Park Hotels & Resorts (PK) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PK
Entity Registrant Name	Park Hotels & Resorts Inc.
Entity Central Index Key	1,617,406
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		214,768,394

Condensed Combined Consolidated

Condensed Combined Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Property and equipment, net	$ 8,516	$ 8,541
Investments in affiliates	82	81
Goodwill	604	604
Intangibles, net	43	44
Cash and cash equivalents	318	337
Restricted cash	18	13
Accounts receivable, net of allowance for doubtful accounts of $3 and $2	180	130
Prepaid expenses	51	58
Other assets	28	26
TOTAL ASSETS (variable interest entities - $242 and $239)	9,840	9,834
Liabilities
Debt	3,012	3,012
Accounts payable and accrued expenses	174	167
Due to hotel manager	125	91
Due to Hilton Grand Vacations	210	210
Deferred income tax liabilities	146	2,437
Other liabilities	202	94
Total liabilities (variable interest entities - $216 and $262)	3,869	6,011
Commitments and contingencies - refer to Note 12
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 214,767,295 shares issued and outstanding as of March 31, 2017	2
Additional paid-in capital	3,820
Retained earnings	2,258
Accumulated other comprehensive loss	(60)	(67)
Net Parent investment		3,939
Total stockholders' equity	6,020	3,872
Noncontrolling interests	(49)	(49)
Total equity	5,971	3,823
TOTAL LIABILITIES AND EQUITY	$ 9,840	$ 9,834

Condensed Combined Consolidate3

Condensed Combined Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 3	$ 2
Variable interest entities - assets	242	239
Variable interest entities - liabilities	$ 216	$ 262
Common stock, par value (per share)	$ 0.01
Common stock, authorized shares	6,000,000,000
Common stock, issued shares	214,767,295
Common stock, outstanding shares	214,767,295

Condensed Combined Consolidate4

Condensed Combined Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Revenues
Rooms		$ 432	$ 429
Food and beverage		192	180
Other		60	52
Total revenues		684	661	[1]
Operating expenses
Rooms		114	114
Food and beverage		131	127
Other departmental and support		177	165
Other property-level		46	45
Management and franchise fees		34	26
Impairment loss	[1]		15
Depreciation and amortization		70	73	[1]
Corporate and other		18	16	[1]
Total expenses		590	581
Operating income		94	80
Interest expense		(30)	(46)	[1]
Equity in earnings from investments in affiliates		4	3	[1]
Gain on foreign currency transactions		1
Income before income taxes		69	37
Income tax benefit (expense)		2,281	(14)	[1]
Net income		2,350	23	[1]
Net income attributable to noncontrolling interests			(1)
Net income attributable to stockholders	[2]	2,350	22	[3]
Other comprehensive income, net of tax benefit (expense):
Currency translation adjustment, net of tax of $0 and $(1)		7	9
Total other comprehensive income		7	9
Comprehensive income		2,357	32
Comprehensive income attributable to noncontrolling interests			(1)
Comprehensive income attributable to stockholders		$ 2,357	$ 31
Earnings per share:
Earnings per share - Basic	[4]	$ 11.65	$ 0.11	[3]
Earnings per share - Diluted	[4]	$ 11.02	$ 0.11	[3]
Weighted average shares outstanding - Basic		202	198	[3]
Weighted average shares outstanding - Diluted		213	198	[3]
Dividends declared per common share		$ 0.43
[1]	Prior to the spin-off, we had one operating and reportable segment, our ownership segment. Prior period presentation has been restated to reflect our current reportable segment.
[2]	Includes the derecognition of approximately $2.3 billion of deferred tax liabilities during the three months ended March 31, 2017.
[3]	For 2016, basic and diluted earnings per share were calculated using the number of shares of common stock outstanding upon the completion of the spin-off.
[4]	Per share amounts are calculated based on unrounded numbers.

Condensed Combined Consolidate5

Condensed Combined Consolidated Statements of Comprehensive Income (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ (1)

Condensed Combined Consolidate6

Condensed Combined Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Operating Activities:
Net income		$ 2,350	$ 23	[1]
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		70	73	[1]
Impairment loss	[1]		15
Equity in earnings from investments in affiliates		(4)	(3)	[1]
Gain on foreign currency transactions		(1)
Amortization of deferred financing costs		1	2
Distributions from unconsolidated affiliates		4	4
Deferred income taxes		(2,288)	(15)
Changes in working capital and other		9	(4)
Net cash provided by operating activities		141	95
Investing Activities:
Capital expenditures for property and equipment		(37)	(65)
Investments in affiliates		(1)
Change in restricted cash			14
Distributions from unconsolidated affiliates		1	2
Net cash used in investing activities		(37)	(49)
Financing Activities:
Change in restricted cash		(5)	(34)
Net transfers (to) from Parent		(9)	35
Dividends paid		(110)
Distributions to noncontrolling interests			(2)
Net cash used in financing activities		(124)	(1)
Effect of exchange rate changes on cash and cash equivalents		1	(1)
Net (decrease) increase in cash and cash equivalents		(19)	44
Cash and cash equivalents, beginning of period		337	72
Cash and cash equivalents, end of period		318	$ 116
Non-cash financing activities:
Dividends paid in stock		441
Dividends declared but unpaid		$ 92
[1]	Prior to the spin-off, we had one operating and reportable segment, our ownership segment. Prior period presentation has been restated to reflect our current reportable segment.

