Park Hotels & Resorts (PK) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
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	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		201,129,172

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Property and equipment, net	$ 8,051	$ 8,311	[1]
Assets held for sale, net		37
Investments in affiliates	87	84
Goodwill	607	606
Intangibles, net	28	41
Cash and cash equivalents	172	364
Restricted cash	108	15
Accounts receivable, net of allowance for doubtful accounts of $1 and $1	138	125
Prepaid expenses	54	48
Other assets	91	83
TOTAL ASSETS (variable interest entities - $239 and $240)	9,336	9,714
Liabilities
Debt	2,946	2,961
Accounts payable and accrued expenses	172	215
Due to hotel manager	108	141
Due to Hilton Grand Vacations	138	138
Deferred income tax liabilities	46	65
Other liabilities	211	232
Total liabilities (variable interest entities - $217 and $217)	3,621	3,752
Commitments and contingencies - refer to Note 12
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 201,168,293 shares issued and 201,095,915 shares outstanding as of March 31, 2018 and 214,873,778 shares issued and 214,845,244 shares outstanding as of December 31, 2017	2	2
Additional paid-in capital	3,578	3,825
Retained earnings	2,193	2,229
Accumulated other comprehensive loss	(8)	(45)
Total stockholders' equity	5,765	6,011
Noncontrolling interests	(50)	(49)
Total equity	5,715	5,962
TOTAL LIABILITIES AND EQUITY	$ 9,336	$ 9,714
[1]	Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1	$ 1
Variable interest entities - assets	239	240
Variable interest entities - liabilities	$ 217	$ 217
Common stock, par value (per share)	$ 0.01
Common stock, authorized shares	6,000,000,000
Common stock, issued shares	201,168,293	214,873,778
Common stock, outstanding shares	201,095,915	214,845,244

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Revenues
Rooms		$ 418	$ 432
Food and beverage		183	192
Ancillary hotel		50	47
Other		17	13
Total revenues		668	684
Operating expenses
Rooms		112	113
Food and beverage		126	131
Other departmental and support		156	164
Other property-level		53	51
Management and franchise fees		33	34
Depreciation and amortization		70	70
Corporate general and administrative		16	14
Other		17	13
Total expenses		583	590
Gain on sales of assets, net		89
Operating income		174	94
Interest income		1
Interest expense		(31)	(30)
Equity in earnings from investments in affiliates		4	4
Gain on foreign currency transactions		1	1
Income before income taxes		149	69
Income tax benefit		0	2,281
Net income		149	2,350
Net loss attributable to noncontrolling interests		1
Net income attributable to stockholders		150	2,350
Other comprehensive income, net of tax benefit (expense):
Currency translation adjustment		37	7
Total other comprehensive income		37	7
Comprehensive income		186	2,357
Comprehensive loss attributable to noncontrolling interests		1	0
Comprehensive income attributable to stockholders		$ 187	$ 2,357
Earnings per share:
Earnings per share - Basic	[1]	$ 0.71	$ 11.63
Earnings per share - Diluted	[1]	$ 0.71	$ 11.01
Weighted average shares outstanding - Basic		211	202
Weighted average shares outstanding - Diluted		212	213
Dividends declared per common share		$ 0.43	$ 0.43
[1]	Per share amounts are calculated based on unrounded numbers.

Condensed Combined Consolidated

Condensed Combined Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Activities:
Net income	$ 149	$ 2,350
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	70	70
Gain on sales of assets, net	(89)
Equity in earnings from investments in affiliates	(4)	(4)
Gain on foreign currency transactions	(1)	(1)
Share-based compensation expense	4
Amortization of deferred financing costs	1	1
Distributions from unconsolidated affiliates	1	4
Deferred income taxes	(5)	(2,288)
Changes in operating assets and liabilities	(83)	9
Net cash provided by operating activities	43	141
Investing Activities:
Capital expenditures for property and equipment	(53)	(37)
Proceeds from asset dispositions, net	360
Insurance proceeds for property damage claims	18
Investments in affiliates		(1)
Distributions from unconsolidated affiliates		1
Net cash provided by (used in) investing activities	325	(37)
Financing Activities:
Dividends paid	(119)	(110)
Tax withholdings on share-based compensation	(1)
Repurchase of common stock	(348)
Net transfers to Parent		(9)
Net cash used in financing activities	(468)	(119)
Effect of exchange rate changes on cash and cash equivalents and restricted cash	1	1
Net decrease in cash and cash equivalents and restricted cash	(99)	(14)
Cash and cash equivalents and restricted cash, beginning of period	379	350
Cash and cash equivalents and restricted cash, end of period	280	336
Non-cash financing activities:
Dividends paid in stock		441
Dividends declared but unpaid	$ 86	$ 92

