Park Hotels & Resorts (PK) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	PK
Entity Registrant Name	Park Hotels & Resorts Inc.
Entity Central Index Key	0001617406
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		236,479,179
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-37795
Entity Tax Identification Number	36-2058176
Entity Address, Address Line One	1775 Tysons Boulevard
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Tysons
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	571
Local Phone Number	302-5757

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Property and equipment, net	$ 8,549	$ 9,193
Investments in affiliates	14	14
Intangibles, net	44	45
Cash and cash equivalents	772	951
Restricted cash	70	30
Accounts receivable, net of allowance for doubtful accounts of $2 and $3	62	26
Prepaid expenses	34	39
Other assets	34	60
Operating lease right-of-use assets	215	229
TOTAL ASSETS (variable interest entities - $239 and $229)	9,794	10,587
Liabilities
Debt	4,670	5,121
Accounts payable and accrued expenses	204	147
Due to hotel managers	96	88
Deferred income tax liabilities	9	10
Other liabilities	115	134
Operating lease liabilities	232	244
Total liabilities (variable interest entities - $218 and $213)	5,326	5,744
Commitments and contingencies - refer to Note 13
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 236,884,447 shares issued and 236,479,696 shares outstanding as of September 30, 2021 and 236,217,344 shares issued and 235,915,749 shares outstanding as of December 31, 2020	2	2
Additional paid-in capital	4,529	4,519
(Accumulated deficit) retained earnings	(16)	376
Accumulated other comprehensive loss	0	(4)
Total stockholders' equity	4,515	4,893
Noncontrolling interests	(47)	(50)
Total equity	4,468	4,843
TOTAL LIABILITIES AND EQUITY	$ 9,794	$ 10,587

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts receivable	$ 2	$ 3
Total assets	9,794	10,587
Total liabilities	$ 5,326	$ 5,744
Common stock, par value (per share)	$ 0.01	$ 0.01
Common stock, authorized shares	6,000,000,000	6,000,000,000
Common stock, issued shares	236,884,447	236,217,344
Common stock, outstanding shares	236,479,696	235,915,749
Consolidated VIEs [Member]
Total assets	$ 239	$ 229
Total liabilities	$ 218	$ 213

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Total revenues		$ 423	$ 98	$ 911	$ 739
Operating expenses
Other property-level		51	84	151	200
Management fees		19	2	40	27
Impairment and casualty loss, net		2	2	7	696
Depreciation and amortization		68	75	213	225
Corporate general and administrative		14	13	48	42
Acquisition costs		0	9	0	10
Other		14	6	34	31
Total expenses		426	303	1,087	1,844
(Loss) gain on sales of assets, net		(11)	(1)	(5)	62
Operating loss		(14)	(206)	(181)	(1,043)
Interest income		0	0	0	2
Interest expense		(66)	(59)	(195)	(149)
Equity in losses from investments in affiliates		0	(7)	(6)	(16)
Other loss, net		(5)	(3)	(7)	(6)
Loss before income taxes		(85)	(275)	(389)	(1,212)
Income tax benefit (expense)		3	(1)	2	(14)
Net loss		(82)	(276)	(387)	(1,226)
Net (income) loss attributable to noncontrolling interests		(4)	0	(5)	3
Net loss attributable to stockholders		(86)	(276)	(392)	(1,223)
Other comprehensive income (loss) net of tax expense:
Currency translation adjustment, net of tax expense of $0		0	1	0	4
Change in fair value of interest rate swap, net of tax expense of $0		1	0	2	(6)
Loss from interest rate swap reclassified into earnings		2	0	2	0
Total other comprehensive income (loss)		3	1	4	(2)
Comprehensive loss		(79)	(275)	(383)	(1,228)
Comprehensive loss attributable to noncontrolling interests		(4)		(5)	3
Comprehensive loss attributable to stockholders		$ (83)	$ (275)	$ (388)	$ (1,225)
Loss per share:
Loss per share - Basic	[1]	$ (0.36)	$ (1.17)	$ (1.66)	$ (5.19)
Loss per share - Diluted	[1]	$ (0.36)	$ (1.17)	$ (1.66)	$ (5.19)
Weighted average shares outstanding - Basic		236	235	236	236
Weighted average shares outstanding - Diluted		236	235	236	236
Rooms [Member]
Revenues
Total revenues		$ 274	$ 70	$ 587	$ 453
Operating expenses
Expenses		76	30	170	162
Food and Beverage [Member]
Revenues
Total revenues		76	10	152	174
Operating expenses
Expenses		63	18	126	155
Ancillary Hotel [Member]
Revenues
Total revenues		58	15	137	87
Other [Member]
Revenues
Total revenues		15	3	35	25
Other Departmental and Support [Member]
Operating expenses
Expenses		$ 119	$ 64	$ 298	$ 296
[1]	Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 0	$ 0	$ 0
Change in fair value of interest rate swap, tax	$ 0	$ 0	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities:
Net loss	$ (387)	$ (1,226)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	213	225
Loss (gain) on sales of assets, net	5	(62)
Impairment and casualty loss, net	7	696
Equity in losses from investments in affiliates	6	16
Other loss, net	7	6
Share-based compensation expense	15	10
Amortization of deferred financing costs	9	6
Distributions from unconsolidated affiliates	0	5
Deferred Income Taxes	(1)	2
Changes in operating assets and liabilities	31	48
Net cash used in operating activities	(95)	(274)
Investing Activities:
Capital expenditures for property and equipment	(28)	(70)
Proceeds from asset dispositions, net	454	207
Contributions to unconsolidated affiliates	(5)	(2)
Insurance proceeds for property damage claims	4	1
Net cash provided by investing activities	425	136
Financing Activities:
Borrowings from credit facilities	0	1,000
Repayments of credit facilities	(1,193)	(1,099)
Proceeds from issuance of Senior Secured Note	750	1,376
Proceeds from Issuance of Mortgage Debt	14	0
Repayments of mortgage debt	(18)	(4)
Debt issuance costs	(15)	(39)
Dividends paid	0	(241)
Distributions to noncontrolling interests, net	(2)	(1)
Tax withholdings on share-based compensation	(5)	(5)
Repurchase of common stock	0	(66)
Net cash (used in) provided by financing activities	(469)	921
Net (decrease) increase in cash and cash equivalents and restricted cash	(139)	783
Cash and cash equivalents and restricted cash, beginning of period	981	386
Cash and cash equivalents and restricted cash, end of period	$ 842	$ 1,169

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Non-Controlling Interests [Member]
Balance at Dec. 31, 2019		$ 6,451	$ 2	$ 4,575	$ 1,922	$ (3)	$ (45)
Balance (shares) at Dec. 31, 2019			239,000,000
Share-based compensation, net		(4)		(5)	1
Net loss		(689)			(688)		(1)
Other comprehensive income (loss)		(2)				(2)
Dividends and dividend equivalents	[1]	(106)			(106)
Distributions to noncontrolling interests		(1)					(1)
Repurchase of common stock		(66)		(66)
Repurchases of common stock (Shares)			(4,000,000)
Balance at Mar. 31, 2020		5,583	$ 2	4,504	1,129	(5)	(47)
Balance (shares) at Mar. 31, 2020			235,000,000
Balance at Dec. 31, 2019		6,451	$ 2	4,575	1,922	(3)	(45)
Balance (shares) at Dec. 31, 2019			239,000,000
Net loss		(1,226)
Other comprehensive income (loss)		(2)
Balance at Sep. 30, 2020		5,055	$ 2	4,512	595	(5)	(49)
Balance (shares) at Sep. 30, 2020			236,000,000
Balance at Mar. 31, 2020		5,583	$ 2	4,504	1,129	(5)	(47)
Balance (shares) at Mar. 31, 2020			235,000,000
Share-based compensation, net		5		4	1
Share-based compensation, net (Shares)			1,000,000
Net loss		(261)			(259)		(2)
Other comprehensive income (loss)		1				(1)
Balance at Jun. 30, 2020		5,326	$ 2	4,508	871	(6)	(49)
Balance (shares) at Jun. 30, 2020			236,000,000
Share-based compensation, net		4		4
Net loss		(276)			(276)
Other comprehensive income (loss)		1				1
Balance at Sep. 30, 2020		5,055	$ 2	4,512	595	(5)	(49)
Balance (shares) at Sep. 30, 2020			236,000,000
Balance at Dec. 31, 2020		$ 4,843	$ 2	4,519	376	(4)	(50)
Balance (shares) at Dec. 31, 2020		235,915,749	236,000,000
Share-based compensation, net				1	(1)
Net loss		$ (191)			(190)		(1)
Other comprehensive income (loss)		1				1
Balance at Mar. 31, 2021		4,653	$ 2	4,520	185	(3)	(51)
Balance (shares) at Mar. 31, 2021			236,000,000
Balance at Dec. 31, 2020		$ 4,843	$ 2	4,519	376	(4)	(50)
Balance (shares) at Dec. 31, 2020		235,915,749	236,000,000
Net loss		$ (387)
Other comprehensive income (loss)		4
Balance at Sep. 30, 2021		$ 4,468	$ 2	4,529	(16)		(47)
Balance (shares) at Sep. 30, 2021		236,479,696	236,000,000
Balance at Mar. 31, 2021		$ 4,653	$ 2	4,520	185	(3)	(51)
Balance (shares) at Mar. 31, 2021			236,000,000
Share-based compensation, net		6		5	1
Net loss		(114)			(116)		2
Balance at Jun. 30, 2021		4,545	$ 2	4,525	70	(3)	(49)
Balance (shares) at Jun. 30, 2021			236,000,000
Share-based compensation, net		4		4
Net loss		(82)			(86)		4
Other comprehensive income (loss)		3				3
Distributions to noncontrolling interests		(2)					(2)
Balance at Sep. 30, 2021		$ 4,468	$ 2	$ 4,529	$ (16)		$ (47)
Balance (shares) at Sep. 30, 2021		236,479,696	236,000,000
[1]	Dividends declared per common share were $ 0.45 for the three months ended March 31, 2020.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement Of Stockholders Equity [Abstract]
Dividends declared per common share	$ 0.45

Organization and Recent Events

Organization and Recent Events	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Organization and Recent Events	Note 1 : Organization and Recent Events Organization Park Hotels & Resorts Inc. (“we,” “us,” “our” or the “Company”) is a Delaware corporation that owns a portfolio of premium-branded hotels and resorts primarily located in prime city center and resort locations. On January 3, 2017, Hilton Worldwide Holdings Inc. (“Hilton”) completed the spin-off of a portfolio of hotels and resorts that established Park Hotels & Resorts Inc. as an independent, publicly traded company. On May 5, 2019, the Company, PK Domestic Property LLC, an indirect subsidiary of the Company (“PK Domestic”), and PK Domestic Sub LLC, a wholly-owned subsidiary of PK Domestic (“Merger Sub”) entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with Chesapeake Lodging Trust (“Chesapeake”). On September 18, 2019, pursuant to the terms and subject to the conditions set forth in the Merger Agreement, Chesapeake merged with and into Merger Sub (the “Merger”) and each of Chesapeake’s common shares of beneficial interest, $ 0.01 par value per share, was converted into $ 11.00 in cash and 0.628 of a share of our common stock. No fractional shares of our common stock were issued in the Merger. The value of any fractional interests to which a Chesapeake shareholder would otherwise have been entitled was paid in cash. We are a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. We have been organized and operated, and we expect to continue to be organized and operate, in a manner to qualify as a REIT. From the date of our spin-off from Hilton, Park Intermediate Holdings LLC (our “Operating Company”), directly or indirectly, has held all our assets and has conducted all of our operations. We own 100 % of the interests in our Operating Company. COVID-19 Update The novel strain of coronavirus and the disease it causes (“COVID-19”) have had and continue to have a significant effect on the hospitality industry and our business. The effects of COVID-19, including government restrictions such as mandated closings of non-essential businesses and travel restrictions, have severely reduced overall lodging demand. Since the beginning of March 2020, we have experienced a significant decline in occupancy and Revenue per Available Room (“RevPAR”) associated with COVID-19 throughout our portfolio, which resulted in a decline in our operating cash flow. The increase in vaccination rates across the country and the easing or removal of government restrictions, quarantining and “social distancing” mandates have resulted in increased travel and hospitality spending during the second and third quarters of 2021. However, the seasonal decline in leisure travel and the delay in return of business travel, coupled with concerns over the spread of the Delta variant, have reduced near-term demand. We and our hotel managers have taken various actions to mitigate the effects of COVID-19, including temporarily suspending operations at certain of our hotels beginning in March 2020, limiting capacity at our open hotels, deferring approximately $ 150 million of capital expenditures planned for 2020, reducing forecasted capital expenditures for maintenance projects to approximately $ 56 million for 2021, suspending our dividend after the first quarter of 2020, and, as a precautionary measure to increase liquidity and preserve financial flexibility, drawing on our revolving credit facility (“Revolver”) and completing three corporate bond offerings totaling $ 2.1 billion in 2020 and 2021. We have since commenced a phased reopening of all except two of our hotels as restrictions are removed and demand returns. The timing of fully reopening our remaining suspended hotels will depend primarily on government restrictions imposed or re-imposed, recommendations of health officials and market demand. We are committed to using our liquidity to support our hotels’ operations during the COVID-19 pandemic and subsequent recovery, while being focused on continuing to maintain and enhance our stockholders’ value.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2: Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Principles of Consolidation The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All significant intercompany transactions and balances within the financial statements have been eliminated. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance. Summary of Significant Accounting Policies Our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021, contains a discussion of the significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2020.

Dispositions and Acquisitions

Dispositions and Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Dispositions and Acquisitions	Note 3 : Dispositions and Acquisitions Dispositions During the nine months ended September 30, 2021, we sold the five consolidated hotels listed in the table below, received total gross proceeds of approximately $ 477 million and recognized a net $ 5 million los s due to selling costs, which is included in ( loss) gain on sales of assets, net in our condensed consolidated statements of comprehensive loss. In addition, we recognized a $ 5 million impairment loss from the classification of the Hotel Adagio, Autograph Collection, as held for sale at June 30, 2021, as the selling costs reduced the gross proceeds to less than the net book value of the property, which is included in impairment and casualty loss, net in our condensed consolidated statements of comprehensive loss. Hotel Location Month Sold W New Orleans – French Quarter New Orleans, Louisiana April 2021 Hotel Indigo San Diego Gaslamp Quarter (1) San Diego, California June 2021 Courtyard Washington Capitol Hill Navy Yard (1) Washington, D.C. June 2021 Hotel Adagio, Autograph Collection San Francisco, California July 2021 Le Meridien San Francisco San Francisco, California August 2021 (1) Sold as a portfolio in the same transaction. Net proceeds from the sales of these hotels were used to repay $ 37 million under the Revolver, which currently has no remaining balance outstanding, and partially repay $ 419 million of our term loan facility due in 2024 (“2019 Term Facility”). In February 2020, we sold the Embassy Suites Washington DC Georgetown and our interests in the entity that owns the Hilton São Paulo Morumbi for total gross proceeds of $ 208 million and recognized a gain, net of selling costs, of $ 64 million on these hotels, which is included in (loss) gain on sales of assets, net in our condensed consolidated statements of comprehensive loss. Additionally, the net gain includes the reclassification of a currency translation adjustment of $ 7 million from accumulated other comprehensive loss into earnings concurrent with the sale of the Hilton São Paulo Morumbi. Acquisitions For the three months ended September 30, 2020, we incurred an additional $ 9 million in acquisition costs in connection with the September 2019 Merger Agreement with Chesapeake, primarily related to transfer taxes based on new information received during the period, which is included in acquisition costs in our condensed consolidated statements of comprehensive loss.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment	Note 4 : Property and Equipment Property and equipment were: September 30, 2021 December 31, 2020 (in millions) Land $ 3,333 $ 3,429 Buildings and leasehold improvements 6,600 6,951 Furniture and equipment 1,000 1,042 Construction-in-progress 63 52 10,996 11,474 Accumulated depreciation and amortization ( 2,447 ) ( 2,281 ) $ 8,549 $ 9,193 Depreciation of property and equipment was $ 68 million and $ 75 million during the three months ended September 30, 2021 and 2020, respectively, and $ 212 million and $ 224 million during the nine months ended September 30, 2021 and 2020, respectively. For the nine months ended September 30, 2021 , we recognized $ 5 million of impairment losses related to one of our hotels, which was classified as held for sale as of June 30, 2021, and subsequently sold in July 2021, as the estimated selling costs were expected to reduce the gross proceeds below the net book value of the property. For the nine months ended September 30, 2020 , we recognized $ 90 million of impairment losses, primarily related to one of our hotels, and our inability to recover the carrying value of the asset because of COVID-19.