Condensed Combined Consolidate7

Condensed Combined Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total		Common Stock [member]	Additional Paid-in Capital [member]	Retained Earnings [member]	Accumulated Other Comprehensive Loss [member]	Net Parent Investment [member]	Non-Controlling Interests [member]
Balance at Dec. 31, 2015	$ 2,797					$ (63)	$ 2,884	$ (24)
Net income	23	[1]					22	1
Other comprehensive income	9					9
Net transfers (to) from Parent	35						35
Distributions to noncontrolling interests	(2)							(2)
Cumulative effect of the adoption of ASU 2015-02	(2)						(3)	1
Balance at Mar. 31, 2016	2,860					(54)	2,938	(24)
Balance at Dec. 31, 2016	3,823					(67)	3,939	(49)
Net income	2,350				$ 2,350
Other comprehensive income	7					7
Net transfers (to) from Parent	(9)						(9)
Issuance of common stock and reclassification of former Parent investment			$ 2	$ 3,928			$ (3,930)
Issuance of common stock and reclassification of former Parent investment (shares)			198,000,000
Amortization of share-based compensation	2			2
Dividends	(202)			(110)	(92)
Dividends (Shares)			16,000,000
Balance at Mar. 31, 2017	$ 5,971		$ 2	$ 3,820	$ 2,258	$ (60)		$ (49)
Balance (shares) at Mar. 31, 2017	214,767,295		214,000,000
[1]	Prior to the spin-off, we had one operating and reportable segment, our ownership segment. Prior period presentation has been restated to reflect our current reportable segment.

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Organization	Note 1: 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 located in prime United States (“U.S.”) and international markets. On January 3, 2017, Hilton Worldwide Holdings Inc. (“Hilton” or “Parent”) completed the spin-off of a portfolio of hotels and resorts that established Park Hotels & Resorts Inc. as an independent, publicly traded company. The spin-off transaction, which was effected through a pro rata distribution of Park Hotels & Resorts Inc. stock to existing Hilton stockholders, was intended to be tax-free to both Hilton and Hilton’s stockholders. As a result of the spin-off, each holder of Hilton common stock on the record date of December 15, 2016 received one share of our common stock for every five shares of Hilton common stock owned. For U.S. federal income tax purposes, we intend to elect to be taxed as a real estate investment trust (“REIT”), effective January 4, 2017. We are currently, and expect to continue to be, organized and operate in a REIT qualified manner. As of the spin-off date, Park Intermediate Holdings LLC (our “Operating Company”), directly or indirectly, holds all of our assets and conducts all of our operations. We own 100% of the interests in our Operating Company.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 Combination and Consolidation Subsequent to January 3, 2017, the unaudited condensed consolidated financial statements include the accounts of the Company, our wholly owned subsidiaries and entities in which we have a controlling financial interest, including variable interest entities (“VIEs”) where we are the primary beneficiary. The historical unaudited condensed combined consolidated financial statements through January 3, 2017 represent the financial position and results of operations of entities held by us after the spin-off that had historically been under common control of the Parent. The historical unaudited condensed combined consolidated financial statements were prepared on a carve-out basis and reflect significant assumptions and allocations. The unaudited condensed combined consolidated financial statements reflect our historical 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 combined 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. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the audited combined consolidated financial statements and notes thereto for the year ended December 31, 2016 included in our Annual Report on Form 10-K. Allocations Through January 3, 2017, the historical condensed combined consolidated statements of comprehensive income included allocations of corporate general and administrative expenses from Hilton on the basis of financial and operating metrics that Hilton historically used to allocate resources and evaluate performance against its strategic objectives. Both we and Hilton considered the basis on which expenses were allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the historical period presented. However, the allocations may not include all of the actual expenses that would have been incurred by us and may not reflect our condensed combined consolidated results of operations, financial position and cash flows had we been a stand-alone company during the historical period presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced and strategic decisions we might have made in areas such as information technology and infrastructure. Following the spin-off, we performed these functions using our own resources or purchased services. For an interim period, some of these functions will continue to be provided by Hilton under our transition services agreement (“TSA”). 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 revenue 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 condensed combined consolidated balance sheets as of December 31, 2016 have been reclassified to conform to the current period presentation. Summary of Significant Accounting Policies The Company’s Annual Report on Form 10-K for the year ended December 31, 2016 contains a discussion of the significant accounting policies. There have been no significant changes to the Company’s significant accounting policies since December 31, 2016. Recently Issued Accounting Pronouncements Accounting Standards Not Yet Adopted In February 2017, the FASB issued ASU No. 2017-05 (“ASU 2017-05”), Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. Consolidation In January 2017, the FASB issued ASU No. 2017-04 (“ASU 2017-04”), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Property and Equipment	Note 3: Property and Equipment Property and equipment were: March 31, 2017 December 31, 2016 (in millions) Land $ 3,398 $ 3,397 Buildings and leasehold improvements 6,022 6,015 Furniture and equipment 924 922 Construction-in-progress 115 79 10,459 10,413 Accumulated depreciation and amortization (1,943 ) (1,872 ) $ 8,516 $ 8,541 Depreciation of property and equipment, including capital lease assets, was $69 million and $72 million during the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017 and December 31, 2016, property and equipment included approximately $19 million of capital lease assets primarily consisting of buildings and leasehold improvements, net of $8 million of accumulated depreciation.