Condensed Consolidated Stateme6

Condensed 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]	Non-Controlling Interests [member]	Net Parent Investment [Member]
Balance at Dec. 31, 2016	$ 3,823				$ (67)	$ (49)	$ 3,939
Net transfers to 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
Share-based compensation	2		2
Net income	2,350			$ 2,350
Other comprehensive income	7				7
Dividends and dividend equivalents	(202)		(110)	(92)
Dividends and dividend equivalents (Shares)		16,000,000
Balance at Mar. 31, 2017	5,971	$ 2	3,820	2,258	(60)	(49)
Balance (shares) at Mar. 31, 2017		214,000,000
Balance at Dec. 31, 2017	$ 5,962	$ 2	3,825	2,229	(45)	(49)
Balance (shares) at Dec. 31, 2017	214,845,244	215,000,000
Share-based compensation	$ 3		3
Net income	149			150		(1)
Other comprehensive income	37				37
Dividends and dividend equivalents	(88)			(88)
Repurchase of common stock	(348)		(250)	(98)
Repurchases of common stock (Shares)		(14,000,000)
Balance at Mar. 31, 2018	$ 5,715	$ 2	$ 3,578	$ 2,193	$ (8)	$ (50)
Balance (shares) at Mar. 31, 2018	201,095,915	201,000,000

Organization

Organization	3 Months Ended
	Mar. 31, 2018
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 primarily located in prime United States (“U.S.”) 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 was effected through a pro rata distribution of Park Hotels & Resorts Inc. stock to existing Hilton stockholders. For U.S. federal income tax purposes, we intend to elect to be taxed as a real estate investment trust (“REIT”), effective for our first tax year ending December 31, 2017. We are currently, and expect to continue to be, organized and operate in a REIT qualified manner. From 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, 2018
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, 2017 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 1, 2018. 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 condensed consolidated statements of comprehensive income and condensed consolidated statements of cash flows for the three months ended March 31, 2017 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, 2017, filed with the SEC on March 1, 2018, contains a discussion of the significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2017. Recently Issued Accounting Pronouncements Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606) Revenue Recognition (Topic 605) that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Subsequent to ASU 2014-09, the FASB issued several related ASUs. We adopted the provisions of ASU 2014-09 and the related ASUs as of January 1, 2018 using a modified retrospective approach, which resulted in no cumulative effect adjustment to retained earnings as of January 1, 2018. Revenue will continue to be recognized at the point in time or over the period of time when goods and services have been delivered or rendered to the customer. Payment for room rentals is generally due on the last date of the hotel stay and the payment for goods and services are generally due at the time the goods and services are delivered or rendered to the customer. In January 2016, the FASB issued ASU No. 2016-01 (“ASU 2016-01”), Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In January 2017, the FASB issued ASU No. 2017-01 (“ASU 2017-01”), Business combinations (Topic 805) – Clarifying the definition of a business Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02 (“ASU 2016-02”), Leases (Topic 842) , which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires all leases to be recognized in the statement of financial position. Subsequent to ASU 2016-02, the FASB issued a related ASU. Although early adoption is permitted, we expect to adopt these new ASUs on a modified retrospective basis when the requirements become effective January 1, 2019. We are currently evaluating the effect that these ASUs will have on our consolidated financial statements.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2018
Discontinued Operations And Disposal Groups [Abstract]
Dispositions	Note 3: Dispositions During the three months ended March 31, 2018, we sold the 12 hotels listed in the table below for total gross proceeds of $379 million. We recognized a net gain of approximately $89 million, including the reclassification of a currency translation adjustment of $31 million from accumulated other comprehensive loss into earnings concurrent with the dispositions, which is included in gain on sales of assets, net Hotel Location Month Sold Hilton Rotterdam Rotterdam, Netherlands January 2018 Embassy Suites Portfolio (1) February 2018 Embassy Suites by Hilton Kansas City Overland Park Overland Park, Kansas Embassy Suites by Hilton San Rafael Marin County San Rafael, California Embassy Suites by Hilton Atlanta Perimeter Center Atlanta, Georgia UK Portfolio (1) February 2018 Hilton Blackpool Blackpool, United Kingdom Hilton Belfast Belfast, United Kingdom Hilton London Angel Islington London, United Kingdom Hilton Edinburgh Grosvenor, United Kingdom Hilton Coylumbridge Aviemore, United Kingdom Hilton Bath City Bath, United Kingdom Hilton Milton Keynes Keynes, United Kingdom Hilton Durban Durban, South Africa February 2018 (1)

