Principal Funds' MidCap Series Holds 5.2% of Hyatt; Group Owns 8.8%

Rhea-AI Filing Summary

Principal Global Investors, Principal Real Estate Investors, LLC and Principal Funds, Inc. jointly report beneficial ownership of Hyatt Hotels Corp Class A common stock. Together they beneficially own 3,683,804 shares, representing 8.8% of the class. The filers report no sole voting or dispositive power; their positions are held with shared voting and shared dispositive authority.

Breakdowns reported show Principal Global Investors with 3,103,579 shares (reported as 7.4% by that reporting person), Principal Real Estate Investors with 580,225 shares (1.4%), and the Principal MidCap Fund (a series of Principal Funds, Inc.) with 2,183,161 shares (5.2%). Filers state holdings were acquired and are held in the ordinary course of business.

Positive

• Combined beneficial ownership of 3,683,804 shares (8.8%) signals a material institutional stake in Hyatt.
• Principal MidCap Fund holds 2,183,161 shares (5.2%), exceeding the 5% reporting threshold for that fund.

Negative

• None.

Insights

Financial Analyst

TL;DR: Institutional group holds an 8.8% stake in Hyatt, a material passive position signaling notable institutional interest.

The Schedule 13G/A discloses a combined beneficial ownership of 3,683,804 shares (8.8%), which crosses common materiality thresholds and signals significant institutional exposure to Hyatt Class A stock. The filing characterizes the holdings as passive (held in the ordinary course) and reports shared voting and dispositive power rather than sole control. For market participants, this is material disclosure of ownership concentration but does not in itself indicate an activist intent or change in control.

Corporate Governance Expert

TL;DR: Filers report shared control and ordinary-course holdings; governance impact appears limited absent further coordination or changes.

The statement shows no sole voting or dispositive power by the reporting entities and notes holdings are maintained in the ordinary course of business. The presence of a Joint Filing Agreement indicates coordinated reporting, not necessarily coordinated governance action. From a governance perspective, the disclosure is important for transparency but contains no explicit indications of intent to influence board composition or corporate strategy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Hyatt Hotels Corp

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

448579102

(CUSIP Number)

06/30/2025

(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

PRINCIPAL GLOBAL INVESTORS

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 3,103,579.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,103,579.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,103,579.00

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)

7.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 448579102

1

Names of Reporting Persons

PRINCIPAL REAL ESTATE INVESTORS, LLC

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 580,225.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 580,225.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

580,225.00

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)

1.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 448579102

1

Names of Reporting Persons

PRINCIPAL FUNDS, 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

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,183,161.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,183,161.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,183,161.00

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)

5.2 %

12

Type of Reporting Person (See Instructions)

IV

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hyatt Hotels Corp
(b)	Address of issuer's principal executive offices: 150 NORTH RIVERSIDE PLAZA, 8TH FLOOR, CHICAGO, ILLINOIS 60606
Item 2.
(a)	Name of person filing: PRINCIPAL GLOBAL INVESTORS PRINCIPAL REAL ESTATE INVESTORS, LLC PRINCIPAL FUNDS, INC.
(b)	Address or principal business office or, if none, residence: PRINCIPAL GLOBAL INVESTORS 711 HIGH STREET DES MOINES, Iowa 50392-0300 PRINCIPAL REAL ESTATE INVESTORS, LLC 711 HIGH STREET DES MOINES, Iowa 50392-0300 PRINCIPAL FUNDS, INC. 711 HIGH STREET DES MOINES, Iowa 50392-0300
(c)	Citizenship: PRINCIPAL GLOBAL INVESTORS - DELAWARE PRINCIPAL REAL ESTATE INVESTORS, LLC - DELAWARE PRINCIPAL FUNDS, INC. - MARYLAND
(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: 3,683,804
(b)	Percent of class: 8.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRINCIPAL GLOBAL INVESTORS - 0 PRINCIPAL REAL ESTATE INVESTORS, LLC - 0 PRINCIPAL FUNDS, INC. - 0
	(ii) Shared power to vote or to direct the vote: PRINCIPAL GLOBAL INVESTORS - 3,103,579 PRINCIPAL REAL ESTATE INVESTORS, LLC - 580,225 PRINCIPAL FUNDS, INC. - 2,183,161
	(iii) Sole power to dispose or to direct the disposition of: PRINCIPAL GLOBAL INVESTORS - 0 PRINCIPAL REAL ESTATE INVESTORS, LLC - 0 PRINCIPAL FUNDS, INC. - 0
	(iv) Shared power to dispose or to direct the disposition of: PRINCIPAL GLOBAL INVESTORS - 3,103,579 PRINCIPAL REAL ESTATE INVESTORS, LLC - 580,225 PRINCIPAL FUNDS, INC. - 2,183,161
Item 5.	Ownership of 5 Percent or Less of a Class.
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. As of June 30, 2025 the Principal MidCap Fund, a series to the Principal Funds, Inc., had ownership of 2,183,161 shares representing 5.2%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
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.

PRINCIPAL GLOBAL INVESTORS

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	08/08/2025

PRINCIPAL REAL ESTATE INVESTORS, LLC

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	08/08/2025

PRINCIPAL FUNDS, INC.

Signature:	/s/ John L. Sullivan
Name/Title:	Counsel and Assistant Secretary
Date:	08/08/2025

Exhibit Information

This statement is filed by Principal Global Investors LLC, Principal Real Estate Investors LLC, and Principal Funds Inc. jointly pursuant to a Joint Filing Agreement, which is filed with this Schedule 13G as Exhibit 99.1.

FAQ

How many Hyatt (H) shares do the Principal filers beneficially own?

The filers report a combined beneficial ownership of 3,683,804 shares, representing 8.8% of Class A common stock.

Which Principal entities filed the Schedule 13G/A for Hyatt (H)?

The filing was made jointly by Principal Global Investors, Principal Real Estate Investors, LLC, and Principal Funds, Inc..

Does any filer report sole voting or dispositive power over Hyatt (H) shares?

No. Each reporting person indicates 0 shares of sole voting or sole dispositive power and reports holdings under shared voting and shared dispositive power.

What stake does the Principal MidCap Fund hold in Hyatt (H)?

As of the reporting date, the Principal MidCap Fund (a series of Principal Funds, Inc.) held 2,183,161 shares, representing 5.2% of the class.

Are the holdings described as passive or intended to influence control of Hyatt (H)?

The filers certify the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.