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RECEIVABLES | 9 Months Ended
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Sep. 30, 2025
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
RECEIVABLES | RECEIVABLES Receivables At September 30, 2025 and December 31, 2024, we had $930 million and $1,121 million, respectively, of net receivables recorded on our condensed consolidated balance sheets. The following table summarizes the activity in our receivables allowance for credit losses:
| 2025 |  | 2024 |  |
Allowance at January 1 | $ | 62 |  |  | $ | 50 |  |  |
Provisions (reversals), net | 9 |  |  | 3 |  |  |
Write-offs | (3) |  |  | (4) |  |  |
Allowance at June 30 | $ | 68 |  |  | $ | 49 |  |  |
Provisions (reversals), net | 4 |  |  | 5 |  |  |
Write-offs | (1) |  |  | (1) |  |  |
Allowance at September 30 | $ | 71 |  |  | $ | 53 |  |  |
Financing Receivables
| September 30, 2025 |  | December 31, 2024
Secured financing to hotel owners | $ | 162 |  |  | $ | 150 |
Unsecured financing to hotel owners and unconsolidated hospitality ventures (1) | 344 |  |  | 295 |
Total financing receivables | $ | 506 |  |  | $ | 445 |
Less: current portion of financing receivables included in receivables, net | (10) |  |  | (41) |
Less: allowance for credit losses (2) | (37) |  |  | (36) |
Total long-term financing receivables, net of allowances | $ | 459 |  |  | $ | 368 |
(1) Includes a $38 million and $35 million loan, net of a $12 million and $15 million unamortized discount, at September 30, 2025 and December 31, 2024, respectively, related to seller financing issued in conjunction with the sale of an undeveloped land parcel (see Note 7). Accretion of the discount was recognized in interest income within other income (loss), net on our condensed consolidated statements of income (loss) (see Note 19) and was based on an imputed interest rate of approximately 9.5%.
(2) At both September 30, 2025 and December 31, 2024, there was no allowance for credit losses recorded for secured financing to hotel owners.
Allowance for Credit Losses—The following table summarizes the activity in our unsecured financing receivables allowance for credit losses:
| 2025 |  | 2024 |  |
Allowance at January 1 | $ | 36 |  |  | $ | 42 |  |  |
Provisions (reversals), net | 6 |  |  | — |  |  |
Foreign currency exchange, net | 1 |  |  | (1) |  |  |
Write-offs | — |  |  | (3) |  |  |
Allowance at June 30 | $ | 43 |  |  | $ | 38 |  |  |
Write-offs | (5) |  |  | — |  |  |
Provisions (reversals), net | (1) |  |  | 1 |  |  |
Allowance at September 30 | $ | 37 |  |  | $ | 39 |  |  |
Credit Monitoring—Our unsecured financing receivables were as follows:
| September 30, 2025
| Gross loan balance (principal and interest) |  | Related allowance |  | Net financing receivables |  | Gross receivables on nonaccrual status
Loans | $ | 254 |  |  | $ | (33) |  |  | $ | 221 |  |  | $ | 21 |
Other financing arrangements | 90 |  |  | (4) |  |  | 86 |  |  | — |
Total unsecured financing receivables | $ | 344 |  |  | $ | (37) |  |  | $ | 307 |  |  | $ | 21 |
| December 31, 2024
| Gross loan balance (principal and interest) |  | Related allowance |  | Net financing receivables |  | Gross receivables on nonaccrual status
Loans | $ | 259 |  |  | $ | (33) |  |  | $ | 226 |  |  | $ | 20 |
Other financing arrangements | 36 |  |  | (3) |  |  | 33 |  |  | — |
Total unsecured financing receivables | $ | 295 |  |  | $ | (36) |  |  | $ | 259 |  |  | $ | 20 |
Fair Value—We estimated the fair value of financing receivables to be approximately $502 million and $440 million at September 30, 2025 and December 31, 2024, respectively. The fair values, which are classified as Level Three in the fair value hierarchy, were estimated using discounted future cash flow models. The principal inputs used are projected future cash flows and the discount rate, which is generally the effective interest rate of the loan.

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