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2018
Property Plant And Equipment [Abstract]
Property and Equipment	Note 4: Property and Equipment Property and equipment were: March 31, 2018 December 31, 2017 (1) (in millions) Land $ 3,337 $ 3,364 Buildings and leasehold improvements 5,668 5,911 Furniture and equipment 918 966 Construction-in-progress 159 117 10,082 10,358 Accumulated depreciation and amortization (2,031 ) (2,047 ) $ 8,051 $ 8,311 (1) Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017. Depreciation of property and equipment, including capital lease assets, was $69 million during each of the three months ended March 31, 2018 and 2017. As of December 31, 2017, property and equipment included approximately $20 million of capital lease assets primarily consisting of buildings and leasehold improvements, net of $10 million of accumulated depreciation. Capital lease assets were disposed in connection with the sale of our UK portfolio in February 2018. Hurricanes Irma and Maria In September 2017, Hurricanes Irma and Maria caused damage and disruption at certain of our hotels in Florida and the Caribe Hilton. We incurred $20 million of expenses and recognized a loss of $54 million for property and equipment that was damaged during the hurricanes during the year ended December 31, 2017. During the three months ended March 31, 2018, we incurred an additional $7 million of expenses, and based upon additional information obtained during the period, we recognized an additional loss of $22 million for property and equipment that was damaged during the hurricanes; these amounts were offset by the recognition of an additional insurance receivable of $29 million. Our insurance coverage provides us with reimbursement for the replacement cost for the damage to these hotels, which includes certain clean-up and repair costs, exceeding the applicable deductibles. During the three months ended March 31, 2018, we received $18 million of insurance proceeds and as of March 31, 2018 the insurance receivable, which is included within other assets

Consolidated Variable Interest

Consolidated Variable Interest Entities and Investments in Affiliates	3 Months Ended
	Mar. 31, 2018
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Consolidated Variable Interest Entities and Investments in Affiliates	Note 5: Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates Consolidated VIEs We consolidate 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 consolidated balance sheets include the following assets and liabilities of these entities: March 31, 2018 December 31, 2017 (in millions) Property and equipment, net $ 222 $ 215 Cash and cash equivalents 9 14 Restricted cash 5 7 Accounts receivable, net 2 2 Prepaid expenses 1 2 Debt 207 207 Accounts payable and accrued expenses 8 8 Due to hotel manager 1 1 Other liabilities 1 1 During the three months ended March 31, 2018 and 2017, 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, 2018 December 31, 2017 (in millions) Hilton Berlin (1) 40% $ 35 $ 33 Hilton San Diego Bayfront 25% 21 20 All others (7 hotels) 20% - 50% 31 31 $ 87 $ 84 (1) In April 2018, we and the other owners of the entities that own the Hilton Berlin, entered into an agreement to sell the ownership interest in these entities for a gross sales price of 297 million euros, which is subject to customary pro rations and adjustments. The buyers provided a cash deposit of 30 million euros, which is held in escrow as earnest money. The affiliates in which we own investments accounted for under the equity method had total debt of approximately $962 million as of both March 31, 2018 and December 31, 2017, respectively. Substantially all 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, 2018
Debt Disclosure [Abstract]
Debt	Note 6: Debt Debt balances, including obligations for capital leases, and associated interest rates as of March 31, 2018, were: Principal balance as of Interest Rate at March 31, 2018 Maturity Date March 31, 2018 December 31, 2017 (in millions) SF CMBS Loan (1) 4.11% November 2023 $ 725 $ 725 HHV CMBS Loan (1) 4.20% November 2026 1,275 1,275 Mortgage loans Average rate of 4.13% 2020 to 2026 (2) 207 207 Term loan L + 1.45% December 2021 750 750 Revolving credit facility (3) L + 1.50% December 2021 (2) — — Capital lease obligations (4) N/A N/A — 16 2,957 2,973 Less: unamortized deferred financing costs and discount (11 ) (12 ) $ 2,946 $ 2,961 (1) In October 2016, we entered into a $725 million commercial mortgaged-back securities (“CMBS”) loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village (“HHV CMBS Loan”). (2) Assumes the exercise of all extensions that are exercisable solely at our option. (3) $1 billion available. (4) Capital lease obligations were disposed in connection with the sale of our UK portfolio in February 2018. Mortgage Loans We are required to deposit with lenders certain cash reserves for restricted uses. As of both March 31, 2018 and December 31, 2017, our condensed consolidated balance sheets included $14 million of restricted cash related to our CMBS loans and mortgage loans. Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of March 31, 2018 were: Year (in millions) 2018 $ — 2019 — 2020 12 2021 750 2022 33 Thereafter 2,162 $ 2,957

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7: Fair Value Measurements We did not elect the fair value measurement option for any of our financial assets or liabilities. The fair values of financial instruments not included in the table below 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, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 710 $ 725 $ 721 HHV CMBS Loan 3 1,275 1,231 1,275 1,256 Term Loan 3 750 750 750 749 Mortgage loans 3 207 199 207 204

