<SEC-DOCUMENT>0001104659-25-087473.txt : 20251219
<SEC-HEADER>0001104659-25-087473.hdr.sgml : 20251219
<ACCEPTANCE-DATETIME>20250904161518
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-25-087473
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250904

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hyatt Hotels Corp
		CENTRAL INDEX KEY:			0001468174
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				201480589
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		150 NORTH RIVERSIDE PLAZA
		STREET 2:		8TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(312) 750-1234

	MAIL ADDRESS:	
		STREET 1:		150 NORTH RIVERSIDE PLAZA
		STREET 2:		8TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 40%"><IMG SRC="tm2525222d1_correspimg001.jpg" ALT=""></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 40%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: gray"><B></B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">150 N. Riverside Plaza</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago,&nbsp;IL 60606</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September&nbsp;4, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F. Street N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%"><FONT STYLE="font-size: 10pt">Attention:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 88%"><FONT STYLE="font-size: 10pt">Ameen Hamady</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Kristina Marrone</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Division of Corporation Finance</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Office of Real Estate and Construction</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 88%"><FONT STYLE="font-size: 10pt"><B>Hyatt Hotels Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Form&nbsp;10-K for the year ended December&nbsp;31, 2024</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Filed February&nbsp;13, 2025</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Form&nbsp;8-K</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Filed August&nbsp;7, 2025</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>File No.&nbsp;001-34521</B></FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr.&nbsp;Hamady and Ms.&nbsp;Marrone:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Set forth below are the responses
of Hyatt Hotels Corporation (&ldquo;<U>HHC</U>&rdquo; or the &ldquo;<U>Company</U>&rdquo;) to the comments contained in the letter dated
August&nbsp;20, 2025 (the &ldquo;<U>Comment Letter</U>&rdquo;) from the staff (the &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange
Commission (the &ldquo;<U>Commission</U>&rdquo;). The Comment Letter relates to the Company&rsquo;s Annual Report on Form&nbsp;10-K for
the Fiscal Year Ended December&nbsp;31, 2024 (the &ldquo;<U>2024 Form&nbsp;10-K</U>&rdquo;) and Current Report on Form&nbsp;8-K filed
on August&nbsp;7, 2025 (the &ldquo;<U>Form&nbsp;8-K</U>&rdquo;). For your convenience, the Staff&rsquo;s comments are reproduced in bold
type below and each Staff comment is followed by the Company&rsquo;s response thereto. The paragraph numbers below correspond to the numbered
paragraphs in the Comment Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Form&nbsp;10-K for the year ended December&nbsp;31,
2024</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Consolidated Statements of Income, page&nbsp;F-5</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Please present charges related to goodwill impairment in a separate line item in accordance with ASC
350-20-45-2.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In response to the Staff&rsquo;s comment, in future filings,
the Company will classify any future goodwill impairment charges, if material, within a separate financial statement line item on its
consolidated statements of income in accordance with the guidance in ASC 350-20-45-2. The Company respectfully submits that the requested
presentation would not materially change a user&rsquo;s understanding of the Company&rsquo;s results of operations for the year ended
December&nbsp;31, 2024, as it believes the nature and amount of the impairment charges are adequately disclosed on page&nbsp;F-44 in Note
9 to the Company&rsquo;s Consolidated Financial Statements and page&nbsp;82 in Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><B><U>Note 3.
