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Geographic and Business Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Geographic and Business Segment Information Geographic and Business Segment Information
Our chief operating decision maker ("CODM") is our chief executive officer. We consider each one of our hotels to be an operating segment, as we allocate resources and assess operating performance based on individual hotels. All of our hotels meet the aggregation criteria for segment reporting and our other real estate investment activities (primarily our equity method investments, retail spaces and office buildings) are immaterial. As such, we report one segment: hotel ownership. Our consolidated foreign operations consist of hotels in two countries as of March 31, 2025. There were no intersegment sales during the periods presented.
The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions):
Total RevenuesProperty and Equipment, net
Quarter ended March 31,March 31,
2025		December 31,
2024
20252024
United States$1,576 $1,452 $10,804 $10,852 
Brazil7 6 29 27 
Canada11 13 29 27 
Total $1,594 $1,471 $10,862 $10,906 
The CODM's primary measure of performance for our reportable segment is Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA"). The CODM uses EBITDA to analyze how profitable a hotel is, including reviewing how each department at the hotel performed, in comparison to budget and in comparison to prior year performance, when making capital allocation decisions. We do not allocate corporate level income and expenses to segments. Our CODM does not use asset book values in assessing performance or allocating resources for our operating segments and therefore this information is not disclosed.
The following table presents revenues, significant expenses, and EBITDA for our reportable segment (in millions):
Quarter ended March 31, 2025Quarter ended March 31, 2024
Hotel OwnershipTotalHotel OwnershipTotal
Revenues
Rooms$938 $938 $853 $853 
Food and beverage503 503 473 473 
Other153 153 145 145 
Total revenues 1,594 1,594 1,471 1,471 
Expenses
Rooms225 225 202 202 
Food and beverage323 323 295 295 
Other departmental and support expenses364 364 334 334 
Management fees69 69 69 69 
Other property-level expenses111 111 104 104 
Other segment items (1)
(10)(10)(10)(10)
Segment EBITDA512 512 477 477 
Adjustments and reconciling items:
Depreciation and amortization(196)(180)
Corporate and other expenses(31)(27)
Net gain on property insurance settlements— 21 
Interest income8 18 
Interest expense(57)(47)
Other gains4 — 
Equity in earnings of affiliates10 8 
Benefit for income taxes1 2 
Consolidated Net Income$251 $272 
Capital Expenditures$146 $146 $103 $103 
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(1)Other segment items consist of gain on business interruption proceeds for the first quarters of 2025 and 2024. This amount, combined with net gain on property insurance settlements, make up the amount of net gain on insurance settlements on our unaudited condensed consolidated statements of operations.