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 8: Income Taxes 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. We expect to continue to be organized and operate so as to qualify as a REIT. To qualify as a REIT, we must continually 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 qualify as a REIT, we generally will not be subject to U.S. federal income tax on taxable income generated by our REIT activities that we distribute 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 months ended March 31, 2018 and 2017 related to our REIT activities other than amounts associated with net built-in gains related to our asset sales and the derecognition of deferred tax liabilities discussed below. The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. The Act, which amended the Internal Revenue Code of 1986, was the most significant tax legislative development in decades. Major elements of the Act from our perspective include reducing the corporate tax rate; restricting the eligibility for tax deferred like-kind exchange treatment solely to real property; limiting the deductibility of interest expense; and the one-time transition tax on foreign cash and unremitted earnings. At March 31, 2018, we have not completed the internal assessment for the tax effects of enactment of the Act; specifically, the analysis to determine the potential tax liability and deferred tax related to a potential sale of ancillary hotel furniture, fixtures, and equipment that may be sold in a like-kind exchange transaction was not able to be completed. Accordingly, Staff Accounting Bulletin 118, issued by the SEC, states that companies that are unable to calculate a reasonable estimate are able to record the adjustment to the tax provision as the information becomes available, but no later than one year from the enactment date. We intend to continue our analysis and record the effects of the provision through deferred taxes when the information is available and an assessment is made. We are and will continue to be subject to U.S. federal income tax on taxable sales of built-in gain property (representing property with an excess of fair value over tax basis held by us on January 4, 2017) 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 are generally subject to U.S. federal, state and local, and foreign income taxes (as applicable). During the three months ended March 31, 2018, we recognized a $5 million deferred tax benefit, which includes built-in losses recognized on assets sold during the period, for which a deferred tax asset was not previously recognized. We recognized an income tax benefit for the three months ended March 31, 2017 of $2,288 million as a result of the derecognition of deferred tax liabilities associated with our intention to be taxed as a REIT.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 9: 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”). 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, 2018, 6,140,940 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, 2018, 390,154 shares of common stock remain available for future issuance. For the three months ended March 31, 2018 and 2017, we recognized $4 million and $3 million, respectively, of share-based compensation expense. As of March 31, 2018, unrecognized compensation expense was $27 million, which is expected to be recognized over a weighted-average period of 1.8 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, 2018: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2018 461,639 $ 26.47 Granted 271,173 26.08 Vested (129,291 ) 26.30 Forfeited (8,025 ) 26.11 Unvested at March 31, 2018 595,496 $ 26.33 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 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. The following table provides a summary of PSUs for the three months ended March 31, 2018: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2018 371,557 $ 31.96 Granted 179,485 29.44 Vested — — Forfeited (11,060 ) 30.44 Unvested at March 31, 2018 539,982 $ 31.15 The grant date fair values of these awards were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 24.0 % Dividend yield (2) — Risk-free rate 2.4 % 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 and implied volatilities over the performance period to estimate appropriate expected volatilities. (2) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 (in millions, except per share amounts) Numerator: Net income attributable to stockholders $ 150 $ 2,350 Earnings allocated to participating securities — (2 ) Net income attributable to stockholders net of earnings allocated to participating securities $ 150 $ 2,348 Denominator: Weighted average shares outstanding - basic 211 202 Unvested restricted shares 1 — Net effect of shares issued with respect to E&P Dividend (1) — 11 Weighted average shares outstanding - diluted 212 213 Basic EPS (2) $ 0.71 $ 11.63 Diluted EPS (2) $ 0.71 $ 11.01 (1) 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”). (2) Per share amounts are calculated based on unrounded numbers. Certain of our outstanding equity awards were excluded from the above calculation of EPS for the three months ended March 31, 2018 and 2017, because their effect would have been anti-dilutive.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Business Segment Information	Note 11: Business Segment Information As of March 31, 2018, 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 is calculated as EBITDA from hotel operations, adjusted to exclude: • Gains or losses on sales of assets for both consolidated and unconsolidated investments; • Gains or losses on foreign currency transactions; • Share-based compensation expense; • Non-cash impairment 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 condensed consolidated amounts and Hotel Adjusted EBITDA to net income: Three Months Ended March 31, 2018 2017 (in millions) Revenues: Total consolidated hotel revenue $ 651 $ 671 Other revenue 17 13 Total revenues $ 668 $ 684 Hotel Adjusted EBITDA $ 174 $ 180 Other revenue 17 13 Depreciation and amortization expense (70 ) (70 ) Corporate general and administrative (16 ) (14 ) Other expenses (17 ) (13 ) Gain on sales of assets, net 89 — Interest income 1 — Interest expense (31 ) (30 ) Equity in earnings from investments in affiliates 4 4 Gain on foreign currency transactions 1 1 Income tax benefit — 2,281 Other items (3 ) (2 ) Net income $ 149 $ 2,350 The following table presents total assets for our consolidated hotels, reconciled to condensed consolidated amounts: March 31, 2018 December 31, 2017 (in millions) Consolidated hotels $ 9,241 $ 9,623 All other 95 91 $ 9,336 $ 9,714

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12: Commitments and Contingencies We expect that insurance proceeds, excluding any applicable insurance deductibles, will be sufficient to cover a significant portion of the property damage to our two hotels in Key West Florida and the Caribe Hilton from Hurricanes Irma and Maria in September 2017 and the resulting near-term loss of business. We have estimated the total amount of damages and insurance proceeds based on all information available to date. As a result, we have recognized a total loss of $16 million representing losses up to the amount of our deductibles; refer to Note 4: “Property and Equipment.” The amount of the loss for property damage and insurance proceeds could change as more information becomes available about the nature and extent of damage. Any gain resulting from insurance proceeds, including those for business interruption, will not be recognized until all contingencies have been resolved. As of March 31, 2018, we had outstanding commitments under third-party contracts of approximately $66 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. In addition, we are also involved in litigation that is not in the ordinary course of business, for which we are indemnified under the Distribution Agreement with Hilton. While the ultimate results of claims and litigation relating to assets retained by Hilton in connection with the spin-off cannot be predicted with certainty, we expect that the ultimate resolution of all pending or threatened claims and litigation as of March 31, 2018 will not have a material effect on our condensed consolidated results of operations, financial position or cash flows.