Consolidated Variable Interest

Consolidated Variable Interest Entities and Investments in Affiliates	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidated Variable Interest Entities and Investments in Affiliates	Note 4: Consolidated Variable Interest Entities and Investments in Affiliates Consolidated VIEs As of March 31, 2017 and December 31, 2016, we consolidated three VIEs that own 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 combined consolidated balance sheets include the following assets and liabilities of these entities: March 31, 2017 December 31, 2016 (in millions) Property and equipment, net $ 210 $ 208 Cash and cash equivalents 13 14 Restricted cash 14 13 Accounts receivable, net 4 2 Prepaid expenses 1 2 Debt 207 207 Accounts payable and accrued expenses 9 6 Deferred income tax liabilities — 49 During the three months ended March 31, 2017 and 2016, we did not provide any financial or other support to these VIEs that we were not previously contractually required to provide, nor do we intend to provide any such support in the future. Unconsolidated Entities Investments in affiliates were: Ownership % March 31, 2017 December 31, 2016 (in millions) Hilton Berlin 40% $ 32 $ 31 Hilton San Diego Bayfront 25% 19 20 All others (7 hotels) 20% - 50% 31 30 $ 82 $ 81 The affiliates in which we own investments accounted for under the equity method had total debt of approximately $862 million and $861 million as of March 31, 2017 and December 31, 2016, respectively. Substantially all of the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Note 5: Debt Debt balances, including obligations for capital leases, and associated interest rates as of March 31, 2017, were: Principal balance as of Interest Rate at March 31, 2017 Maturity Date March 31, 2017 December 31, 2016 (in millions) Commercial mortgage-backed securities loan 4.11% November 2023 $ 725 $ 725 Commercial mortgage-backed securities loan 4.20% December 2026 1,275 1,275 Mortgage loans Average rate of 4.00% 2020 to 2026 (1) 207 207 Term loan L + 1.45% December 2021 750 750 Revolving credit facility (2) L + 1.50% December 2021 (1) — — Unsecured notes 7.50% December 2017 55 55 Capital lease obligations Average rate of 7.00% 2019 to 2094 14 14 3,026 3,026 Less: unamortized deferred financing costs and discount (14 ) (14 ) $ 3,012 $ 3,012 (1) Assumes the exercise of all extensions that are exercisable solely at our option. (2) $1 billion available under revolving credit facility. Mortgage Loans We are required to deposit with the lender certain cash reserves for restricted uses. As of March 31, 2017 and December 31, 2016, our condensed combined consolidated balance sheets included $18 million and $13 million, respectively, of restricted cash related to our commercial mortgaged-backed securities (“CMBS”) loans and mortgage loans. Debt Maturities The contractual maturities of our debt as of March 31, 2017 were: Year (in millions) 2017 $ 55 2018 — 2019 — 2020 (1) 12 2021 750 Thereafter 2,209 $ 3,026 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6: Fair Value Measurements We did not elect the fair value measurement option for any of our financial assets or liabilities. The fair values of our Level 1 unsecured notes were based on prices in active debt markets. The fair values of our other Level 3 liabilities presented below were determined based on: (i) indicative quotes received for similar issuances; or (ii) the expected future cash flows discounted at risk-adjusted rates. The fair values of financial instruments not included in this table are estimated to be equal to their carrying amounts. The fair value of certain financial instruments and the hierarchy level we used to estimate fair values are shown below: March 31, 2017 December 31, 2016 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 728 $ 725 $ 725 HHV CMBS Loan 3 1,275 1,274 1,275 1,275 Term Loan 3 750 745 750 750 Mortgage loans 3 207 206 207 208 Unsecured notes 1 55 57 55 57

