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SEGMENT INFORMATION (Tables)

9 Months Ended

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).

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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- References

No definition available.

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