Belleview Trust Files Form 4 Reporting 8,738 Hyatt Shares; Trustee Clarifies Control

Rhea-AI Filing Summary

Belleview Trust (OR #37) JNP, with Maroon Private Trust Company, LLC serving as trustee, reported a Section 16 transaction for Hyatt Hotels Corp (H). The Form 4 records a reported transaction dated 08/13/2025 showing 8,738 shares related to the company's dual-class structure. The filing shows a transaction code of G and reports $0 as the transaction price. The form includes an explicit explanation that each share of Class B Common Stock converts into one share of Class A Common Stock at the holder's option or automatically upon most transfers, and clarifies the trustee has investment power while the beneficiary does not. The reporting person disclaims beneficial ownership except to the extent of its pecuniary interest and notes membership in a 10% owner group. The form is signed by Derek Arend, President of Trustee, dated 08/15/2025.

Positive

• Clear disclosure of trustee investment power and the reporting person’s pecuniary-interest disclaimer
• Explicit explanation of the issuer's dual-class conversion mechanics for Class B into Class A shares
• Timely filing with signature dated 08/15/2025 documenting the 08/13/2025 transaction

Negative

• Reporting person is part of a 10% owner group, indicating concentrated ownership which may be material to control considerations

Insights

Securities Analyst

TL;DR: A trustee-filed Form 4 reports a zero-price 8,738-share report tied to convertible Class B shares and clarifies trust investment power.

The filing documents a non-derivative transaction dated 08/13/2025 involving 8,738 shares and transaction code G. The disclosure emphasizes the issuer's dual-class conversion feature and clarifies that Maroon Private Trust Company, LLC holds investment power as trustee for Belleview Trust. The reporting person disclaims beneficial ownership except for pecuniary interest and indicates membership in a 10% owner group. This is a routine insider reporting of ownership/control housekeeping rather than an earnings or corporate-action disclosure. The zero-dollar price and conversion explanation are stated explicitly in the filing.

Corporate Governance Expert

TL;DR: Governance disclosure clarifies voting/transfer arrangements and trustee authority for a 10% owner-group trust.

The Form 4 provides clarity on the trust structure and the treatment of dual-class shares by restating that each Class B share converts into one Class A share and that certain transfers trigger conversion. It documents that Maroon Private Trust Company, LLC serves as trustee with investment power, while the beneficiary lacks investment power. The filing also discloses potential group affiliation, which is material for understanding control aggregation. These are material governance facts but do not, by themselves, change operational or financial outlooks.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Belleview Trust (OR #37) JNP

(Last) (First) (Middle)

C/O MAROON PRIVATE TRUST COMPANY, LLC

350 SOUTH MAIN AVENUE, SUITE 401

(Street)

SIOUX FALLS, SD 57104

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hyatt Hotels Corp [ H ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	08/13/2025		G			8,738	(1)	(1)	Class A Common Stock	8,738	$0	0	D

Explanation of Responses:

1. As provided in the Issuer's Amended and Restated Certificate of Incorporation, each share of Class B Common Stock is convertible at any time, at the option of the holder, into one share of Class A Common Stock. In addition, each share of Class B Common Stock will convert automatically into one share of Class A Common Stock upon any transfer, whether or not for value, except for certain permitted transfers described in the Issuer's Amended and Restated Certificate of Incorporation.

Remarks:

Member of 10% owner group. Maroon Private Trust Company, LLC serves as trustee of the Reporting Person and has investment power over the shares beneficially owned by the Reporting Person. The beneficiary of the Reporting Person does not have investment power over the shares of Class B Common Stock held by the Reporting Person. In addition, the Reporting Person may be deemed to be a member of a group because the Reporting Person has agreed to certain voting agreements and limitations on transfers of shares of Class A Common Stock and Class B Common Stock. The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.

	/s/ Derek Arend, President of Trustee	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction was reported on the Hyatt (H) Form 4?

The Form 4 reports a non-derivative transaction dated 08/13/2025 involving 8,738 shares with transaction code G and a reported price of $0.

Who is the reporting person on this Form 4 for Hyatt (H)?

The reporting person is Belleview Trust (OR #37) JNP, with Maroon Private Trust Company, LLC serving as trustee located in Sioux Falls, SD.

Does the filing explain the Class B to Class A share treatment?

Yes. The filing states each Class B Common Stock share is convertible into one Class A share at the holder’s option and may convert automatically on most transfers.

Does the trustee or beneficiary hold investment power over the reported shares?

The filing states Maroon Private Trust Company, LLC serves as trustee and has investment power over the shares; the beneficiary does not have investment power.

Is the reporting person affiliated with a larger ownership group?

Yes. The Form 4 notes the reporting person is a member of a 10% owner group and may be deemed part of a group due to voting agreements and transfer limitations.