Revenue from Contracts with Customers, page&nbsp;F-27</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>We note that 10% of your $125 million remaining performance obligations will be recognized in within
the next 12 months and the remaining thereafter. Please tell us in what periods you expect to recognize the remaining 90% thereafter and
how your current disclosures reflect the appropriate time bands for your arrangements. In that regard, please tell us how you considered
disclosure around revenue expected to be recognized within 1 year, 2 years etc. Refer to 606-10-50-13(b).</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company respectfully informs the
Staff that when evaluating the guidance in ASC 606-10-50-13(b), the Company considered the materiality of its contracted revenue of $125
million compared to total revenues recognized of $6,648 million during the year ended December&nbsp;31, 2024, which was approximately
2.0%. Further, the Company considered the extended length of time over which the contracted revenues are recognized, which is typically
over a period of approximately 1 to 20 years, and the level of uncertainty around the timing of revenue recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In response to the Staff&rsquo;s comment,
the Company will revise its disclosure in future filings as shown below to provide additional qualitative disclosure in order to provide
insight into the time period over which the Company&rsquo;s remaining performance obligations are expected to be recognized, which periods
may vary over time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><I>&ldquo;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
$125 million at December&nbsp;31, 2024. This was primarily related to design services fees from third-party owners and initial application
fees from franchisees. Design services fees are recognized as revenues over multiple years, typically over a period of less than five
years, using the percentage-of-completion method based on the achievement of design and/or renovation or construction milestones, timing
of which is inherently uncertain. Initial application fees are recognized as revenues using the straight-line method over the initial
term of the franchise agreement, which is generally 20 years. Of the $125 million of contracted revenue, we expect to recognize approximately
10% within the next 12 months, with the remainder to be recognized thereafter.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Given the uncertainty described above,
the Company believes its disclosed time bands of the next 12 months and thereafter represent how revenues associated with its remaining
obligations will ultimately be recognized and thus provide meaningful information to the users of the Company&rsquo;s disclosures. When
factoring in materiality, the Company believes this revised presentation complies with the guidance in ASC 606-10-50-13(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 4. Debt and Equity Securities, page&nbsp;F-27</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>We note that the Company recognized a pre-tax gain of $231 million related to the UVC Transaction.
Please tell us how the Company applied the guidance in ASC 810-10-40-5 and provide us with your calculation for measuring the deconsolidation
of your controlling financial interest that resulted in the gain and clarify whether the $914 million reduction in goodwill disclosed
on page&nbsp;F-44 relates to your accounting for the UVC Transaction.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company respectfully advises the
Staff that it deconsolidated the subsidiary at the date that the Company no longer held a controlling financial interest in the entity.
The Company applied the guidance in ASC 810-10-40-5 and calculated the gain at the date of deconsolidation as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-left: 0.25in; border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left"><FONT STYLE="font-size: 10pt">Cash consideration
    received</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">80</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Fair value of the Company&rsquo;s
    retained noncontrolling investment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Fair value of guarantee liabilities (1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">(86</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Amounts reclassified from accumulated
    other comprehensive loss</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">(1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Carrying value of UVC&rsquo;s
    net liabilities (2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">229</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Transaction costs (3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">(11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Gain recognized in gains (losses)
    on sales of real estate and other</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">231</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Relates to the Company&rsquo;s guarantee of its hospitality
venture partner&rsquo;s investment as well as an indemnification provided to the unconsolidated hospitality venture for obligations
the variable interest entity may incur as a result of pre-existing uncertain tax positions as of the date of deconsolidation. Please
refer to the disclosures beginning on page&nbsp;F-28 in Note 4 to the Company&rsquo;s Consolidated Financial Statements for more information.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Includes the disposal of $914 million of goodwill as disclosed
on page&nbsp;F-44 in Note 9 to the Company&rsquo;s Consolidated Financial Statements, $1,207 million of contract liabilities as disclosed
on page&nbsp;F-27 in Note 3 to the Company&rsquo;s Consolidated Financial Statements, and working capital accounts.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">As disclosed on page&nbsp;F-12 in Note 1 to the Company&rsquo;s
Consolidated Financial Statements, the Company&rsquo;s accounting policy is to recognize transaction costs incurred during the period
of a completed disposition in gains (losses) on sales of real estate and other.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Note 7. Acquisitions and Dispositions, page&nbsp;F-35</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>We note the $336 preliminary value attributed to goodwill associated with the Bahia Principe acquisition
that closed on December&nbsp;27, 2024. We also note from page&nbsp;F-28 that the goodwill associated with VIEs on the consolidated balance
sheets as of December&nbsp;31, 2024 was only $147 million. Please reconcile these amounts. Given the proximity of the Bahia Principe closing
date to December&nbsp;31, 2024, explain any factors that may have contributed to revisions of the preliminary goodwill estimate.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company respectfully informs the
Staff that as of December&nbsp;31, 2024, the Company had $336 million of goodwill recorded related to the Bahia Principe transaction.
