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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Summarized Consolidated Financial Information by Segment

The following tables present revenues disaggregated by the nature of the product or service and by segment and a reconciliation of segment revenues to segment Adjusted EBITDA:

			Three Months Ended June 30, 2025
			Management and franchising						Owned and leased						Distribution						Segment Total						Eliminations						Total
Base management fees			$	120					$	—					$	—					$	120					$	(7)					$	113
Incentive management fees			64						—						—						64						(2)						62
Franchise and other fees			128						—						—						128						(2)						126
Gross fees			312						—						—						312						(11)						301
Rooms and packages			—						223						—						223						(5)						218
Food and beverage			—						53						—						53						—						53
Other			—						33						—						33						—						33
Owned and leased			—						309						—						309						(5)						304
Distribution			—						—						262						262						—						262
Other revenues			11						—						—						11						—						11
Segment revenues			323						309						262						894						(16)						878
Contra revenue			(15)						—						—						(15)						—						(15)
Revenues for reimbursed costs			945						—						—						945						—						945
Total revenues			$	1,253					$	309					$	262					$	1,824					$	(16)					$	1,808
Intersegment revenues			$	11					$	5					$	—					$	16
			Six Months Ended June 30, 2025
			Management and franchising						Owned and leased						Distribution						Segment Total						Eliminations						Total
Base management fees			$	240					$	—					$	—					$	240					$	(13)					$	227
Incentive management fees			141						—						—						141						(3)						138
Franchise and other fees			247						—						—						247						(4)						243
Gross fees			628						—						—						628						(20)						608
Rooms and packages			—						371						—						371						(9)						362
Food and beverage			—						99						—						99						—						99
Other			—						62						—						62						—						62
Owned and leased			—						532						—						532						(9)						523
Distribution			—						—						577						577						—						577
Other revenues			22						—						—						22						—						22
Segment revenues			650						532						577						1,759						(29)						1,730
Contra revenue			(35)						—						—						(35)						—						(35)
Revenues for reimbursed costs			1,831						—						—						1,831						—						1,831
Total revenues			$	2,446					$	532					$	577					$	3,555					$	(29)					$	3,526
Intersegment revenues			$	20					$	9					$	—					$	29

			Three Months Ended June 30, 2025
			Management and franchising						Owned and leased						Distribution
Segment revenues			$	323					$	309					$	262
Significant segment expenses:
Adjusted general and administrative expenses			(65)						(3)						—
Owned and leased expenses (1)			—						(261)						—
Distribution expenses (2)			—						—						(220)
Other segment items:
Other income (expenses) (3)			(20)						2						1
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA			—						17						—
Segment Adjusted EBITDA			$	238					$	64					$	43
(1) Includes intercompany management and franchise fee expenses paid to our management and franchising segment and promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card programs, both of which are eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.
(3) Management and franchising primarily includes direct costs associated with our co-branded credit card programs recognized in other direct costs. Owned and leased includes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts and stock-based compensation expense recognized in owned and leased expenses. Distribution includes stock-based compensation expense recognized in distribution expenses.
			Six Months Ended June 30, 2025
			Management and franchising						Owned and leased						Distribution
Segment revenues			$	650					$	532					$	577
Significant segment expenses:
Adjusted general and administrative expenses			(132)						(5)						—
Owned and leased expenses (1)			—						(467)						—
Distribution expenses (2)			—						—						(488)
Other segment items:
Other income (expenses) (3)			(44)						2						3
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA			—						29						—
Segment Adjusted EBITDA			$	474					$	91					$	92
(1) Includes intercompany management and franchise fee expenses paid to our management and franchising segment and promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card programs, both of which are eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.
(3) Management and franchising primarily includes direct costs associated with our co-branded credit card programs recognized in other direct costs. Owned and leased includes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts and stock-based compensation expense recognized in owned and leased expenses. Distribution includes stock-based compensation expense recognized in distribution expenses.