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 7: Income Taxes We believe that we are organized in conformity with, and operate in a manner that will allow us to elect to be taxed as a REIT, for U.S. federal income tax purposes for our tax year ending December 31, 2017, and expect to continue to be organized and operate so as to qualify as a REIT. To qualify as a REIT for U.S. federal income tax purposes, we must continually satisfy tests concerning, 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 and the diversity of ownership of our stock. To the extent we qualify as a REIT, we generally will not be subject to U.S. federal income tax on taxable income generated by our REIT activities. Accordingly, no provision for U.S. federal income taxes has been included in our accompanying condensed combined consolidated financial statements for the three months ended March 31, 2017 related to our REIT activities, other than the derecognition of deferred tax liabilities discussed below. We will be subject to U.S. federal income tax on built-in gains representing the excess of fair value over tax basis for property held by us on January 4, 2017 on any taxable sales of such built-in gain property during the five-year period following our election to be taxed as a REIT. In addition, we are subject to non-U.S. income tax on foreign held REIT activities. Further, our taxable REIT subsidiaries (“TRSs”) are generally subject to U.S. federal, state and local, and foreign income taxes (as applicable). We recognized an income tax benefit for the three months ended March 31, 2017 primarily as a result of the derecognition of approximately $2.3 billion of deferred tax liabilities upon our declaration of intent to be taxed as a REIT. Through January 3, 2017, we had been included in the consolidated federal income tax return of Hilton, as well as certain state tax returns where Hilton filed on a consolidated or combined basis, and foreign tax filings, as applicable. For purposes of our historical condensed combined consolidated balance sheets, we have recorded deferred tax balances as if we filed tax returns on a stand-alone basis separate from Hilton, but not as a REIT. The separate return method applies the accounting guidance for income taxes to the stand-alone financial statements as if we were a separate taxpayer and a standalone enterprise for the periods presented. The calculation of our income taxes on a separate return basis required considerable judgment and use of both estimates and allocations. We believe that the assumptions and estimates used to determine these tax amounts were reasonable. However, our historical condensed combined consolidated balance sheets may not necessarily reflect what our tax liability would have been if we were a stand-alone enterprise during the periods presented. During the three months ended March 31, 2016, Parent paid $28 million of income taxes related to our operations. Neither us nor our Parent paid income taxes related to our operations during the three months ended March 31, 2017.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 8: 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 (“2017 Director Plan”), effective January 3, 2017. The 2017 Employee Plan provides that a maximum of 8,000,000 shares of our common stock may be issued, and as of March 31, 2017, 6,617,542 shares of common stock remain available for future issuance. The 2017 Director Plan provides that a maximum of 450,000 shares of our common stock may be issued, and as of March 31, 2017, 433,596 shares of common stock remain available for future issuance. For the three months ended March 31, 2017, we recognized $3 million of share-based compensation expense. As of March 31, 2017, unrecognized compensation expense was $31 million, which is expected to be recognized over a weighted-average period of 2.2 years. 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 three months ended March 31, 2017: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 — $ — Granted 535,994 26.49 Vested (3,778 ) 25.67 Forfeited (3,118 ) 26.22 Unvested at March 31, 2017 529,098 $ 26.50 Performance Stock Units Performance Stock Units (“PSUs”) generally vest at the end of a two or three-year performance period and are subject to the achievement of a performance measure based on a measure of the Company’s 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. The following table provides a summary of PSUs for the three months ended March 31, 2017: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 — $ — Granted 385,142 31.95 Vested — — Forfeited (1,039 ) 31.90 Unvested at March 31, 2017 384,103 $ 31.95 The weighted average grant date fair values of these awards were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 27.0% - 29.5% Dividend yield (2) —% Risk-free rate (3) 1.2% - 1.5% Expected term 2 - 3 years (1) Due to limited trading history of our common stock, we used the historical and implied volatilities of our peer group in addition to our historical volatility over the performance period to estimate appropriate expected volatilities. The weighted average expected volatility was 28.4%. (2) Dividends are assumed to be reinvested in shares of common stock and dividends will not be paid unless shares vest. We utilized a dividend yield of zero percent. (3) Based on U.S. Separate Trading of Registered Interest and Principal Securities rates collected from Bloomberg.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Note 9: Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2017 2016 (1) (in millions, except per share amounts) Weighted average shares outstanding - basic 202 198 Net effect of shares issued with respect to E&P Dividend (2) 11 — Weighted average shares outstanding - diluted 213 198 Net income attributable to stockholders (3) $ 2,350 $ 22 Basic EPS (4) $ 11.65 $ 0.11 Diluted EPS (4) $ 11.02 $ 0.11 (1) For 2016, basic and diluted earnings per share were calculated using the number of shares of common stock outstanding upon the completion of the spin-off. (2) Shares issued in connection with the distribution of our C corporation earnings and profits attributable to the period prior to spin-off (“E&P Dividend”). (3) Includes the derecognition of approximately $2.3 billion of deferred tax liabilities during the three months ended March 31, 2017. (4) Per share amounts are calculated based on unrounded numbers. For the three months ended March 31, 2017, the number of outstanding equity awards that were excluded from the weighted average shares outstanding in the computation of diluted EPS was 91,687 because their effect would have been anti-dilutive under the treasury stock method.

Net Parent Investment

Net Parent Investment	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Net Parent Investment	Note 10: Net Parent Investment Parent Net Parent investment on the historical condensed combined consolidated balance sheets represent Hilton’s historical investment in us, the net effect of transactions with and allocations from Hilton and our accumulated earnings. Net transfers (to) from Parent are included within Net Parent investment. The components of the Net transfers (to) from Parent on the condensed combined consolidated statements of cash flows were: Three Months Ended March 31, 2017 2016 (in millions) Cash pooling and general financing activities $ (9 ) $ (5 ) Corporate allocations — 12 Income taxes — 28 Net transfers (to) from Parent $ (9 ) $ 35

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Business Segment Information	Note 11: Business Segment Information As of March 31, 2017, we have two operating segments, our consolidated hotels and unconsolidated hotels, which include 58 and 9 hotels (30,357 and 5,083 rooms), respectively. 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 is calculated as EBITDA, further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) asset dispositions for consolidated investments; (ii) foreign currency transactions; (iii) debt restructurings/retirements; (iv) non-cash impairment losses; (v) transition or reorganization costs; (vi) share-based and certain other compensation expenses; (vii) severance, relocation and other expenses; and (viii) other items. The following table presents revenues for our consolidated hotels reconciled to our condensed combined consolidated amounts and Hotel Adjusted EBITDA to net income: Three Months Ended March 31, 2017 2016 (1) (in millions) Revenues: Total consolidated hotel revenue $ 681 $ 658 Other revenue 3 3 Total revenues $ 684 $ 661 Hotel Adjusted EBITDA $ 179 $ 182 Other revenue 3 3 Impairment loss — (15 ) Depreciation and amortization expense (70 ) (73 ) Corporate and other expense (18 ) (16 ) Interest expense (30 ) (46 ) Equity in earnings from investments in affiliates 4 3 Gain on foreign currency transactions 1 — Income tax benefit (expense) 2,281 (14 ) Other adjustment items — (1 ) Net income $ 2,350 $ 23 (1) Prior to the spin-off, we had one operating and reportable segment, our ownership segment. Prior period presentation has been restated to reflect our current reportable segment. The following table presents total assets for our consolidated hotels, reconciled to condensed combined consolidated amounts: March 31, 2017 December 31, 2016 (in millions) Consolidated hotels $ 9,751 $ 9,747 All other 89 87 $ 9,840 $ 9,834

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12: Commitments and Contingencies As of March 31, 2017, we had outstanding commitments under third-party contracts of approximately $54 million for capital expenditures at certain owned and leased hotels. 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. While the ultimate results of claims and litigation cannot be predicted with certainty, we expect that the ultimate resolution of all pending or threatened claims and litigation as of March 31, 2017 will not have a material effect on our condensed consolidated results of operations, financial position or cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 13: Subsequent Events In April 2017, we entered into two contracts for the purchase of three parcels of land adjacent to one of our hotels, Hilton Hawaiian Village Waikiki Beach Resort in Honolulu, Hawaii: (i) a contract to purchase one of the parcels for a purchase price of $10 million, which is expected to close in the fourth quarter of 2017 and (ii) an option to purchase two additional parcels, owned by a different seller, for $15 million. The contracts required a total deposit of less than $1 million. The initial option period on the second contract is one year and may be extended for up to four additional years. These contracts are subject to customary due diligence periods and can be cancelled for any reason during these periods.

