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SEGMENT INFORMATION (Tables) | 9 Months Ended
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Sep. 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 September 30, 2025
| Management and franchising |  | Owned and leased |  | Distribution |  | Segment Total |  | Eliminations |  | Total
Base management fees | $ | 113 |  |  | $ | — |  |  | $ | — |  |  | $ | 113 |  |  | $ | (6) |  |  | $ | 107 |
Incentive management fees | 55 |  |  | — |  |  | — |  |  | 55 |  |  | (2) |  |  | 53 |
Franchise and other fees | 130 |  |  | — |  |  | — |  |  | 130 |  |  | (7) |  |  | 123 |
Gross fees | 298 |  |  | — |  |  | — |  |  | 298 |  |  | (15) |  |  | 283 |
Rooms and packages | — |  |  | 341 |  |  | — |  |  | 341 |  |  | (7) |  |  | 334 |
Food and beverage | — |  |  | 54 |  |  | — |  |  | 54 |  |  | — |  |  | 54 |
Other | — |  |  | 41 |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
Owned and leased | — |  |  | 436 |  |  | — |  |  | 436 |  |  | (7) |  |  | 429 |
Distribution | — |  |  | — |  |  | 192 |  |  | 192 |  |  | — |  |  | 192 |
Other revenues | 12 |  |  | — |  |  | — |  |  | 12 |  |  | 1 |  |  | 13 |
Segment revenues | 310 |  |  | 436 |  |  | 192 |  |  | 938 |  |  | (21) |  |  | 917 |
Contra revenue | (34) |  |  | — |  |  | — |  |  | (34) |  |  | — |  |  | (34) |
Revenues for reimbursed costs | 903 |  |  | — |  |  | — |  |  | 903 |  |  | — |  |  | 903 |
Total revenues | $ | 1,179 |  |  | $ | 436 |  |  | $ | 192 |  |  | $ | 1,807 |  |  | $ | (21) |  |  | $ | 1,786 |
Intersegment revenues | $ | 14 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 21 |  |  |  |  |
| Nine Months Ended September 30, 2025
| Management and franchising |  | Owned and leased |  | Distribution |  | Segment Total |  | Eliminations |  | Total
Base management fees | $ | 353 |  |  | $ | — |  |  | $ | — |  |  | $ | 353 |  |  | $ | (19) |  |  | $ | 334 |
Incentive management fees | 196 |  |  | — |  |  | — |  |  | 196 |  |  | (5) |  |  | 191 |
Franchise and other fees | 377 |  |  | — |  |  | — |  |  | 377 |  |  | (11) |  |  | 366 |
Gross fees | 926 |  |  | — |  |  | — |  |  | 926 |  |  | (35) |  |  | 891 |
Rooms and packages | — |  |  | 712 |  |  | — |  |  | 712 |  |  | (16) |  |  | 696 |
Food and beverage | — |  |  | 153 |  |  | — |  |  | 153 |  |  | — |  |  | 153 |
Other | — |  |  | 103 |  |  | — |  |  | 103 |  |  | — |  |  | 103 |
Owned and leased | — |  |  | 968 |  |  | — |  |  | 968 |  |  | (16) |  |  | 952 |
Distribution | — |  |  | — |  |  | 769 |  |  | 769 |  |  | — |  |  | 769 |
Other revenues | 34 |  |  | — |  |  | — |  |  | 34 |  |  | 1 |  |  | 35 |
Segment revenues | 960 |  |  | 968 |  |  | 769 |  |  | 2,697 |  |  | (50) |  |  | 2,647 |
Contra revenue | (69) |  |  | — |  |  | — |  |  | (69) |  |  | — |  |  | (69) |
Revenues for reimbursed costs | 2,734 |  |  | — |  |  | — |  |  | 2,734 |  |  | — |  |  | 2,734 |
Total revenues | $ | 3,625 |  |  | $ | 968 |  |  | $ | 769 |  |  | $ | 5,362 |  |  | $ | (50) |  |  | $ | 5,312 |
Intersegment revenues | $ | 34 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 50 |  |  |  |  |
| Three Months Ended September 30, 2025 |  |  |
| Management and franchising |  | Owned and leased |  | Distribution |  |  |  |  |
Segment revenues | $ | 310 |  |  | $ | 436 |  |  | $ | 192 |  |  |  |  |  |
Significant segment expenses: |  |  |  |  |  |  |  |  |  |
Adjusted general and administrative expenses | (62) |  |  | (3) |  |  | — |  |  |  |  |  |
Owned and leased expenses (1) | — |  |  | (364) |  |  | — |  |  |  |  |  |
Distribution expenses (2) | — |  |  | — |  |  | (171) |  |  |  |  |  |
Other segment items: |  |  |  |  |  |  |  |  |  |
Other (3) | (22) |  |  | 1 |  |  | — |  |  |  |  |  |
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA | — |  |  | 13 |  |  | — |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 226 |  |  | $ | 83 |  |  | $ | 21 |  |  |  |  |  |
