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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 24 $ 522
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 80 92
Gains on sales of real estate and other 0 (403)
Amortization of share awards 31 31
Amortization of operating lease right-of-use assets 8 10
Deferred income taxes (24) (87)
Asset impairments 4 17
Equity (earnings) losses from unconsolidated hospitality ventures 12 (75)
Contra revenue 20 13
Unrealized gains, net (10) (13)
Payments for key money assets (18) (25)
Deferred revenue related to the loyalty program 90 84
Working capital changes and other (64) 76
Net cash provided by operating activities 153 242
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities and short-term investments (172) (310)
Proceeds from marketable securities and short-term investments 481 175
Contributions to equity method and other investments (46) (6)
Return of equity method and other investments 8 0
Capital expenditures (30) (34)
Proceeds from sales of real estate and other, net of cash disposed [1]   214
Proceeds from sales of real estate and other, net of cash disposed [1] (9)  
Other investing activities 7 3
Net cash provided by investing activities 239 42
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from debt, net of issuance costs of $9 and $—, respectively 990 0
Repayments and repurchases of debt (451) (1)
Repurchases of common stock (149) (388)
Dividends paid (14) (15)
Payment of withholding taxes for stock-based compensation (23) (40)
Other financing activities (13) 0
Net cash provided by (used in) financing activities 340 (444)
Effect of exchange rate changes on cash (8) (2)
Net increase (decrease) in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale 724 (162)
Net increase in cash, cash equivalents, and restricted cash classified within assets held for sale 0 3
Net increase (decrease) in cash, cash equivalents, and restricted cash 724 (159)
Cash, cash equivalents, and restricted cash—Beginning of period 1,015 919
Cash, cash equivalents, and restricted cash—End of period 1,739 760
Supplemental disclosure of cash flow information:    
Cash and cash equivalents 1,735 740
Restricted cash 1 16
Restricted cash included in other assets 3 4
Total cash, cash equivalents, and restricted cash 1,739 760
Cash paid during the period for interest 47 39
Cash paid during the period for income taxes 134 15
Cash paid for amounts included in the measurement of operating lease liabilities 11 12
Non-cash investing and financing activities:    
Non-cash contributions to equity method and other investments (Note 4) 0 20
Non-cash issuance of financing receivables (Note 6) $ 0 $ 41
[1]
(1) Represents a $9 million payment for proration adjustments during the three months ended March 31, 2025 related to the sale of Hyatt Regency Orlando and an adjacent undeveloped land parcel. At December 31, 2024, the liability was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheet.