Park Hotels & Resorts (PK) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		215,733,384
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	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Property and equipment, net	$ 8,002	$ 8,301
Intangibles, net	43	43
Cash and cash equivalents	797	906
Restricted cash	45	33
Accounts receivable, net of allowance for doubtful accounts of $2 and $2	134	129
Prepaid expenses	83	58
Other assets	35	47
Operating lease right-of-use assets	205	214
TOTAL ASSETS (variable interest entities - $241 and $237)	9,344	9,731
Liabilities
Debt	4,490	4,617
Accounts payable and accrued expenses	279	220
Due to hotel managers	131	141
Other liabilities	203	228
Operating lease liabilities	228	234
Total liabilities (variable interest entities - $220 and $219)	5,331	5,440
Commitments and contingencies - refer to Note 12
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 216,425,670 shares issued and 215,738,036 shares outstanding as of June 30, 2023 and 224,573,858 shares issued and 224,061,745 shares outstanding as of December 31, 2022	2	2
Additional paid-in capital	4,221	4,321
(Accumulated deficit) retained earnings	(165)	16
Total stockholders' equity	4,058	4,339
Noncontrolling interests	(45)	(48)
Total equity	4,013	4,291
TOTAL LIABILITIES AND EQUITY	$ 9,344	$ 9,731

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts receivable	$ 2	$ 2
Total assets	9,344	9,731
Total liabilities	$ 5,331	$ 5,440
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	216,425,670	224,573,858
Common stock, outstanding shares	215,738,036	224,061,745
Consolidated VIEs [Member]
Total assets	$ 241	$ 237
Total liabilities	$ 220	$ 219

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues		$ 714	$ 695	$ 1,362	$ 1,174
Operating expenses
Other property-level		63	65	123	115
Management fees		34	32	64	54
Impairment And Casualty Loss		203	1	204	1
Depreciation and amortization		64	68	128	137
Corporate general and administrative		16	16	32	32
Other		22	18	42	34
Total expenses		812	575	1,395	1,053
(Loss) gain on sales of assets, net		0	(1)	15	(1)
Operating (loss) income		(98)	119	(18)	120
Interest income		10	1	20	1
Interest expense		(61)	(62)	(121)	(124)
Equity in earnings from investments in affiliates		3	5	7	5
Other gain, net		3	92	4	97
(Loss) income before income taxes		(143)	155	(108)	99
Income tax expense		(3)	(1)	(5)	(1)
Net (loss) income		(146)	154	(113)	98
Net income attributable to noncontrolling interests		(4)	(4)	(4)	(5)
Net (loss) income attributable to stockholders		$ (150)	$ 150	$ (117)	$ 93
(Loss) earnings per share:
(Loss) earnings per share - Basic	[1]	$ (0.70)	$ 0.66	$ (0.54)	$ 0.40
(Loss) earnings per share - Diluted	[1]	$ (0.70)	$ 0.66	$ (0.54)	$ 0.40
Weighted average shares outstanding - Basic		215	228	217	232
Weighted average shares outstanding - Diluted		215	228	218	232
Rooms [Member]
Revenues
Total revenues		$ 442	$ 433	$ 824	$ 725
Operating expenses
Expenses		117	98	224	183
Food and Beverage [Member]
Revenues
Total revenues		178	173	359	283
Operating expenses
Expenses		128	119	255	206
Ancillary Hotel [Member]
Revenues
Total revenues		72	70	137	131
Other [Member]
Revenues
Total revenues		22	19	42	35
Other Departmental and Support [Member]
Operating expenses
Expenses		$ 165	$ 158	$ 323	$ 291
[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 Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net (loss) income	$ (146)	$ 154	$ (113)	$ 98
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	64	68	128	137
(Gain) loss on sales of assets, net	0	1	(15)	1
Impairment And Casualty Loss	203	1	204	1
Equity in earnings from investments in affiliates	(3)	(5)	(7)	(5)
Other gain, net			0	(93)
Share-based compensation expense			9	9
Amortization of deferred financing costs			4	6
Distributions from unconsolidated affiliates			7	6
Changes in operating assets and liabilities			33	31
Net cash provided by operating activities			250	191
Investing Activities:
Capital expenditures for property and equipment			(124)	(52)
Acquisitions, net			(11)	0
Proceeds from asset dispositions, net			116	98
Proceeds from the sale of investments in affiliates, net			3	101
Contributions to unconsolidated affiliates			(4)	0
Net cash (used in) provided by investing activities			(20)	147
Financing Activities:
Repayments of credit facilities			(50)	0
Proceeds from issuance of mortgage debt			0	30
Repayments of mortgage debt			(80)	(34)
Debt issuance costs			(1)	(3)
Dividends paid			(88)	(2)
Distributions to noncontrolling interests, net			(1)	(4)
Tax withholdings on share-based compensation			(2)	(3)
Repurchase of common stock			(105)	(218)
Net cash used in financing activities			(327)	(234)
Net (decrease) increase in cash and cash equivalents and restricted cash			(97)	104
Cash and cash equivalents and restricted cash, beginning of period			939	763
Cash and cash equivalents and restricted cash, end of period	842	867	842	867
Non-cash financing activities:
Dividends declared but unpaid	$ 32	$ 2	$ 32	$ 2

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Non-Controlling Interests [Member]
Balance at Dec. 31, 2021		$ 4,403	$ 2	$ 4,533	$ (83)	$ (49)
Balance (shares) at Dec. 31, 2021			236
Share-based compensation, net		1		1
Net (loss) income		(56)			(57)	1
Dividends and dividend equivalents	[1]	(2)			(2)
Repurchase of common stock		(61)		(61)
Repurchases of common stock (Shares)			(3)
Balance at Mar. 31, 2022		4,285	$ 2	4,473	(142)	(48)
Balance (shares) at Mar. 31, 2022			233
Balance at Dec. 31, 2021		4,403	$ 2	4,533	(83)	(49)
Balance (shares) at Dec. 31, 2021			236
Net (loss) income		98
Balance at Jun. 30, 2022		4,281	$ 2	4,321	6	(48)
Balance (shares) at Jun. 30, 2022			225
Balance at Mar. 31, 2022		4,285	$ 2	4,473	(142)	(48)
Balance (shares) at Mar. 31, 2022			233
Share-based compensation, net		5		5
Net (loss) income		154			150	4
Dividends and dividend equivalents	[1]	(2)			(2)
Distributions to noncontrolling interests		(4)				(4)
Repurchase of common stock		(157)		(157)
Repurchases of common stock (Shares)			(8)
Balance at Jun. 30, 2022		4,281	$ 2	4,321	6	(48)
Balance (shares) at Jun. 30, 2022			225
Balance at Dec. 31, 2022		$ 4,291	$ 2	4,321	16	(48)
Balance (shares) at Dec. 31, 2022		224,061,745	224
Share-based compensation, net		$ 2			2
Share-based compensation, net (Shares)			1
Net (loss) income		33			33
Dividends and dividend equivalents	[1]	(32)			(32)
Distributions to noncontrolling interests		(1)				(1)
Repurchase of common stock		(105)		(105)
Repurchases of common stock (Shares)			(9)
Balance at Mar. 31, 2023		4,188	$ 2	4,216	19	(49)
Balance (shares) at Mar. 31, 2023			216
Balance at Dec. 31, 2022		$ 4,291	$ 2	4,321	16	(48)
Balance (shares) at Dec. 31, 2022		224,061,745	224
Net (loss) income		$ (113)
Balance at Jun. 30, 2023		$ 4,013	$ 2	4,221	(165)	(45)
Balance (shares) at Jun. 30, 2023		215,738,036	216
Balance at Mar. 31, 2023		$ 4,188	$ 2	4,216	19	(49)
Balance (shares) at Mar. 31, 2023			216
Share-based compensation, net		5		5
Net (loss) income		(146)			(150)	4
Dividends and dividend equivalents	[1]	(34)			34
Balance at Jun. 30, 2023		$ 4,013	$ 2	$ 4,221	$ (165)	$ (45)
Balance (shares) at Jun. 30, 2023		215,738,036	216
[1] Dividends declared per common share were $ 0.15 for each of the three months ended March 31, 2023 and June 30, 20 23. Dividends declared per common share were $ 0.01 for each of the three months ended March 31, 2022 and June 30, 2022 .

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share	$ 0.15	$ 0.15	$ 0.01	$ 0.01

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Insider Trading Arr Abstract
Rule 10b 51 Arr Adopted Flag	false
Non Rule 10b 51 Arr Adopted Flag	false
Rule 10b 51 Arr Trmntd Flag	false
Non Rule 10b 51 Arr Trmntd Flag	false

Organization

Organization	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Organization	Note 1 : Organization Organization Park Hotels & Resorts Inc. (“we,” “us,” “our” or the “Company” and, exclusive of any subsidiaries, "Park Parent") 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. 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. 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. Park Parent owned 100 % of the interests of our Operating Company until December 31, 2021 when the business undertook an internal reorganization transitioning our structure to a traditional umbrella partnership REIT ("UPREIT") structure. Effective January 1, 2022, Park Parent became the managing member of our Operating Company and PK Domestic REIT Inc., a direct subsidiary of Park Parent, became a member of our Operating Company. We may, in the future, issue interests in (or from) our Operating Company in connection with acquiring hotels, financings, issuance of equity compensation or other purposes.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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, 2022 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 23, 2023. 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. Reclassifications Certain line items on the audited condensed consolidated balance sheet as of December 31, 2022 have been reclassified to conform to the current period presentation. Summary of Significant Accounting Policies Our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 23, 2023, contains a discussion of significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2022.

Acquisitions and Dispositions

Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2023
Business Combinations [Abstract]
Acquisitions and Dispositions	Note 3 : Acquisitions and Dispositions Acquisitions During the six months ended June 30, 2023 , we acquired two parcels of land, adjacent to the Hilton Hawaiian Village Waikiki Beach Resort, for a purchase price of approximately $ 18 million, including transaction costs. We accounted for the purchase as an acquisition of an asset, and the entire purchase price was allocated to land. Dispositions During the six months ended June 30, 2023 , we sold the Hilton Miami Airport hotel for gross proceeds of $ 118.25 million. We recognized a net gain of approximately $ 15 million, which is included in (loss) gain on sale of assets, net in our condensed consolidated statements of operations. Additionally, in June 2023, the ground lessor terminated the ground lease for the Embassy Suites Phoenix Airport hotel and, pursuant to an agreement, we received an early termination fee of approximately $ 4 million, which is included in other gain, net in our condensed consolidated statement of operations. During the three months ended June 30, 2022 , we sold the three consolidated hotels listed in the table below and received total gross proceeds of approximately $ 102 million. Hotel Location Month Sold Hampton Inn & Suites Memphis – Shady Grove Memphis, Tennessee April 2022 Hilton Chicago/Oak Brook Suites Chicago, Illinois May 2022 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, Washington June 2022 Additionally, in June 2022, we sold our ownership interests in the joint ventures that own and operate the Hilton San Diego Bayfront for gross proceeds of $ 157 million. Our gross proceeds were reduced by $ 55 million for our share of the mortgage debt in the joint venture. We recognized a gain of approximately $ 92 million, net of selling costs, which is included in other gain, net in our condensed consolidated statements of operations.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 4 : Property and Equipment Property and equipment were: June 30, 2023 December 31, 2022 (in millions) Land $ 3,196 $ 3,317 Buildings and leasehold improvements 6,308 6,512 Furniture and equipment 965 994 Construction-in-progress 229 201 10,698 11,024 Accumulated depreciation ( 2,696 ) ( 2,723 ) $ 8,002 $ 8,301 Depreciation of property and equipment was $ 64 million and $ 68 million during the three months ended June 30, 2023 and 2022, respectively, and $ 128 million and $ 136 million during the six months ended June 30, 2023 and 2022, respectively. For the three months ended June 30, 2023 , we recognized an approximately $ 202 million impairment loss related to one of the hotels securing our $ 725 million non-recourse CMBS loan as a result of a decision to cease making debt service payments that may result in us no longer owning the property and benefiting from the cash flow. Refer to Note 6: "Debt" and Note 7: "Fair Value Measurements " for additional information.

Consolidated Variable Interest

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	6 Months Ended
	Jun. 30, 2023
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: June 30, 2023 December 31, 2022 (in millions) Property and equipment, net $ 209 $ 208 Cash and cash equivalents 22 21 Restricted cash 2 2 Accounts receivable, net 5 4 Prepaid expenses 3 2 Debt 204 205 Accounts payable and accrued expenses 12 8 Due to hotel manager 1 2 Other liabilities 3 4 Unconsolidated Entities Four of our hotels are owned by unconsolidated joint ventures in which we hold an interest, are accounted for using the equity method and had total debt of approximately $ 721 million as of both June 30, 2023 and December 31, 2022 . Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Note 6 : Debt Debt balances and associated interest rates as of June 30, 2023 were: Principal balance as of Interest Rate Maturity Date June 30, 2023 December 31, 2022 (in millions) SF Mortgage Loan (1) 7.11 % (2) November 2023 $ 725 $ 725 HHV Mortgage Loan (1) 4.20 % November 2026 1,275 1,275 Other mortgage loans (3) Average rate of 4.37 % 2023 to 2027 (4) 389 469 Revolver (5) SOFR + 2.10 % December 2026 — 50 2025 Senior Notes (6) 7.50 % June 2025 650 650 2028 Senior Notes (6) 5.88 % October 2028 725 725 2029 Senior Notes (6) 4.88 % May 2029 750 750 4,514 4,644 Add: unamortized premium 1 3 Less: unamortized deferred financing costs ( 25 ) ( 30 ) $ 4,490 $ 4,617 (1) In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 San Francisco – a Hilton Hotel ("SF Mortgage Loan") and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”). (2) In June 2023, we ceased making debt service payments toward the SF Mortgage Loan, and we have received notice of default from the servicer. The stated rate is 4.11 %, however, beginning June 1, 2023, the default interest rate on the loan is 7.11 %. Additionally, beginning June 1, 2023, the loan accrues a monthly late payment administrative fee of 3 % of the monthly amount due. As a result, the lenders may seek any and all remedies legally available, including foreclosure. We are currently working in good faith with the SF Mortgage Loan's servicer to determine the most effective path forward, which is expected to result in ultimate removal of these hotels from our portfolio. (3) In June 2023, we fully repaid the $ 75 million mortgage loan secured by the W Chicago – City Center. (4) 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 with six months of notice. As of June 30, 2023, Park had not received notice from the lender. (5) In February 2023, we fully repaid the $ 50 million outstanding balance under our revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $ 50 million, to be issued on behalf of us. As of June 30, 2023, we had approximately $ 4 million outstanding on a standby letter of credit and $ 946 million of available capacity under our Revolver. (6) In May and September 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. ("PK Finance") issued an aggregate of $ 650 million of senior notes due 2025 (“2025 Senior Notes”) and an aggregate of $ 725 million of senior notes due 2028 (“2028 Senior Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 750 million of senior notes due 2029 (“2029 Senior Notes”). We are required to deposit with lenders certain cash reserves for restricted uses. As of June 30, 2023 and December 31, 2022, our condensed consolidated balance sheets include d $ 14 m illion and $ 6 million of restricted cash, respectively, related to our mortgag e loans. As of June 30, 2023, restricted cash included $ 13 million of hotel operating cash related to the default on our SF Mortgage Loan and the use of such funds is limited pursuant to the terms of the loan and associated agreements. Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of June 30, 2023 were: Year (in millions) 2023 $ 783 2024 7 2025 657 2026 1,563 2027 30 Thereafter (1) 1,474 $ 4,514 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7 : 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: June 30, 2023 December 31, 2022 Hierarchy Carrying Fair Value Carrying Fair Value (in millions) Liabilities: SF Mortgage Loan 3 $ 725 $ 710 $ 725 $ 692 HHV Mortgage Loan 3 1,275 1,160 1,275 1,142 Other mortgage loans 3 389 364 469 435 Revolver 3 — — 50 50 2025 Senior Notes 1 650 655 650 652 2028 Senior Notes 1 725 669 725 661 2029 Senior Notes 1 750 648 750 635 During the three months ended June 30, 2023 , we recognized an impairment loss related to one of our hotels. The estimated value of the asset that was measured on a nonrecurring basis was: June 30, 2023 Fair Value Impairment Loss (in millions) Property and equipment (1) $ 234 $ 202 Total $ 234 $ 202 (1) Fair value as of June 30, 2023 was measured using significant unobservable inputs (Level 3). We estimated fair value of the asset using a discounted cash flow analysis, with an estimated stabilized growth rate of 3 %, a discounted cash flow term of 10 years, terminal capitalization rate of 6.3 %, and discount rate of 9.5 %. The discount and terminal capitalization rates used for the fair values of the asset reflected the risk profile of the market where the property is located.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 : 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 (and state) 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 or six months ended June 30, 2023 and 2022 related to our REIT activities. Our taxable REIT subsidiaries (“TRSs”) are generally subject to U.S. federal, state and local, and foreign income taxes (as applicable). During the six months ended June 30, 2023 , we recognized income tax expense of $ 5 million, which is primarily related to taxable income from our TRSs.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Note 9 : Share-Based Compensation We issue equity-based awards to our employees pursuant to the 2017 Omnibus Incentive Plan (the “2017 Employee Plan”) and our non-employee directors pursuant to the 2017 Stock Plan for Non-Employee Directors (the “2017 Director Plan”), both of which are amended and re stated from time to time. An amendment and restatement of the 2017 Employee Plan was approved by our Board of Directors in February 2023 and approved by our stockholders in April 2023 to, among other changes, increase the number of shares available to be issued by 6,070,000 , from 8,000,000 to 14,070,000 shares. As of June 30, 2023, 7,498,728 shares of common stock remain available for future issuance. The 2017 Director Plan provides that a maximum of 950,000 shares of our common stock may be issued, and as of June 30, 2023, 274,939 shares of common stock remain available for future issuance. For both the three months ended June 30, 2023 and 2022, we recognized $ 5 million of share-based compensation expense and $ 9 million for both the six months ended June 30, 2023 and 2022. As of June 30, 2023, unrecognized compensation expense was $ 29 million, which is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of shares vested (calculated as the number of shares multiplied by the vesting date share price) for both the six months ended June 30, 2023 and 2022 was $ 7 million. 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 six months ended June 30, 2023: Number of Shares Weighted-Average Unvested at January 1, 2023 843,846 $ 20.19 Granted 674,991 13.44 Vested ( 516,518 ) 20.67 Forfeited ( 7,679 ) 15.75 Unvested at June 30, 2023 994,640 $ 15.39 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 2020, 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 June 30, 2023 , six of 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 six months ended June 30, 2023: Number of Shares Weighted-Average Unvested at January 1, 2023 1,198,325 $ 20.71 Granted 590,425 19.96 Forfeited ( 261,554 ) 24.80 Unvested at June 30, 2023 1,527,196 $ 19.72 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 48.0 % Dividend yield (1) — Risk-free rate 4.3 % Expected term 3 years (1) 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	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 10 : Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions, except per share amounts) Numerator: Net (loss) income attributable to stockholders, net $ ( 150 ) $ 150 $ ( 117 ) $ 93 Denominator: Weighted average shares outstanding – basic 215 228 217 232 Unvested restricted shares — — 1 — Weighted average shares outstanding – diluted 215 228 218 232 (Loss) earnings per share – Basic (1) $ ( 0.70 ) $ 0.66 $ ( 0.54 ) $ 0.40 (Loss) earnings per share – Diluted (1) $ ( 0.70 ) $ 0.66 $ ( 0.54 ) $ 0.40 (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 six months ended June 30, 2023 and 2022 because their effect would have been anti-dilutive.

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business Segment Information	Note 11 : Business Segment Information As of June 30, 2023 , 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 before interest expense, taxes and depreciation and amortization (“EBITDA”). Hotel Adjusted EBITDA, presented herein, is calculated as EBITDA from hotel operations, adjusted to exclude the following items that are not reflective of our ongoing operating performance or incurred in the normal course of business, and thus excluded from management's analysis in making day to day operating decisions and evaluations of our operating performance against other companies within our industry: • 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 income to Hotel Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Revenues: Total consolidated hotel revenues $ 692 $ 676 $ 1,320 $ 1,139 Other revenues 22 19 42 35 Total revenues $ 714 $ 695 $ 1,362 $ 1,174 Net (loss) income $ ( 146 ) $ 154 $ ( 113 ) $ 98 Other revenues ( 22 ) ( 19 ) ( 42 ) ( 35 ) Depreciation and amortization expense 64 68 128 137 Corporate general and administrative expense 16 16 32 32 Impairment and casualty loss 203 1 204 1 Other operating expenses 22 18 42 34 Loss (gain) on sales of assets, net — 1 ( 15 ) 1 Interest income ( 10 ) ( 1 ) ( 20 ) ( 1 ) Interest expense 61 62 121 124 Equity in earnings from investments in affiliates ( 3 ) ( 5 ) ( 7 ) ( 5 ) Income tax expense 3 1 5 1 Other gain, net ( 3 ) ( 92 ) ( 4 ) ( 97 ) Other items 7 4 13 7 Hotel Adjusted EBITDA $ 192 $ 208 $ 344 $ 297 The following table presents total assets for our consolidated hotels, reconciled to total assets: June 30, 2023 December 31, 2022 (in millions) Consolidated hotels $ 9,337 $ 9,726 All other 7 5 Total assets $ 9,344 $ 9,731

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12 : Commitments and Contingencies As of June 30, 2023, we had outstanding commitments under third-party contracts of approximately $ 163 million for capital expenditures at our properties, of whi ch $ 37 million relates to projects at the Bonnet Creek complex, including the meeting space expansion project and renovation of guestrooms, existing meeting space, lobbies, golf course and other recreational amenities, $ 43 million relates to the complete renovation of all guestrooms, public spaces, and certain hotel infrastructure at the Casa Marina Key West, Curio Collection, and $ 27 million relates to the Tapa Tower guestroom renovations at the Hilton Hawaiian Village Waikiki Beach Resort. 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 provide that Hilton will 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 June 30, 2023 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. 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)	6 Months Ended
	Jun. 30, 2023
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, 2022 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 23, 2023.
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.
Reclassifications	Reclassifications Certain line items on the audited condensed consolidated balance sheet as of December 31, 2022 have been reclassified to conform to the current period presentation.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities Held for Sale and Dispositions	Hotel Location Month Sold Hampton Inn & Suites Memphis – Shady Grove Memphis, Tennessee April 2022 Hilton Chicago/Oak Brook Suites Chicago, Illinois May 2022 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, Washington June 2022