(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 were eliminated in consolidation. |  |  |
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which were 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. |  |  |
| Nine Months Ended September 30, 2025 |  |  |
| Management and franchising |  | Owned and leased |  | Distribution |  |  |  |  |
Segment revenues | $ | 960 |  |  | $ | 968 |  |  | $ | 769 |  |  |  |  |  |
Significant segment expenses: |  |  |  |  |  |  |  |  |  |
Adjusted general and administrative expenses | (194) |  |  | (8) |  |  | — |  |  |  |  |  |
Owned and leased expenses (1) | — |  |  | (831) |  |  | — |  |  |  |  |  |
Distribution expenses (2) | — |  |  | — |  |  | (659) |  |  |  |  |  |
Other segment items: |  |  |  |  |  |  |  |  |  |
Other (3) | (66) |  |  | 3 |  |  | 3 |  |  |  |  |  |
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA | — |  |  | 42 |  |  | — |  |  |  |  |  |
Segment Adjusted EBITDA | $ | 700 |  |  | $ | 174 |  |  | $ | 113 |  |  |  |  |  |
(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 were eliminated in consolidation. |  |  |
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which were 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 September 30, 2024
| Management and franchising |  | Owned and leased |  | Distribution |  | Segment Total |  | Eliminations |  | Total
Base management fees | $ | 105 |  |  | $ | — |  |  | $ | — |  |  | $ | 105 |  |  | $ | (8) |  |  | $ | 97 |
Incentive management fees | 53 |  |  | — |  |  | — |  |  | 53 |  |  | (1) |  |  | 52 |
Franchise and other fees | 121 |  |  | — |  |  | — |  |  | 121 |  |  | (2) |  |  | 119 |
Gross fees | 279 |  |  | — |  |  | — |  |  | 279 |  |  | (11) |  |  | 268 |
Rooms and packages | — |  |  | 201 |  |  | — |  |  | 201 |  |  | (3) |  |  | 198 |
Food and beverage | — |  |  | 58 |  |  | — |  |  | 58 |  |  | — |  |  | 58 |
Other | — |  |  | 31 |  |  | — |  |  | 31 |  |  | — |  |  | 31 |
Owned and leased | — |  |  | 290 |  |  | — |  |  | 290 |  |  | (3) |  |  | 287 |
Distribution | — |  |  | — |  |  | 221 |  |  | 221 |  |  | — |  |  | 221 |
Other revenues | 12 |  |  | — |  |  | — |  |  | 12 |  |  | 1 |  |  | 13 |
Segment revenues | 291 |  |  | 290 |  |  | 221 |  |  | 802 |  |  | (13) |  |  | 789 |
Contra revenue | (27) |  |  | — |  |  | — |  |  | (27) |  |  | — |  |  | (27) |
Revenues for reimbursed costs | 867 |  |  | — |  |  | — |  |  | 867 |  |  | — |  |  | 867 |
Total revenues | $ | 1,131 |  |  | $ | 290 |  |  | $ | 221 |  |  | $ | 1,642 |  |  | $ | (13) |  |  | $ | 1,629 |
Intersegment revenues | $ | 10 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 13 |  |  |  |  |
| Nine Months Ended September 30, 2024
| Management and franchising |  | Owned and leased |  | Distribution |  | Segment Total |  | Eliminations |  | Total
Base management fees | $ | 321 |  |  | $ | — |  |  | $ | — |  |  | $ | 321 |  |  | $ | (26) |  |  | $ | 295 |
Incentive management fees | 178 |  |  | — |  |  | — |  |  | 178 |  |  | (8) |  |  | 170 |
Franchise and other fees | 345 |  |  | — |  |  | — |  |  | 345 |  |  | (5) |  |  | 340 |
Gross fees | 844 |  |  | — |  |  | — |  |  | 844 |  |  | (39) |  |  | 805 |
Rooms and packages | — |  |  | 598 |  |  | — |  |  | 598 |  |  | (17) |  |  | 581 |
Food and beverage | — |  |  | 222 |  |  | — |  |  | 222 |  |  | — |  |  | 222 |
Other | — |  |  | 107 |  |  | — |  |  | 107 |  |  | — |  |  | 107 |
Owned and leased | — |  |  | 927 |  |  | — |  |  | 927 |  |  | (17) |  |  | 910 |
Distribution | — |  |  | — |  |  | 818 |  |  | 818 |  |  | — |  |  | 818 |
Other revenues | 31 |  |  | — |  |  | 26 |  |  | 57 |  |  | 1 |  |  | 58 |
Segment revenues | 875 |  |  | 927 |  |  | 844 |  |  | 2,646 |  |  | (55) |  |  | 2,591 |
Contra revenue | (56) |  |  | — |  |  | — |  |  | (56) |  |  | — |  |  | (56) |
Revenues for reimbursed costs | 2,511 |  |  | — |  |  | — |  |  | 2,511 |  |  | — |  |  | 2,511 |
Total revenues | $ | 3,330 |  |  | $ | 927 |  |  | $ | 844 |  |  | $ | 5,101 |  |  | $ | (55) |  |  | $ | 5,046 |