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
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, 2017 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on March 1, 2018.
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 condensed consolidated statements of comprehensive income and condensed consolidated statements of cash flows for the three months ended March 31, 2017 have been reclassified to conform to the current period presentation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606) Revenue Recognition (Topic 605) that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Subsequent to ASU 2014-09, the FASB issued several related ASUs. We adopted the provisions of ASU 2014-09 and the related ASUs as of January 1, 2018 using a modified retrospective approach, which resulted in no cumulative effect adjustment to retained earnings as of January 1, 2018. Revenue will continue to be recognized at the point in time or over the period of time when goods and services have been delivered or rendered to the customer. Payment for room rentals is generally due on the last date of the hotel stay and the payment for goods and services are generally due at the time the goods and services are delivered or rendered to the customer. In January 2016, the FASB issued ASU No. 2016-01 (“ASU 2016-01”), Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In January 2017, the FASB issued ASU No. 2017-01 (“ASU 2017-01”), Business combinations (Topic 805) – Clarifying the definition of a business Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02 (“ASU 2016-02”), Leases (Topic 842) , which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires all leases to be recognized in the statement of financial position. Subsequent to ASU 2016-02, the FASB issued a related ASU. Although early adoption is permitted, we expect to adopt these new ASUs on a modified retrospective basis when the requirements become effective January 1, 2019. We are currently evaluating the effect that these ASUs will have on our consolidated financial statements.

Dispositions (Tables)

Dispositions (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations And Disposal Groups [Abstract]
Summary of Hotel Portfolio Properties Sold	Hotel Location Month Sold Hilton Rotterdam Rotterdam, Netherlands January 2018 Embassy Suites Portfolio (1) February 2018 Embassy Suites by Hilton Kansas City Overland Park Overland Park, Kansas Embassy Suites by Hilton San Rafael Marin County San Rafael, California Embassy Suites by Hilton Atlanta Perimeter Center Atlanta, Georgia UK Portfolio (1) February 2018 Hilton Blackpool Blackpool, United Kingdom Hilton Belfast Belfast, United Kingdom Hilton London Angel Islington London, United Kingdom Hilton Edinburgh Grosvenor, United Kingdom Hilton Coylumbridge Aviemore, United Kingdom Hilton Bath City Bath, United Kingdom Hilton Milton Keynes Keynes, United Kingdom Hilton Durban Durban, South Africa February 2018 (1)

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment were: March 31, 2018 December 31, 2017 (1) (in millions) Land $ 3,337 $ 3,364 Buildings and leasehold improvements 5,668 5,911 Furniture and equipment 918 966 Construction-in-progress 159 117 10,082 10,358 Accumulated depreciation and amortization (2,031 ) (2,047 ) $ 8,051 $ 8,311 (1) Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017.

Consolidated Variable Interes22

Consolidated Variable Interest Entities and Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 (in millions) Property and equipment, net $ 222 $ 215 Cash and cash equivalents 9 14 Restricted cash 5 7 Accounts receivable, net 2 2 Prepaid expenses 1 2 Debt 207 207 Accounts payable and accrued expenses 8 8 Due to hotel manager 1 1 Other liabilities 1 1
Schedule of Investment in Affiliates	Investments in affiliates were: Ownership % March 31, 2018 December 31, 2017 (in millions) Hilton Berlin (1) 40% $ 35 $ 33 Hilton San Diego Bayfront 25% 21 20 All others (7 hotels) 20% - 50% 31 31 $ 87 $ 84 (1) In April 2018, we and the other owners of the entities that own the Hilton Berlin, entered into an agreement to sell the ownership interest in these entities for a gross sales price of 297 million euros, which is subject to customary pro rations and adjustments. The buyers provided a cash deposit of 30 million euros, which is held in escrow as earnest money.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances, including obligations for capital leases, and associated interest rates as of March 31, 2018, were: Principal balance as of Interest Rate at March 31, 2018 Maturity Date March 31, 2018 December 31, 2017 (in millions) SF CMBS Loan (1) 4.11% November 2023 $ 725 $ 725 HHV CMBS Loan (1) 4.20% November 2026 1,275 1,275 Mortgage loans Average rate of 4.13% 2020 to 2026 (2) 207 207 Term loan L + 1.45% December 2021 750 750 Revolving credit facility (3) L + 1.50% December 2021 (2) — — Capital lease obligations (4) N/A N/A — 16 2,957 2,973 Less: unamortized deferred financing costs and discount (11 ) (12 ) $ 2,946 $ 2,961 (1) In October 2016, we entered into a $725 million commercial mortgaged-back securities (“CMBS”) loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village (“HHV CMBS Loan”). (2) Assumes the exercise of all extensions that are exercisable solely at our option. (3) $1 billion available. (4) Capital lease obligations were disposed in connection with the sale of our UK portfolio in February 2018.
Debt Maturities	The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of March 31, 2018 were: Year (in millions) 2018 $ — 2019 — 2020 12 2021 750 2022 33 Thereafter 2,162 $ 2,957

