Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 25, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 201,545,253 | ||
Entity Public Float | $ 6,138 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Property and equipment, net | $ 7,975 | $ 8,311 | [1] |
Assets held for sale, net | 37 | ||
Investments in affiliates | 50 | 84 | |
Goodwill | 607 | 606 | |
Intangibles, net | 27 | 41 | |
Cash and cash equivalents | 410 | 364 | |
Restricted cash | 15 | 15 | |
Accounts receivable, net of allowance for doubtful accounts of $1 and $1 | 153 | 125 | |
Prepaid expenses | 82 | 48 | |
Other assets | 44 | 83 | |
TOTAL ASSETS (variable interest entities - $242 and $240) | 9,363 | 9,714 | |
Liabilities | |||
Debt | 2,948 | 2,961 | |
Accounts payable and accrued expenses | 183 | 198 | |
Due to hotel manager | 137 | 141 | |
Due to Hilton Grand Vacations | 135 | 138 | |
Deferred income tax liabilities | 42 | 65 | |
Other liabilities | 332 | 249 | |
Total liabilities (variable interest entities - $217 and $217) | 3,777 | 3,752 | |
Commitments and contingencies - refer to Note 16 | |||
Stockholders' Equity | |||
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 201,290,458 shares issued and 201,198,381 shares outstanding as of December 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 | 3,589 | 3,825 | |
Retained earnings | 2,047 | 2,229 | |
Accumulated other comprehensive loss | (6) | (45) | |
Total stockholders' equity | 5,632 | 6,011 | |
Noncontrolling interests | (46) | (49) | |
Total equity | 5,586 | 5,962 | |
TOTAL LIABILITIES AND EQUITY | $ 9,363 | $ 9,714 | |
[1] | Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 1 | $ 1 |
Variable interest entities - assets | 242 | 240 |
Variable interest entities - liabilities | $ 217 | $ 217 |
Common stock, par value (per share) | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 6,000,000,000 | 6,000,000,000 |
Common stock, issued shares | 201,290,458 | 214,873,778 |
Common stock, outstanding shares | 201,198,381 | 214,845,244 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Revenues | |||||||
Total revenues | $ 2,737 | $ 2,791 | $ 2,727 | ||||
Operating expenses | |||||||
Other property-level | 207 | 206 | 193 | ||||
Management and franchise fees | 138 | 141 | 91 | ||||
Casualty (gain) loss and impairment loss, net | (1) | 26 | 15 | ||||
Depreciation and amortization | 277 | 288 | 300 | ||||
Corporate general and administrative | 65 | 68 | 71 | ||||
Other | 73 | 63 | 19 | ||||
Total expenses | 2,329 | 2,421 | 2,309 | ||||
Gain on sales of assets, net | 96 | 1 | 1 | ||||
Operating income | 504 | 371 | 419 | ||||
Interest income | 6 | 2 | 2 | ||||
Interest expense | (127) | (124) | (181) | ||||
Equity in earnings from investments in affiliates | 18 | 40 | 3 | ||||
(Loss) gain on foreign currency transactions | (3) | (4) | 3 | ||||
Other gain (loss), net | 102 | (25) | |||||
Income before income taxes | 500 | 285 | 221 | ||||
Income tax (expense) benefit | (23) | 2,346 | (82) | ||||
Net income | 477 | 2,631 | 139 | ||||
Net income attributable to noncontrolling interests | (5) | (6) | (6) | ||||
Net income attributable to stockholders | [1] | 472 | 2,625 | 133 | [2] | ||
Other comprehensive income (loss), net of tax expense: | |||||||
Currency translation adjustment, net of tax of $4, $0 and $(4) | 39 | 22 | (7) | ||||
Total other comprehensive income (loss) | 39 | 22 | (7) | ||||
Comprehensive income | 516 | 2,653 | 132 | ||||
Comprehensive income attributable to noncontrolling interests | (5) | (6) | (6) | ||||
Comprehensive income attributable to stockholders | $ 511 | $ 2,647 | $ 126 | ||||
Earnings per share: | |||||||
Earnings per share - Basic | [4] | $ 2.32 | [3] | $ 12.38 | [3] | $ 0.67 | [2] |
Earnings per share - Diluted | [4] | $ 2.31 | [3] | $ 12.21 | [3] | $ 0.67 | [2] |
Weighted average shares outstanding - Basic | 203 | 211 | 198 | [2] | |||
Weighted average shares outstanding - Diluted | 204 | 214 | 198 | [2] | |||
Rooms [Member] | |||||||
Revenues | |||||||
Total revenues | $ 1,716 | $ 1,794 | $ 1,795 | ||||
Operating expenses | |||||||
Expenses | 449 | 466 | 464 | ||||
Food and Beverage [Member] | |||||||
Revenues | |||||||
Total revenues | 713 | 739 | 719 | ||||
Operating expenses | |||||||
Expenses | 495 | 511 | 503 | ||||
Ancillary Hotel [Member] | |||||||
Revenues | |||||||
Total revenues | 236 | 194 | 190 | ||||
Other [Member] | |||||||
Revenues | |||||||
Total revenues | 72 | 64 | 23 | ||||
Other Departmental and Support [Member] | |||||||
Operating expenses | |||||||
Expenses | $ 626 | $ 652 | $ 653 | ||||
[1] | Includes the derecognition and remeasurement of deferred tax assets and liabilities for the year ended December 31, 2017 of $2,347 million associated with our intent to be taxed as a REIT. | ||||||
[2] | For 2016, basic and diluted earnings per share was calculated using the number of shares of common stock outstanding upon the completion of the spin-off. | ||||||
[3] | Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented, therefore, the sum of the quarterly EPS does not equal the EPS for the full year. | ||||||
[4] | Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Foreign currency translation adjustment, tax | $ 4 | $ 0 | $ (4) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | |||
Net income | $ 477 | $ 2,631 | $ 139 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 277 | 288 | 300 |
Gain on sales of assets, net | (96) | (1) | (1) |
Casualty (gain) loss and impairment loss, net | (1) | 16 | 15 |
Equity in earnings from investments in affiliates | (18) | (40) | (3) |
Loss (gain) on foreign currency transactions | 3 | 4 | (3) |
Other (gain) loss, net | (102) | 25 | |
Share-based compensation expense | 16 | 14 | |
Amortization of deferred financing costs | 4 | 5 | 11 |
Distributions from unconsolidated affiliates | 18 | 19 | 19 |
Deferred income taxes | (20) | (2,378) | (66) |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (27) | 4 | (9) |
Prepaid expenses | (34) | 8 | (6) |
Other assets | (34) | (1) | (1) |
Accounts payable and accrued expenses | (21) | 20 | (1) |
Due to hotel manager | (4) | 50 | (18) |
Other liabilities | 14 | 20 | (5) |
Other | (8) | (6) | 3 |
Net cash provided by operating activities | 444 | 653 | 399 |
Investing Activities: | |||
Capital expenditures for property and equipment | (188) | (185) | (227) |
Proceeds from asset dispositions, net | 369 | ||
Proceeds from the sale of investments in affiliates, net | 150 | ||
Insurance proceeds for property damage claims | 88 | 2 | |
Investments in affiliates | (1) | ||
Distributions from unconsolidated affiliates | 19 | 3 | |
Net cash provided by (used in) investing activities | 419 | (165) | (224) |
Financing Activities: | |||
Dividends paid | (464) | (386) | |
Distributions to noncontrolling interests | (2) | (6) | (32) |
Tax withholdings on share-based compensation | (2) | (3) | |
Repurchase of common stock | (348) | ||
Contribution from Parent | 987 | ||
Borrowings | 2,915 | ||
Repayment of debt | (55) | (3,680) | |
Debt issuance costs | (21) | ||
Net transfers (to) from Parent | (9) | 40 | |
Cash dividends paid to Parent | (180) | ||
Net cash (used in) provided by financing activities | (816) | (459) | 29 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (1) | 2 | |
Net increase in cash and cash equivalents and restricted cash | 46 | 29 | 206 |
Cash and cash equivalents and restricted cash, beginning of period | 379 | 350 | 144 |
Cash and cash equivalents and restricted cash, end of period | $ 425 | $ 379 | $ 350 |
Consolidated Statements of Equi
Consolidated Statements of Equity - 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 | 139 | 133 | 6 | ||||
Other comprehensive income (loss) | (7) | (7) | |||||
Net transfers (to) from Parent | 40 | 40 | |||||
Capital contribution from Parent | 337 | 337 | |||||
Cash contribution from Parent | 987 | 987 | |||||
Distribution to Parent | (256) | 3 | (259) | ||||
Cash dividends paid to Parent | (180) | (180) | |||||
Distributions to noncontrolling interests | (32) | (32) | |||||
Cumulative effect of the adoption of ASU 2015-02 | (2) | (3) | 1 | ||||
Balance at Dec. 31, 2016 | 3,823 | (67) | 3,939 | (49) | |||
Net income | 2,631 | $ 2,625 | 6 | ||||
Other comprehensive income (loss) | 22 | 22 | |||||
Net transfers (to) from Parent | (13) | (13) | |||||
Issuance of common stock and reclassification of former Parent investment | $ 2 | $ 3,924 | (3,926) | ||||
Issuance of common stock and reclassification of former Parent investment (shares) | 198,000,000 | ||||||
Share-based compensation, net | 11 | 11 | |||||
Share-based compensation, net (Shares) | 1,000,000 | ||||||
Dividends and dividend equivalents | (506) | (110) | (396) | ||||
Dividends and dividend equivalents (Shares) | 16,000,000 | ||||||
Distributions to noncontrolling interests | (6) | (6) | |||||
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 | |||||
Net income | $ 477 | 472 | 5 | ||||
Other comprehensive income (loss) | 39 | 39 | |||||
Net transfers (to) from Parent | 0 | ||||||
Share-based compensation, net | 14 | 14 | |||||
Dividends and dividend equivalents | (556) | (556) | |||||
Repurchase of common stock | (348) | (250) | (98) | ||||
Repurchases of common stock (Shares) | (14,000,000) | ||||||
Distributions to noncontrolling interests | (2) | (2) | |||||
Balance at Dec. 31, 2018 | $ 5,586 | $ 2 | $ 3,589 | $ 2,047 | $ (6) | $ 0 | $ (46) |
Balance (shares) at Dec. 31, 2018 | 201,198,381 | 201,000,000 |
Organization
Organization | 12 Months Ended |
Dec. 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. 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 are taxed as a real estate investment trust (“REIT”). 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 | 12 Months Ended |
Dec. 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 Combination and Consolidation Subsequent to January 3, 2017, the 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 pre-spin 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 pre-spin consolidated financial statements were prepared on a carve-out basis and reflect significant assumptions and allocations. The 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”). All significant intercompany transactions and balances within these consolidated financial statements have been eliminated. On October 24, 2007, a predecessor to Hilton became a wholly owned subsidiary of an affiliate of The Blackstone Group L.P. (“Blackstone”) following the completion of a merger (“Merger”). Our consolidated financial statements reflect adjustments made as a result of applying push down accounting at the time of the Merger. The Company’s consolidated financial statements include certain assets and liabilities that have historically been held by Hilton but are specifically identifiable or otherwise attributable to the Company, including goodwill and intangibles. Allocations Through January 3, 2017, the pre-spin 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. We 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 periods presented. However, the allocations may not include all of the actual expenses that would have been incurred by us and may not reflect our consolidated results of operations, financial position and cash flows had we been a stand-alone company during the historical periods 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 were provided by Hilton through a transition services agreement (“TSA”). The majority of the services provided pursuant to the TSA were terminated effective January 1, 2018 and the TSA expired on December 31, 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. Reclassifications Certain line items on the consolidated balance sheet as of December 31, 2017 and on the statements of comprehensive income and statements of cash flows for the years ended December 31, 2017 and 2016 have been reclassified to conform to the current period presentation. Summary of Significant Accounting Policies Property and Equipment Property and equipment are recorded at cost, and interest applicable to major construction or development projects is capitalized. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (8 to 40 years); furniture and equipment (3 to 8 years); and computer equipment and acquired software (3 years). Leasehold improvements are depreciated over the shorter of the estimated useful life, based on the estimates above, or the lease term. We evaluate the carrying value of our property and equipment if there are indicators of potential impairment. We perform an analysis to determine the recoverability of the asset’s carrying value by comparing the expected undiscounted future cash flows to the net book value of the asset. If it is determined that the expected undiscounted future cash flows are less than the net book value of the asset, the excess of the net book value over the estimated fair value is recorded in our consolidated statements of comprehensive income within impairment losses. Fair value is generally estimated using valuation techniques that consider the discounted cash flows of the asset using discount and capitalization rates deemed reasonable for the type of asset, as well as prevailing market conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds from pending offers. If sufficient information exists to reasonably estimate the fair value of a conditional asset retirement obligation, including environmental remediation liabilities, we recognize the fair value of the obligation when the obligation is incurred, which is generally upon acquisition, construction or development and/or through the normal operation of the asset. Assets Held for Sale We classify a property as held for sale when we commit to a plan to sell the asset, the sale of the asset is probable within one year, and it is unlikely that action to complete the sale will change or that the sale will be withdrawn. When we determine that classification of an asset as held for sale is appropriate, we cease recording depreciation for the asset and value the property at the lower of depreciated cost or fair value, less costs to dispose. Further, the related assets and liabilities of the held for sale property will be classified as assets held for sale in our consolidated balance sheets. Any gains on sales of properties are recognized at the time of sale or deferred and recognized in net income (loss) Investments in Affiliates The consolidated financial statements include entities in which we have a controlling financial interest, including VIEs where we are the primary beneficiary. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a VIE, we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or otherwise have a controlling financial interest. References in these financial statements to net income (loss) attributable to stockholders We hold investments in affiliates that primarily own or lease hotels. Investments in affiliates over which we exercise significant influence, but lack a controlling financial interest, are accounted for using the equity method. We account for investments using the equity method when we have the ability to exercise significant influence over the entity, typically through a more than minimal investment. Our proportionate share of earnings (losses) from our equity method investments is presented as equity in earnings (losses) from investments in affiliates We assess the recoverability of our equity method investments if there are indicators of potential impairment. If an identified event or change in circumstances requires an evaluation to determine if an investment may have an other-than-temporary impairment, we assess the fair value of the investment based on accepted valuation methodologies, which include discounted cash flows, estimates of sales proceeds and external appraisals. If an investment’s fair value is below its carrying value and the decline is considered to be other-than-temporary, we will recognize an impairment loss in equity in earnings (losses) from investments in affiliates Non-controlling Interests We present the portion of any equity that we do not own in entities that we have a controlling financial interest (and thus consolidate) as non-controlling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our consolidated balance sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss is allocated between the joint venture partners based on their respective stated ownership percentages. In addition, we include net income (loss) attributable to the noncontrolling interest in net income (loss) Goodwill Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. We do not amortize goodwill, but rather evaluate goodwill for potential impairment on an annual basis or at other times during the year if events or circumstances indicate that the carrying amount may not be recoverable. We have two reporting units, consolidated and unconsolidated hotels, to which goodwill has been allocated. Certain of the entities that are included in our consolidated financial statements were consolidated subsidiaries of our Parent at the time of the Merger. Our Parent allocated goodwill to us based on the relative fair value of our properties compared to that of Parent’s ownership segment as of the date of the Merger. We review the carrying value of goodwill by comparing the carrying value of a reporting unit to its fair value. In any year, we may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is in excess of its carrying value. If we cannot determine qualitatively that the fair value is in excess of the carrying value, or we decide to bypass the qualitative assessment, we proceed to the two-step quantitative process. In the first step, we determine the fair value of the reporting unit. The valuation is based on internal projections of expected future cash flows and operating plans, as well as market conditions relative to the operations of our reporting unit. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. However, if the carrying amount of the reporting unit exceeds its estimated fair value, then the second step must be performed. In the second step, we estimate the implied fair value of goodwill, which is determined by taking the fair value of the reporting unit and allocating it to all of its assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, the excess is recognized within casualty (gain) loss and impairment loss, net Intangible Assets Intangible assets with finite useful lives primarily include ground and hotel operating lease contracts recorded by our Parent at the time of the Merger and allocated to us based on either specific identification or the relative fair values as of the date of the Merger. These contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and the estimate of the fair value of rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the contract. We review all finite lived intangible assets for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of the carrying value over the fair value in our consolidated statements of comprehensive income. Asset Acquisitions We consider an asset acquisition to occur when substantially all the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets. In an acquisition of assets, we are not required to expense our acquisition-related costs, and goodwill is not assigned. We will account for the properties purchased as asset acquisitions by allocating the total cash consideration, including transaction costs, to the individual assets acquired and liabilities assumed, respectively, on a relative fair value basis. Business Combinations We consider a business combination to occur when we take control of a business by acquiring its net assets or equity interests. We record the assets acquired, liabilities assumed and non-controlling interests at fair value as of the acquisition date, including any contingent consideration. We evaluate factors, including market data for similar assets, expected future cash flows discounted at risk-adjusted rates and replacement cost for the assets to determine an appropriate fair value of the assets. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed in the period incurred and are not capitalized or applied in determining the fair value of the acquired assets. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less. Restricted Cash Restricted cash includes cash balances established as lender reserves required by our debt agreements. For purposes of our consolidated statement of cash flows, changes in restricted cash caused by changes in lender reserves due to restrictions under our loan agreements are shown as financing activities and changes in deposits for assets we plan to acquire are shown as investing activities. Allowance for Doubtful Accounts An allowance for doubtful accounts is provided on accounts receivable when losses are probable based on historical collection activity and current business conditions. Fair Value Measurements—Valuation Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (an exit price). We use the three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-level hierarchy of inputs is summarized below: • Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument. • Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety at the end of each reporting period. Derivative Instruments We may use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We will regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. Under the terms of certain loan agreements, we may be required to maintain derivative financial instruments to manage interest rates. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“cash flow hedge”); a hedge of the fair value of a recognized asset or liability (“fair value hedge”); or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge or net investment hedge are recorded in Other comprehensive income (loss) in the consolidated statements of comprehensive income until they are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. Cash flows from undesignated derivative financial instruments are included as an investing activity in our consolidated statements of cash flows. If we determine that we qualify for and will designate a derivative as a hedging instrument, at the designation date we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. This process includes matching all derivatives that are designated as cash flow hedges to specific forecasted transactions and linking all derivatives designated as fair value hedges to specific assets and liabilities in our consolidated balance sheets. To the extent we have designated a derivative as a hedging instrument, each reporting period we assess the effectiveness of our designated hedges in offsetting the variability in the cash flows or fair values of the hedged assets or obligations using the Hypothetical Derivative Method. This method compares the cumulative change in fair value of each hedging instrument to the cumulative change in fair value of a hypothetical hedging instrument, which has terms that identically match the critical terms of the respective hedged transactions. Thus, the hypothetical hedging instrument is presumed to perfectly offset the hedged cash flows. Ineffectiveness results when the cumulative change in the fair value of the hedging instrument exceeds the cumulative change in the fair value of the hypothetical hedging instrument. We discontinue hedge accounting prospectively, when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated or exercised. Revenue Recognition Our results of operations primarily consist of room rentals, food and beverage sales and other ancillary goods and services from hotel properties. Other revenues are from our laundry business and service arrangements with Hilton Grand Vacations (“HGV”). Hotel operating revenues are disaggregated into room revenue, food and beverage revenue, ancillary hotel revenue and other revenue on the consolidated statements of comprehensive income to illustrate how economic factors affect the nature, amount and timing, and uncertainty of revenue and cash flows. Rooms revenue is recognized over time when rooms are occupied and food and beverage revenue is recognized at a point in time when goods and services have been delivered or rendered. Ancillary hotel revenue and other revenue is generally recognized at a point in time as goods and services are delivered or rendered. We assess if we are the principal or agent for certain ancillary services provided by third parties. If we are the principal, we recognize revenue based on the gross sales price. If we are the agent, we recognize revenue net of costs paid to service providers. Payment received for a future stay or event is recognized as an advance deposit, which is included in other liabilities Currency Translation The United States dollar (“USD”) is our reporting currency and is the functional currency of our consolidated and unconsolidated entities operating in the U.S. The functional currency for our consolidated and unconsolidated entities operating outside of the U.S. is the currency of the primary economic environment in which the respective entity operates. Assets and liabilities measured in foreign currencies are translated into USD at the prevailing exchange rates in effect as of the financial statement date and the related gains and losses, net of applicable deferred income taxes, are reflected in accumulated other comprehensive income (loss) (loss) gain on foreign currency transactions Share-based Compensation We recognize the cost of services received in share-based payment transactions with employees and non-employee directors as services are received and recognize a corresponding increase in additional paid-in capital for equity classified awards. We account for any forfeitures when they occur. The measurement objective for these equity awards is the estimated fair value at the grant date of the equity instruments that we will be obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. The compensation expense for an award classified as an equity instrument is recognized ratably over the requisite service period. The requisite service period is the period during which an employee is required to provide service in exchange for an award. Income Taxes We are a REIT for U.S. federal income tax purposes, and 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 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 annually and the diversity of ownership of our stock. To the extent we continue to 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 consolidated financial statements for the years ended December 31, 2018 and 2017 related to our REIT activities, other than the derecognition and remeasurement of deferred tax assets and liabilities associated with our election to be taxed as a REIT and taxes associated with built-in gains related to our assets owned at the date of our spin-off. 