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment were: June 30, 2023 December 31, 2022 (in millions) Land $ 3,196 $ 3,317 Buildings and leasehold improvements 6,308 6,512 Furniture and equipment 965 994 Construction-in-progress 229 201 10,698 11,024 Accumulated depreciation ( 2,696 ) ( 2,723 ) $ 8,002 $ 8,301

Consolidated Variable Interes_2

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables)	6 Months Ended
	Jun. 30, 2023
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: June 30, 2023 December 31, 2022 (in millions) Property and equipment, net $ 209 $ 208 Cash and cash equivalents 22 21 Restricted cash 2 2 Accounts receivable, net 5 4 Prepaid expenses 3 2 Debt 204 205 Accounts payable and accrued expenses 12 8 Due to hotel manager 1 2 Other liabilities 3 4

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances and associated interest rates as of June 30, 2023 were: Principal balance as of Interest Rate Maturity Date June 30, 2023 December 31, 2022 (in millions) SF Mortgage Loan (1) 7.11 % (2) November 2023 $ 725 $ 725 HHV Mortgage Loan (1) 4.20 % November 2026 1,275 1,275 Other mortgage loans (3) Average rate of 4.37 % 2023 to 2027 (4) 389 469 Revolver (5) SOFR + 2.10 % December 2026 — 50 2025 Senior Notes (6) 7.50 % June 2025 650 650 2028 Senior Notes (6) 5.88 % October 2028 725 725 2029 Senior Notes (6) 4.88 % May 2029 750 750 4,514 4,644 Add: unamortized premium 1 3 Less: unamortized deferred financing costs ( 25 ) ( 30 ) $ 4,490 $ 4,617 (1) In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 San Francisco – a Hilton Hotel ("SF Mortgage Loan") and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”). (2) In June 2023, we ceased making debt service payments toward the SF Mortgage Loan, and we have received notice of default from the servicer. The stated rate is 4.11 %, however, beginning June 1, 2023, the default interest rate on the loan is 7.11 %. Additionally, beginning June 1, 2023, the loan accrues a monthly late payment administrative fee of 3 % of the monthly amount due. As a result, the lenders may seek any and all remedies legally available, including foreclosure. We are currently working in good faith with the SF Mortgage Loan's servicer to determine the most effective path forward, which is expected to result in ultimate removal of these hotels from our portfolio. (3) In June 2023, we fully repaid the $ 75 million mortgage loan secured by the W Chicago – City Center. (4) 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 with six months of notice. As of June 30, 2023, Park had not received notice from the lender. (5) In February 2023, we fully repaid the $ 50 million outstanding balance under our revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $ 50 million, to be issued on behalf of us. As of June 30, 2023, we had approximately $ 4 million outstanding on a standby letter of credit and $ 946 million of available capacity under our Revolver. (6) In May and September 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. ("PK Finance") issued an aggregate of $ 650 million of senior notes due 2025 (“2025 Senior Notes”) and an aggregate of $ 725 million of senior notes due 2028 (“2028 Senior Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 750 million of senior notes due 2029 (“2029 Senior 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 June 30, 2023 were: Year (in millions) 2023 $ 783 2024 7 2025 657 2026 1,563 2027 30 Thereafter (1) 1,474 $ 4,514 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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: June 30, 2023 December 31, 2022 Hierarchy Carrying Fair Value Carrying Fair Value (in millions) Liabilities: SF Mortgage Loan 3 $ 725 $ 710 $ 725 $ 692 HHV Mortgage Loan 3 1,275 1,160 1,275 1,142 Other mortgage loans 3 389 364 469 435 Revolver 3 — — 50 50 2025 Senior Notes 1 650 655 650 652 2028 Senior Notes 1 725 669 725 661 2029 Senior Notes 1 750 648 750 635
Estimated Fair Value of Assets Measured on Nonrecurring Basis	The estimated value of the asset that was measured on a nonrecurring basis was: June 30, 2023 Fair Value Impairment Loss (in millions) Property and equipment (1) $ 234 $ 202 Total $ 234 $ 202 (1) Fair value as of June 30, 2023 was measured using significant unobservable inputs (Level 3). We estimated fair value of the asset using a discounted cash flow analysis, with an estimated stabilized growth rate of 3 %, a discounted cash flow term of 10 years, terminal capitalization rate of 6.3 %, and discount rate of 9.5 %. The discount and terminal capitalization rates used for the fair values of the asset reflected the risk profile of the market where the property is located.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [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 six months ended June 30, 2023: Number of Shares Weighted-Average Unvested at January 1, 2023 843,846 $ 20.19 Granted 674,991 13.44 Vested ( 516,518 ) 20.67 Forfeited ( 7,679 ) 15.75 Unvested at June 30, 2023 994,640 $ 15.39
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the six months ended June 30, 2023: Number of Shares Weighted-Average Unvested at January 1, 2023 1,198,325 $ 20.71 Granted 590,425 19.96 Forfeited ( 261,554 ) 24.80 Unvested at June 30, 2023 1,527,196 $ 19.72
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 48.0 % Dividend yield (1) — Risk-free rate 4.3 % Expected term 3 years (1) 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)	6 Months Ended
	Jun. 30, 2023
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions, except per share amounts) Numerator: Net (loss) income attributable to stockholders, net $ ( 150 ) $ 150 $ ( 117 ) $ 93 Denominator: Weighted average shares outstanding – basic 215 228 217 232 Unvested restricted shares — — 1 — Weighted average shares outstanding – diluted 215 228 218 232 (Loss) earnings per share – Basic (1) $ ( 0.70 ) $ 0.66 $ ( 0.54 ) $ 0.40 (Loss) earnings per share – Diluted (1) $ ( 0.70 ) $ 0.66 $ ( 0.54 ) $ 0.40 (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)	6 Months Ended
	Jun. 30, 2023
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 income to Hotel Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Revenues: Total consolidated hotel revenues $ 692 $ 676 $ 1,320 $ 1,139 Other revenues 22 19 42 35 Total revenues $ 714 $ 695 $ 1,362 $ 1,174 Net (loss) income $ ( 146 ) $ 154 $ ( 113 ) $ 98 Other revenues ( 22 ) ( 19 ) ( 42 ) ( 35 ) Depreciation and amortization expense 64 68 128 137 Corporate general and administrative expense 16 16 32 32 Impairment and casualty loss 203 1 204 1 Other operating expenses 22 18 42 34 Loss (gain) on sales of assets, net — 1 ( 15 ) 1 Interest income ( 10 ) ( 1 ) ( 20 ) ( 1 ) Interest expense 61 62 121 124 Equity in earnings from investments in affiliates ( 3 ) ( 5 ) ( 7 ) ( 5 ) Income tax expense 3 1 5 1 Other gain, net ( 3 ) ( 92 ) ( 4 ) ( 97 ) Other items 7 4 13 7 Hotel Adjusted EBITDA $ 192 $ 208 $ 344 $ 297
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: June 30, 2023 December 31, 2022 (in millions) Consolidated hotels $ 9,337 $ 9,726 All other 7 5 Total assets $ 9,344 $ 9,731