Consolidated Variable Interest

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	9 Months Ended
	Sep. 30, 2021
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	Note 5 : Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates Consolidated VIEs We consolidate VIEs that own three hotels in the U.S. We are the primary beneficiary of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our VIEs are only available to settle the obligations of these entities. Our condensed consolidated balance sheets include the following assets and liabilities of these entities: September 30, 2021 December 31, 2020 (in millions) Property and equipment, net $ 211 $ 216 Cash and cash equivalents 19 8 Restricted cash 4 2 Accounts receivable, net 4 1 Prepaid expenses 1 1 Other assets — 1 Debt 208 207 Accounts payable and accrued expenses 7 5 Other liabilities 3 1 Unconsolidated Entities Investments in affiliates were: Ownership % September 30, 2021 December 31, 2020 (in millions) Hilton San Diego Bayfront 25 % $ 11 $ 11 All others (6 hotels) (1) 20 % - 50 % 3 3 $ 14 $ 14 (1) The ground lease for the Embassy Suites Secaucus Meadowla nds expired on October 31, 2021 and the property was turned over to the ground lessor on that date. The affiliates in which we own investments accounted for under the equity method had total debt of approximately $ 943 million as of September 30, 2021 and December 31, 2020 , respectively. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	Note 6 : Goodwill Due to the effects of COVID-19, we assessed goodwill for impairment during the first quarter of 2020 and determined that the carrying value of our consolidated and unconsolidated hotel reporting units exceeded their respective estimated fair value. As a result, we fully impaired our remaining goodwill balance, recognizing an impairment loss of $ 607 million in the first quarter of 2020.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Note 7 : Debt Debt balances and associated interest rates as of September 30, 2021 were: Principal balance as of Interest Rate Maturity Date September 30, 2021 December 31, 2020 (in millions) SF CMBS Loan (1) 4.11 % November 2023 $ 725 $ 725 HHV CMBS Loan (1) 4.20 % November 2026 1,275 1,275 Mortgage loans Average rate of 4.81 % 2022 to 2026 (2)(3) 505 509 2019 Term Facility (4) L + 2.65 % August 2024 78 670 Revolver (4) L + 3.00 % 2021 to 2023 (5) — 601 2025 Senior Secured Notes (6) 7.50 % June 2025 650 650 2028 Senior Secured Notes (6) 5.88 % October 2028 725 725 2029 Senior Secured Notes 4.88 % May 2029 750 — Finance lease obligations 3.07 % 2021 to 2022 — 1 4,708 5,156 Add: unamortized premium 3 3 Less: unamortized deferred financing costs and ( 41 ) ( 38 ) $ 4,670 $ 5,121 (1) In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV CMBS Loan”). (2) Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but is callable by the lender beginning August 2022 . (3) In June 2021, our joint v enture repaid the $ 12 million loan secured by the Doubletree Spokane with proceeds from a $ 14 million loan with a maturity date of July 1, 2026 . Additionally, in January 2021, we ceased making debt service payments toward the $ 75 million mortgage loan secured by the W Chicago City Center, and we have received a notice of an event of default. The default interest rate on the loan is 8.25 % and the stated rate is 4.25 %. While we hope to negotiate an amendment with the lender, there can be no assurances that an agreement will be reached. (4) In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points . Net proceeds from asset sales during the nine months ended September 30, 2021 and the 2029 Senior Secured Notes were used to repay the outstanding balance under the Revolver and a portion of the 2019 Term Facility. Refer to Note 3: “Dispositions and Acquisitions ” for additional information. (5) In September 2020, we inc reased our aggregate commitments under the Revolver by $ 75 million to $ 1.075 billion and extended the maturity date with respect to $ 901 million of the aggregate commitments for two years to December 2023 , including all $ 75 million of the increased Revolver commitments. The maturity date for the remaining $ 174 million of commitments under the Revolver is December 2021 . (6) In May and September 2020, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 650 million of senior secured notes due 2025 (“2025 Senior Secured Notes”) and an aggregate of $ 725 million of senior secured notes due 2028 (“2028 Senior Secured Notes”), respectively (collectively with the 2029 Senior Secured Notes, the “Senior Secured Notes”). We are required to deposit with lenders certain cash reserves for restricted uses. As of September 30, 2021 and December 31, 2020, our condensed consolidated balance sheets i ncluded $ 56 million and $ 10 million of restricted cash, respectively, related to our CMBS and mortgage loans. 2029 Senior Secured Notes In May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 750 million of 2029 Senior Secured Notes. Net proceeds were used to repay $ 564 million of our outstanding balance under the Revolver, which may be redrawn, and $ 173 million of the 2019 Term Facility. The 2029 Senior Secured Notes bear interest at a rate of 4.875 % per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning November 15, 2021. The 2029 Senior Secured Notes will mature on May 15, 2029 . We capitalized $ 13 million of issuance costs during the nine months ended September 30, 2021. We may redeem the 2029 Senior Secured Notes at any time prior to May 15, 2024 , in whole or in part, at a redemption price equal to 100 % of the principal amount thereof plus accrued and unpaid interest, if any, to the redemption date plus a make-whole premium. On or after May 15, 2024, we may redeem the 2029 Senior Secured Notes, in whole or in part, at the applicable redemption prices set forth in the indenture. On or after May 15, 2026 , we may redeem the 2029 Senior Secured Notes at 100 % of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, before May 15, 2024, we may redeem up to 40 % of the 2029 Senior Secured Notes with the net cash proceeds from certain equity offerings at a redemption price of 104.875 % of the principal amount redeemed. Indentures The 2029 Senior Secured Notes are guaranteed by us and by the subsidiaries of our Operating Company that also guarantee indebtedness under our credit facilities, which guarantors also guarantee the obligations under the Company’s Senior Secured Notes on a first priority basis. The guarantees are full and unconditional and joint and several. The 2029 Senior Secured Notes are secured, subject to permitted liens, by a first priority security interest in all of the capital stock of certain wholly-owned subsidiaries of certain of the guarantors and PK Domestic, which collateral also secures the obligations under our credit and term loan facilities on a first priority basis. The indenture governing the 2029 Senior Secured Notes contains customary covenants that limit the issuers’ ability and, in certain instances, the ability of the issuers’ subsidiaries, to borrow money, create liens on assets, make distributions and pay dividends on or redeem or repurchase stock, make certain types of investments, sell stock in certain subsidiaries, enter into agreements that restrict dividends or other payments from subsidiaries, enter into transactions with affiliates, issue guarantees of indebtedness, and sell assets or merge with other companies. These covenants are subject to a number of exceptions and qualifications, including the ability to declare or pay any cash dividend or make any cash distribution to us to the extent necessary for us to fund a dividend or distribution by us that we believe is necessary to maintain our status as a REIT or to avoid payment of any tax for any calendar year that could be avoided by reason of such distribution, and the ability to make certain restricted payments not to exceed $ 100 million, plus 95 % of our cumulative Funds From Operations (as defined in the indenture), plus the aggregate net proceeds from (i) the sale of certain equity interests in, (ii) capital contributions to, and (iii) certain convertible indebtedness of the Operating Company. In addition, the indenture requires our Operating Company to maintain total unencumbered assets as of each fiscal quarter of at least 150 % of total unsecured indebtedness, in each case calculated on a consolidated basis. Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of September 30, 2021 were: Year (in millions) 2021 $ 2 2022 98 2023 829 2024 85 2025 657 Thereafter (1) 3,037 $ 4,708 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8 : Fair Value Measurements We did not elect the fair value measurement option for our financial assets or liabilities. The fair values of our other financial instruments not included in the table below are estimated to be equal to their carrying amounts. The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: September 30, 2021 December 31, 2020 Hierarchy Carrying Fair Value Carrying Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 734 $ 725 $ 708 HHV CMBS Loan 3 1,275 1,282 1,275 1,195 2019 Term Facility 3 78 75 670 661 Revolver 3 — — 601 596 2025 Senior Secured Notes 1 650 693 650 705 2028 Senior Secured Notes 1 725 769 725 774 2029 Senior Secured Notes 1 750 771 — — Mortgage loans 3 505 496 509 480

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 9: Income Taxes We are a REIT for U.S. federal income tax purposes. We have been organized and operated, and we expect to continue to be organized and operate in a manner to qualify as a REIT. To qualify as a REIT, we must satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. To the extent we continue to remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on taxable income generated by our REIT activities that we distribute annually to our stockholders. Accordingly, no provision for U.S. federal income taxes has been included in our accompanying condensed consolidated financial statements for the three and nine months ended September 30, 2021 related to our REIT activities, other than taxes related to our built-in gain property (representing property held by us with an excess of fair value over tax basis on January 4, 2017). We will be subject to U.S. federal income tax on taxable sales of built-in gain property through January 3, 2022. In addition, we are subject to non-U.S. income tax on foreign held REIT activities and certain sales of foreign investments. Further, our taxable REIT subsidiaries (“TRSs”) are generally subject to U.S. federal, state and local, and foreign income taxes (as applicable). The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 and included several tax provisions that may impact us and our subsidiaries, including:  the ability for our TRSs to carry back net operating losses (“NOLs”) arising in 2020 to all post spin-off taxable years preceding the taxable year of the loss;  an increase of the business interest limitation under Internal Revenue Code (“Code”) section 163(j) from 30 percent to 50 percent of adjusted taxable income for taxable years beginning in 2019 and 2020 and the addition of an election by taxpayers to use their 2019 adjusted taxable income as their adjusted taxable income in 2020 for purposes of applying the limitation; and  a “technical correction” amending Code section 168(e)(3)(E) to add “qualified improvement property” to “15-year property” and assigning a class life of 20-years under section 168(g)(3)(B) to qualified improvement property under section 168(e)(3)(E)(vii). During the nine months ended September 30, 2021 , we recognized a $ 2 million income tax benefit, comprising a $ 3 million state tax benefit from utilizing state NOLs, a $ 1 million benefit from the derecognition of deferred tax liabilities and $ 2 million of tax expense, primarily from adjustments to the benefit recognized in 2020 from utilizing the NOL carryback provisions of the CARES Act. During the nine months ended September 30, 2020 , we recognized $ 14 million of income tax expense, which was comprised of $ 14 milli on of built-in gains tax expense from assets sold during the period and $ 16 million of non-U.S. income tax expense on the gain from the entity sold during the period, partially offset by a TRS income tax benefit of $ 20 million from utilizing the NOL carryback provisions of the CARES Act.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 10 : Share-Based Compensation We issue equity-based awards to our employees pursuant to the 2017 Omnibus Incentive Plan (“2017 Employee Plan”) and our non-employee directors pursuant to the 2017 Stock Plan for Non-Employee Directors (as amended and restated from time to time, the “2017 Director Plan”). The 2017 Employee Plan provides that a maximum of 8,000,000 shares of our common stock may be issued, and as of September 30, 2021, 2,915,404 shares of comm on stock remain available for future issuance. As amended and approved by our stockholders in April 2021, the 2017 Director Plan provides that a maximum of 950,000 shares of our common stock may be issued, and as of September 30, 2021, 498,153 shares of common stock remain available for future issuance. For the three months ended September 30, 2021 and 2020, we recognized $ 5 million and $ 4 million of share-based compensation expense, respectively, and $ 15 million and $ 10 million, respectively, for the nine months ended September 30, 2021 and 2020. As of September 30, 2021, unrecognized compensation expense was $ 22 million , which is expected to be recognized over a weighted-average period of 1.8 years . The total fair value of shares vested (calculated as the number of shares multiplied by the vesting date share price) during the nine months ended September 30, 2021 and 2020 was $ 18 million and $ 17 million, respectively. Restricted Stock Awards Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the nine months ended September 30, 2021: Number of Shares Weighted-Average Unvested at January 1, 2021 834,258 $ 21.68 Granted 426,629 20.54 Vested ( 449,406 ) 19.07 Forfeited ( 19,565 ) 22.50 Unvested at September 30, 2021 791,916 $ 22.53 Performance Stock Units Performance Stock Units (“PSUs”) generally vest at the end of a three-year performance period and are subject to the achievement of a market condition based on a measure of our total shareholder return relative to the total shareholder return of the companies that comprise the FTSE Nareit Lodging Resorts Index (that have a market capitalization in excess of $ 1 billion as of the first day of the applicable performance period). The number of PSUs that may become vested ranges from zero to 200 % of the number of PSUs granted to an employee, based on the level of achievement of the foregoing performance measure. Additionally, in November 202 0 , we granted special awards with vesting of these awards subject to the achievement of eight increasing levels of our average closing sales price per share, from $ 11.00 to $ 25.00 , over a consecutive 20 trading day period (“Share Price Target”). One-eighth of PSUs will vest at each date a Share Price Target is achieved and any PSUs remaining after a four-year performance period will be forfeited. As of September 30, 2021 , six o f the eight Share Price Targets were achieved and thus 75 % of the awards granted were vested. The following table provides a summary of PSUs for the nine months ended September 30, 2021: Number of Shares Weighted-Average Unvested at January 1, 2021 1,078,555 $ 18.70 Granted 327,110 27.17 Vested ( 428,255 ) 16.33 Forfeited ( 5,642 ) 20.29 Unvested at September 30, 2021 971,768 $ 22.59 The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 60.0 % Dividend yield (2) — Risk-free rate 0.2 % Expected term 3 years (1) The weighted average expected volatility was 60.0 % . (2) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 11 : Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions, except per share amounts) Numerator: Net loss attributable to stockholders $ ( 86 ) $ ( 276 ) $ ( 392 ) $ ( 1,223 ) Earnings attributable to participating securities — — — — Net loss attributable to stockholders, net of earnings $ ( 86 ) $ ( 276 ) $ ( 392 ) $ ( 1,223 ) Denominator: Weighted average shares outstanding – basic 236 235 236 236 Unvested restricted shares — — — — Weighted average shares outstanding – diluted 236 235 236 236 Loss per share - Basic (1) $ ( 0.36 ) $ ( 1.17 ) $ ( 1.66 ) $ ( 5.19 ) Loss per share - Diluted (1) $ ( 0.36 ) $ ( 1.17 ) $ ( 1.66 ) $ ( 5.19 ) (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented. Certain of our outstanding equity awards were excluded from the above calculation of EPS for the three and nine months ended September 30, 2021 and 2020 because their effect would have been anti-dilutive.

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Business Segment Information	Note 12 : Business Segment Information As of September 30, 202 1 , we have two operating segments, our consolidated hotels and unconsolidated hotels. Our unconsolidated hotels operating segment does not meet the definition of a reportable segment, thus our consolidated hotels is our only reportable segment. We evaluate our consolidated hotels primarily based on hotel adjusted earnings (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”). Hotel Adjusted EBITDA is calculated as EBITDA from hotel operations, adjusted to exclude:  Gains or losses on sales of assets for both consolidated and unconsolidated investments;  Costs associated with hotel acquisitions or dispositions expensed during the period;  Severance expense;  Share-based compensation expense;  Impairment losses and casualty gains or losses; and  Other items that we believe are not representative of our current or future operating performance. The following table presents revenues for our consolidated hotels reconciled to our consolidated amounts and net loss to Hotel Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Revenues: Total consolidated hotel revenue $ 408 $ 95 $ 876 $ 714 Other revenues 15 3 35 25 Total revenues $ 423 $ 98 $ 911 $ 739 Net loss $ ( 82 ) $ ( 276 ) $ ( 387 ) $ ( 1,226 ) Other revenues ( 15 ) ( 3 ) ( 35 ) ( 25 ) Depreciation and amortization expense 68 75 213 225 Corporate general and administrative expense (1) 14 13 48 40 Impairment and casualty loss, net 2 2 7 696 Acquisition costs — 9 — 10 Other operating expenses 14 6 34 31 Loss (gain) on sales of assets, net 11 1 5 ( 62 ) Interest income — — — ( 2 ) Interest expense 66 59 195 149 Equity in losses from investments in affiliates — 7 6 16 Income tax (benefit) expense ( 3 ) 1 ( 2 ) 14 Severance expense — 24 — 26 Other loss, net 5 3 7 6 Other items 4 3 ( 1 ) 9 Hotel Adjusted EBITDA $ 84 $ ( 76 ) $ 90 $ ( 93 ) (1) Excludes severance expense. The following table presents total assets for our consolidated hotels, reconciled to total assets: September 30, 2021 December 31, 2020 (in millions) Consolidated hotels $ 9,775 $ 10,568 All other 19 19 Total assets $ 9,794 $ 10,587

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 : Commitments and Contingencies As of September 30, 2021, we had outstanding commitments under third-party contracts of approximately $ 116 million for capital expenditures at our properties, of which $ 78 million relates to the expansion project at the Bonnet Creek complex. The Bonnet Creek expansion project includes additional meeting space for the Signia by Hilton Orlando Bonnet Creek and the Waldorf Astoria Orlando. Our contracts contain clauses that allow us to cancel all or some portion of the work. If cancellation of a contract occurred, our commitment would be any costs incurred up to the cancellation date, in addition to any costs associated with the discharge of the contract. We are involved in litigation arising from the normal course of business, some of which includes claims for substantial sums, and may make certain indemnifications or guarantees to select buyers of our hotels as part of a sale process. We are also involved in claims and litigation that is not in the ordinary course of business in connection with the spin-off from Hilton. The spin-off agreements indemnify us from certain of these claims as well as require us to indemnify Hilton for other claims. In addition, losses related to certain contingent liabilities could be apportioned to us under the spin-off agreements. In connection with our obligation to indemnify Hilton under the spin-off agreements, we have reserved approximately $ 8 million as of September 30, 2021 related to litigation with respect to an audit by the Australian Tax Office (“ATO”) of Hilton related to the sale of the Hilton Sydney in June 2015. In February 2021, we were required to make a payment to Hilton of approximately $ 11 million representing our share of the deposit required by the ATO of Hilton to further defend against the claim and for certain out-of-pocket expenses incurred by Hilton. This amount could change as the litigation of the ATO’s claim progresses.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All significant intercompany transactions and balances within the financial statements have been eliminated. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance.

Dispositions and Acquisitions (

Dispositions and Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Summary of Assets and Liabilities Held for Sale and Dispositions	Hotel Location Month Sold W New Orleans – French Quarter New Orleans, Louisiana April 2021 Hotel Indigo San Diego Gaslamp Quarter (1) San Diego, California June 2021 Courtyard Washington Capitol Hill Navy Yard (1) Washington, D.C. June 2021 Hotel Adagio, Autograph Collection San Francisco, California July 2021 Le Meridien San Francisco San Francisco, California August 2021 (1) Sold as a portfolio in the same transaction.

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment were: September 30, 2021 December 31, 2020 (in millions) Land $ 3,333 $ 3,429 Buildings and leasehold improvements 6,600 6,951 Furniture and equipment 1,000 1,042 Construction-in-progress 63 52 10,996 11,474 Accumulated depreciation and amortization ( 2,447 ) ( 2,281 ) $ 8,549 $ 9,193

Consolidated Variable Interes_2

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables)	9 Months Ended
	Sep. 30, 2021
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets	Our condensed consolidated balance sheets include the following assets and liabilities of these entities: September 30, 2021 December 31, 2020 (in millions) Property and equipment, net $ 211 $ 216 Cash and cash equivalents 19 8 Restricted cash 4 2 Accounts receivable, net 4 1 Prepaid expenses 1 1 Other assets — 1 Debt 208 207 Accounts payable and accrued expenses 7 5 Other liabilities 3 1
Schedule of Investment in Affiliates	Investments in affiliates were: Ownership % September 30, 2021 December 31, 2020 (in millions) Hilton San Diego Bayfront 25 % $ 11 $ 11 All others (6 hotels) (1) 20 % - 50 % 3 3 $ 14 $ 14 (1) The ground lease for the Embassy Suites Secaucus Meadowla nds expired on October 31, 2021 and the property was turned over to the ground lessor on that date.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances and associated interest rates as of September 30, 2021 were: Principal balance as of Interest Rate Maturity Date September 30, 2021 December 31, 2020 (in millions) SF CMBS Loan (1) 4.11 % November 2023 $ 725 $ 725 HHV CMBS Loan (1) 4.20 % November 2026 1,275 1,275 Mortgage loans Average rate of 4.81 % 2022 to 2026 (2)(3) 505 509 2019 Term Facility (4) L + 2.65 % August 2024 78 670 Revolver (4) L + 3.00 % 2021 to 2023 (5) — 601 2025 Senior Secured Notes (6) 7.50 % June 2025 650 650 2028 Senior Secured Notes (6) 5.88 % October 2028 725 725 2029 Senior Secured Notes 4.88 % May 2029 750 — Finance lease obligations 3.07 % 2021 to 2022 — 1 4,708 5,156 Add: unamortized premium 3 3 Less: unamortized deferred financing costs and ( 41 ) ( 38 ) $ 4,670 $ 5,121 (1) In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV CMBS Loan”). (2) Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but is callable by the lender beginning August 2022 . (3) In June 2021, our joint v enture repaid the $ 12 million loan secured by the Doubletree Spokane with proceeds from a $ 14 million loan with a maturity date of July 1, 2026 . Additionally, in January 2021, we ceased making debt service payments toward the $ 75 million mortgage loan secured by the W Chicago City Center, and we have received a notice of an event of default. The default interest rate on the loan is 8.25 % and the stated rate is 4.25 %. While we hope to negotiate an amendment with the lender, there can be no assurances that an agreement will be reached. (4) In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points . Net proceeds from asset sales during the nine months ended September 30, 2021 and the 2029 Senior Secured Notes were used to repay the outstanding balance under the Revolver and a portion of the 2019 Term Facility. Refer to Note 3: “Dispositions and Acquisitions ” for additional information. (5) In September 2020, we inc reased our aggregate commitments under the Revolver by $ 75 million to $ 1.075 billion and extended the maturity date with respect to $ 901 million of the aggregate commitments for two years to December 2023 , including all $ 75 million of the increased Revolver commitments. The maturity date for the remaining $ 174 million of commitments under the Revolver is December 2021 . (6) In May and September 2020, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 650 million of senior secured notes due 2025 (“2025 Senior Secured Notes”) and an aggregate of $ 725 million of senior secured notes due 2028 (“2028 Senior Secured Notes”), respectively (collectively with the 2029 Senior Secured Notes, the “Senior Secured Notes”).
Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option	The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of September 30, 2021 were: Year (in millions) 2021 $ 2 2022 98 2023 829 2024 85 2025 657 Thereafter (1) 3,037 $ 4,708 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values	The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: September 30, 2021 December 31, 2020 Hierarchy Carrying Fair Value Carrying Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 734 $ 725 $ 708 HHV CMBS Loan 3 1,275 1,282 1,275 1,195 2019 Term Facility 3 78 75 670 661 Revolver 3 — — 601 596 2025 Senior Secured Notes 1 650 693 650 705 2028 Senior Secured Notes 1 725 769 725 774 2029 Senior Secured Notes 1 750 771 — — Mortgage loans 3 505 496 509 480

