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RELATED-PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
RELATED-PARTY TRANSACTIONS RELATED-PARTY TRANSACTIONS
In addition to those included elsewhere in the Notes to our condensed consolidated financial statements, related-party transactions entered into by us are summarized as follows:
Legal Services—A partner in a law firm that provided services to us throughout 2025 and 2024 is the brother-in-law of our Executive Chairman. During the three months ended March 31, 2025 and March 31, 2024, we incurred $14 million and $6 million, respectively, of legal fees with this firm. At March 31, 2025 and December 31, 2024, we had $9 million and $2 million, respectively, due to the law firm.
Equity Method Investments—We have equity method investments in entities that own, operate, manage, or franchise properties or other hospitality-related businesses, including the Unlimited Vacation Club paid membership program, for which we receive management, franchise, license, or royalty fees. We recognized $24 million and $15 million of fee revenues during the three months ended March 31, 2025 and March 31, 2024, respectively. In addition, in some cases we provide loans or guarantees to these entities (see Note 4, Note 5, and Note 12). During both the three months ended March 31, 2025 and March 31, 2024, we recognized an insignificant amount of income related to these guarantees. At March 31, 2025 and December 31, 2024, we had $124 million and $112 million, respectively, due from these entities, inclusive of $91 million and $67 million, respectively, recorded in receivables, net and $33 million and $45 million, respectively, recorded in financing receivables, net on our condensed consolidated balance sheets. During both the three months ended March 31, 2025 and March 31, 2024, we recognized an insignificant amount of interest income related to these receivables. Our ownership interest in these unconsolidated hospitality ventures varies from 20% to 50%.
In addition to the above fees, we provide services related to sales and revenue management, marketing, global care centers (including reservation and customer support), digital and technology, and digital media (collectively, "system-wide services") on behalf of owners of managed and franchised properties and administer the loyalty program for the benefit of Hyatt's portfolio of properties. These expenses have been, and will continue to be, reimbursed by our third-party owners and franchisees and are recognized in revenues for reimbursed costs and reimbursed costs on our condensed consolidated statements of income.
Class B Share Conversion—During the three months ended March 31, 2025 and March 31, 2024, 19,001 shares and 766,296 shares, respectively, of Class B common stock were converted on a share-for-share basis into shares of Class A common stock, $0.01 par value per share. The shares of Class B common stock that were converted into shares of Class A common stock have been retired, thereby reducing the shares of Class B common stock authorized and outstanding.
Class B Share Repurchase—During the three months ended March 31, 2024, we repurchased 1,987,299 shares of Class B common stock at a weighted-average price of $156.67 per share, for an aggregate purchase price of approximately $312 million. The shares of Class B common stock were repurchased in privately negotiated transactions from a limited liability company owned directly and indirectly by trusts for the benefit of certain Pritzker family members and a private foundation affiliated with certain Pritzker family members, and were retired, thereby reducing the shares of Class B common stock authorized and outstanding by the repurchased share amount.