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Principles of Combination and Consolidation	Principles of Combination and Consolidation Subsequent to January 3, 2017, the unaudited condensed consolidated financial statements include the accounts of the Company, our wholly owned subsidiaries and entities in which we have a controlling financial interest, including variable interest entities (“VIEs”) where we are the primary beneficiary. The historical unaudited condensed combined consolidated financial statements through January 3, 2017 represent the financial position and results of operations of entities held by us after the spin-off that had historically been under common control of the Parent. The historical unaudited condensed combined consolidated financial statements were prepared on a carve-out basis and reflect significant assumptions and allocations. The unaudited condensed combined consolidated financial statements reflect our historical 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 combined 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. Although we believe the disclosures made are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the audited combined consolidated financial statements and notes thereto for the year ended December 31, 2016 included in our Annual Report on Form 10-K.
Allocations	Allocations Through January 3, 2017, the historical condensed combined consolidated statements of comprehensive income included allocations of corporate general and administrative expenses from Hilton on the basis of financial and operating metrics that Hilton historically used to allocate resources and evaluate performance against its strategic objectives. Both we and Hilton considered the basis on which expenses were allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the historical period presented. However, the allocations may not include all of the actual expenses that would have been incurred by us and may not reflect our condensed combined consolidated results of operations, financial position and cash flows had we been a stand-alone company during the historical period presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced and strategic decisions we might have made in areas such as information technology and infrastructure. Following the spin-off, we performed these functions using our own resources or purchased services. For an interim period, some of these functions will continue to be provided by Hilton under our transition services agreement (“TSA”).
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 revenue 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 condensed combined consolidated balance sheets as of December 31, 2016 have been reclassified to conform to the current period presentation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting Standards Not Yet Adopted In February 2017, the FASB issued ASU No. 2017-05 (“ASU 2017-05”), Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. Consolidation In January 2017, the FASB issued ASU No. 2017-04 (“ASU 2017-04”), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment were: March 31, 2017 December 31, 2016 (in millions) Land $ 3,398 $ 3,397 Buildings and leasehold improvements 6,022 6,015 Furniture and equipment 924 922 Construction-in-progress 115 79 10,459 10,413 Accumulated depreciation and amortization (1,943 ) (1,872 ) $ 8,516 $ 8,541

Consolidated Variable Interes23

Consolidated Variable Interest Entities and Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets	Our condensed combined consolidated balance sheets include the following assets and liabilities of these entities: March 31, 2017 December 31, 2016 (in millions) Property and equipment, net $ 210 $ 208 Cash and cash equivalents 13 14 Restricted cash 14 13 Accounts receivable, net 4 2 Prepaid expenses 1 2 Debt 207 207 Accounts payable and accrued expenses 9 6 Deferred income tax liabilities — 49
Schedule of Investment in Affiliates	Investments in affiliates were: Ownership % March 31, 2017 December 31, 2016 (in millions) Hilton Berlin 40% $ 32 $ 31 Hilton San Diego Bayfront 25% 19 20 All others (7 hotels) 20% - 50% 31 30 $ 82 $ 81

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances, including obligations for capital leases, and associated interest rates as of March 31, 2017, were: Principal balance as of Interest Rate at March 31, 2017 Maturity Date March 31, 2017 December 31, 2016 (in millions) Commercial mortgage-backed securities loan 4.11% November 2023 $ 725 $ 725 Commercial mortgage-backed securities loan 4.20% December 2026 1,275 1,275 Mortgage loans Average rate of 4.00% 2020 to 2026 (1) 207 207 Term loan L + 1.45% December 2021 750 750 Revolving credit facility (2) L + 1.50% December 2021 (1) — — Unsecured notes 7.50% December 2017 55 55 Capital lease obligations Average rate of 7.00% 2019 to 2094 14 14 3,026 3,026 Less: unamortized deferred financing costs and discount (14 ) (14 ) $ 3,012 $ 3,012 (1) Assumes the exercise of all extensions that are exercisable solely at our option. (2) $1 billion available under revolving credit facility.
Debt Maturities	The contractual maturities of our debt as of March 31, 2017 were: Year (in millions) 2017 $ 55 2018 — 2019 — 2020 (1) 12 2021 750 Thereafter 2,209 $ 3,026 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Certain Financial Instrument and Hierarchy Level Used to Estimate Fair Values	The fair value of certain financial instruments and the hierarchy level we used to estimate fair values are shown below: March 31, 2017 December 31, 2016 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 728 $ 725 $ 725 HHV CMBS Loan 3 1,275 1,274 1,275 1,275 Term Loan 3 750 745 750 750 Mortgage loans 3 207 206 207 208 Unsecured notes 1 55 57 55 57

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 — $ — Granted 535,994 26.49 Vested (3,778 ) 25.67 Forfeited (3,118 ) 26.22 Unvested at March 31, 2017 529,098 $ 26.50
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the three months ended March 31, 2017: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 — $ — Granted 385,142 31.95 Vested — — Forfeited (1,039 ) 31.90 Unvested at March 31, 2017 384,103 $ 31.95
Schedule of Weighted Average Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model	The weighted average grant date fair values of these awards were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 27.0% - 29.5% Dividend yield (2) —% Risk-free rate (3) 1.2% - 1.5% Expected term 2 - 3 years (1) Due to limited trading history of our common stock, we used the historical and implied volatilities of our peer group in addition to our historical volatility over the performance period to estimate appropriate expected volatilities. The weighted average expected volatility was 28.4%. (2) Dividends are assumed to be reinvested in shares of common stock and dividends will not be paid unless shares vest. We utilized a dividend yield of zero percent. (3) Based on U.S. Separate Trading of Registered Interest and Principal Securities rates collected from Bloomberg.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 (1) (in millions, except per share amounts) Weighted average shares outstanding - basic 202 198 Net effect of shares issued with respect to E&P Dividend (2) 11 — Weighted average shares outstanding - diluted 213 198 Net income attributable to stockholders (3) $ 2,350 $ 22 Basic EPS (4) $ 11.65 $ 0.11 Diluted EPS (4) $ 11.02 $ 0.11 (1) For 2016, basic and diluted earnings per share were calculated using the number of shares of common stock outstanding upon the completion of the spin-off. (2) Shares issued in connection with the distribution of our C corporation earnings and profits attributable to the period prior to spin-off (“E&P Dividend”). (3) Includes the derecognition of approximately $2.3 billion of deferred tax liabilities during the three months ended March 31, 2017. (4) Per share amounts are calculated based on unrounded numbers.

Net Parent Investment (Tables)

Net Parent Investment (Tables)	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Components of Net Transfers (to) from Parent on the Condensed Combined Consolidated Statements of Cash Flows	The components of the Net transfers (to) from Parent on the condensed combined consolidated statements of cash flows were: Three Months Ended March 31, 2017 2016 (in millions) Cash pooling and general financing activities $ (9 ) $ (5 ) Corporate allocations — 12 Income taxes — 28 Net transfers (to) from Parent $ (9 ) $ 35

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Hotel Adjusted EBITDA to Net Income	The following table presents revenues for our consolidated hotels reconciled to our condensed combined consolidated amounts and Hotel Adjusted EBITDA to net income: Three Months Ended March 31, 2017 2016 (1) (in millions) Revenues: Total consolidated hotel revenue $ 681 $ 658 Other revenue 3 3 Total revenues $ 684 $ 661 Hotel Adjusted EBITDA $ 179 $ 182 Other revenue 3 3 Impairment loss — (15 ) Depreciation and amortization expense (70 ) (73 ) Corporate and other expense (18 ) (16 ) Interest expense (30 ) (46 ) Equity in earnings from investments in affiliates 4 3 Gain on foreign currency transactions 1 — Income tax benefit (expense) 2,281 (14 ) Other adjustment items — (1 ) Net income $ 2,350 $ 23 (1) Prior to the spin-off, we had one operating and reportable segment, our ownership segment. Prior period presentation has been restated to reflect our current reportable segment.
Schedule of Total Assets by Consolidated Hotels, Reconciled To Condensed Combined Consolidated Amounts	The following table presents total assets for our consolidated hotels, reconciled to condensed combined consolidated amounts: March 31, 2017 December 31, 2016 (in millions) Consolidated hotels $ 9,751 $ 9,747 All other 89 87 $ 9,840 $ 9,834

Organization - Additional Infor

Organization - Additional Information (Details)	Jan. 03, 2017	Mar. 31, 2017
Organization [Line Items]
Spin-off conversion ratio	0.2
Description of spin-off conversion		As a result of the spin-off, each holder of Hilton common stock on the record date of December 15, 2016 received one share of our common stock for every five shares of Hilton common stock owned.
Park Intermediate Holdings LLC [Member]
Organization [Line Items]
Percentage of ownership interest	100.00%

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Property Plant And Equipment [Abstract]
Land	$ 3,398	$ 3,397
Buildings and leasehold improvements	6,022	6,015
Furniture and equipment	924	922
Construction-in-progress	115	79
Property and equipment, gross	10,459	10,413
Accumulated depreciation and amortization	(1,943)	(1,872)
Property and equipment, net	$ 8,516	$ 8,541

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property Plant And Equipment [Abstract]
Depreciation	$ 69	$ 72
Net capital lease assets included in property and equipment	19	19
Accumulated depreciation of capital lease assets included in property and equipment	$ 8	$ 8

Consolidated Variable Interes33

Consolidated Variable Interest Entities and Investments in Affiliates - Additional Information (Detail) $ in Millions	Mar. 31, 2017USD ($)Entity	Dec. 31, 2016USD ($)Entity
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of consolidated VIEs | Entity	3	3
Debt of unconsolidated joint ventures | $	$ 862	$ 861

Consolidated Variable Interes34

Consolidated Variable Interest Entities and Investments in Affiliates - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Property and equipment, net	$ 8,516	$ 8,541
Cash and cash equivalents	318	337	$ 116	$ 72
Restricted cash	18	13
Accounts receivable, net	180	130
Prepaid expenses	51	58
Debt	3,012	3,012
Accounts payable and accrued expenses	174	167
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	210	208
Cash and cash equivalents	13	14
Restricted cash	14	13
Accounts receivable, net	4	2
Prepaid expenses	1	2
Debt	207	207
Accounts payable and accrued expenses	$ 9	6
Deferred income tax liabilities		$ 49

