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Geographic and Business Segment Information | 9 Months Ended
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Sep. 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 September 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 Revenues |  | Property and Equipment, net
| Quarter ended September 30, |  | Year-to-date ended September 30, |  | September 30, 2025 |  | December 31, 2024
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
United States | $ | 1,303 |  |  | $ | 1,294 |  |  | $ | 4,436 |  |  | $ | 4,183 |  |  | $ | 10,608 |  |  | $ | 10,852 |
Brazil | 6 |  |  | 6 |  |  | 20 |  |  | 17 |  |  | 31 |  |  | 27 |
Canada | 22 |  |  | 19 |  |  | 55 |  |  | 56 |  |  | 31 |  |  | 27 |
Total | $ | 1,331 |  |  | $ | 1,319 |  |  | $ | 4,511 |  |  | $ | 4,256 |  |  | $ | 10,670 |  |  | $ | 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 September 30, 2025 |  | Quarter ended September 30, 2024
|  | Hotel Ownership |  | Total |  | Hotel Ownership |  | Total
Revenues |  |  |  |  |  |  |  |
Rooms |  | $ | 826 |  |  | $ | 826 |  |  | $ | 825 |  |  | $ | 825 |
Food and beverage |  | 364 |  |  | 364 |  |  | 365 |  |  | 365 |
Other |  | 141 |  |  | 141 |  |  | 129 |  |  | 129 |
Total revenues |  | 1,331 |  |  | 1,331 |  |  | 1,319 |  |  | 1,319 |
Expenses |  |  |  |  |  |  |  |
Rooms |  | 222 |  |  | 222 |  |  | 216 |  |  | 216 |
Food and beverage |  | 278 |  |  | 278 |  |  | 267 |  |  | 267 |
Other departmental and support expenses |  | 357 |  |  | 357 |  |  | 345 |  |  | 345 |
Management fees |  | 52 |  |  | 52 |  |  | 55 |  |  | 55 |
Other property-level expenses |  | 103 |  |  | 103 |  |  | 108 |  |  | 108 |
Other segment items (1) |  | (5) |  |  | (5) |  |  | — |  |  | — |
Segment EBITDA |  | 324 |  |  | 324 |  |  | 328 |  |  | 328 |
Adjustments and reconciling items: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  | (196) |  |  |  |  | (197) |
Corporate and other expenses |  |  |  | (27) |  |  |  |  | (25) |
Net gain on property insurance settlements |  |  |  | — |  |  |  |  | 29 |
Interest income |  |  |  | 7 |  |  |  |  | 11 |
Interest expense |  |  |  | (60) |  |  |  |  | (59) |
Other gains |  |  |  | 122 |  |  |  |  | 1 |
Equity in earnings of affiliates |  |  |  | 2 |  |  |  |  | 2 |
Provision for income taxes |  |  |  | (9) |  |  |  |  | (6) |
Consolidated Net Income |  |  |  | $ | 163 |  |  |  |  | $ | 84 |
_____________ (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 September 30, 2025 |  | Year-to-date ended September 30, 2024
|  | Hotel Ownership |  | Total |  | Hotel Ownership |  | Total
Revenues |  |  |  |  |  |  |  |
Rooms |  | $ | 2,713 |  |  | $ | 2,713 |  |  | $ | 2,563 |  |  | $ | 2,563 |
Food and beverage |  | 1,345 |  |  | 1,345 |  |  | 1,285 |  |  | 1,285 |
Other |  | 453 |  |  | 453 |  |  | 408 |  |  | 408 |
Total revenues |  | 4,511 |  |  | 4,511 |  |  | 4,256 |  |  | 4,256 |
Expenses |  |  |  |  |  |  |  |
Rooms |  | 680 |  |  | 680 |  |  | 632 |  |  | 632 |
Food and beverage |  | 914 |  |  | 914 |  |  | 848 |  |  | 848 |
Other departmental and support expenses |  | 1,096 |  |  | 1,096 |  |  | 1,022 |  |  | 1,022 |
Management fees |  | 191 |  |  | 191 |  |  | 193 |  |  | 193 |
Other property-level expenses |  | 321 |  |  | 321 |  |  | 313 |  |  | 313 |
Other segment items (1) |  | (24) |  |  | (24) |  |  | (40) |  |  | (40) |
Segment EBITDA |  | 1,333 |  |  | 1,333 |  |  | 1,288 |  |  | 1,288 |
Adjustments and reconciling items: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  | (587) |  |  |  |  | (565) |
Corporate and other expenses |  |  |  | (83) |  |  |  |  | (81) |
Net gain on property insurance settlements |  |  |  | — |  |  |  |  | 76 |
Interest income |  |  |  | 22 |  |  |  |  | 43 |
Interest expense |  |  |  | (175) |  |  |  |  | (156) |
Other gains |  |  |  | 148 |  |  |  |  | 1 |
Equity in earnings of affiliates |  |  |  | 16 |  |  |  |  | 12 |
Provision for income taxes |  |  |  | (35) |  |  |  |  | (20) |
Consolidated Net Income |  |  |  | $ | 639 |  |  |  |  | $ | 598 |
Capital Expenditures |  | $ | 454 |  |  | $ | 454 |  |  | $ | 375 |  |  | $ | 375 |
_____________ (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.

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- Definition The entire disclosure for reporting segments including data and tables. 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