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 710 $ 725 $ 721 HHV CMBS Loan 3 1,275 1,231 1,275 1,256 Term Loan 3 750 750 750 749 Mortgage loans 3 207 199 207 204

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2018 461,639 $ 26.47 Granted 271,173 26.08 Vested (129,291 ) 26.30 Forfeited (8,025 ) 26.11 Unvested at March 31, 2018 595,496 $ 26.33
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the three months ended March 31, 2018: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2018 371,557 $ 31.96 Granted 179,485 29.44 Vested — — Forfeited (11,060 ) 30.44 Unvested at March 31, 2018 539,982 $ 31.15
Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model	The grant date fair values of these awards were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 24.0 % Dividend yield (2) — Risk-free rate 2.4 % 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 and implied volatilities over the performance period to estimate appropriate expected volatilities. (2) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 2017 (in millions, except per share amounts) Numerator: Net income attributable to stockholders $ 150 $ 2,350 Earnings allocated to participating securities — (2 ) Net income attributable to stockholders net of earnings allocated to participating securities $ 150 $ 2,348 Denominator: Weighted average shares outstanding - basic 211 202 Unvested restricted shares 1 — Net effect of shares issued with respect to E&P Dividend (1) — 11 Weighted average shares outstanding - diluted 212 213 Basic EPS (2) $ 0.71 $ 11.63 Diluted EPS (2) $ 0.71 $ 11.01 (1) 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”). (2) Per share amounts are calculated based on unrounded numbers.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
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 consolidated amounts and Hotel Adjusted EBITDA to net income: Three Months Ended March 31, 2018 2017 (in millions) Revenues: Total consolidated hotel revenue $ 651 $ 671 Other revenue 17 13 Total revenues $ 668 $ 684 Hotel Adjusted EBITDA $ 174 $ 180 Other revenue 17 13 Depreciation and amortization expense (70 ) (70 ) Corporate general and administrative (16 ) (14 ) Other expenses (17 ) (13 ) Gain on sales of assets, net 89 — Interest income 1 — Interest expense (31 ) (30 ) Equity in earnings from investments in affiliates 4 4 Gain on foreign currency transactions 1 1 Income tax benefit — 2,281 Other items (3 ) (2 ) Net income $ 149 $ 2,350
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 consolidated amounts: March 31, 2018 December 31, 2017 (in millions) Consolidated hotels $ 9,241 $ 9,623 All other 95 91 $ 9,336 $ 9,714

Organization - Additional Infor

Organization - Additional Information (Details)	Jan. 03, 2017
Park Intermediate Holdings LLC [Member]
Organization [Line Items]
Percentage of ownership interest	100.00%

Dispositions - Additional Infor

Dispositions - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)Hotel
Discontinued Operations And Disposal Groups [Abstract]
Number of hotel portfolio properties sold | Hotel	12
Gross proceeds on sale of hotel portfolio properties	$ 379
Net gain on sale of hotel portfolio properties	89
Reclassification of currency translation adjustment from accumulated other comprehensive loss to earnings on disposition of hotel portfolio properties	$ 31

Dispositions - Summary of Hotel

Dispositions - Summary of Hotel Portfolio Properties Sold (Detail)	3 Months Ended
	Mar. 31, 2018
Hilton Rotterdam [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Rotterdam, Netherlands
Month Sold	2018-01
Embassy Suites by Hilton Kansas City Overland Park [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Overland Park, Kansas	[1]
Month Sold	2018-02	[1]
Embassy Suites by Hilton San Rafael Marin County [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	San Rafael, California	[1]
Month Sold	2018-02	[1]
Embassy Suites by Hilton Atlanta Perimeter Center [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Atlanta, Georgia	[1]
Month Sold	2018-02	[1]
Hilton Blackpool [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Blackpool, United Kingdom	[1]
Month Sold	2018-02	[1]
Hilton Belfast [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Belfast, United Kingdom	[1]
Month Sold	2018-02	[1]
Hilton London Angel Islington [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	London, United Kingdom	[1]
Month Sold	2018-02	[1]
Hilton Edinburgh Grosvenor [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Grosvenor, United Kingdom	[1]
Month Sold	2018-02	[1]
Hilton Coylumbridge [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Aviemore, United Kingdom	[1]
Month Sold	2018-02	[1]
Hilton Bath City [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Bath, United Kingdom	[1]
Month Sold	2018-02	[1]
Hilton Milton Keynes [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Keynes, United Kingdom	[1]
Month Sold	2018-02	[1]
Hilton Durban [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Durban, South Africa
Month Sold	2018-02
[1]	Hotels were sold as a portfolio.