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Restricted Stock Awards ("RSAs")	Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the nine months ended September 30, 2021: Number of Shares Weighted-Average Unvested at January 1, 2021 834,258 $ 21.68 Granted 426,629 20.54 Vested ( 449,406 ) 19.07 Forfeited ( 19,565 ) 22.50 Unvested at September 30, 2021 791,916 $ 22.53
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the nine months ended September 30, 2021: Number of Shares Weighted-Average Unvested at January 1, 2021 1,078,555 $ 18.70 Granted 327,110 27.17 Vested ( 428,255 ) 16.33 Forfeited ( 5,642 ) 20.29 Unvested at September 30, 2021 971,768 $ 22.59
Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model	The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 60.0 % Dividend yield (2) — Risk-free rate 0.2 % Expected term 3 years (1) The weighted average expected volatility was 60.0 % . (2) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions, except per share amounts) Numerator: Net loss attributable to stockholders $ ( 86 ) $ ( 276 ) $ ( 392 ) $ ( 1,223 ) Earnings attributable to participating securities — — — — Net loss attributable to stockholders, net of earnings $ ( 86 ) $ ( 276 ) $ ( 392 ) $ ( 1,223 ) Denominator: Weighted average shares outstanding – basic 236 235 236 236 Unvested restricted shares — — — — Weighted average shares outstanding – diluted 236 235 236 236 Loss per share - Basic (1) $ ( 0.36 ) $ ( 1.17 ) $ ( 1.66 ) $ ( 5.19 ) Loss per share - Diluted (1) $ ( 0.36 ) $ ( 1.17 ) $ ( 1.66 ) $ ( 5.19 ) (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Net Loss to Hotel Adjusted EBITDA	The following table presents revenues for our consolidated hotels reconciled to our consolidated amounts and net loss to Hotel Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in millions) Revenues: Total consolidated hotel revenue $ 408 $ 95 $ 876 $ 714 Other revenues 15 3 35 25 Total revenues $ 423 $ 98 $ 911 $ 739 Net loss $ ( 82 ) $ ( 276 ) $ ( 387 ) $ ( 1,226 ) Other revenues ( 15 ) ( 3 ) ( 35 ) ( 25 ) Depreciation and amortization expense 68 75 213 225 Corporate general and administrative expense (1) 14 13 48 40 Impairment and casualty loss, net 2 2 7 696 Acquisition costs — 9 — 10 Other operating expenses 14 6 34 31 Loss (gain) on sales of assets, net 11 1 5 ( 62 ) Interest income — — — ( 2 ) Interest expense 66 59 195 149 Equity in losses from investments in affiliates — 7 6 16 Income tax (benefit) expense ( 3 ) 1 ( 2 ) 14 Severance expense — 24 — 26 Other loss, net 5 3 7 6 Other items 4 3 ( 1 ) 9 Hotel Adjusted EBITDA $ 84 $ ( 76 ) $ 90 $ ( 93 ) (1) Excludes severance expense.
Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets	The following table presents total assets for our consolidated hotels, reconciled to total assets: September 30, 2021 December 31, 2020 (in millions) Consolidated hotels $ 9,775 $ 10,568 All other 19 19 Total assets $ 9,794 $ 10,587

Organization and Recent Events

Organization and Recent Events - Additional Information (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)Bondoffering	Nov. 04, 2021Hotel	May 05, 2019$ / sharesshares	Jan. 03, 2017
COVID-19 [Member]
Organization [Line Items]
Deferring maintenance and ROI Capital expenditures		$ 150
Number of bond offering completed | Bondoffering		3
Proceeds from bond offering		$ 2,100
COVID-19 [Member] | Subsequent Event [Member]
Organization [Line Items]
Number of hotels not yet open | Hotel			2
COVID-19 [Member] | Scenario Forecast [Member]
Organization [Line Items]
Forecasted amount of capital expenditures for maintenance	$ 56
Proceeds from bond offering	$ 2,100
Park Intermediate Holdings LLC [Member]
Organization [Line Items]
Percentage of ownership interest					100.00%
Chesapeake Lodging Trust [Member]
Organization [Line Items]
Business acquisition,par value per common share | $ / shares				$ 0.01
Business acquisition, cash consideration transferred, per share | $ / shares				$ 11
Business acquisition, consideration transferred number of shares per share | shares				0.628
Fractional shares of common stock to be issued in merger agreement | shares				0

Dispositions and Acquisitions -

Dispositions and Acquisitions - Additional Information (Detail) $ in Millions	Jun. 30, 2021USD ($)	Feb. 29, 2020USD ($)	Sep. 30, 2021USD ($)Hotel	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Hotel	Sep. 30, 2020USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel portfolio properties sold | Hotel			5		5
Gross proceeds on sale of hotel portfolio properties					$ 477
Repayments of Lines of Credit					1,193	$ 1,099
Repayments Of Debt					18	4
Net gain (loss) on selling cost of hotel portfolio properties					(5)
Acquisition costs			$ 0	$ 9	0	10
Acquisition costs			$ 0	9	0	$ 10
Gain (loss) on sale of assets and asset impairment charges					(5)
Chesapeake Lodging Trust [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisition costs				$ 9
Hilton Sao Paulo Morumbi [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassification of currency translation adjustment from accumulated other comprehensive loss to earnings on disposition of hotel portfolio properties		$ 7
Hotel Adagio, Autograph Collection [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of assets and asset impairment charges	$ (5)
Embassy Suites Washington DC Georgetown [Member] | Hilton Sao Paulo Morumbi [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties		208
Net gain (loss) on selling cost of hotel portfolio properties		$ 64
Revolving Credit Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Lines of Credit					37
2019 Term Facility [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments Of Debt					$ 419

Dispositions and Acquisitions_2

Dispositions and Acquisitions - Summary of Hotel Portfolio Properties Sold (Detail)	9 Months Ended
	Sep. 30, 2021
W New Orleans - French Quarter [Member]
Business Acquisition [Line Items]
Location	New Orleans, Louisiana
Month Sold	2021-04
Hotel Indigo San Diego Gaslamp Quarter [Member]
Business Acquisition [Line Items]
Location	San Diego, California	[1]
Month Sold	2021-06	[1]
Courtyard Washington Capitol Hill Navy Yard [Member]
Business Acquisition [Line Items]
Location	Washington, D.C.	[1]
Month Sold	2021-06	[1]
Hotel Adagio, Autograph Collection [Member]
Business Acquisition [Line Items]
Location	San Francisco, California
Month Sold	2021-07
Le Meridien San Francisco [Member]
Business Acquisition [Line Items]
Location	San Francisco, California
Month Sold	2021-08
[1]	Sold as a portfolio in the same transaction.

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Land	$ 3,333	$ 3,429
Buildings and leasehold improvements	6,600	6,951
Furniture and equipment	1,000	1,042
Construction-in-progress	63	52
Property and equipment, gross	10,996	11,474
Accumulated depreciation and amortization	(2,447)	(2,281)
Property and equipment, net	$ 8,549	$ 9,193

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 68	$ 75	$ 212	$ 224
Gain (loss) on sale of assets and asset impairment charges			$ (5)
Impairment Loss, Property and equipment				$ 90

Consolidated Variable Interes_3

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions	Sep. 30, 2021USD ($)Entity	Dec. 31, 2020USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of consolidated VIEs | Entity	3
Debt of unconsolidated joint ventures | $	$ 943	$ 943

Consolidated Variable Interes_4

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Property and equipment, net	$ 8,549	$ 9,193
Cash and cash equivalents	772	951
Restricted cash	70	30
Accounts receivable, net	62	26
Prepaid expenses	34	39
Other assets	34	60
Debt	4,670	5,121
Accounts payable and accrued expenses	204	147
Other liabilities	115	134
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	211	216
Cash and cash equivalents	19	8
Restricted cash	4	2
Accounts receivable, net	4	1
Prepaid expenses	1	1
Other assets	0	1
Debt	208	207
Accounts payable and accrued expenses	7	5
Other liabilities	$ 3	$ 1

Consolidated Variable Interes_5

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Investments in Affiliates (Detail) - USD ($) $ in Millions		Sep. 30, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates		$ 14	$ 14
Hilton San Diego Bayfront [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage		25.00%
Investments in affiliates		$ 11	11
All others (6 hotels) [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	[1]	$ 3	$ 3
All others (6 hotels) [Member] | Minimum [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	[1]	20.00%
All others (6 hotels) [Member] | Maximum [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	[1]	50.00%
[1]	The ground lease for the Embassy Suites Secaucus Meadowla nds expired on October 31, 2021 and the property was turned over to the ground lessor on that date.