The Company&rsquo;s purchase consideration included the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in; text-align: justify">The acquisition of 50% of the outstanding shares of Management Hotelero Pi&ntilde;ero, S.L., which is
a variable interest entity (&ldquo;<U>VIE</U>&rdquo;) that the Company consolidates. The VIE manages Bahia Principe Hotels&nbsp;&amp;
Resorts-branded properties and owns the Bahia Principe trade name. As of December&nbsp;31, 2024, the preliminary fair value of goodwill
recorded on the consolidated VIE was $147 million, which included a $1 million foreign currency exchange loss; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in; text-align: justify">Expected synergies from the integration and future expansion of the Company&rsquo;s destination management
services and the Company&rsquo;s management of and licensing of the Bahia Principe brand to the Unlimited Vacation Club business at Bahia
Principe Hotels&nbsp;&amp; Resorts-branded properties through separate contractual agreements. As of December&nbsp;31, 2024, the preliminary
fair value of goodwill recorded outside of the VIE was $188 million. The Company respectfully advises the Staff that this goodwill was
not presented on page&nbsp;F-28 in Note 4 to the Company&rsquo;s Consolidated Financial Statements as it was recorded outside of the VIE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company confirms that no measurement
period adjustments were recorded between December&nbsp;27, 2024 and December&nbsp;31, 2024. During the three months ended March&nbsp;31,
2025, the Company completed the evaluation of the agreements related the integration of the Company&rsquo;s destination management services
and the Unlimited Vacation Club business that the Company manages and determined that the agreements met the criteria to be recorded as
separately identifiable assets. Therefore, the Company recorded measurement period adjustments, including a $131 million net decrease
to goodwill, which comprised of a $10 million increase to goodwill recorded on the consolidated VIE and $141 million decrease to goodwill
recorded outside of the VIE, as further disclosed in Part&nbsp;I,&nbsp;Item 1, &ldquo;Financial Statements&mdash;Note 6 to the Company&rsquo;s
Condensed Consolidated Financial Statements&rdquo; of the Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended
March&nbsp;31, 2025. As a part of these updated disclosures, the Company clarified that the table summarizing the preliminary fair values
included both the fair values of the acquired VIE and other separately identifiable net assets acquired. Following the measurement period
adjustments, as of March&nbsp;31, 2025, the preliminary fair value of goodwill recorded on the consolidated VIE was $163 million, which
included a $6 million foreign currency exchange gain, and the preliminary fair value of goodwill recorded outside of the VIE was $47 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Form&nbsp;8-K filed August&nbsp;7, 2025</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Reconciliation of Non-GAAP Financial Measures,
page&nbsp;A-9</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>We note your adjustment of &ldquo;Fund (surpluses) deficits&rdquo; in order to arrive at &ldquo;Adjusted
net income attributable to Hyatt Hotels Corporation.&rdquo; Please tell us what consideration you gave to presenting the components of
the adjustment on a disaggregated basis. Your response should highlight all factors considered that would support and/or not support such
a presentation.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><U>Response</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company respectfully advises the
Staff that fund surpluses and deficits consist of the following, all of which relate to contractual agreements with third-party hotel
owners:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in; text-align: justify">Revenues and expenses associated with system-wide services and the loyalty program operated on behalf
of owners, which are recognized in revenues for reimbursed costs and reimbursed costs, respectively;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in; text-align: justify">Depreciation expense of fixed assets for capital projects incurred on behalf of owners, which is recognized
in depreciation and amortization expenses; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in; text-align: justify">Interest income from marketable securities held for the loyalty program operated on behalf of owners,
which is recognized in other income (loss), net.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Within Adjusted net income attributable
to Hyatt Hotels Corporation, the Company also separately discloses the utilization of Avendra and other proceeds as a special item, which
are recognized in reimbursed costs and depreciation and amortization expenses. As the amounts that comprise the fund surpluses and deficits
