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Geographic and Business Segment Information
 6 Months Ended
Jun. 30, 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 June 30, 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
June 30,		Year-to-date ended
June 30,		June 30,
2025		December 31,
2024
2025202420252024
United States$1,557 $1,437 $3,133 $2,889 $10,733 $10,852 
Brazil7 5 14 11 30 27 
Canada22 24 33 37 32 27 
Total $1,586 $1,466 $3,180 $2,937 $10,795 $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 June 30, 2025Quarter ended June 30, 2024
Hotel OwnershipTotalHotel OwnershipTotal
Revenues
Rooms$949 $949 $885 $885 
Food and beverage478 478 447 447 
Other159 159 134 134 
Total revenues 1,586 1,586 1,466 1,466 
Expenses
Rooms233 233 214 214 
Food and beverage313 313 286 286 
Other departmental and support expenses375 375 343 343 
Management fees70 70 69 69 
Other property-level expenses107 107 101 101 
Other segment items (1)
(9)(9)(30)(30)
Segment EBITDA497 497 483 483 
Adjustments and reconciling items:
Depreciation and amortization(195)(188)
Corporate and other expenses(25)(29)
Net gain on property insurance settlements— 26 
Interest income7 14 
Interest expense(58)(50)
Other gains22 — 
Equity in earnings of affiliates4 2 
Provision for income taxes(27)(16)
Consolidated Net Income$225 $242 
_____________
(1)Other segment items consist of gain on business interruption proceeds. This amount, combined with net gain on property insurance settlements, make up the amount of net gain on insurance settlements on our consolidated statements of operations.
Year-to-date ended June 30, 2025Year-to-date ended June 30, 2024
Hotel OwnershipTotalHotel OwnershipTotal
Revenues
Rooms$1,887 $1,887 $1,738 $1,738 
Food and beverage981 981 920 920 
Other312 312 279 279 
Total revenues 3,180 3,180 2,937 2,937 
Expenses
Rooms458 458 416 416 
Food and beverage636 636 581 581 
Other departmental and support expenses739 739 677 677 
Management fees139 139 138 138 
Other property-level expenses218 218 205 205 
Other segment items (1)
(19)(19)(40)(40)
Segment EBITDA1,009 1,009 960 960 
Adjustments and reconciling items:
Depreciation and amortization(391)(368)
Corporate and other expenses(56)(56)
Net gain on property insurance settlements— 47 
Interest income15 32 
Interest expense(115)(97)
Other gains26 — 
Equity in earnings of affiliates14 10 
Provision for income taxes(26)(14)
Consolidated Net Income$476 $514 
Capital Expenditures$298 $298 $224 $224 
_____________
(1)Other segment items consist of gain on business interruption proceeds. This amount, combined with net gain on property insurance settlements, make up the amount of net gain on insurance settlements on our consolidated statements of operations.