Consolidated Variable Interes35

Consolidated Variable Interest Entities and Investments in Affiliates - Schedule of Investments in Affiliates (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	$ 82	$ 81
Hilton Berlin [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	40.00%
Investments in affiliates	$ 32	31
Hilton San Diego Bayfront [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	25.00%
Investments in affiliates	$ 19	20
All others (7 hotels) [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	$ 31	$ 30
All others (7 hotels) [Member] | Minimum [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	20.00%
All others (7 hotels) [Member] | Maximum [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	50.00%

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt and capital lease obligations, gross		$ 3,026	$ 3,026
Less: unamortized deferred financing costs and discount		(14)	(14)
Debt		3,012	3,012
Commercial mortgage-backed securities loan one [Member]
Debt Instrument [Line Items]
Debt, gross		$ 725	725
Debt instrument, interest rate, stated percentage		4.11%
Maturity Date		2023-11
Commercial mortgage-backed securities loan two [Member]
Debt Instrument [Line Items]
Debt, gross		$ 1,275	1,275
Debt instrument, interest rate, stated percentage		4.20%
Maturity Date		2026-12
Mortgage loans [Member]
Debt Instrument [Line Items]
Debt, gross		$ 207	207
Debt instrument, weighted average interest rate		4.00%
Maturity Date, start year	[1]	2,020
Maturity Date, end year	[1]	2,026
Term loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 750	750
Debt instrument, interest rate		1.45%
Maturity Date		2021-12
Unsecured notes [Member]
Debt Instrument [Line Items]
Debt, gross		$ 55	55
Debt instrument, interest rate, stated percentage		7.50%
Maturity Date		2017-12
Capital lease obligations [Member]
Debt Instrument [Line Items]
Debt, gross		$ 14	14
Debt instrument, weighted average interest rate		7.00%
Maturity Date, start year		2,019
Maturity Date, end year		2,094
Revolving credit facility [Member]
Debt Instrument [Line Items]
Debt, gross	[2]	$ 0	$ 0
Debt instrument, interest rate	[2]	1.50%
Maturity Date	[1],[2]	2021-12
[1]	Assumes the exercise of all extensions that are exercisable solely at our option.
[2]	$1 billion available under revolving credit facility.

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) $ in Billions	Mar. 31, 2017USD ($)
Revolving credit facility [Member]
Debt Instrument [Line Items]
Amount available for borrowing under credit facility	$ 1

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Restricted cash	$ 18	$ 13
Commercial mortgaged-backed securities loans and mortgage loans [Member]
Debt Instrument [Line Items]
Restricted cash	$ 18	$ 13

Debt - Debt Maturities (Detail)

Debt - Debt Maturities (Detail) $ in Millions	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,017	$ 55
2,018	0
2,019	0
2,020	12	[1]
2,021	750
Thereafter	2,209
Debt and capital lease obligations, gross	$ 3,026
[1]	Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Certain Financial Instrument and Hierarchy Level Used to Estimate Fair Values (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
SF CMBS Loan [Member] | Carrying amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 725	$ 725
SF CMBS Loan [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	728	725
HHV CMBS Loan [Member] | Carrying amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,275	1,275
HHV CMBS Loan [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,274	1,275
Term loan [Member] | Carrying amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	750	750
Term loan [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	745	750
Mortgage Loans [Member] | Carrying amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	207	207
Mortgage Loans [Member] | Fair Value [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	206	208
Unsecured notes [Member] | Carrying amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes	55	55
Unsecured notes [Member] | Fair Value [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes	$ 57	$ 57

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (2,281,000,000)	$ 14,000,000	[1]
De-recognition of deferred tax liabilities	2,300,000,000
Income tax liabilities paid	0	$ 28,000,000
U.S. Federal Tax [Member]
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0
[1]	Prior to the spin-off, we had one operating and reportable segment, our ownership segment. Prior period presentation has been restated to reflect our current reportable segment.

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares	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	6,617,542
Compensation expense | $	$ 3,000,000
Unrecognized compensation costs related to unvested awards | $	$ 31,000,000
Unrecognized compensation costs related to unvested awards, weighted-average period	2 years 2 months 12 days
2017 Employee Plan [Member] | Maximum [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	433,596
2017 Director Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares	450,000
Performance Stock Units ("PSUs") [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights	zero to 200%
Performance Stock Units ("PSUs") [Member] | Maximum [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
Vesting rights	200%
Performance Stock Units ("PSUs") [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award performance period	2 years
Market capitalization | $	$ 1,000,000,000
Vesting rights	0%

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Awards ("RSAs") (Detail) - Restricted stock awards (RSAs) [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted | shares	535,994
Number of Shares, Vested | shares	(3,778)
Number of Shares, Forfeited | shares	(3,118)
Number of Shares, Ending balance | shares	529,098
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 26.49
Weighted Average Grant Date Fair Value, Vested | $ / shares	25.67
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	26.22
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 26.50

Share-Based Compensation - Sc44

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted | shares	385,142
Number of Shares, Forfeited | shares	(1,039)
Number of Shares, Ending balance | shares	384,103
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 31.95
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	31.90
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 31.95

Share-Based Compensation - Sc45

Share-Based Compensation - Schedule of Weighted Average Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	3 Months Ended
	Mar. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	27.00%	[1]
Expected volatility, maximum	29.50%	[1]
Dividend yield	0.00%	[2]
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free rate	1.20%	[3]
Expected term	2 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free rate	1.50%	[3]
Expected term	3 years
[1]	Due to limited trading history of our common stock, we used the historical and implied volatilities of our peer group in addition to our historical volatility over the performance period to estimate appropriate expected volatilities. The weighted average expected volatility was 28.4%.
[2]	Dividends are assumed to be reinvested in shares of common stock and dividends will not be paid unless shares vest. We utilized a dividend yield of zero percent.
[3]	Based on U.S. Separate Trading of Registered Interest and Principal Securities rates collected from Bloomberg.