Intersegment revenues | $ | 38 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 55 |  |  |  |  |
| Three Months Ended September 30, 2024
| Management and franchising |  | Owned and leased |  | Distribution |  |
Segment revenues | $ | 291 |  |  | $ | 290 |  |  | $ | 221 |  |  |
Significant segment expenses: |  |  |  |  |  |  |
Adjusted general and administrative expenses | (62) |  |  | (2) |  |  | — |  |  |
Owned and leased expenses (1) | — |  |  | (240) |  |  | — |  |  |
Distribution expenses (2) | — |  |  | — |  |  | (183) |  |  |
Other segment items: |  |  |  |  |  |  |
Other (3) | (19) |  |  | 1 |  |  | — |  |  |
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA | — |  |  | 14 |  |  | — |  |  |
Segment Adjusted EBITDA | $ | 210 |  |  | $ | 63 |  |  | $ | 38 |  |  |
(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 were eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which were 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.
| Nine Months Ended September 30, 2024
| Management and franchising |  | Owned and leased |  | Distribution |  |
Segment revenues | $ | 875 |  |  | $ | 927 |  |  | $ | 844 |  |  |
Significant segment expenses: |  |  |  |  |  |  |
Adjusted general and administrative expenses | (185) |  |  | (7) |  |  | (6) |  |  |
Owned and leased expenses (1) | — |  |  | (767) |  |  | — |  |  |
Distribution expenses (2) | — |  |  | — |  |  | (695) |  |  |
Other segment items: |  |  |  |  |  |  |
Other (3) | (55) |  |  | 3 |  |  | (23) |  |  |
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA | — |  |  | 48 |  |  | — |  |  |
Segment Adjusted EBITDA | $ | 635 |  |  | $ | 204 |  |  | $ | 120 |  |  |
(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 were eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which were 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 expenses related to the paid membership program prior to the UVC Transaction recognized in other direct costs and stock-based compensation expense recognized in distribution expenses.
The following table provides a reconciliation of segment Adjusted EBITDA to income (loss) before income taxes:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Management and franchising | $ | 226 |  |  | $ | 210 |  |  | $ | 700 |  |  | $ | 635 |
Owned and leased | 83 |  |  | 63 |  |  | 174 |  |  | 204 |
Distribution | 21 |  |  | 38 |  |  | 113 |  |  | 120 |
Segment Adjusted EBITDA | 330 |  |  | 311 |  |  | 987 |  |  | 959 |
Unallocated overhead expenses | (38) |  |  | (36) |  |  | (120) |  |  | (119) |
Eliminations | (1) |  |  | — |  |  | — |  |  | 1 |
Contra revenue | (34) |  |  | (27) |  |  | (69) |  |  | (56) |
Revenues for reimbursed costs | 903 |  |  | 867 |  |  | 2,734 |  |  | 2,511 |
Reimbursed costs | (905) |  |  | (881) |  |  | (2,756) |  |  | (2,570) |
Stock-based compensation expense (1) | (14) |  |  | (9) |  |  | (59) |  |  | (55) |
Transaction and integration costs | (25) |  |  | (8) |  |  | (130) |  |  | (26) |
Depreciation and amortization | (83) |  |  | (81) |  |  | (245) |  |  | (257) |
Equity earnings (losses) from unconsolidated hospitality ventures | (34) |  |  | (13) |  |  | (40) |  |  | 32 |
Interest expense | (90) |  |  | (50) |  |  | (230) |  |  | (128) |
Gains (losses) on sales of real estate and other | — |  |  | 514 |  |  | (2) |  |  | 1,267 |
Asset impairments | (9) |  |  | (35) |  |  | (23) |  |  | (52) |
Other income (loss), net | (4) |  |  | 70 |  |  | 68 |  |  | 152 |
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA | (13) |  |  | (14) |  |  | (42) |  |  | (48) |
Income (loss) before income taxes | $ | (17) |  |  | $ | 608 |  |  | $ | 73 |  |  | $ | 1,611 |
(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).

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- 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 + Details
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