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). Through January 3, 2017, we had been included in the consolidated U.S. federal income tax return of Hilton, as well as certain state tax returns where Hilton files on a consolidated or combined basis, and foreign tax returns, as applicable. For purposes of our pre-spin consolidated financial statements, 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 requires a considerable amount of judgment and use of both estimates and allocations. We believe that the assumptions and estimates used to determine these tax amounts are reasonable. However, our consolidated financial statements may not necessarily reflect what our tax amounts would have been if we had been a stand-alone enterprise during the periods presented. We account for income taxes using the asset and liability method. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts, and tax loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the respective temporary differences or operating loss or tax credit carry forwards are expected to be recovered or settled. The realization of deferred tax assets and tax loss and tax credit carry forwards is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. Valuation allowances are provided to reduce such deferred tax assets to amounts more likely than not to be ultimately realized. We use a prescribed recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. For all income tax positions, we first determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If it is determined that a position meets the more-likely-than-not recognition threshold, the benefit recognized in the financial statements is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. Recently Issued Accounting Pronouncements Adopted Accounting Standards In May 2014, the FASB issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606) Revenue Recognition (Topic 605) 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) Leases (Topic 840) intangibles, net other liabilities |
Dispositions and Assets Held fo
Dispositions and Assets Held for Sale | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Dispositions and Assets Held for Sale | Note 3: Dispositions and Assets Held for Sale Dispositions During the year ended December 31, 2018 gain on sales of assets, net Additionally, in May 2018, we and the other owners of our unconsolidated affiliates that owned the Hilton Berlin hotel sold our interests for gross proceeds of approximately $375 million, before customary closing adjustments, of which our pro rata share was $151 million. We recognized a net gain of approximately $107 million, including the reclassification of a currency translation adjustment of $8 million from accumulated other comprehensive loss into earnings concurrent with the disposition, which is included in other gain (loss), 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 Edinburgh, United Kingdom Hilton Coylumbridge Aviemore, United Kingdom Hilton Bath City Bath, United Kingdom Hilton Milton Keynes Milton Keynes, United Kingdom Hilton Durban Durban, South Africa February 2018 Hilton Berlin (2) Berlin, Germany May 2018 (1) Hotels were sold as a portfolio. (2) Unconsolidated joint venture. Assets Held for Sale Hilton Durban In December 2017, we executed an agreement to sell the Hilton Durban, a wholly owned hotel, for a sales price of $33 million, which was payable in cash at closing and was subject to customary pro rations and adjustments. We disposed of the Hilton Durban in February 2018. Assets and liabilities held for sale related to the Hilton Durban were as follows as of December 31, 2017: (in millions) Assets: Property and equipment, net $ 31 Cash and cash equivalents 2 Accounts receivable 2 Prepaid expenses 2 Total Assets Held for Sale $ 37 Liabilities: Liabilities related to assets held for sale (1) $ 1 Total Liabilities Held for Sale $ 1 (1) Amounts included in other liabilities |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 4: Property and Equipment Property and equipment were: December 31, 2018 2017 (1) (in millions) Land $ 3,344 $ 3,364 Buildings and leasehold improvements 5,616 5,911 Furniture and equipment 949 966 Construction-in-progress 124 117 10,033 10,358 Accumulated depreciation and amortization (2,058 ) (2,047 ) $ 7,975 $ 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 $273 million, $283 million and $295 million during the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018 and 2017, property and equipment included approximately $1 million and $20 million, respectively, of capital lease assets primarily consisting of buildings and leasehold improvements, net of $0 million and $10 million, respectively, of accumulated depreciation. Certain capital lease assets were disposed of in connection with the sale of our UK portfolio in February 2018. Additionally, the City of Chicago did not extend the ground lease for the Hilton Chicago O’Hare Airport, which ended on December 31, 2018. Accordingly, the city of Chicago assumed ownership of the hotel as of the end of the contract term. Transactions with HGV In October 2016, we completed the sale of 600 rooms at the Hilton Waikoloa Village to HGV in connection with timeshare projects. The net book value of these assets was approximately $177 million. Due to our continuing involvement, this transaction was not recognized as a sale and was accounted for as a sales-leaseback liability under the financing method. The assets will be derecognized at the end of lease term. Pursuant to an arrangement representing a lease, we reserved exclusive rights to occupy and operate these rooms beginning on the date of transfer and continuing until the end of the lease term. The lease term expires December 2019, but may be extended if mutually agreed to by all parties. During 2017, 134 of the 600 rooms at the Hilton Waikoloa Village previously transferred to HGV and leased back by us were released to HGV; accordingly, we derecognized $38 million of property and equipment, net, and the related $39 million liability due to HGV. During 2018, we transferred a restaurant at the Hilton Waikoloa Village to HGV and derecognized $3 million of property and equipment, net and $3 million of the related liability due to HGV. In June 2016, we transferred assets, including legal title, related to certain floors at the Embassy Suites Washington, D.C. to HGV in connection with a timeshare project. The net book value of these assets was approximately $40 million. No cash consideration was received for this transfer; therefore, the net book value of the assets was recognized as a $33 million non-cash equity distribution to Parent for the year ended December 31, 2016. 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 in Puerto Rico. 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, in addition to loss of business. During the year ended December 31, 2017 , we incurred $20 million of expenses and recognized a loss of $54 million for property and equipment that was damaged during the hurricanes, both of which are included in casualty (gain) loss and impairment loss, net in our consolidated statement of comprehensive income. We received $2 million of insurance proceeds, none of which related to business interruption insurance. The insurance receivable as of December 31, 2017 was $56 million, which is included within other assets in our consolidated balance sheets. During the year ended December 31, 2018 , we incurred an additional 35 million of expenses, and based upon additional information, 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 $ 57 million. We received $ 119 million of insurance proceeds, of which $ 25 million related to business interruption and $6 million related to expense reimbursements. Business interruption proceeds are included within ancillary hotel revenue in our consolidated statements of comprehensive income. The insurance receivable as of December 31, 2018 other assets in our consolidated balance sheets. |
Consolidated Variable Interest
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates | 12 Months Ended |
Dec. 31, 2018 | |
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract] | |
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates | Note 5: Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates Consolidated VIEs We consolidate 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 consolidated balance sheets include the following assets and liabilities of these entities: December 31, 2018 2017 (in millions) Property and equipment, net $ 223 $ 215 Cash and cash equivalents 12 14 Restricted cash 1 7 Accounts receivable, net 4 2 Prepaid expenses 2 2 Debt 207 207 Accounts payable and accrued expenses 7 8 Due to hotel manager 2 1 Other liabilities 1 1 During the years ended December 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: December 31, Ownership % 2018 2017 (in millions) Hilton Berlin (1) 40% $ — $ 33 Hilton San Diego Bayfront 25% 19 20 All others (7 hotels) 20% - 50% 31 31 $ 50 $ 84 (1) Disposed of in May 2018. Refer to Note 3: “Dispositions and Assets Held for Sale” for additional information. The affiliates in which we own investments accounted for under the equity method had total debt of approximately $955 million and $962 million as of December 31, 2018 and 2017, respectively. Substantially all of the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Note 6: Goodwill and Intangibles Hilton allocated $3.5 billion of goodwill to us as part of the Merger and during the year ended December 31, 2008, we recognized a $2.7 billion impairment loss. Our goodwill balance and related activity was: Goodwill Accumulated Impairment Losses Balance (in millions) Balance as of December 31, 2016 $ 2,706 $ (2,102 ) $ 604 Distribution to Parent — — — Foreign currency translation 2 — 2 Balance as of December 31, 2017 2,708 (2,102 ) 606 Distribution to Parent — — — Foreign currency translation 1 — 1 Balance as of December 31, 2018 $ 2,709 $ (2,102 ) $ 607 Intangible assets were: December 31, 2018 2017 (in millions) Acquired below market leases $ 61 $ 74 Other 10 10 Accumulated amortization (44 ) (43 ) $ 27 $ 41 As of December 31, 2018, we estimated our future amortization expense for our intangible assets to be: Year (in millions) 2019 $ 5 2020 4 2021 4 2022 3 2023 3 Thereafter 8 $ 27 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Note 7: Debt Debt balances, including obligations for capital leases, and associated interest rates as of December 31, 2018 were: Principal balance as of Interest Rate at December 31, 2018 Maturity Date December 31, 2018 December 31, 2017 (in millions) SF CMBS Loan 4.11% November 2023 $ 725 $ 725 HHV CMBS Loan 4.20% November 2026 1,275 1,275 Mortgage loans Average rate of 4.20% 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) — — Capital lease obligations (3) Average rate of 3.07% 2021 to 2022 1 16 2,958 2,973 Less: unamortized deferred financing costs and discount (10 ) (12 ) $ 2,948 $ 2,961 (1) Assumes the exercise of all extensions that are exercisable solely at our option. (2) $1 billion available. (3) Capital lease obligations of $15 million were disposed of in connection with the sale of our UK portfolio in February 2018. CMBS Loans and Mortgage Loans In October 2016, we entered into a $725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV CMBS Loan”). Both the SF CMBS Loan and the HHV CMBS Loan bear interest at a fixed-rate and require interest-only payments through their respective maturity dates. At any time after the permitted release date of May 1, 2019, or earlier subject to certain conditions, the SF CMBS Loan and HHV CMBS Loan may be partially or fully prepaid, subject to prepayment penalties. Our mortgage loans, which are associated with our three consolidated VIEs, bear interest at either a fixed-rate or variable rate. We are required to deposit with lenders certain cash reserves for restricted uses. As of December 31, 2018 and 2017, our consolidated balance sheets included $15 million and $14 million, respectively, of restricted cash related to our CMBS loans and mortgage loans. Credit Facilities In December 2016, we entered into a credit agreement (“Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent, and certain others financial institutions party thereto as lenders. The facility includes a $1 billion revolving credit facility (“Revolver”), which has a scheduled maturity date of December 24, 2020 with two, six-month extension options if certain conditions are satisfied, and a $750 million term loan (“Term Loan”). The Credit Agreement includes the option to increase the size of the Revolver and enter into additional incremental term loan credit facilities, subject to certain limitations, in an aggregate commitment or principal amount not to exceed $500 million for all such increases. The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. Any outstanding standby letters of credit reduce the available borrowings on the Revolver by a corresponding amount. Revolver and Term Loan borrowings bear interest at variable rates at our option, based upon either a base rate or LIBOR rate, plus an applicable margin based on our leverage ratio. We incur an unused facility fee on the Revolver of between 0.2% and 0.3%, based on our level of usage. The Credit Agreement contains certain financial covenants relating to our maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness, maximum unsecured indebtedness and minimum unsecured interest coverage ratio. If an event of default exists, we are not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of December 31, 2018 were: Year (in millions) 2019 $ — 2020 12 2021 751 2022 32 2023 729 Thereafter (1) 1,434 $ 2,958 (1) Assumes the exercise of all extensions that are exercisable solely at our option. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8: 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: December 31, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 706 $ 725 $ 721 HHV CMBS Loan 3 1,275 1,214 1,275 1,256 Term Loan 3 750 732 750 749 Mortgage loans 3 207 201 207 204 During the years ended December 31, 2017 and 2016, respectively, we recognized impairment losses from the classification of the asset held for sale, a current expectation that is more likely than not an asset will be sold before the end of its previously estimated useful life, or for certain assets resulting from a significant decline in market value of those assets. No such impairment loss was recognized for the year ended December 31, 2018. The estimated fair values of these assets that were measured on a nonrecurring basis were: December 31, 2017 December 31, 2016 Fair Value (1) Impairment Loss Fair Value (2) Impairment Loss (in millions) Investments in affiliates $ — $ — $ 7 $ 17 Property and equipment 92 10 6 14 Intangibles — — — 1 Total $ 92 $ 10 $ 13 $ 32 (1) (2) value for the year ended December 31, 2016, is measured using significant unobservable inputs (Level 3). We estimated fair value of the assets using discounted cash flow analyses, with estimated stabilized growth rates ranging from 1% to 3%, a discounted cash flow term between 10 to 15 years, terminal capitalization rates ranging from 5% to 8% percent, and discount rates ranging from 7% to 10%. The discount and terminal capitalization rates used for the fair value of the assets reflect the risk profile of the market where the property is located and are not necessarily indicative of our hotel portfolio as a whole |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | Note 9: Leases We lease hotel properties, land and equipment under operating and capital leases. We are subject to ground leases for 14 of our consolidated properties and 3 of our unconsolidated joint ventures. Our leases expire at various dates through 2071, with varying renewal options, and the majority expire before 2026. Our operating leases may require minimum rent payments, contingent rent payments based on a percentage of revenue or income or rent payments equal to the greater of a minimum rent or contingent rent. In addition, we may be required to pay some, or all, of the capital costs for property and equipment in the hotel during the term of the lease. Amortization of capital lease assets is recorded in depreciation and amortization The future minimum rent payments under non-cancelable operating leases, due in each of the next five years and thereafter as of December 31, 2018, were: Operating Leases Year (in millions) 2019 $ 27 2020 28 2021 28 2022 27 2023 22 Thereafter 223 Total minimum rent payments $ 355 Rent expense for all operating leases, included in other property-level expenses, was: Year Ended December 31, 2018 2017 2016 (in millions) Minimum rentals $ 31 $ 26 $ 25 Contingent rentals 20 23 21 $ 51 $ 49 $ 46 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10: Income Taxes We are a REIT for U.S. federal income tax purposes, and we expect to continue to be organized and operate so as to continue to qualify as a REIT. To qualify as a REIT, we must satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. To the extent we continue to 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 annually to our stockholders. Accordingly, no provision for U.S. federal income taxes has been included in our accompanying consolidated financial statements for the years ended December 31, 2018 and 2017 related to our REIT activities, other than taxes associated with built-in gains related to our assets owned at the date of our spin-off and the remeasurement of deferred tax assets and liabilities. H.R. 1, commonly referred to as The Tax Cuts and Jobs Act of 2017 (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; the one-time transition tax on foreign cash and unremitted earnings; and the treatment of global intangible low-taxed income for REIT gross income purposes. We completed our analysis, and as a result of the changes in the Act, we recognized a $25 million income tax benefit for the year ended December 31, 2017 and an additional $8 million of income tax expense for the year ended December 31, 2018 when our analysis of the effects of the Act was completed. We will 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 the date of our spin-off. 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). Our tax provision includes U.S. federal, state and foreign income taxes payable. The domestic and foreign components of income before income taxes were: Year Ended December 31, 2018 2017 2016 (in millions) U.S. income before tax $ 498 $ 279 $ 188 Foreign income before tax 2 6 33 Income before income taxes $ 500 $ 285 $ 221 The components of our (benefit) provision for income taxes were: Year Ended December 31, 2018 2017 2016 (in millions) Current: U.S. Federal $ 34 $ 21 $ 130 State 6 2 16 Foreign 3 9 2 Total current 43 32 148 Deferred: U.S. Federal (18 ) (2,373 ) (60 ) State — — (7 ) Foreign (2 ) (5 ) 1 Total deferred (20 ) (2,378 ) (66 ) Total provision (benefit) for income taxes $ 23 $ (2,346 ) $ 82 Reconciliations of our tax provision at the U.S. statutory rate to the (benefit) provision for income taxes were: Year Ended December 31, 2018 2017 2016 (in millions) Statutory U.S. federal income tax provision $ 105 $ 100 $ 77 State income taxes, net of U.S. federal tax benefit 3 2 9 Foreign income tax expense 2 4 5 U.S. benefit of foreign taxes — — (3 ) Change in deferred tax asset valuation allowance — 3 (2 ) Change in basis difference in foreign subsidiaries — — (5 ) Tax rate change (2 ) (25 ) — Non-deductible transaction costs — — 3 REIT income not subject to tax (92 ) (83 ) — Derecognition and remeasurement of deferred taxes 7 (2,347 ) — Other, net — — (2 ) Provision (benefit) for income taxes $ 23 $ (2,346 ) $ 82 Through January 3, 2017, we had been included in the consolidated U.S. 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 returns, as applicable. During the year ended December 31, 2016, Hilton paid $146 million of income tax liabilities related to us. Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The composition of net deferred tax balances were as follows: December 31, 2018 2017 (in millions) Deferred income tax assets ( 1) $ 3 $ 6 Deferred income tax liabilities (42 ) (65 ) Net deferred tax liability $ (39 ) $ (59 ) (1) Included within other assets The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax liability were: December 31, 2018 2017 (in millions) Deferred tax assets: Net operating loss carryforwards $ 8 $ 10 Other reserves — 1 Capital lease obligations — 2 Deferred income 3 3 Property and equipment 1 7 Accrued compensation 3 2 Other 3 2 Total gross deferred tax assets 18 27 Less: valuation allowance (4 ) (4 ) Deferred tax assets $ 14 $ 23 Deferred tax liabilities: Property and equipment $ (44 ) $ (77 ) Investments (9 ) (4 ) Other — (1 ) Deferred tax liabilities (53 ) (82 ) Net deferred tax liability $ (39 ) $ (59 ) As of December 31, 2018, we had U.S. federal, state and foreign net operating loss carryforwards of $58 million, which resulted in deferred tax assets of $8 million. Our U.S. federal and state net operating loss carryforwards of approximately $10 million and $19 million begin to expire in 2038 and 2025, respectively and our foreign net operating loss carryforwards of approximately $29 million are not subject to expiration. There was no change to our valuation allowance during the year ended December 31, 2018. For periods ended prior to January 4, 2017, Hilton filed income tax returns, including returns for us, with U.S. federal, state and foreign jurisdictions. Hilton is under regular and recurring audit by the Internal Revenue Service on open tax positions. The timing of the resolution of tax audits is highly uncertain, as are the amounts, if any, that may ultimately be paid upon such resolution. Changes may result from the conclusion of ongoing audits, appeals or litigation in state, local, U.S. federal and foreign tax jurisdictions or from the resolution of various proceedings between the U.S. and foreign tax authorities. Hilton is no longer subject to U.S. federal income tax examination for years through 2005. As of December 31, 2018, Hilton remains subject to U.S. federal examinations from 2006 through 2016, state examinations from 2006 through 2016 and foreign examinations of their income tax returns for the years 1997 through 2016. We will be subject to U.S. federal, state and foreign examinations for periods ending after January 4, 2017. For U.S. federal income tax purposes, the cash distributions to stockholders are characterized as follows: For the Year Ended For the Year Ended December 31, 2018 December 31, 2017 Common distributions (per share): Ordinary dividends $ 1.64 $ 4.41 Qualified dividends — 2.62 Capital gain distributions 1.32 — |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 11: 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 December 31, 2018, 6,059,579 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 December 31, 2018, 345,768 shares of common stock remain available for future issuance. For the years ended December 31, 2018 and 2017, we recognized $16 and $15 million of share-based compensation expense. As of December 31, 2018, unrecognized compensation expense was $17 million, which is expected to be recognized over a weighted-average period of 1.2 years. The total fair value of shares vested during each of the years ended December 31, 2018 and 2017 was $9 million. Restricted Stock Awards Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the years ended December 31, 2018 and 2017: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 — $ — Granted 594,213 26.52 Vested (106,795 ) 26.85 Forfeited (25,779 ) 26.22 Unvested at December 31, 2017 461,639 26.47 Granted 367,463 