Baron Group discloses 14.6% Hyatt Hotels (NYSE: H) ownership

Rhea-AI Filing Summary

Baron Capital Group and related entities report beneficial ownership of 6,106,485 shares of Hyatt Hotels Class A common stock, representing 14.60% of the class as of 12/31/2025, with shared voting and dispositive power over these shares.

Within the group, BAMCO, Inc. reports 5,068,899 shares (12.12%), Baron Capital Management, Inc. reports 1,037,586 shares (2.48%), and Baron Partners Fund reports 3,310,000 shares (7.92%), all on a shared-voting, shared-dispositive basis. The securities are stated to be held in the ordinary course of business and not for changing or influencing control of Hyatt Hotels.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 17)

Hyatt Hotels Corporation

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

448579102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 448579102

1

Names of Reporting Persons

BAMCO INC /NY/

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,068,899.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,068,899.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,068,899.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.12 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP No. 448579102

1

Names of Reporting Persons

Baron Capital Group, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,106,485.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,106,485.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,106,485.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.60 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 448579102

1

Names of Reporting Persons

Baron Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,037,586.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,037,586.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,037,586.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.48 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP No. 448579102

1

Names of Reporting Persons

Ronald Baron

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,106,485.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,106,485.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,106,485.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.60 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. 448579102

1

Names of Reporting Persons

Baron Partners Fund

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,310,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,310,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,310,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.92 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hyatt Hotels Corporation
(b)	Address of issuer's principal executive offices: 150 North Riverside Plaza, 8th Floor, Chicago, IL 60606
Item 2.
(a)	Name of person filing: Baron Capital Group, Inc. ("BCG"), BAMCO, Inc. ("BAMCO"), Baron Capital Management, Inc. ("BCM"), Ronald Baron, Baron Partners Fund ("BPF")
(b)	Address or principal business office or, if none, residence: 767 Fifth Avenue, 49th Floor, New York, NY 10153
(c)	Citizenship: BCG, BAMCO and BCM are New York corporations. Ronald Baron is a citizen of the United States. BPF is a series of a Delaware Statutory Trust.
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP No.: 448579102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,106,485
(b)	Percent of class: 14.60 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 6,106,485
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 6,106,485
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The advisory clients of BAMCO and BCM have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Issuer's common stock in their accounts. To the best of the Filing Persons' knowledge, no such person has such interest relating to more than 5% of the outstanding class of securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. BAMCO and BCM are subsidiaries of BCG. BPF is an advisory client of BAMCO. Ronald Baron owns a controlling interest in BCG.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Please see Item 3.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BAMCO INC /NY/

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	02/17/2026

Baron Capital Group, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	02/17/2026

Baron Capital Management, Inc.

Signature:	/s/ Ronald Baron
Name/Title:	Chairman and CEO
Date:	02/17/2026

Ronald Baron

Signature:	/s/ Ronald Baron
Name/Title:	Individually
Date:	02/17/2026

Baron Partners Fund

Signature:	/s/ Ronald Baron
Name/Title:	CEO
Date:	02/17/2026

Comments accompanying signature: Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)

FAQ

How many Hyatt Hotels (H) shares does Baron Capital Group report owning?

Baron Capital Group reports beneficial ownership of 6,106,485 Hyatt Hotels Class A shares, equal to 14.60% of the class as of 12/31/2025. These shares are held with shared voting and shared dispositive power across affiliated entities and advisory accounts.

What stake in Hyatt Hotels (H) does BAMCO, Inc. disclose in this Schedule 13G/A?

BAMCO, Inc. reports beneficial ownership of 5,068,899 Hyatt Hotels Class A shares, representing 12.12% of the outstanding class. BAMCO has no sole voting or dispositive power; all reported voting and dispositive power over these shares is shared with other Baron-affiliated entities.

What percentage of Hyatt Hotels (H) is attributed to Ronald Baron personally?

Ronald Baron is reported as a beneficial owner of 6,106,485 Hyatt Hotels shares, or 14.60% of the Class A common stock. He is listed with zero sole voting or dispositive power and 6,106,485 shares of shared voting and shared dispositive power.

How much Hyatt Hotels (H) stock does Baron Partners Fund hold according to the filing?

Baron Partners Fund is shown as beneficially owning 3,310,000 Hyatt Hotels Class A shares, equal to 7.92% of the class. All of these shares are reported with shared voting and shared dispositive power, with no sole authority over voting or disposition.

Does the Baron group indicate any intent to influence control of Hyatt Hotels (H)?

The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Hyatt Hotels. It also notes they are not held in connection with any control-related transaction.

Who ultimately controls the Baron entities holding Hyatt Hotels (H) shares?

The document notes that Ronald Baron owns a controlling interest in Baron Capital Group, Inc., the parent of BAMCO and Baron Capital Management. Baron Partners Fund is described as an advisory client of BAMCO, tying the various Baron vehicles together under common control.