On March 13, 2024, Hyatt Hotels Corporation (the “Company”) entered into a Purchase and Sale Agreement (the “Purchase and Sale Agreement”) with GHHC, L.L.C. (“Seller”), pursuant to which the Company agreed to purchase an aggregate of 1,283,000 shares of Class B Common Stock of the Company owned by Seller at a price of $155.9593 per share, which represents the Volume Weighted Average Price for the Class A Common Stock of the Company for the three (3) trading-day period ending March 13, 2024 as reported by Bloomberg. The aggregate purchase price for this repurchase transaction was $200,095,781.90. The closing of such repurchase transaction occurred on March 15, 2024.
Upon closing of this repurchase, the 1,283,000 shares of Class B Common Stock automatically converted into 1,283,000 shares of Class A Common Stock. All 1,283,000 shares of Class B Common Stock converted in the repurchase will be retired in accordance with the Company’s Amended and Restated Certificate of Incorporation, and the number of authorized shares of Class B Common Stock will be reduced by 1,283,000 shares. All 1,283,000 shares of Class A Common Stock into which the shares of Class B Common Stock converted will also be retired, and will resume the status of authorized but unissued shares. After the closing of the repurchase, there are 56,707,827 shares of Class B Common Stock outstanding and 44,828,766 shares of Class A Common Stock outstanding. The shares repurchased were repurchased under the Company’s previously announced repurchase program. Following this repurchase, the Company has approximately $885 million remaining under its repurchase authorization.
The foregoing description of the Purchase and Sale Agreement is qualified in its entirety by reference to the text of the Purchase and Sale Agreement, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