Consolidated Variable Interes_6

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Investments in Affiliates (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2021
Embassy Suites Secaucus Meadowlands [Member]
Schedule Of Equity Method Investments [Line Items]
Lease expiration date	Oct. 31, 2021

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 607

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2021		Dec. 31, 2020		Oct. 31, 2016
Debt Instrument [Line Items]
Debt and financing lease obligations, gross		$ 4,708		$ 5,156
Add: unamortized premium		3		3
Less: unamortized deferred financing costs and discount		(41)		(38)
Debt		4,670		5,121
SF CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 725	[1]	725	[1]	$ 725
Debt instrument, interest rate, stated percentage	[1]	4.11%
Maturity Date	[1]	2023-11
HHV CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 1,275	[1]	1,275	[1]	$ 1,275
Debt instrument, interest rate, stated percentage	[1]	4.20%
Maturity Date	[1]	2026-11
Mortgage Loans [Member]
Debt Instrument [Line Items]
Debt, gross		$ 505		509
Debt, weighted average interest rate		4.81%
Maturity Date, start year	[2],[3]	2022
Maturity Date, end year	[2],[3]	2026
2025 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[4]	$ 650		650
Debt instrument, interest rate, stated percentage	[4]	7.50%
Maturity Date	[4]	2025-06
2028 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[4]	$ 725		725
Debt instrument, interest rate, stated percentage	[4]	5.88%
Maturity Date	[4]	2028-10
2029 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes		$ 750		0
Debt instrument, interest rate, stated percentage		4.88%
Maturity Date		2029-05
Finance Lease Obligations [Member]
Debt Instrument [Line Items]
Finance lease obligations		$ 0		1
Debt instrument, interest rate, stated percentage		3.07%
Maturity Date, start year		2021
Maturity Date, end year		2022
2019 Term Facility [Member]
Debt Instrument [Line Items]
Debt, gross	[5]	$ 78		670
Maturity Date	[5]	2024-08
2019 Term Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	[5]	2.65%
Revolver [Member]
Debt Instrument [Line Items]
Debt, gross	[5]	$ 0		$ 601
Maturity Date, start year	[5],[6]	2021
Maturity Date, end year	[5],[6]	2023
Revolver [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	[5]	3.00%
[1]	In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV CMBS Loan”).
[2]	Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but is callable by the lender beginning August 2022 .
[3]	In June 2021, our joint v enture repaid the $ 12 million loan secured by the Doubletree Spokane with proceeds from a $ 14 million loan with a maturity date of July 1, 2026 . Additionally, in January 2021, we ceased making debt service payments toward the $ 75 million mortgage loan secured by the W Chicago City Center, and we have received a notice of an event of default. The default interest rate on the loan is 8.25 % and the stated rate is 4.25 %. While we hope to negotiate an amendment with the lender, there can be no assurances that an agreement will be reached.
[4]	In May and September 2020, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 650 million of senior secured notes due 2025 (“2025 Senior Secured Notes”) and an aggregate of $ 725 million of senior secured notes due 2028 (“2028 Senior Secured Notes”), respectively (collectively with the 2029 Senior Secured Notes, the “Senior Secured Notes”).
[5]	In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points . Net proceeds from asset sales during the nine months ended September 30, 2021 and the 2029 Senior Secured Notes were used to repay the outstanding balance under the Revolver and a portion of the 2019 Term Facility. Refer to Note 3: “Dispositions and Acquisitions ” for additional information.
[6]	In September 2020, we inc reased our aggregate commitments under the Revolver by $ 75 million to $ 1.075 billion and extended the maturity date with respect to $ 901 million of the aggregate commitments for two years to December 2023 , including all $ 75 million of the increased Revolver commitments. The maturity date for the remaining $ 174 million of commitments under the Revolver is December 2021 .

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) - USD ($)		1 Months Ended				9 Months Ended
		Jun. 30, 2021	Jan. 31, 2021	Sep. 30, 2020	May 31, 2020	Sep. 30, 2021		Sep. 30, 2020	Dec. 31, 2020		Oct. 31, 2016
Debt Instrument [Line Items]
Repayment of loan secured						$ 18,000,000		$ 4,000,000
Proceeds from issuance of loan secured						14,000,000		0
Debt instrument, interest rate					0.25%
2019 Term Facility [Member]
Debt Instrument [Line Items]
Debt, gross	[1]					78,000,000			$ 670,000,000
Repayment of loan secured						419,000,000
Debt instrument description of interest rate					LIBOR floor of 25 basis points
Revolver [Member]
Debt Instrument [Line Items]
Debt, gross	[1]					$ 0			601,000,000
Maturity Date, end year	[1],[2]					2023
Debt instrument description of interest rate					LIBOR floor of 25 basis points
Revolver [Member] | Debt Amendment [Member]
Debt Instrument [Line Items]
Line of credit facility, increase in aggregate commitments				$ 75,000,000				75,000,000
Line of credit facility, maximum borrowing capacity				1,075,000,000				1,075,000,000
Aggregate commitments				$ 901,000,000				901,000,000
Line of credit facility, expiration period				2 years
Debt instrument, maturity date end year				Dec. 31, 2023
Line of credit facility, remaining borrowing capacity				$ 174,000,000				174,000,000
Debt instrument, maturity date start year				Dec. 31, 2021
SF CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross						$ 725,000,000	[3]		725,000,000	[3]	$ 725,000,000
Debt instrument, interest rate, stated percentage	[3]					4.11%
HHV CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross						$ 1,275,000,000	[3]		$ 1,275,000,000	[3]	$ 1,275,000,000
Debt instrument, interest rate, stated percentage	[3]					4.20%
Hilton Denver City Center Mortgage Loan [Member]
Debt Instrument [Line Items]
Maturity Date, end year						2042
Debt instrument, call date earliest						Aug. 31, 2022
Doubletree Spokane JV Mortgage Loan [Member]
Debt Instrument [Line Items]
Repayment of loan secured		$ 12,000,000
Proceeds from issuance of loan secured		$ 14,000,000
Debt instrument maturity date						Jul. 1, 2026
W Chicago City Centre [Member]
Debt Instrument [Line Items]
Debt instrument default rate			8.25%
Debt instrument, interest rate, stated percentage			4.25%
Debt Instrument, payment			$ 75,000,000
PK Domestic and PK Finance Co-Issuer Inc [Member] | 2025 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes				$ 650,000,000	$ 650,000,000			650,000,000
PK Domestic and PK Finance Co-Issuer Inc [Member] | 2028 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes				$ 725,000,000	$ 725,000,000			$ 725,000,000
[1]	In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points . Net proceeds from asset sales during the nine months ended September 30, 2021 and the 2029 Senior Secured Notes were used to repay the outstanding balance under the Revolver and a portion of the 2019 Term Facility. Refer to Note 3: “Dispositions and Acquisitions ” for additional information.
[2]	In September 2020, we inc reased our aggregate commitments under the Revolver by $ 75 million to $ 1.075 billion and extended the maturity date with respect to $ 901 million of the aggregate commitments for two years to December 2023 , including all $ 75 million of the increased Revolver commitments. The maturity date for the remaining $ 174 million of commitments under the Revolver is December 2021 .
[3]	In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV CMBS Loan”).

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	May 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Restricted cash	$ 70,000,000			$ 30,000,000
Repayments of credit facilities	1,193,000,000	$ 1,099,000,000
Repayments of term loan	18,000,000	$ 4,000,000
Revolver [Member]
Debt Instrument [Line Items]
Repayments of credit facilities	37,000,000
2019 Term Facility [Member]
Debt Instrument [Line Items]
Repayments of term loan	419,000,000
CMBS and mortgage loans [Member]
Debt Instrument [Line Items]
Restricted cash	$ 56,000,000			$ 10,000,000
2029 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.88%
2029 Senior Secured Notes [Member] | PK Domestic and PK Finance [Member]
Debt Instrument [Line Items]
Senior secured notes issued			$ 750,000,000
Debt instrument, interest rate, stated percentage	4.875%
Payment, description	The 2029 Senior Secured Notes bear interest at a rate of 4.875% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning November 15, 2021.
Debt instrument maturity date	May 15, 2029
Debt issuance cost	$ 13,000,000
Debt instrument, redemption, description	We may redeem the 2029 Senior Secured Notes at any time prior to May 15, 2024, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the redemption date plus a make-whole premium. On or after May 15, 2024, we may redeem the 2029 Senior Secured Notes, in whole or in part, at the applicable redemption prices set forth in the indenture. On or after May 15, 2026, we may redeem the 2029 Senior Secured Notes at 100% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, before May 15, 2024, we may redeem up to 40% of the 2029 Senior Secured Notes with the net cash proceeds from certain equity offerings at a redemption price of 104.875% of the principal amount redeemed.
Redemption price percentage of principal amount	100.00%
2029 Senior Secured Notes [Member] | PK Domestic and PK Finance [Member] | Debt Instrument, Redemption Period Before May 15, 2024 [Member]
Debt Instrument [Line Items]
Redemption price percentage	104.875%
Redemption period, start date	May 15, 2024
2029 Senior Secured Notes [Member] | PK Domestic and PK Finance [Member] | Debt Instrument, Redemption Period Before May 15, 2024 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Redemption percentage of senior secured notes	40.00%
2029 Senior Secured Notes [Member] | PK Domestic and PK Finance [Member] | Debt Instrument, Redemption Period After May 15, 2026 [Member]
Debt Instrument [Line Items]
Redemption price percentage of principal amount	100.00%
Redemption period, start date	May 15, 2026
2029 Senior Secured Notes [Member] | Revolver [Member] | PK Domestic and PK Finance [Member]
Debt Instrument [Line Items]
Repayments of credit facilities	$ 564,000,000
2029 Senior Secured Notes [Member] | 2019 Term Facility [Member] | PK Domestic and PK Finance [Member]
Debt Instrument [Line Items]
Repayments of term loan	$ 173,000,000
Senior Secured Notes [Member] | PK Domestic and PK Finance [Member]
Debt Instrument [Line Items]
Debt instrument, covenant description	These covenants are subject to a number of exceptions and qualifications, including the ability to declare or pay any cash dividend or make any cash distribution to us to the extent necessary for us to fund a dividend or distribution by us that we believe is necessary to maintain our status as a REIT or to avoid payment of any tax for any calendar year that could be avoided by reason of such distribution, and the ability to make certain restricted payments not to exceed $100 million, plus 95% of our cumulative Funds From Operations (as defined in the indenture), plus the aggregate net proceeds from (i) the sale of certain equity interests in, (ii) capital contributions to, and (iii) certain convertible indebtedness of the Operating Company.
Maximum aggregate payment permitted for restricted transactions	$ 100,000,000
Maximum FFO permitted for restricted transactions	95.00%
Minimum unencumbered assets to total indebtedness	150.00%