			Three Months Ended June 30, 2024
			Management and franchising						Owned and leased						Distribution						Segment Total						Eliminations						Total
Base management fees			$	109					$	—					$	—					$	109					$	(9)					$	100
Incentive management fees			57						—						—						57						(3)						54
Franchise and other fees			122						—						—						122						(1)						121
Gross fees			288						—						—						288						(13)						275
Rooms and packages			—						203						—						203						(7)						196
Food and beverage			—						81						—						81						—						81
Other			—						37						—						37						—						37
Owned and leased			—						321						—						321						(7)						314
Distribution			—						—						278						278						—						278
Other revenues			10						—						—						10						—						10
Segment revenues			298						321						278						897						(20)						877
Contra revenue			(16)						—						—						(16)						—						(16)
Revenues for reimbursed costs			842						—						—						842						—						842
Total revenues			$	1,124					$	321					$	278					$	1,723					$	(20)					$	1,703
Intersegment revenues			$	13					$	7					$	—					$	20
			Six Months Ended June 30, 2024
			Management and franchising						Owned and leased						Distribution						Segment Total						Eliminations						Total
Base management fees			$	216					$	—					$	—					$	216					$	(18)					$	198
Incentive management fees			125						—						—						125						(7)						118
Franchise and other fees			224						—						—						224						(3)						221
Gross fees			565						—						—						565						(28)						537
Rooms and packages			—						397						—						397						(14)						383
Food and beverage			—						164						—						164						—						164
Other			—						76						—						76						—						76
Owned and leased			—						637						—						637						(14)						623
Distribution			—						—						597						597						—						597
Other revenues			19						—						26						45						—						45
Segment revenues			584						637						623						1,844						(42)						1,802
Contra revenue			(29)						—						—						(29)						—						(29)
Revenues for reimbursed costs			1,644						—						—						1,644						—						1,644
Total revenues			$	2,199					$	637					$	623					$	3,459					$	(42)					$	3,417
Intersegment revenues			$	28					$	14					$	—					$	42

			Three Months Ended June 30, 2024
			Management and franchising						Owned and leased						Distribution
Segment revenues			$	298					$	321					$	278
Significant segment expenses:
Adjusted general and administrative expenses			(60)						(2)						—
Owned and leased expenses (1)			—						(257)						—
Distribution expenses (2)			—						—						(236)
Other segment items:
Other income (expenses) (3)			(16)						—						1
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA			—						17						—
Segment Adjusted EBITDA			$	222					$	79					$	43
(1) Includes intercompany management fee expenses paid to our management and franchising segment and promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card programs, both of which are eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.
(3) Management and franchising primarily includes direct costs associated with our co-branded credit card programs recognized in other direct costs. Owned and leased includes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts. Distribution includes stock-based compensation expense recognized in distribution expenses.
			Six Months Ended June 30, 2024
			Management and franchising						Owned and leased						Distribution
Segment revenues			$	584					$	637					$	623
Significant segment expenses:
Adjusted general and administrative expenses			(123)						(5)						(6)
Owned and leased expenses (1)			—						(527)						—
Distribution expenses (2)			—						—						(512)
Other segment items:
Other income (expenses) (3)			(36)						2						(23)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA			—						34						—
Segment Adjusted EBITDA			$	425					$	141					$	82
(1) Includes intercompany management fee expenses paid to our management and franchising segment and promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card programs, both of which are eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.
(3) Management and franchising primarily includes direct costs associated with our co-branded credit card programs recognized in other direct costs. Owned and leased includes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts. Distribution includes stock-based compensation expense recognized in distribution expenses and the paid membership program prior to the UVC Transaction recognized in other direct costs.

The following table provides a reconciliation of segment Adjusted EBITDA to income before income taxes:

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Management and franchising			$	238					$	222					$	474					$	425
Owned and leased			64						79						91						141
Distribution			43						43						92						82
Segment Adjusted EBITDA			345						344						657						648
Unallocated overhead expenses			(42)						(37)						(82)						(83)
Eliminations			—						—						1						1
Contra revenue			(15)						(16)						(35)						(29)
Revenues for reimbursed costs			945						842						1,831						1,644
Reimbursed costs			(949)						(853)						(1,851)						(1,689)
Stock-based compensation expense (1)			(14)						(15)						(45)						(46)
Transaction and integration costs			(82)						(10)						(105)						(18)
Depreciation and amortization			(82)						(84)						(162)						(176)
Equity earnings (losses) from unconsolidated hospitality ventures			6						(30)						(6)						45
Interest expense			(74)						(40)						(140)						(78)
Gains (losses) on sales of real estate and other			(2)						350						(2)						753
Asset impairments			(10)						—						(14)						(17)
Other income (loss), net			29						28						72						82
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA			(17)						(17)						(29)						(34)
Income before income taxes			$	38					$	462					$	90					$	1,003
(1) Includes amounts recognized in general and administrative expenses, owned and leased expenses, and distribution expenses and excludes amounts recognized in transaction and integration costs (see Note 15).

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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X

- References

No definition available.

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