Organization - Additional Infor

Organization - Additional Information (Detail) - $ / shares	May 05, 2019	Jan. 03, 2017
Park Intermediate Holdings LLC [Member]
Organization [Line Items]
Percentage of ownership interest		100%
Chesapeake Lodging Trust [Member]
Organization [Line Items]
Business acquisition,par value per common share	$ 0.01
Business acquisition, cash consideration transferred, per share	$ 11
Business acquisition, consideration transferred number of shares per share	0.628
Fractional shares of common stock to be issued in merger agreement	0

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($) Hotel	Jun. 30, 2023 USD ($) Parcel	Jun. 30, 2022 USD ($) Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties	$ 102,000
Net (loss) gain on selling cost of hotel portfolio properties		$ 15,000	$ 92,000
Number of hotel portfolio properties sold | Hotel	3		3
Hilton Miami Airport [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties		$ 118,250
Land Adjacent To Hilton Hawaiian Village Waikiki Beach Resort [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land including improvements | Parcel		2
Acquisition costs		$ 18,000
Hilton San Diego Bayfront [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties			$ 157,000
Disposal group, interest in the debt in joint venture			$ 55,000
Embassy Suites Phoenix Airport hotel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Termination fee		$ 4,000

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Summary of Hotel Portfolio Properties Sold (Detail)	3 Months Ended
	Jun. 30, 2022
Hampton Inn & Suites Memphis-Shady Grove [Member]
Business Acquisition [Line Items]
Location	Memphis, Tennessee
Month Sold	2022-04
Hilton Chicago/Oak Brook Suites [Member]
Business Acquisition [Line Items]
Location	Chicago, Illinois
Month Sold	2022-05
Homewood Suites By Hilton Seattle Convention Center Pike Street [Member]
Business Acquisition [Line Items]
Location	Seattle, Washington
Month Sold	2022-06

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land	$ 3,196	$ 3,317
Buildings and leasehold improvements	6,308	6,512
Furniture and equipment	965	994
Construction-in-progress	229	201
Property and equipment, gross	10,698	11,024
Accumulated depreciation	(2,696)	(2,723)
Property and equipment, net	$ 8,002	$ 8,301

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023		Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022	Dec. 31, 2022	[1]	Oct. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation	$ 64		$ 68	$ 128		$ 136
Gain (loss) on sale of assets and asset impairment charges	(202)
SF CMBS Loan [Member]
Property, Plant and Equipment [Line Items]
Debt, gross	$ 725	[1]		$ 725	[1]		$ 725		$ 725
[1] In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 San Francisco – a Hilton Hotel ("SF Mortgage Loan") and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”).

Consolidated Variable Interes_3

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions	Jun. 30, 2023 USD ($) Entity JointVenture	Dec. 31, 2022 USD ($) JointVenture
Subsequent Event [Line Items]
Number of consolidated VIEs | Entity	3
Debt of unconsolidated joint ventures | $	$ 721	$ 721
Number of unconsolidated joint ventures | JointVenture	4	4

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	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Property and equipment, net	$ 8,002	$ 8,301
Cash and cash equivalents	797	906
Restricted cash	45	33
Accounts receivable, net	134	129
Prepaid expenses	83	58
Debt	4,490	4,617
Accounts payable and accrued expenses	279	220
Due to hotel managers	131	141
Other liabilities	203	228
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	209	208
Cash and cash equivalents	22	21
Restricted cash	2	2
Accounts receivable, net	5	4
Prepaid expenses	3	2
Debt	204	205
Accounts payable and accrued expenses	12	8
Due to hotel managers	1	2
Other liabilities	$ 3	$ 4

