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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (30) $ 1,352
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 245 257
(Gains) losses on sales of real estate and other 2 (1,267)
Amortization of share awards 61 55
Amortization of operating lease right-of-use assets 25 28
Deferred income taxes (24) (95)
Asset impairments 23 52
Equity (earnings) losses from unconsolidated hospitality ventures 40 (32)
Contra revenue 69 56
(Gains) losses, net on marketable securities (18) 4
Contingent consideration liabilities fair value adjustments (14) (20)
Payments for key money assets (100) (99)
Deferred revenue related to the loyalty program 179 173
Working capital changes and other (392) (66)
Net cash provided by operating activities 66 398
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities and short-term investments (496) (1,321)
Proceeds from marketable securities and short-term investments 772 1,204
Contributions to equity method and other investments (71) (78)
Return of equity method and other investments 10 9
Acquisitions, net of cash acquired (1,274) (28)
Capital expenditures (143) (119)
Issuance of financing receivables (16) (91)
Proceeds from sales of real estate, net of cash disposed 13 1,410
Other investing activities 18 (3)
Net cash provided by (used in) investing activities (1,187) 983
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from debt, net of issuance costs of $15 and $14 for the nine months ended September 30, 2025 and September 30, 2024, respectively 2,684 830
Repayments and repurchases of debt (1,550) (749)
Repurchases of common stock (179) (1,179)
Dividends paid (43) (46)
Payment of withholding taxes for stock-based compensation (24) (41)
Other financing activities (21) 1
Net cash provided by (used in) financing activities 867 (1,184)
Effect of exchange rate changes on cash (13) (11)
Net increase (decrease) in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale (267) 186
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 (317) 189
Cash, cash equivalents, and restricted cash—Beginning of period 1,015 919
Cash, cash equivalents, and restricted cash—End of period 698 1,108
Supplemental disclosure of cash flow information:    
Cash and cash equivalents 697 1,095
Restricted cash 1 9
Restricted cash included in other assets 0 4
Total cash, cash equivalents, and restricted cash 698 1,108
Cash paid during the period for interest 194 115
Cash paid during the period for income taxes, net 182 121
Cash paid for amounts included in the measurement of operating lease liabilities 33 34
Non-cash investing and financing activities:    
Non-cash right-of-use assets obtained in exchange for operating lease liabilities 10 13
Non-cash contributions to equity method and other investments (Note 4) 0 223
Non-cash issuance of financing receivables (Note 7) 0 129
Non-cash purchase consideration for the Playa Hotels Acquisition (Note 7) 13 0
Non-cash extinguishment of convertible debt security (Note 4) $ 30 $ 0