Share-Based Compensation - Sc46

Share-Based Compensation - Schedule of Weighted Average Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Weighted average expected volatility	28.40%
Dividend yield	0.00%	[1]
[1]	Dividends are assumed to be reinvested in shares of common stock and dividends will not be paid unless shares vest. We utilized a dividend yield of zero percent.

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	[1]
Earnings Per Share [Abstract]
Weighted average shares outstanding - basic		202	198
Net effect of shares issued with respect to E&P Dividend	[2]	11
Weighted average shares outstanding - diluted		213	198
Net income attributable to stockholders	[3]	$ 2,350	$ 22
Basic EPS	[4]	$ 11.65	$ 0.11
Diluted EPS	[4]	$ 11.02	$ 0.11
[1]	For 2016, basic and diluted earnings per share were calculated using the number of shares of common stock outstanding upon the completion of the spin-off.
[2]	Shares issued in connection with the distribution of our C corporation earnings and profits attributable to the period prior to spin-off (“E&P Dividend”).
[3]	Includes the derecognition of approximately $2.3 billion of deferred tax liabilities during the three months ended March 31, 2017.
[4]	Per share amounts are calculated based on unrounded numbers.

Earnings Per Share (Parenthetic

Earnings Per Share (Parenthetical) (Detail) $ in Billions	3 Months Ended
	Mar. 31, 2017USD ($)
Earnings Per Share [Abstract]
De-recognition of deferred tax liabilities	$ 2.3

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017shares
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	91,687

Net Parent Investment - Compone

Net Parent Investment - Components of Net Transfers (to) from Parent on the Condensed Combined Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Related Party Transaction [Line Items]
Net transfers (to) from Parent	$ (9)	$ 35
Cash Pooling and General Financing Activities [Member]
Related Party Transaction [Line Items]
Net transfers (to) from Parent	$ (9)	(5)
Corporate Allocations [Member]
Related Party Transaction [Line Items]
Net transfers (to) from Parent		12
Income Taxes [Member]
Related Party Transaction [Line Items]
Net transfers (to) from Parent		$ 28

Business Segment Information -

Business Segment Information - Hotel Properties by Segment (Detail)	3 Months Ended
	Mar. 31, 2017SegmentHotelRoom	Mar. 31, 2016Segment
Segment Reporting Information [Line Items]
Number of operating business segments | Segment	2	1
Number of reportable segment | Segment	1	1
Consolidated hotels [Member]
Segment Reporting Information [Line Items]
Number of hotel properties | Hotel	58
Number of hotel rooms | Room	30,357
Unconsolidated joint ventures [Member]
Segment Reporting Information [Line Items]
Number of hotel properties | Hotel	9
Number of hotel rooms | Room	5,083

Business Segment Information 52

Business Segment Information - Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Hotel Adjusted EBITDA to Net Income (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues		$ 684	$ 661	[1]
Hotel Adjusted EBITDA		179	182	[1]
Impairment loss	[1]		(15)
Depreciation and amortization expense		(70)	(73)	[1]
Corporate and other expense		(18)	(16)	[1]
Interest expense		(30)	(46)	[1]
Equity in earnings from investments in affiliates		4	3	[1]
Gain on foreign currency transactions		1
Income tax benefit (expense)		2,281	(14)	[1]
Other adjustment items	[1]		(1)
Net income		2,350	23	[1]
Total consolidated hotel revenue [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues		681	658	[1]
Other [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues		$ 3	$ 3	[1]
[1]	Prior to the spin-off, we had one operating and reportable segment, our ownership segment. Prior period presentation has been restated to reflect our current reportable segment.

Business Segment Information 53

Business Segment Information - Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Hotel Adjusted EBITDA to Net Income (Parenthetical) (Detail) - Segment	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting [Abstract]
Number of operating segments	2	1
Number of reportable segments	1	1

Business Segment Information 54

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled To Condensed Combined Consolidated Amounts (Detail) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 9,840	$ 9,834
Consolidated hotels [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	9,751	9,747
All other [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 89	$ 87

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 31, 2017USD ($)
Commitments for capital expenditures [member]
Commitments And Contingencies [Line Items]
Purchase commitment, remaining minimum amount committed	$ 54

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Events [Member] $ in Millions	Apr. 30, 2017USD ($)ContractParcel
Subsequent Event [Line Items]
Number of contracts to purchase land | Contract	2
First Contract [Member]
Subsequent Event [Line Items]
Expected closing date of purchase contract	Dec. 31, 2017
Second Contract [Member]
Subsequent Event [Line Items]
Number of initial period	1 year
Maximum [Member]
Subsequent Event [Line Items]
Total deposit required for the contracts | $	$ 1
Maximum [Member] | Second Contract [Member]
Subsequent Event [Line Items]
Number of extended period	4 years
Hilton Hawaiian Village Waikiki Beach Resort [Member]
Subsequent Event [Line Items]
Number of parcels of land to be purchased adjacent to one of our hotel | Parcel	3
Hilton Hawaiian Village Waikiki Beach Resort [Member] | First Contract [Member]
Subsequent Event [Line Items]
Number of parcels of land to be purchased adjacent to one of our hotel | Parcel	1
Contract purchase price of land | $	$ 10
Hilton Hawaiian Village Waikiki Beach Resort [Member] | Second Contract [Member]
Subsequent Event [Line Items]
Number of parcels of land to be purchased adjacent to one of our hotel | Parcel	2
Contract purchase price of land | $	$ 15