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2023		Apr. 25, 2023	Dec. 31, 2022		Oct. 31, 2016
Debt Instrument [Line Items]
Debt and financing lease obligations, gross		$ 4,514			$ 4,644
Add: unamortized premium		1			3
Less: unamortized deferred financing costs and discount		(25)			(30)
Debt		4,490			4,617
SF CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 725	[1]		725	[1]	$ 725
Default interest rate on loan	[1],[2]	7.11%
Debt instrument, interest rate, stated percentage				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	[3]	$ 389			469
Debt, weighted average interest rate	[3]	4.37%
Maturity Date, start year	[3]	2023
Maturity Date, end year	[3],[4]	2027
2025 Senior Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[5]	$ 650			650
Debt instrument, interest rate, stated percentage	[5]	7.50%
Maturity Date	[5]	2025-06
2028 Senior Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[5]	$ 725			725
Debt instrument, interest rate, stated percentage	[5]	5.88%
Maturity Date	[5]	2028-10
2029 Senior Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[5]	$ 750			750
Debt instrument, interest rate, stated percentage	[5]	4.88%
Maturity Date	[5]	2029-05
Revolver [Member]
Debt Instrument [Line Items]
Debt, gross	[6]	$ 0			$ 50
Maturity Date	[6]	2026-12
Revolver [Member] | SOFR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	[6]	2.10%
[1] In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 San Francisco – a Hilton Hotel ("SF Mortgage Loan") and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”). In June 2023, we ceased making debt service payments toward the SF Mortgage Loan, and we have received notice of default from the servicer. The stated rate is 4.11 %, however, beginning June 1, 2023, the default interest rate on the loan is 7.11 %. Additionally, beginning June 1, 2023, the loan accrues a monthly late payment administrative fee of 3 % of the monthly amount due. As a result, the lenders may seek any and all remedies legally available, including foreclosure. We are currently working in good faith with the SF Mortgage Loan's servicer to determine the most effective path forward, which is expected to result in ultimate removal of these hotels from our portfolio. In June 2023, we fully repaid the $ 75 million mortgage loan secured by the W Chicago – City Center. 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 with six months of notice. As of June 30, 2023, Park had not received notice from the lender. In May and September 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. ("PK Finance") issued an aggregate of $ 650 million of senior notes due 2025 (“2025 Senior Notes”) and an aggregate of $ 725 million of senior notes due 2028 (“2028 Senior Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 750 million of senior notes due 2029 (“2029 Senior Notes”). In February 2023, we fully repaid the $ 50 million outstanding balance under our revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $ 50 million, to be issued on behalf of us. As of June 30, 2023, we had approximately $ 4 million outstanding on a standby letter of credit and $ 946 million of available capacity under our Revolver.

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) - USD ($) $ in Millions

1 Months Ended

6 Months Ended

Jun. 30, 2023

Feb. 28, 2023

Jun. 30, 2023

Apr. 25, 2023

Dec. 31, 2022

May 31, 2021

Sep. 30, 2020

May 31, 2020

Oct. 31, 2016

Revolver [Member]

Debt Instrument [Line Items]

Debt, gross

[1]

$ 0

$ 0

$ 50

Repayments of long-term debt

$ 50

Line of credit, maximum borrowing capacity

$ 50

Available credit capacity

946

946

Revolver [Member] | Standby Letters of Credit [Member]

Debt Instrument [Line Items]

Line of credit facility, outstanding amount

4

4

SF CMBS Loan [Member]

Debt Instrument [Line Items]

Debt, gross

725

[2]

$ 725

[2]

725

[2]

$ 725

Default interest rate on loan

[2],[3]

7.11%

Pecentage on late payment administrative fee

3%

Debt instrument, interest rate, stated percentage

4.11%

HHV CMBS Loan [Member]

Debt Instrument [Line Items]

Debt, gross

$ 1,275

[2]

$ 1,275

[2]

$ 1,275

[2]

$ 1,275

Debt instrument, interest rate, stated percentage

[2]

4.20%

4.20%

W Chicago - City Center[Member]

Debt Instrument [Line Items]

Repayments of long-term debt

$ 75

Hilton Denver City Center Mortgage Loan [Member]

Debt Instrument [Line Items]

Voluntary prepayment maturity date, end year

2042

PK Domestic and PK Finance Co-Issuer Inc [Member] | 2025 Senior Notes [Member]

Debt Instrument [Line Items]

Senior Notes

$ 650

PK Domestic and PK Finance Co-Issuer Inc [Member] | 2028 Senior Notes [Member]

Debt Instrument [Line Items]

Senior Notes

$ 725

PK Domestic and PK Finance Co-Issuer Inc [Member] | 2029 Senior Notes [Member]

Debt Instrument [Line Items]

Senior Notes

$ 750

[1] In February 2023, we fully repaid the $ 50 million outstanding balance under our revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $ 50 million, to be issued on behalf of us. As of June 30, 2023, we had approximately $ 4 million outstanding on a standby letter of credit and $ 946 million of available capacity under our Revolver. In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 San Francisco – a Hilton Hotel ("SF Mortgage Loan") and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”). In June 2023, we ceased making debt service payments toward the SF Mortgage Loan, and we have received notice of default from the servicer. The stated rate is 4.11 %, however, beginning June 1, 2023, the default interest rate on the loan is 7.11 %. Additionally, beginning June 1, 2023, the loan accrues a monthly late payment administrative fee of 3 % of the monthly amount due. As a result, the lenders may seek any and all remedies legally available, including foreclosure. We are currently working in good faith with the SF Mortgage Loan's servicer to determine the most effective path forward, which is expected to result in ultimate removal of these hotels from our portfolio.