27.34 Vested (214,208 ) 26.67 Forfeited (29,788 ) 27.48 Unvested at December 31, 2018 585,106 $ 26.89 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 years ended December 31, 2018 and 2017: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 — $ — Granted 387,642 31.95 Vested — — Forfeited (16,085 ) 31.73 Unvested at December 31, 2017 371,557 31.96 Granted 179,774 29.47 Vested — — Forfeited (13,395 ) 30.48 Unvested at December 31, 2018 537,936 $ 31.16 The grant date fair values of these awards were determined using a Monte Carlo simulation valuation model with the following assumptions: Year Ended December 31, 2018 2017 Expected volatility (1) 20.0% - 24.0% 25.5% - 29.5% Dividend yield (2) — — Risk-free rate 2.4% - 2.7% 1.2% - 1.5% Expected term 3 years 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 | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 12: Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”): Year Ended December 31, 2018 2017 2016 (1) (in millions, except per share amounts) Numerator: Net income attributable to stockholders (2) $ 472 $ 2,625 $ 133 Earnings allocated to participating securities (2 ) (8 ) — Net income attributable to stockholders net of earnings allocated to participating securities $ 470 $ 2,617 $ 133 Denominator: Weighted average shares outstanding – basic 203 211 198 Unvested restricted shares 1 — — Net effect of shares issued with respect to E&P Dividend (3) — 3 — Weighted average shares outstanding – diluted 204 214 198 Basic EPS (4) $ 2.32 $ 12.38 $ 0.67 Diluted EPS (4) $ 2.31 $ 12.21 $ 0.67 (1) For 2016, basic and diluted earnings per share was calculated using the number of shares of common stock outstanding upon the completion of the spin-off. (2) Includes the derecognition and remeasurement of deferred tax assets and liabilities for the year ended December 31, 2017 of $2,347 million associated with our intent to be taxed as a REIT. (3) (4) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented. Certain of our outstanding equity awards were excluded from the above calculation of EPS for the years ended December 31, 2018 and 2017 because their effect would have been anti-dilutive. |
Hotel Management Operating and
Hotel Management Operating and License Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Hotel Management Operating And License Agreements [Abstract] | |
Hotel Management Operating and License Agreements | Note 13: Hotel Management Operating and License Agreements Management and Franchise Fees We have management agreements, whereby we pay a base fee equal to a percentage of total revenues, as defined, as well as an incentive fee if specified financial performance targets are achieved. Our managers generally have sole responsibility for all activities necessary for the operation of the hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. Our managers also generally provide all employees for the hotels, prepare reports, budgets and projections, and provide other administrative and accounting support services to the hotels. We have consultative and limited approval rights with respect to certain actions of our managers, including entering into long-term or high value contracts, engaging in certain actions relating to legal proceedings, approving the operating budget, making certain capital expenditures and the hiring of certain management personnel. Our management agreements that were entered into in connection with the spin-off have terms ranging from 20 to 30 years and allow for one or more renewal periods at the option of our hotel managers. Assuming all renewal periods are exercised by our hotel managers, the total term of our management agreements range from 30 to 70 years. We also have franchise agreements for four hotels that we operate without a management agreement. The franchise agreements have an initial term of 20 years and cannot be extended without the franchisor’s consent. Marketing Fees Additionally, the management and franchise agreements generally require a marketing fee equal to a percentage of rooms revenues. Total marketing fees were $53 million, $55 million and $56 million for the years ended December 31, 2018, 2017 and 2016, respectively, and were included in other departmental and support expense Employee Cost Reimbursements We are responsible for reimbursing our managers for certain employee related costs outside of payroll. These costs include contributions to a defined contribution 401(k) Retirement Savings Plan administered by our managers, union-sponsored pension plans and other post-retirement plans. All of these plans are the responsibility of our managers and our obligation is only for the reimbursement of these costs for individuals who work at our hotel properties. Total employee cost reimbursements were $134 million, $131 million and $130 million for the years ended December 31, 2018, 2017 and 2016, respectively, and were included in the respective operating expenses line item in our consolidated statements of comprehensive income based upon the nature of services provided by such employees. |
Net Parent Investment
Net Parent Investment | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Net Parent Investment | Note 14: Net Parent Investment Net Parent investment on our historical consolidated balance sheets and consolidated statements of equity represents Hilton’s historical investment in us, the net effect of transactions with and allocations from Hilton and our accumulated earnings. Net transfers from Parent net transfers (to) from Parent Year Ended December 31, 2017 2016 (in millions) Cash pooling and general financing activities $ (9 ) $ (172 ) Corporate allocations — 66 Income taxes (4 ) 146 Net transfers (to) from Parent $ (13 ) $ 40 Cash Management Hilton uses a centralized approach for cash management. Transfers of cash both to and from Hilton are included within Net transfer from Parent on the consolidated statements of cash flows and consolidated statements of equity. Historically, Hilton has not charged us interest expense and we have not earned interest revenue on our net cash balance due to or from Hilton, respectively. Prior to 2017, cash at certain of our properties secured by our 2013 CMBS loans coupled with our non-wholly owned entities and VIEs (“Restricted Subsidiaries”) would only be transferred to the extent the Restricted Subsidiaries declare a dividend. During the year ended December 31, 2016, the Restricted Subsidiaries paid cash dividends which are presented in the consolidated statements of cash flows and consolidated statements of equity as cash dividends paid to Parent Corporate Allocations Our historical consolidated statements of comprehensive income include allocations of costs from certain corporate and shared functions provided to us by Hilton. Refer to Note 2: “Basis of Presentation and Summary of Significant Accounting Policies” for additional information. During the year ended December 31, 2016 we recognized $66 million of costs within corporate general and administrative Borrowings from Parent In 2015, we borrowed $45 million from Hilton with an interest rate of 1.82%. The note and accrued interest was forgiven in September 2016 and we recognized $45 million as a non-cash contribution from Hilton. Non-cash Distribution to and Contribution from Parent In December 2016, the $450 million loan on the Hilton Orlando Bonnet Creek was repaid in full. We repaid $158 million of the loan and the remaining $292 million was repaid by a wholly owned subsidiary of Hilton and recognized as a non-cash equity contribution from Parent. In September 2016, we distributed interests in entities with ownership interests in the DoubleTree Hotel Missoula/Edgewater and the Hilton Templepatrick Hotel & Country Club to Hilton as these two hotels were not retained by us. The amount of the non-cash equity distribution, representing the carrying value of the assets and liabilities associated with these entities, was $20 million. |
Geographic and Business Segment
Geographic and Business Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Geographic and Business Segment Information | Note 15: Geographic and Business Segment Information As of December 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 consolidated amounts and Hotel Adjusted EBITDA to net income: Year Ended December 31, 2018 2017 2016 (in millions) Revenues: Total consolidated hotel revenue $ 2,665 $ 2,727 $ 2,704 Other revenues 72 64 23 Total revenues $ 2,737 $ 2,791 $ 2,727 Hotel Adjusted EBITDA $ 761 $ 758 $ 804 Other revenues 72 64 23 Casualty gain (loss) and impairment loss, net 1 (26 ) (15 ) Depreciation and amortization expense (277 ) (288 ) (300 ) Corporate general and administrative expense (65 ) (68 ) (71 ) Other expenses (73 ) (63 ) (19 ) Gain on sales of assets, net 96 1 1 Interest income 6 2 2 Interest expense (127 ) (124 ) (181 ) Equity in earnings from investments in affiliates 18 40 3 (Loss) gain on foreign currency transactions (3 ) (4 ) 3 Income tax (expense) benefit (23 ) 2,346 (82 ) Other gain (loss), net 102 — (25 ) Other items (11 ) (7 ) (4 ) Net income $ 477 $ 2,631 $ 139 The following table presents total assets for our consolidated hotels, reconciled to consolidated amounts: December 31, 2018 2017 (in millions) Consolidated hotels $ 9,305 $ 9,623 All other 58 91 $ 9,363 $ 9,714 The following table presents total revenues and property and equipment, net for each of the geographical areas in which we operate: As of and for the Year Ended December 31, 2018 2017 2016 Revenues Property and Equipment, net Revenues Property and Equipment, net Revenues Property and Equipment, net (in millions) United States (1)(2) $ 2,676 $ 7,906 $ 2,618 $ 8,089 $ 2,580 $ 8,300 All other 61 69 173 222 147 241 $ 2,737 $ 7,975 $ 2,791 $ 8,311 $ 2,727 $ 8,541 (1) Includes revenues of $14 million for the year ended December 31, 2018 and $13 million for each of the years ended December 31, 2017 and 2016 from our laundry operations which is not part of our segment. Also includes property and equipment, net of $5 million, $5 million and $4 million as of December 31, 2018, 2017 and 2016, respectively, from our laundry operations. (2) Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16: 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 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; r efer 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. As of December 31, 2018, we had outstanding commitments under third-party contracts of approximately $34 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 may make certain indemnifications or guarantees to select buyers of our hotels as part of the sale process. In addition, losses related to certain contingent liabilities could be apportioned to us under the distribution and tax matters agreements related to the spin-off transaction. We are involved in litigation arising from the normal course of business, some of which includes claims for substantial sums. 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 December 31, 2018 will not have a material effect on our consolidated results of operations, financial position or cash flows. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Infromation | Note 17: Supplemental Disclosures of Cash Flow Information Interest paid during the years ended December 31, 2018, 2017 and 2016, was $123 million, $118 million and $169 million, respectively. We paid $63 million and $16 million in income taxes in 2018 and 2017, respectively. There were no income taxes paid by us during the year ended December 31, 2016. Capital expenditures included within accounts payable and accrued expenses The following non-cash investing and financing activities were excluded from the consolidated statements of cash flows: During the year ended December 31, 2018: • We transferred a restaurant at the Hilton Waikoloa Village to HGV and accordingly derecognized $3 million of property and equipment, net and $3 million of the related liability due to HGV. • We declared $206 million of dividends that were unpaid and accrued as of December 31, 2018. During the year ended December 31, 2017: • We transferred rooms at the New York Hilton Midtown and Hilton Waikoloa Village to HGV and accordingly derecognized $70 million of property and equipment, net and $72 million of the related liability due to HGV. • We issued $441 million in shares of common stock in connection with our E&P stock dividend. • We declared $120 million of dividends that were unpaid and accrued as of December 31, 2017. During the year ended December 31, 2016: • We received an equity contribution of $45 million from Hilton related to a note payable and accrued interest that was forgiven. • We made an equity distribution of $33 million to Hilton and derecognized $40 million of property and equipment, net, related to the transfer of certain floors at the Embassy Suites Washington, DC Georgetown to a wholly owned subsidiary of Parent. • We made an equity distribution of $203 million to Hilton related to the transfer of certain rooms at the New York Hilton Midtown and Hilton Waikoloa Village to a wholly owned subsidiary of Parent. • We made an equity distribution of $20 million related to the distribution of interests in entities in the DoubleTree Hotel Missoula/Edgewater and the Hilton Templepatrick Hotel & Country Club to Hilton. • We received an equity contribution of $292 million from Hilton related to the repayment of a portion of mortgage loan secured by the Hilton Orlando Bonnet Creek (“Bonnet Creek Loan”) on our behalf. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (unaudited) | Note 18: Selected Quarterly Financial Information (unaudited) The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Year (in millions) Revenues $ 668 $ 731 $ 652 $ 686 $ 2,737 Operating income 174 149 84 97 504 Net income 149 218 55 55 477 Net income attributable to stockholders 150 216 52 54 472 Earnings per share - Basic (1) 0.71 1.07 0.26 0.27 2.32 Earnings per share - Diluted (1) 0.71 1.07 0.26 0.27 2.31 (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented, therefore, the sum of the quarterly EPS does not equal the EPS for the full year. 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Year (in millions) Revenues $ 684 $ 733 $ 688 $ 686 $ 2,791 Operating income 94 123 89 65 371 Net income 2,350 115 105 61 2,631 Net income attributable to stockholders 2,350 112 103 60 2,625 Earnings per share - Basic (1) 11.65 0.52 0.48 0.28 12.38 Earnings per share - Diluted (1) 11.02 0.52 0.48 0.28 12.21 (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented, therefore, the sum of the quarterly EPS does not equal the EPS for the full year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19: Subsequent Events In February 2019, we sold the Pointe Hilton Squaw Peak Resort in Phoenix, AZ for a sales price of approximately $51 million. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Park Hotels & Resorts Inc. Real Estate and Accumulated Depreciation (Dollars in millions) December 31, 2018 Initial Cost Gross Amounts at Which Carried at Close of Period Hotel Property Encumbrances Land Building & Improvements Furniture, Fixtures & Equipment Costs Capitalized Subsequent to Acquisition Foreign Currency Adjustment Land Building & Improvements Furniture, Fixtures & Equipment Total Accumulated Depreciation Date of Construction Date Acquired (a) Life Upon Which Depreciation is Computed Waldorf Astoria Orlando $ — $ 34 $ 274 $ 29 $ 8 $ — $ 34 $ 276 $ 35 $ 345 $ (60 ) 2009 2/12/2015 3 - Casa Marina, A Waldorf Astoria Resort — 164 174 9 4 — 164 175 12 351 (25 ) 1920 2/17/2015 3 - 40 years The Reach, A Waldorf Astoria Resort — 57 67 3 (1 ) — 57 64 5 126 (10 ) 1970 2/17/2015 3 - 40 years Hilton Hawaiian Village Waikiki Beach Resort 1,275 925 807 17 314 — 964 1,019 80 2,063 (376 ) 1961 10/24/2007 3 - 40 years New York Hilton Midtown — 1,096 542 13 148 — 1,043 650 106 1,799 (225 ) 1963 10/24/2007 3 - 40 years Hilton San Francisco Union Square — (1) 113 232 16 147 — 113 331 64 508 (129 ) 1964 10/24/2007 3 - 40 years Hilton New Orleans Riverside — 89 217 3 76 — 90 259 36 385 (101 ) 1977 10/24/2007 3 - 40 years Hilton Chicago — 69 233 12 153 — 69 338 60 467 (133 ) 1927 10/24/2007 3 - 40 years Hilton Waikoloa Village — 160 340 25 96 — 154 393 74 621 (180 ) 1988 10/24/2007 3 - 40 years Parc 55 San Francisco - A Hilton Hotel 725 (1) 175 315 32 11 — 175 322 36 533 (61 ) 1984 2/12/2015 3 - 40 years Hilton Orlando Bonnet Creek — 15 377 31 16 — 16 386 37 439 (70 ) 2009 2/12/2015 3 - 40 years Caribe Hilton — 38 56 7 12 — 38 62 13 113 (23 ) 1949 10/24/2007 3 - 40 years Hilton Chicago O’Hare Airport ( 2) — — 114 8 (122 ) — — — — — — 1971 10/24/2007 3 - 40 years Hilton Orlando Lake Buena Vista — — 137 10 33 — — 157 23 180 (50 ) 1983 8/30/2010 3 - 40 years Hilton Boston Logan Airport — — 108 6 20 — — 121 13 134 (42 ) 1999 10/24/2007 3 - 40 years Pointe Hilton Squaw Peak Resort — 14 45 5 (19 ) — 5 23 17 45 (14 ) 1977 10/24/2007 3 - 40 years Hilton Miami Airport — 64 36 3 37 — 64 60 16 140 (30 ) 1984 12/14/2007 3 - 40 years Hilton Atlanta Airport — 10 99 3 22 — 10 111 13 134 (41 ) 1989 10/24/2007 3 - 40 years Hilton São Paulo Morumbi — 18 116 4 35 (84 ) 9 69 11 89 (23 ) 2002 10/24/2007 3 - 40 years Hilton McLean Tysons Corner — 50 82 3 (16 ) — 23 55 41 119 (57 ) 1987 10/24/2007 3 - 40 years Hilton Seattle Airport & Conference Center — — 70 3 15 — — 80 8 88 (33 ) 1961 10/24/2007 3 - 40 years Hilton Oakland Airport — — 13 3 1 — — 9 8 17 (7 ) 1970 10/24/2007 3 - 40 years Hilton New Orleans Airport — 12 32 4 17 — 12 38 15 65 (19 ) 1989 10/24/2007 3 - 40 years Hilton Short Hills — 59 54 3 20 — 59 65 12 136 (23 ) 1988 10/24/2007 3 - 40 years Hilton Nuremberg Hotel — — 2 — 7 (1 ) — 4 4 8 (5 ) 1990 5/31/2013 3 - 40 years (1) Single $725 million CMBS loan secured by Hilton San Francisco Union Square and Parc 55 San Francisco – A Hilton Hotel. (2) The ground lease for the Hilton Chicago O’Hare Airport terminated on December 31, 2018. Park Hotels & Resorts Inc. Schedule III Real Estate and Accumulated Depreciation—(continued) (Dollars in millions) December 31, 2018 Initial Cost Gross Amounts at Which Carried at Close of Period Hotel Property Encumbrances Land Building & Improvements Furniture, Fixtures & Equipment Costs Capitalized Subsequent to Acquisition Foreign Currency Adjustment Land Building & Improvements Furniture, Fixtures & Equipment Total Accumulated Depreciation Date of Construction Date Acquired (a) Life Upon Which Depreciation is Computed Hilton Sheffield — — 14 2 (12 ) (4 ) — — — — — 1997 10/24/2007 3 - 40 years Hilton Salt Lake City Center — — — 10 20 — — 9 21 30 (21 ) 2002 10/24/2007 3 - 40 years Juniper Hotel Cupertino, Curio Collection — 40 64 8 3 — 40 65 10 115 (15 ) 1973 6/2/2015 3 - 40 years DoubleTree Hotel Washington DC—Crystal City — 43 95 2 48 — 43 127 18 188 (51 ) 1982 12/14/2007 3 - 40 years DoubleTree Hotel San Jose — 15 67 5 22 — 15 79 15 109 (33 ) 1980 10/24/2007 3 - 40 years DoubleTree Hotel Ontario Airport 30 14 58 3 9 — 12 60 12 84 (18 ) 1974 10/24/2007 3 - 40 years DoubleTree Hotel Spokane City Center 12 3 24 2 8 — 3 29 5 37 (9 ) 1986 1/1/2010 3 - 40 years DoubleTree Hotel Seattle Airport — — — 11 25 — — 11 25 36 (27 ) 1969 10/24/2007 3 - 40 years DoubleTree Hotel San Diego—Mission Valley — — — 2 16 — — 9 9 18 (10 ) 1989 10/24/2007 3 - 40 years DoubleTree Hotel Sonoma Wine Country — — — 4 11 — — 6 9 15 (9 ) 1977 10/24/2007 3 - 40 years DoubleTree Hotel Durango — — — 2 6 — — 3 5 8 (5 ) 1985 10/24/2007 3 - 40 years Hilton Santa Barbara Beachfront Resort 165 71 50 2 21 — 71 62 11 144 (15 ) 1986 10/24/2007 3 - 40 years Embassy Suites Washington DC Georgetown — 62 53 2 (25 ) — 39 43 10 92 (14 ) 1990 12/4/2007 3 - 40 years Embassy Suites Parsippany — 6 32 1 3 — 6 33 3 42 (5 ) 1984 7/25/2014 3 - 40 years Embassy Suites Kansas City—Plaza — — 26 1 2 — — 27 2 29 (11 ) 1973 7/25/2014 3 - 40 years Embassy Suites Austin—Downtown Town Lake — — 45 2 16 — — 56 7 63 (26 ) 1983 10/24/2007 3 - 40 years Embassy Suites Phoenix—Airport — — 15 1 (10 ) — — 2 4 6 (5 ) 1986 10/24/2007 3 - 40 years Total $ 2,207 $ 3,416 $ 5,085 $ 312 $ 1,197 $ (89 ) $ 3,328 $ 5,688 $ 905 $ 9,921 $ (2,011 ) (a) On October 24, 2007, a predecessor to our Parent became a wholly owned subsidiary of an affiliate of Blackstone following the completion of the Merger. Park Hotels & Resorts Inc. Schedule III Real Estate and Accumulated Depreciation—(continued) (Dollars in millions) December 31, 2018 Notes: (A) The change in total cost of properties for the fiscal years ended December 31, 2018, 2017 and 2016 is as follows: Year Ended December 31, 2018 2017 2016 (in millions) Balance at beginning of period $ 10,249 $ 10,310 $ 10,253 Additions during period: Capital expenditures 192 198 224 Deductions during period: Transfers to assets held for sale — (46 ) — Dispositions, including casualty losses and impairment loss on planned dispositions (512 ) (236 ) (161 ) Foreign exchange effect (8 ) 23 (6 ) Balance at end of period $ 9,921 $ 10,249 $ 10,310 (B) The change in accumulated depreciation for the fiscal years ended December 31, 2018, 2017 and 2016 is as follows: Year Ended December 31, 2018 2017 2016 (in millions) Balance at beginning of period $ 2,004 $ 1,832 $ 1,639 Additions during period: Depreciation expense 268 280 292 Deductions during period: Transfers to assets held for sale — (15 ) — Dispositions, including casualty losses (262 ) (85 ) (95 ) Foreign exchange effect 1 (8 ) (4 ) Balance at end of period $ 2,011 $ 2,004 $ 1,832 (C) The aggregate cost of real estate for U.S. federal income tax purposes is approximately $5.069 billion as of December 31, 2018. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Combination and Consolidation | Principles of Combination and Consolidation Subsequent to January 3, 2017, the 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 pre-spin 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 pre-spin consolidated financial statements were prepared on a carve-out basis and reflect significant assumptions and allocations. The 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”). All significant intercompany transactions and balances within these consolidated financial statements have been eliminated. On October 24, 2007, a predecessor to Hilton became a wholly owned subsidiary of an affiliate of The Blackstone Group L.P. (“Blackstone”) following the completion of a merger (“Merger”). Our consolidated financial statements reflect adjustments made as a result of applying push down accounting at the time of the Merger. The Company’s consolidated financial statements include certain assets and liabilities that have historically been held by Hilton but are specifically identifiable or otherwise attributable to the Company, including goodwill and intangibles. |
Allocations | Allocations Through January 3, 2017, the pre-spin 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. We 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 periods presented. However, the allocations may not include all of the actual expenses that would have been incurred by us and may not reflect our consolidated results of operations, financial position and cash flows had we been a stand-alone company during the historical periods 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 were provided by Hilton through a transition services agreement (“TSA”). The majority of the services provided pursuant to the TSA were terminated effective January 1, 2018 and the TSA expired on December 31, 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. |
Reclassifications | Reclassifications Certain line items on the consolidated balance sheet as of December 31, 2017 and on the statements of comprehensive income and statements of cash flows for the years ended December 31, 2017 and 2016 have been reclassified to conform to the current period presentation. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, and interest applicable to major construction or development projects is capitalized. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (8 to 40 years); furniture and equipment (3 to 8 years); and computer equipment and acquired software (3 years). Leasehold improvements are depreciated over the shorter of the estimated useful life, based on the estimates above, or the lease term. We evaluate the carrying value of our property and equipment if there are indicators of potential impairment. We perform an analysis to determine the recoverability of the asset’s carrying value by comparing the expected undiscounted future cash flows to the net book value of the asset. If it is determined that the expected undiscounted future cash flows are less than the net book value of the asset, the excess of the net book value over the estimated fair value is recorded in our consolidated statements of comprehensive income within impairment losses. Fair value is generally estimated using valuation techniques that consider the discounted cash flows of the asset using discount and capitalization rates deemed reasonable for the type of asset, as well as prevailing market conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds from pending offers. If sufficient information exists to reasonably estimate the fair value of a conditional asset retirement obligation, including environmental remediation liabilities, we recognize the fair value of the obligation when the obligation is incurred, which is generally upon acquisition, construction or development and/or through the normal operation of the asset. |
