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Geographic and Business Segment Information
 9 Months Ended
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 RevenuesProperty and Equipment, net
Quarter ended
September 30,		Year-to-date ended
September 30,		September 30,
2025		December 31,
2024
2025202420252024
United States$1,303 $1,294 $4,436 $4,183 $10,608 $10,852 
Brazil6 6 20 17 31 27 
Canada22 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, 2025Quarter ended September 30, 2024
Hotel OwnershipTotalHotel OwnershipTotal
Revenues
Rooms$826 $826 $825 $825 
Food and beverage364 364 365 365 
Other141 141 129 129 
Total revenues 1,331 1,331 1,319 1,319 
Expenses
Rooms222 222 216 216 
Food and beverage278 278 267 267 
Other departmental and support expenses357 357 345 345 
Management fees52 52 55 55 
Other property-level expenses103 103 108 108 
Other segment items (1)
(5)(5)— — 
Segment EBITDA324 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 income7 11 
Interest expense(60)(59)
Other gains122 1 
Equity in earnings of affiliates2 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, 2025Year-to-date ended September 30, 2024
Hotel OwnershipTotalHotel OwnershipTotal
Revenues
Rooms$2,713 $2,713 $2,563 $2,563 
Food and beverage1,345 1,345 1,285 1,285 
Other453 453 408 408 
Total revenues 4,511 4,511 4,256 4,256 
Expenses
Rooms680 680 632 632 
Food and beverage914 914 848 848 
Other departmental and support expenses1,096 1,096 1,022 1,022 
Management fees191 191 193 193 
Other property-level expenses321 321 313 313 
Other segment items (1)
(24)(24)(40)(40)
Segment EBITDA1,333 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 income22 43 
Interest expense(175)(156)
Other gains148 1 
Equity in earnings of affiliates16 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.