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	[1]
Property Plant And Equipment [Abstract]
Land	$ 3,337	$ 3,364
Buildings and leasehold improvements	5,668	5,911
Furniture and equipment	918	966
Construction-in-progress	159	117
Property and equipment, gross	10,082	10,358
Accumulated depreciation and amortization	(2,031)	(2,047)
Property and equipment, net	$ 8,051	$ 8,311
[1]	Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017.

Property and Equipment - Sche32

Property and Equipment - Schedule of Property and Equipment (Parenthetical) (Detail) $ in Millions	Dec. 31, 2017USD ($)
Property Plant And Equipment [Abstract]
Property and equipment, net	$ 31

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation	$ 69,000,000	$ 69,000,000
Net capital lease assets included in property and equipment			$ 20,000,000
Accumulated depreciation of capital lease assets included in property and equipment			10,000,000
Hurricanes Irma and Maria [Member]
Property, Plant and Equipment [Line Items]
Expenses on property and equipment from hurricane damage	7,000,000		20,000,000
Loss on property and equipment from hurricane damage	22,000,000		$ 54,000,000
Additional insurance receivable recognized for property and equipment damaged from hurricanes	29,000,000
Insurance proceeds received on hurricanes damage	18,000,000
Business interruption insurance recognized	0
Hurricanes Irma and Maria [Member] | Other Assets [Member]
Property, Plant and Equipment [Line Items]
Insurance settlements receivable on hurricanes damage	$ 67,000,000

Consolidated Variable Interes34

Consolidated Variable Interest Entities and Investments in Affiliates - Additional Information (Detail) $ in Millions	Mar. 31, 2018USD ($)Entity	Dec. 31, 2017USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of consolidated VIEs | Entity	3
Debt of unconsolidated joint ventures | $	$ 962	$ 962

Consolidated Variable Interes35

Consolidated Variable Interest Entities and Investments in Affiliates - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Property and equipment, net	$ 8,051	$ 8,311	[1]
Cash and cash equivalents	172	364
Restricted cash	108	15
Accounts receivable, net	138	125
Prepaid expenses	54	48
Debt	2,946	2,961
Accounts payable and accrued expenses	172	215
Due to hotel manager	108	141
Other liabilities	211	232
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	222	215
Cash and cash equivalents	9	14
Restricted cash	5	7
Accounts receivable, net	2	2
Prepaid expenses	1	2
Debt	207	207
Accounts payable and accrued expenses	8	8
Due to hotel manager	1	1
Other liabilities	$ 1	$ 1
[1]	Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017.

Consolidated Variable Interes36

Consolidated Variable Interest Entities and Investments in Affiliates - Schedule of Investments in Affiliates (Detail) - USD ($) $ in Millions		Mar. 31, 2018	Dec. 31, 2017
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates		$ 87	$ 84
Hilton Berlin [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	[1]	40.00%
Investments in affiliates	[1]	$ 35	33
Hilton San Diego Bayfront [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage		25.00%
Investments in affiliates		$ 21	20
All others (7 hotels) [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates		$ 31	$ 31
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%
[1]	In April 2018, we and the other owners of the entities that own the Hilton Berlin, entered into an agreement to sell the ownership interest in these entities for a gross sales price of 297 million euros, which is subject to customary pro rations and adjustments. The buyers provided a cash deposit of 30 million euros, which is held in escrow as earnest money.

Consolidated Variable Interes37

Consolidated Variable Interest Entities and Investments in Affiliates - Schedule of Investments in Affiliates (Parenthetical) (Detail) - Hilton Berlin [Member] - Subsequent Event [Member] € in Millions	Apr. 30, 2018EUR (€)
Schedule Of Equity Method Investments [Line Items]
Sale price of disposal	€ 297
Cash deposit held in escrow as earnest money for disposal	€ 30

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2018		Dec. 31, 2017		Oct. 31, 2016
Debt Instrument [Line Items]
Debt and capital lease obligations, gross		$ 2,957		$ 2,973
Less: unamortized deferred financing costs and discount		(11)		(12)
Debt		2,946		2,961
SF CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 725	[1]	725	[1]	$ 725
Debt instrument, interest rate, stated percentage	[1]	4.11%
Maturity Date	[1]	2023-11
HHV CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 1,275	[1]	1,275	[1]	$ 1,275
Debt instrument, interest rate, stated percentage	[1]	4.20%
Maturity Date	[1]	2026-11
Mortgage loans [Member]
Debt Instrument [Line Items]
Debt, gross		$ 207		207
Debt instrument, weighted average interest rate		4.13%
Maturity Date, start year	[2]	2,020
Maturity Date, end year	[2]	2,026
Term Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 750		750
Debt instrument, interest rate		1.45%
Maturity Date		2021-12
Capital lease obligations [Member]
Debt Instrument [Line Items]
Capital lease obligations	[3]	$ 0		16
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, gross	[4]	$ 0		$ 0
Debt instrument, interest rate	[4]	1.50%
Maturity Date	[2],[4]	2021-12
[1]	In October 2016, we entered into a $725 million commercial mortgaged-back securities (“CMBS”) loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village (“HHV CMBS Loan”).
[2]	Assumes the exercise of all extensions that are exercisable solely at our option.
[3]	Capital lease obligations were disposed in connection with the sale of our UK portfolio in February 2018.
[4]	$1 billion available.