Assets Held for Sale | Assets Held for Sale We classify a property as held for sale when we commit to a plan to sell the asset, the sale of the asset is probable within one year, and it is unlikely that action to complete the sale will change or that the sale will be withdrawn. When we determine that classification of an asset as held for sale is appropriate, we cease recording depreciation for the asset and value the property at the lower of depreciated cost or fair value, less costs to dispose. Further, the related assets and liabilities of the held for sale property will be classified as assets held for sale in our consolidated balance sheets. Any gains on sales of properties are recognized at the time of sale or deferred and recognized in net income (loss) |
Investments in Affiliates | Investments in Affiliates The consolidated financial statements include entities in which we have a controlling financial interest, including VIEs where we are the primary beneficiary. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a VIE, we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or otherwise have a controlling financial interest. References in these financial statements to net income (loss) attributable to stockholders We hold investments in affiliates that primarily own or lease hotels. Investments in affiliates over which we exercise significant influence, but lack a controlling financial interest, are accounted for using the equity method. We account for investments using the equity method when we have the ability to exercise significant influence over the entity, typically through a more than minimal investment. Our proportionate share of earnings (losses) from our equity method investments is presented as equity in earnings (losses) from investments in affiliates We assess the recoverability of our equity method investments if there are indicators of potential impairment. If an identified event or change in circumstances requires an evaluation to determine if an investment may have an other-than-temporary impairment, we assess the fair value of the investment based on accepted valuation methodologies, which include discounted cash flows, estimates of sales proceeds and external appraisals. If an investment’s fair value is below its carrying value and the decline is considered to be other-than-temporary, we will recognize an impairment loss in equity in earnings (losses) from investments in affiliates |
Non-controlling Interests | Non-controlling Interests We present the portion of any equity that we do not own in entities that we have a controlling financial interest (and thus consolidate) as non-controlling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our consolidated balance sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss is allocated between the joint venture partners based on their respective stated ownership percentages. In addition, we include net income (loss) attributable to the noncontrolling interest in net income (loss) |
Goodwill | Goodwill Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. We do not amortize goodwill, but rather evaluate goodwill for potential impairment on an annual basis or at other times during the year if events or circumstances indicate that the carrying amount may not be recoverable. We have two reporting units, consolidated and unconsolidated hotels, to which goodwill has been allocated. Certain of the entities that are included in our consolidated financial statements were consolidated subsidiaries of our Parent at the time of the Merger. Our Parent allocated goodwill to us based on the relative fair value of our properties compared to that of Parent’s ownership segment as of the date of the Merger. We review the carrying value of goodwill by comparing the carrying value of a reporting unit to its fair value. In any year, we may elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is in excess of its carrying value. If we cannot determine qualitatively that the fair value is in excess of the carrying value, or we decide to bypass the qualitative assessment, we proceed to the two-step quantitative process. In the first step, we determine the fair value of the reporting unit. The valuation is based on internal projections of expected future cash flows and operating plans, as well as market conditions relative to the operations of our reporting unit. If the estimated fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. However, if the carrying amount of the reporting unit exceeds its estimated fair value, then the second step must be performed. In the second step, we estimate the implied fair value of goodwill, which is determined by taking the fair value of the reporting unit and allocating it to all of its assets and liabilities (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, the excess is recognized within casualty (gain) loss and impairment loss, net |
Intangible Assets | Intangible Assets Intangible assets with finite useful lives primarily include ground and hotel operating lease contracts recorded by our Parent at the time of the Merger and allocated to us based on either specific identification or the relative fair values as of the date of the Merger. These contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and the estimate of the fair value of rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the contract. We review all finite lived intangible assets for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of the carrying value over the fair value in our consolidated statements of comprehensive income. |
Asset Acquisitions | Asset Acquisitions We consider an asset acquisition to occur when substantially all the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets. In an acquisition of assets, we are not required to expense our acquisition-related costs, and goodwill is not assigned. We will account for the properties purchased as asset acquisitions by allocating the total cash consideration, including transaction costs, to the individual assets acquired and liabilities assumed, respectively, on a relative fair value basis. |
Business Combinations | Business Combinations We consider a business combination to occur when we take control of a business by acquiring its net assets or equity interests. We record the assets acquired, liabilities assumed and non-controlling interests at fair value as of the acquisition date, including any contingent consideration. We evaluate factors, including market data for similar assets, expected future cash flows discounted at risk-adjusted rates and replacement cost for the assets to determine an appropriate fair value of the assets. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed in the period incurred and are not capitalized or applied in determining the fair value of the acquired assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less. |
Restricted Cash | Restricted Cash Restricted cash includes cash balances established as lender reserves required by our debt agreements. For purposes of our consolidated statement of cash flows, changes in restricted cash caused by changes in lender reserves due to restrictions under our loan agreements are shown as financing activities and changes in deposits for assets we plan to acquire are shown as investing activities. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts An allowance for doubtful accounts is provided on accounts receivable when losses are probable based on historical collection activity and current business conditions. |
Fair Value Measurements Valuation Hierarchy | Fair Value Measurements—Valuation Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (an exit price). We use the three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-level hierarchy of inputs is summarized below: • Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument. • Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety at the end of each reporting period. |
Derivative Instruments | Derivative Instruments We may use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We will regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. Under the terms of certain loan agreements, we may be required to maintain derivative financial instruments to manage interest rates. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“cash flow hedge”); a hedge of the fair value of a recognized asset or liability (“fair value hedge”); or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge or net investment hedge are recorded in Other comprehensive income (loss) in the consolidated statements of comprehensive income until they are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. Cash flows from undesignated derivative financial instruments are included as an investing activity in our consolidated statements of cash flows. If we determine that we qualify for and will designate a derivative as a hedging instrument, at the designation date we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. This process includes matching all derivatives that are designated as cash flow hedges to specific forecasted transactions and linking all derivatives designated as fair value hedges to specific assets and liabilities in our consolidated balance sheets. To the extent we have designated a derivative as a hedging instrument, each reporting period we assess the effectiveness of our designated hedges in offsetting the variability in the cash flows or fair values of the hedged assets or obligations using the Hypothetical Derivative Method. This method compares the cumulative change in fair value of each hedging instrument to the cumulative change in fair value of a hypothetical hedging instrument, which has terms that identically match the critical terms of the respective hedged transactions. Thus, the hypothetical hedging instrument is presumed to perfectly offset the hedged cash flows. Ineffectiveness results when the cumulative change in the fair value of the hedging instrument exceeds the cumulative change in the fair value of the hypothetical hedging instrument. We discontinue hedge accounting prospectively, when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated or exercised. |
Revenue Recognition | Revenue Recognition Our results of operations primarily consist of room rentals, food and beverage sales and other ancillary goods and services from hotel properties. Other revenues are from our laundry business and service arrangements with Hilton Grand Vacations (“HGV”). Hotel operating revenues are disaggregated into room revenue, food and beverage revenue, ancillary hotel revenue and other revenue on the consolidated statements of comprehensive income to illustrate how economic factors affect the nature, amount and timing, and uncertainty of revenue and cash flows. Rooms revenue is recognized over time when rooms are occupied and food and beverage revenue is recognized at a point in time when goods and services have been delivered or rendered. Ancillary hotel revenue and other revenue is generally recognized at a point in time as goods and services are delivered or rendered. We assess if we are the principal or agent for certain ancillary services provided by third parties. If we are the principal, we recognize revenue based on the gross sales price. If we are the agent, we recognize revenue net of costs paid to service providers. Payment received for a future stay or event is recognized as an advance deposit, which is included in other liabilities |
Currency Transactions | Currency Translation The United States dollar (“USD”) is our reporting currency and is the functional currency of our consolidated and unconsolidated entities operating in the U.S. The functional currency for our consolidated and unconsolidated entities operating outside of the U.S. is the currency of the primary economic environment in which the respective entity operates. Assets and liabilities measured in foreign currencies are translated into USD at the prevailing exchange rates in effect as of the financial statement date and the related gains and losses, net of applicable deferred income taxes, are reflected in accumulated other comprehensive income (loss) (loss) gain on foreign currency transactions |