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Restricted cash	$ 45	$ 33
CMBS and mortgage loans [Member]
Debt Instrument [Line Items]
Restricted cash	14	$ 6
SF CMBS Loan [Member]
Debt Instrument [Line Items]
Restricted cash	$ 13

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) - USD ($) $ in Millions		Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
2023		$ 783
2024		7
2025		657
2026		1,563
2027		30
Thereafter	[1]	$ 1,474
Debt and capital lease obligations, gross			$ 4,514
[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	Jun. 30, 2023	Dec. 31, 2022
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] | Mortgage Loans [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	389	469
Carrying amount [Member] | Revolver [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	0	50
Carrying amount [Member] | 2025 Senior Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	650	650
Carrying amount [Member] | 2028 Senior Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	725	725
Carrying amount [Member] | 2029 Senior Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	750	750
Fair Value [Member] | SF CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	710	692
Fair Value [Member] | HHV CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,160	1,142
Fair Value [Member] | Mortgage Loans [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	364	435
Fair Value [Member] | Revolver [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	0	50
Fair Value [Member] | 2025 Senior Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	655	652
Fair Value [Member] | 2028 Senior Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	669	661
Fair Value [Member] | 2029 Senior Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 648	$ 635

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Assets Measured on Nonrecurring Basis (Detail) - Nonrecurring [Member] $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, Fair Value	$ 234	[1]
Fair Value, Total	234
Property and equipment, Impairment Loss	202	[1]
Impairment Charges, Total	$ 202
[1] (1) Fair value as of June 30, 2023 was measured using significant unobservable inputs (Level 3). We estimated fair value of the asset using a discounted cash flow analysis, with an estimated stabilized growth rate of 3 %, a discounted cash flow term of 10 years, terminal capitalization rate of 6.3 %, and discount rate of 9.5 %. The discount and terminal capitalization rates used for the fair values of the asset reflected the risk profile of the market where the property is located.

Fair Value Measurements - Est_2

Fair Value Measurements - Estimated Fair Value of Assets Measured on Nonrecurring Basis (Parenthetical) (Detail) - Level 3 [Member] - Nonrecurring [Member]	6 Months Ended
	Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discounted cash flow term	10 years
Terminal capitalization rate	6.30%
Measurement Input Long Term Revenue Growth Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.03
Measurement Input Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.095

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Line Items]
Income tax expense	$ 3	$ 1	$ 5	$ 1
U.S. Federal Tax [Member]
Income Taxes [Line Items]
Income tax expense	$ 0	$ 0	0	$ 0
TRSs [Member]
Income Taxes [Line Items]
Income tax expense			$ 5

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2023 shares	Nov. 30, 2020 d $ / shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Target shares	Jun. 30, 2022 USD ($)	Mar. 31, 2023 shares	Dec. 31, 2022 shares
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
Compensation expense | $			$ 5	$ 5	$ 9	$ 9
Unrecognized compensation costs related to unvested awards | $			$ 29		$ 29
Unrecognized compensation costs related to unvested awards, weighted-average period					1 year 10 months 24 days
Total fair value of shares vested | $					$ 7	$ 7
2017 Employee Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance			7,498,728		7,498,728
Additional shares approved	6,070,000
2017 Employee Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares	14,070,000
2017 Employee Plan [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares							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			274,939		274,939
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%
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] | 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]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	843,846
Number of Shares, Granted | shares	674,991
Number of Shares, Vested | shares	(516,518)
Number of Shares, Forfeited | shares	(7,679)
Number of Shares, Ending balance | shares	994,640
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 20.19
Weighted Average Grant Date Fair Value, Granted | $ / shares	13.44
Weighted Average Grant Date Fair Value, Vested | $ / shares	20.67
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	15.75
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 15.39

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	1,198,325
Number of Shares, Granted | shares	590,425
Number of Shares, Forfeited | shares	(261,554)
Number of Shares, Ending balance | shares	1,527,196
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 20.71
Weighted Average Grant Date Fair Value, Granted | $ / shares	19.96
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	24.80
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 19.72

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Expected volatility	48%
Dividend yield	0%	[1]
Risk-free rate	4.30%
Expected term	3 years
[1] Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net (loss) income attributable to stockholders, net of earnings allocated to participating securities		$ (150)	$ 150	$ (117)	$ 93
Denominator:
Weighted average shares outstanding – basic		215,000,000	228,000,000	217,000,000	232,000,000
Unvested restricted shares		0	0	1,000,000	0
Weighted average shares outstanding – diluted		215,000,000	228,000,000	218,000,000	232,000,000
(Loss) earnings per share - Basic	[1]	$ (0.70)	$ 0.66	$ (0.54)	$ 0.40
(Loss) earnings per share - Diluted	[1]	$ (0.70)	$ 0.66	$ (0.54)	$ 0.40
[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)	6 Months Ended
	Jun. 30, 2023 Segment
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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 714		$ 695		$ 1,362	$ 1,174
Net (loss) income	(146)	$ 33	154	$ (56)	(113)	98
Depreciation and amortization expense	64		68		128	137
Corporate general and administrative expense	16		16		32	32
Impairment and casualty loss	203		1		204	1
Other operating expenses	22		18		42	34
Loss (gain) on sales of assets, net	0		1		(15)	1
Interest income	(10)		(1)		(20)	(1)
Interest expense	61		62		121	124
Equity in earnings from investments in affiliates	(3)		(5)		(7)	(5)
Income tax expense	3		1		5	1
Other gain, net	(3)		(92)		(4)	(97)
Other items	7		4		13	7
Hotel Adjusted EBITDA	192		208		344	297
Total consolidated hotel revenue [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	692		676		1,320	1,139
Other [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 22		$ 19		$ 42	$ 35

Business Segment Information _3

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 9,344	$ 9,731
Consolidated Hotels [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,337	9,726
All Other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 7	$ 5

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	$ 163
Reserve for ongoing claims	8
Hilton Hawaiian Village Waikiki Beach Resort [Member]
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	27
Bonnet Creek complex [Member]
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	37
Casa Marina Key West, Curio Collection [Member]
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	$ 43