segment on our condensed consolidated balance sheet.
Dispositions
The Confidante Miami Beach—During the nine months ended September 30, 2022, we sold The Confidante Miami Beach to an unrelated third party for approximately $227 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $24 million pre-tax gain, which was recognized in gains (losses) on sales of real estate on our condensed consolidated statements of income (loss) during the nine months ended September 30, 2022. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
The Driskill—During the nine months ended September 30, 2022, we sold The Driskill to an unrelated third party for approximately $119 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $51 million pre-tax gain, which was recognized in gains (losses) on sales of real estate on our condensed consolidated statements of income (loss) during the nine months ended September 30, 2022. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Grand Hyatt San Antonio River Walk—During the nine months ended September 30, 2022, we sold Grand Hyatt San Antonio River Walk to an unrelated third party and accounted for the transaction as an asset disposition. We received approximately $109 million of cash consideration, net of closing costs; a $19 million HTM debt security as additional consideration; and $18 million from the release of restricted cash held for debt service related to Tax-Exempt Contract Revenue Empowerment Zone Bonds, Series 2005A and Contract Revenue Bonds, Senior Taxable Series 2005B (collectively, the "Series 2005 Bonds"). At the time of sale, we had $166 million of outstanding debt related to the Series 2005 Bonds, inclusive of accrued interest and net of $4 million of unamortized discounts, which was legally defeased in conjunction with the sale (see Note 9). Upon sale, we entered into a long-term management agreement for the property.
The sale resulted in a $137 million pre-tax gain, which was recognized in gains (losses) on sales of real estate on our condensed consolidated statements of income (loss) during the nine months ended September 30, 2022. In connection with the disposition, we recognized a $7 million goodwill impairment charge in asset impairments on our condensed consolidated statements of income (loss) during the nine months ended September 30, 2022. The assets disposed represented the entirety of the reporting unit and therefore, no business operations remained to support the related goodwill, which was therefore impaired. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Regency Indian Wells Resort & Spa—During the nine months ended September 30, 2022, we sold Hyatt Regency Indian Wells Resort & Spa to an unrelated third party for approximately $136 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $40 million pre-tax gain, which was recognized in gains (losses) on sales of real estate on our condensed consolidated statements of income (loss) during the nine months ended September 30, 2022. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
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Hyatt Regency Lake Tahoe Resort, Spa and Casino—During the three months ended September 30, 2021, we sold Hyatt Regency Lake Tahoe Resort, Spa and Casino to an unrelated third party for approximately $343 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $305 million pre-tax gain, which was recognized in gains (losses) on sales of real estate on our condensed consolidated statements of income (loss) during the three months ended September 30, 2021. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Hyatt Regency Lost Pines Resort and Spa—During the nine months ended September 30, 2021, we sold Hyatt Regency Lost Pines Resort and Spa to an unrelated third party for approximately $268 million, net of closing costs and proration adjustments, and accounted for the transaction as an asset disposition. Upon sale, we entered into a long-term management agreement for the property. The sale resulted in a $104 million pre-tax gain, which was recognized in gains (losses) on sales of real estate on our condensed consolidated statements of income (loss) during the nine months ended September 30, 2021. The operating results and financial position of this hotel prior to the sale remain within our owned and leased hotels segment.
Held For Sale
Hyatt Regency Greenwich—During the three months ended September 30, 2022, we signed a purchase and sale agreement to sell Hyatt Regency Greenwich for a sales price of $40 million. At September 30, 2022, the related assets and liabilities were classified as held for sale within our owned and leased hotels segment on our condensed consolidated balance sheet. Assets held for sale were $26 million, which primarily consisted of $25 million of property and equipment, net, and liabilities held for sale were $3 million, of which $1 million related to contract liabilities. On October 5, 2022, we completed the sale of the property to an unrelated third party and entered into a long-term management agreement.
Hyatt Regency Mainz—During the three months ended September 30, 2022, we signed a share purchase agreement to sell the share of the entity that is the operating lessee of Hyatt Regency Mainz for a nominal amount. At September 30, 2022, the related assets and liabilities were classified as held for sale within our owned and leased hotels segment on our condensed consolidated balance sheet. Assets held for sale were $4 million, of which $2 million related to cash and cash equivalents, and liabilities held for sale were $3 million, which primarily consisted of $2 million of accrued expenses. On October 1, 2022, we completed the sale of the entity to an unrelated third party and entered into a long-term franchise agreement.
7.    INTANGIBLES, NET