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) $ in Millions	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
2021	$ 2
2022	98
2023	829
2024	85
2025	657
Thereafter	3,037	[1]
Debt and capital lease obligations, gross	$ 4,708
[1]	Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Carrying amount [Member] | SF CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 725	$ 725
Carrying amount [Member] | HHV CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,275	1,275
Carrying amount [Member] | 2019 Term Facility [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	78	670
Carrying amount [Member] | Revolver [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	0	601
Carrying amount [Member] | 2025 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	650	650
Carrying amount [Member] | 2028 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	725	725
Carrying amount [Member] | 2029 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	750
Carrying amount [Member] | Mortgage Loans [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	505	509
Fair Value [Member] | SF CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	734	708
Fair Value [Member] | HHV CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,282	1,195
Fair Value [Member] | 2019 Term Facility [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	75	661
Fair Value [Member] | Revolver [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	0	596
Fair Value [Member] | 2025 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	693	705
Fair Value [Member] | 2028 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	769	774
Fair Value [Member] | 2029 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	771
Fair Value [Member] | Mortgage Loans [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 496	$ 480

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Taxes [Line Items]
Income tax (benefit) expense	$ (3,000,000)	$ 1,000,000	$ (2,000,000)	$ 14,000,000
State tax benefit			(3,000,000)
Tax benefit from deferred tax liabilities	1,000,000		$ 1,000,000
Percentage of adjusted taxable income			50.00%		30.00%
Built-in gains tax expense from assets sold				14,000,000
Non-U.S. income tax expense				16,000,000
Income tax benefit partially offset by TRS				$ 20,000,000
Income tax expense (benefit) from NOL carryback	2,000,000		$ 2,000,000
U.S. Federal Tax [Member] | REIT [Member]
Income Taxes [Line Items]
Income tax (benefit) expense	$ 0		$ 0

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2020d$ / shares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Targetshares	Sep. 30, 2020USD ($)	Dec. 31, 2020shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares		6,000,000,000		6,000,000,000		6,000,000,000
2017 Employee Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		2,915,404		2,915,404
Compensation expense | $		$ 5	$ 4	$ 15	$ 10
Unrecognized compensation costs related to unvested awards | $		$ 22		$ 22
Unrecognized compensation costs related to unvested awards, weighted-average period				1 year 9 months 18 days
Total fair value of shares vested | $				$ 18	$ 17
2017 Employee Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares		8,000,000		8,000,000
2017 Director Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		498,153		498,153
2017 Director Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares		950,000		950,000
Performance Stock Units ("PSUs") [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award performance period				3 years
Market capitalization | $		$ 1,000		$ 1,000
Vesting rights				zero to 200
Performance Stock Units ("PSUs") [Member] | Special Awards [Member] | Eight Share Price Targets [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights	One-eighth
Consecutive trading day period | d	20
PSUs remaining performance period forfeited	4 years
Share price target achieved | Target				6
Total share price targets | Target				8
Percentage of awards granted vested				75.00%
Performance Stock Units ("PSUs") [Member] | Maximum [Member] | Special Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights				200
Average closing sales price per share, | $ / shares	$ 25
Performance Stock Units ("PSUs") [Member] | Minimum [Member] | Annual Grants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights				0
Performance Stock Units ("PSUs") [Member] | Minimum [Member] | Special Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Average closing sales price per share, | $ / shares	$ 11

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Awards ("RSAs") (Detail) - Restricted stock awards (RSAs) [Member]	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	834,258
Number of Shares, Granted | shares	426,629
Number of Shares, Vested | shares	(449,406)
Number of Shares, Forfeited | shares	(19,565)
Number of Shares, Ending balance | shares	791,916
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 21.68
Weighted Average Grant Date Fair Value, Granted | $ / shares	20.54
Weighted Average Grant Date Fair Value, Vested | $ / shares	19.07
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	22.50
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 22.53

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") [Member]	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	1,078,555
Number of Shares, Granted | shares	327,110
Number of Shares, Vested | shares	(428,255)
Number of Shares, Forfeited | shares	(5,642)
Number of Shares, Ending balance | shares	971,768
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 18.70
Weighted Average Grant Date Fair Value, Granted | $ / shares	27.17
Weighted Average Grant Date Fair Value, Vested | $ / shares	16.33
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	20.29
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 22.59

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected volatility	60.00%	[1]
Dividend yield	0.00%	[2]
Risk-free rate	0.20%
Expected term	3 years
[1]	The weighted average expected volatility was 60.0 % .
[2]	Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Share-Based Compensation - Sc_4

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Weighted average expected volatility	60.00%

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net loss attributable to stockholders		$ (86)	$ (276)	$ (392)	$ (1,223)
Earnings attributable to participating securities		0	0	0	0
Net loss attributable to stockholders, net of earnings allocated to participating securities		$ (86)	$ (276)	$ (392)	$ (1,223)
Denominator:
Weighted average shares outstanding – basic		236	235	236	236
Unvested restricted shares		0	0	0	0
Weighted average shares outstanding – diluted		236	235	236	236
Loss per share - Basic	[1]	$ (0.36)	$ (1.17)	$ (1.66)	$ (5.19)
Loss per share - Diluted	[1]	$ (0.36)	$ (1.17)	$ (1.66)	$ (5.19)
[1]	Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.

Business Segment Information -

Business Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021Segment
Segment Reporting [Abstract]
Number of operating business segments	2
Number of reportable segment	1

Business Segment Information _2

Business Segment Information - Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Net Loss to Hotel Adjusted EBITDA (Detail) - USD ($) $ in Millions		3 Months Ended						9 Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues		$ 423			$ 98			$ 911	$ 739
Net loss		(82)	$ (114)	$ (191)	(276)	$ (261)	$ (689)	(387)	(1,226)
Depreciation and amortization expense		68			75			213	225
Corporate general and administrative expense	[1]	14			13			48	40
Impairment and casualty loss, net		2			2			7	696
Acquisition costs		0			9			0	10
Other operating expenses		14			6			34	31
Loss (gain) on sales of assets, net		11			1			5	(62)
Interest income		0			0			0	(2)
Interest expense		66			59			195	149
Equity in losses from investments in affiliates		0			7			6	16
Income tax (benefit) expense		(3)			1			(2)	14
Severance expense		0			24			0	26
Other loss, net		5			3			7	6
Other items		4			3			(1)	9
Hotel Adjusted EBITDA		84			(76)			90	(93)
Total consolidated hotel revenue [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues		408			95			876	714
Other [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues		$ 15			$ 3			$ 35	$ 25
[1]	Excludes severance expense.

Business Segment Information _3

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 9,794	$ 10,587
Consolidated Hotels [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,775	10,568
All Other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 19	$ 19

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Sep. 30, 2021
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed		$ 116
Hilton Sydney [Member]
Other Commitments [Line Items]
Payment for claim	$ 11
Bonnet Creek complex [Member]
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed		78
Spin-off Agreements [Member] | Hilton Sydney [Member]
Other Commitments [Line Items]
Reserve for ongoing claims		$ 8