are not limited to amounts recognized in revenues for reimbursed costs and reimbursed costs, the Company believes that presenting fund
surpluses and deficits in one line item provides better transparency as to the position of the funds for the periods presented. The Company
presents fund surpluses and deficits together as a special item as contractually the Company does not provide services or operate the
related programs to generate a profit or bear a loss over the long term. If the Company collects amounts in excess of amounts spent, it
has a commitment to its hotel owners to spend these amounts on the related system-wide services and programs. Additionally, if the Company
spends in excess of amounts collected, it has a contractual right to adjust future collections or expenditures to recover prior-period
costs. These timing differences are due to the Company&rsquo;s discretion to spend in excess of revenues earned or less than revenues
earned in a single period to ensure that the system-wide services and programs are operated in the best long-term interests of its hotel
owners. Over the long term, these programs and services are not designed to impact the Company&rsquo;s economics, either positively or
negatively, and instead are designed to result in a cumulative break-even balance. Therefore, the Company presents fund surpluses and
deficits together as a special item in order to exclude the net impact when evaluating period-over-period changes in the Company&rsquo;s
operating results and in Adjusted net income attributable to Hyatt Hotels Corporation, as it believes this presentation is more useful
and provides better transparency to the users of the Company&rsquo;s disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company acknowledges that the footnote
included with the fund (surpluses) deficits line item inadvertently excluded the reference to other income (loss), net when discussing
2025 activity. In response to the Staff&rsquo;s comment, in future filings, the Company will revise its disclosure as shown below to include
the amounts recognized in the respective financial statement line items as well as include reference to other income (loss), net:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify"><I>&ldquo;During Q2 2025 and Q2 2024,
we recognized net surpluses and during YTD 2025 and YTD 2024, we recognized net deficits, which we intend to recover in future periods,
on certain funds due to the timing of revenue and expense recognition. During Q2 2025 and YTD 2025, this fund activity was recognized
in revenues for reimbursed costs ($945 million and $1,831 million), reimbursed costs ($944 million and $1,842 million), depreciation and
amortization expenses ($4 million and $9 million), and other income (loss), net ($8 million and $13 million), and during Q2 2024 and YTD
2024, this fund activity was recognized in revenues for reimbursed costs ($842 million and $1,644 million), reimbursed costs ($849 million
and $1,679 million), and other income (loss), net ($8 million and $16 million) on our condensed consolidated statements of income (loss).&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Kindly direct any questions you may have to the
undersigned at (312) 750-1234. Thank you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Joan Bottarini</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Joan Bottarini</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Vice President, Chief Financial Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Hyatt Hotels Corporation</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left">cc:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Mark S. Hoplamazian, Hyatt Hotels Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Margaret C. Egan, Hyatt Hotels Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Kinsey Wolf, Hyatt Hotels Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Analisa Padilla, Hyatt Hotels Corporation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cathy A. Birkeland, Latham &amp; Watkins LLP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Alexa Berlin, Latham &amp; Watkins LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2525222d1_correspimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2525222d1_correspimg001.jpg
M_]C_X  02D9)1@ ! 0$ R #(  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !/ -@# 2(  A$! Q$!_\0
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MO&$%%Z<[K2I*2;O9)*[E<5.ARR4FK<KN[+312\C]_/\ @A7K/[<7Q9_9XO\
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MMY$FD3-;+=7$JWEG8*_^F'<?ZH_[T?\ Z,2OX-?^"-PS_P %\?CWSM_XJ/\
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M>R4XIV7,K>\3.OS1DN;=6W?=>=^A_F^_ KX1?&KX"_\ !>/X&?"7]HKXG?\
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M0>,(HX,Q[EM];2U,WER?92Z1M#]X06\, 184CBC$81?*C4*57:JJC)B%% !
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M]NY[328H_#'B6QEDFU"Y\OQ%J?AV,VTC.\D?TC^PE_P0<_X)\?MY_L>_!O\
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79"6ZC=EF^;G&E110 4444 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
