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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 20 $ 881
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 162 176
(Gains) losses on sales of real estate and other 2 (753)
Amortization of share awards 46 46
Amortization of operating lease right-of-use assets 17 19
Deferred income taxes (25) (90)
Asset impairments 14 17
Equity (earnings) losses from unconsolidated hospitality ventures 6 (45)
Contra revenue 35 29
(Gains) losses, net on marketable securities (15) 2
Contingent consideration liabilities fair value adjustments (8) (11)
Payments for key money assets (56) (47)
Deferred revenue related to the loyalty program 136 136
Working capital changes and other (248) 59
Net cash provided by operating activities 86 419
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities and short-term investments (355) (1,013)
Proceeds from marketable securities and short-term investments 623 228
Contributions to equity method and other investments (53) (22)
Return of equity method and other investments 10 3
Acquisitions, net of cash acquired (1,267) (28)
Capital expenditures (74) (76)
Issuance of financing receivables (7) (85)
Proceeds from sales of real estate, net of cash disposed [1] (9) 687
Other investing activities 12 0
Net cash used in investing activities (1,120) (306)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from debt, net of issuance costs of $15 and $14 for the six months ended June 30, 2025 and June 30, 2024, respectively 2,684 830
Repayments and repurchases of debt (1,527) (2)
Repurchases of common stock (149) (522)
Dividends paid (28) (31)
Payment of withholding taxes for stock-based compensation (23) (40)
Other financing activities (21) 2
Net cash provided by financing activities 936 237
Effect of exchange rate changes on cash (16) (4)
Net increase (decrease) in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale (114) 346
Change in cash, cash equivalents, and restricted cash classified within current assets held for sale (50) 3
Net increase (decrease) in cash, cash equivalents, and restricted cash (164) 349
Cash, cash equivalents, and restricted cash—Beginning of period 1,015 919
Cash, cash equivalents, and restricted cash—End of period 851 1,268
Supplemental disclosure of cash flow information:    
Cash and cash equivalents 846 1,253
Restricted cash 1 11
Restricted cash included in other assets 4 4
Total cash, cash equivalents, and restricted cash 851 1,268
Cash paid during the period for interest 105 72
Cash paid during the period for income taxes, net 163 56
Cash paid for amounts included in the measurement of operating lease liabilities 21 22
Non-cash investing and financing activities:    
Change in accrued capital expenditures 4 (1)
Non-cash right-of-use assets obtained in exchange for operating lease liabilities 10 7
Non-cash contributions to equity method and other investments (Note 4) 0 35
Non-cash issuance of financing receivables (Note 7) 0 89
Non-cash purchase consideration for the Playa Hotels Acquisition $ 20 $ 0
[1]
(1) Represents a $9 million payment for proration adjustments during the six months ended June 30, 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.