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) - USD ($) $ in Millions		Mar. 31, 2018		Dec. 31, 2017		Oct. 31, 2016
SF CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 725	[1]	$ 725	[1]	$ 725
HHV CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		1,275	[1]	1,275	[1]	$ 1,275
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt, gross	[2]	0		$ 0
Amount available for borrowing		$ 1,000
[1]	In October 2016, we entered into a $725 million commercial mortgaged-back securities (“CMBS”) loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village (“HHV CMBS Loan”).
[2]	$1 billion available.

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Restricted cash	$ 108	$ 15
CMBS and mortgage loans [Member]
Debt Instrument [Line Items]
Restricted cash	$ 14	$ 14

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) $ in Millions	Mar. 31, 2018USD ($)
Debt Disclosure [Abstract]
2,018	$ 0
2,019	0
2,020	12
2,021	750
2,022	33
Thereafter	2,162
Debt and capital lease obligations, gross	$ 2,957

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, 2018	Dec. 31, 2017
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	710	721
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	1,231	1,256
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	750	749
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	$ 199	$ 204

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax Benefit	$ 5	$ 2,288

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
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	6,140,940
Compensation expense	$ 4,000,000	$ 3,000,000
Unrecognized compensation costs related to unvested awards	$ 27,000,000
Unrecognized compensation costs related to unvested awards, weighted-average period	1 year 9 months 18 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	390,154
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, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	461,639
Number of Shares, Granted | shares	271,173
Number of Shares, Vested | shares	(129,291)
Number of Shares, Forfeited | shares	(8,025)
Number of Shares, Ending balance | shares	595,496
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 26.47
Weighted Average Grant Date Fair Value, Granted | $ / shares	26.08
Weighted Average Grant Date Fair Value, Vested | $ / shares	26.30
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	26.11
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 26.33

Share-Based Compensation - Sc46

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") [Member]	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	371,557
Number of Shares, Granted | shares	179,485
Number of Shares, Forfeited | shares	(11,060)
Number of Shares, Ending balance | shares	539,982
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 31.96
Weighted Average Grant Date Fair Value, Granted | $ / shares	29.44
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	30.44
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 31.15

Share-Based Compensation - Sc47

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	3 Months Ended
	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	24.00%	[1]
Risk-free rate	2.40%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term	2 years
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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 and implied volatilities over the performance period to estimate appropriate expected volatilities.

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income attributable to stockholders		$ 150	$ 2,350
Earnings allocated to participating securities			(2)
Net income attributable to stockholders net of earnings allocated to participating securities		$ 150	$ 2,348
Denominator:
Weighted average shares outstanding - basic		211	202
Unvested restricted shares		1
Net effect of shares issued with respect to E&P Dividend	[1]		11
Weighted average shares outstanding - diluted		212	213
Basic EPS	[2]	$ 0.71	$ 11.63
Diluted EPS	[2]	$ 0.71	$ 11.01
[1]	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”).
[2]	Per share amounts are calculated based on unrounded numbers.

Business Segment Information -

Business Segment Information - Hotel Properties by Segment (Detail)	3 Months Ended
	Mar. 31, 2018Segment
Segment Reporting [Abstract]
Number of operating business segments	2
Number of reportable segment	1

Business Segment Information 50

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, 2018	Mar. 31, 2017
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 668	$ 684
Hotel Adjusted EBITDA	174	180
Depreciation and amortization expense	(70)	(70)
Corporate general and administrative	(16)	(14)
Other expenses	(17)	(13)
Gain on sales of assets, net	89
Interest income	1
Interest expense	(31)	(30)
Equity in earnings from investments in affiliates	4	4
Gain on foreign currency transactions	1	1
Income tax benefit	0	2,281
Other items	(3)	(2)
Net income	149	2,350
Total consolidated hotel revenue [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	651	671
Other [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 17	$ 13

Business Segment Information 51

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled To Condensed Combined Consolidated Amounts (Detail) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 9,336	$ 9,714
Consolidated Hotels [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,241	9,623
All other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 95	$ 91

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)	Sep. 30, 2017Hotel
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed | $	$ 66
Hurricanes Irma and Maria [Member]
Other Commitments [Line Items]
Total loss recognized, representing losses up to the amount of deductibles | $	$ 16
Key West [Member] | Hurricanes Irma and Maria [Member]
Other Commitments [Line Items]
Number of hotels sustained damage | Hotel		2
Caribe Hilton [Member] | Hurricanes Irma and Maria [Member]
Other Commitments [Line Items]
Number of hotels sustained damage | Hotel		1