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Geographic and Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Summary of Revenues and Long-Lived Assets by Geographical Area

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

Summary of Segment Reporting Information, by Segment

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.

X

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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