Share-based Compensation | Share-based Compensation We recognize the cost of services received in share-based payment transactions with employees and non-employee directors as services are received and recognize a corresponding increase in additional paid-in capital for equity classified awards. We account for any forfeitures when they occur. The measurement objective for these equity awards is the estimated fair value at the grant date of the equity instruments that we will be obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. The compensation expense for an award classified as an equity instrument is recognized ratably over the requisite service period. The requisite service period is the period during which an employee is required to provide service in exchange for an award. |
Income Taxes | Income Taxes We are a REIT for U.S. federal income tax purposes, and 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 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 annually and the diversity of ownership of our stock. To the extent we continue to 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 consolidated financial statements for the years ended December 31, 2018 and 2017 related to our REIT activities, other than the derecognition and remeasurement of deferred tax assets and liabilities associated with our election to be taxed as a REIT and taxes associated with built-in gains related to our assets owned at the date of our spin-off. 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). Through January 3, 2017, we had been included in the consolidated U.S. federal income tax return of Hilton, as well as certain state tax returns where Hilton files on a consolidated or combined basis, and foreign tax returns, as applicable. For purposes of our pre-spin consolidated financial statements, 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 requires a considerable amount of judgment and use of both estimates and allocations. We believe that the assumptions and estimates used to determine these tax amounts are reasonable. However, our consolidated financial statements may not necessarily reflect what our tax amounts would have been if we had been a stand-alone enterprise during the periods presented. We account for income taxes using the asset and liability method. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts, and tax loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the respective temporary differences or operating loss or tax credit carry forwards are expected to be recovered or settled. The realization of deferred tax assets and tax loss and tax credit carry forwards is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. Valuation allowances are provided to reduce such deferred tax assets to amounts more likely than not to be ultimately realized. We use a prescribed recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. For all income tax positions, we first determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If it is determined that a position meets the more-likely-than-not recognition threshold, the benefit recognized in the financial statements is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted Accounting Standards In May 2014, the FASB issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606) Revenue Recognition (Topic 605) 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) Leases (Topic 840) intangibles, net other liabilities |
Dispositions and Assets Held _2
Dispositions and Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Summary of Assets and Liabilities Held for Sale and Dispositions | Hotel Location Month Sold 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 Edinburgh, United Kingdom Hilton Coylumbridge Aviemore, United Kingdom Hilton Bath City Bath, United Kingdom Hilton Milton Keynes Milton Keynes, United Kingdom Hilton Durban Durban, South Africa February 2018 Hilton Berlin (2) Berlin, Germany May 2018 (1) Hotels were sold as a portfolio. (2) Unconsolidated joint venture. |
Hilton Durban [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Summary of Assets and Liabilities Held for Sale and Dispositions | Assets and liabilities held for sale related to the Hilton Durban were as follows as of December 31, 2017: (in millions) Assets: Property and equipment, net $ 31 Cash and cash equivalents 2 Accounts receivable 2 Prepaid expenses 2 Total Assets Held for Sale $ 37 Liabilities: Liabilities related to assets held for sale (1) $ 1 Total Liabilities Held for Sale $ 1 (1) Amounts included in other liabilities |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment were: December 31, 2018 2017 (1) (in millions) Land $ 3,344 $ 3,364 Buildings and leasehold improvements 5,616 5,911 Furniture and equipment 949 966 Construction-in-progress 124 117 10,033 10,358 Accumulated depreciation and amortization (2,058 ) (2,047 ) $ 7,975 $ 8,311 (1) Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017. |
Consolidated Variable Interes_2
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract] | |
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets | Our consolidated balance sheets include the following assets and liabilities of these entities: December 31, 2018 2017 (in millions) Property and equipment, net $ 223 $ 215 Cash and cash equivalents 12 14 Restricted cash 1 7 Accounts receivable, net 4 2 Prepaid expenses 2 2 Debt 207 207 Accounts payable and accrued expenses 7 8 Due to hotel manager 2 1 Other liabilities 1 1 |
Schedule of Investment in Affiliates | Investments in affiliates were: December 31, Ownership % 2018 2017 (in millions) Hilton Berlin (1) 40% $ — $ 33 Hilton San Diego Bayfront 25% 19 20 All others (7 hotels) 20% - 50% 31 31 $ 50 $ 84 (1) Disposed of in May 2018. Refer to Note 3: “Dispositions and Assets Held for Sale” for additional information. |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Balance and Related Activity | Our goodwill balance and related activity was: Goodwill Accumulated Impairment Losses Balance (in millions) Balance as of December 31, 2016 $ 2,706 $ (2,102 ) $ 604 Distribution to Parent — — — Foreign currency translation 2 — 2 Balance as of December 31, 2017 2,708 (2,102 ) 606 Distribution to Parent — — — Foreign currency translation 1 — 1 Balance as of December 31, 2018 $ 2,709 $ (2,102 ) $ 607 |
Schedule of Intangible Assets | Intangible assets were: December 31, 2018 2017 (in millions) Acquired below market leases $ 61 $ 74 Other 10 10 Accumulated amortization (44 ) (43 ) $ 27 $ 41 |
Schedule of Estimated Future Amortization Expense for Intangible Assets | As of December 31, 2018, we estimated our future amortization expense for our intangible assets to be: Year (in millions) 2019 $ 5 2020 4 2021 4 2022 3 2023 3 Thereafter 8 $ 27 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt balances, including obligations for capital leases, and associated interest rates as of December 31, 2018 were: Principal balance as of Interest Rate at December 31, 2018 Maturity Date December 31, 2018 December 31, 2017 (in millions) SF CMBS Loan 4.11% November 2023 $ 725 $ 725 HHV CMBS Loan 4.20% November 2026 1,275 1,275 Mortgage loans Average rate of 4.20% 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) — — Capital lease obligations (3) Average rate of 3.07% 2021 to 2022 1 16 2,958 2,973 Less: unamortized deferred financing costs and discount (10 ) (12 ) $ 2,948 $ 2,961 (1) Assumes the exercise of all extensions that are exercisable solely at our option. (2) $1 billion available. (3) Capital lease obligations of $15 million were disposed of in connection with the sale of our UK portfolio in February 2018. |
Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option | The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of December 31, 2018 were: Year (in millions) 2019 $ — 2020 12 2021 751 2022 32 2023 729 Thereafter (1) 1,434 $ 2,958 (1) Assumes the exercise of all extensions that are exercisable solely at our option. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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: December 31, 2018 December 31, 2017 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 706 $ 725 $ 721 HHV CMBS Loan 3 1,275 1,214 1,275 1,256 Term Loan 3 750 732 750 749 Mortgage loans 3 207 201 207 204 |
Schedule of Estimated Fair Values of Assets Measured on Nonrecurring Basis | The estimated fair values of these assets that were measured on a nonrecurring basis were: December 31, 2017 December 31, 2016 Fair Value (1) Impairment Loss Fair Value (2) Impairment Loss (in millions) Investments in affiliates $ — $ — $ 7 $ 17 Property and equipment 92 10 6 14 Intangibles — — — 1 Total $ 92 $ 10 $ 13 $ 32 (1) (2) value for the year ended December 31, 2016, is measured using significant unobservable inputs (Level 3). We estimated fair value of the assets using discounted cash flow analyses, with estimated stabilized growth rates ranging from 1% to 3%, a discounted cash flow term between 10 to 15 years, terminal capitalization rates ranging from 5% to 8% percent, and discount rates ranging from 7% to 10%. The discount and terminal capitalization rates used for the fair value of the assets reflect the risk profile of the market where the property is located and are not necessarily indicative of our hotel portfolio as a whole |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rent Payments Under Non-Cancelable Operating Leases | The future minimum rent payments under non-cancelable operating leases, due in each of the next five years and thereafter as of December 31, 2018, were: Operating Leases Year (in millions) 2019 $ 27 2020 28 2021 28 2022 27 2023 22 Thereafter 223 Total minimum rent payments $ 355 |
Schedule of Rent Expense | Rent expense for all operating leases, included in other property-level expenses, was: Year Ended December 31, 2018 2017 2016 (in millions) Minimum rentals $ 31 $ 26 $ 25 Contingent rentals 20 23 21 $ 51 $ 49 $ 46 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Income Before Income Taxes | Our tax provision includes U.S. federal, state and foreign income taxes payable. The domestic and foreign components of income before income taxes were: Year Ended December 31, 2018 2017 2016 (in millions) U.S. income before tax $ 498 $ 279 $ 188 Foreign income before tax 2 6 33 Income before income taxes $ 500 $ 285 $ 221 |
Components of (Benefit) Provision for Income Taxes | The components of our (benefit) provision for income taxes were: Year Ended December 31, 2018 2017 2016 (in millions) Current: U.S. Federal $ 34 $ 21 $ 130 State 6 2 16 Foreign 3 9 2 Total current 43 32 148 Deferred: U.S. Federal (18 ) (2,373 ) (60 ) State — — (7 ) Foreign (2 ) (5 ) 1 Total deferred (20 ) (2,378 ) (66 ) Total provision (benefit) for income taxes $ 23 $ (2,346 ) $ 82 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations of our tax provision at the U.S. statutory rate to the (benefit) provision for income taxes were: Year Ended December 31, 2018 2017 2016 (in millions) Statutory U.S. federal income tax provision $ 105 $ 100 $ 77 State income taxes, net of U.S. federal tax benefit 3 2 9 Foreign income tax expense 2 4 5 U.S. benefit of foreign taxes — — (3 ) Change in deferred tax asset valuation allowance — 3 (2 ) Change in basis difference in foreign subsidiaries — — (5 ) Tax rate change (2 ) (25 ) — Non-deductible transaction costs — — 3 REIT income not subject to tax (92 ) (83 ) — Derecognition and remeasurement of deferred taxes 7 (2,347 ) — Other, net — — (2 ) Provision (benefit) for income taxes $ 23 $ (2,346 ) $ 82 |
Schedule of Composition of Net Deferred Tax Balances | Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The composition of net deferred tax balances were as follows: December 31, 2018 2017 (in millions) Deferred income tax assets ( 1) $ 3 $ 6 Deferred income tax liabilities (42 ) (65 ) Net deferred tax liability $ (39 ) $ (59 ) (1) Included within other assets |
Schedule of Net Deferred Tax Liability | The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax liability were: December 31, 2018 2017 (in millions) Deferred tax assets: Net operating loss carryforwards $ 8 $ 10 Other reserves — 1 Capital lease obligations — 2 Deferred income 3 3 Property and equipment 1 7 Accrued compensation 3 2 Other 3 2 Total gross deferred tax assets 18 27 Less: valuation allowance (4 ) (4 ) Deferred tax assets $ 14 $ 23 Deferred tax liabilities: Property and equipment $ (44 ) $ (77 ) Investments (9 ) (4 ) Other — (1 ) Deferred tax liabilities (53 ) (82 ) Net deferred tax liability $ (39 ) $ (59 ) |
Schedule of Cash Distributions to Stockholders for Federal Income Tax Purposes | For U.S. federal income tax purposes, the cash distributions to stockholders are characterized as follows: For the Year Ended For the Year Ended December 31, 2018 December 31, 2017 Common distributions (per share): Ordinary dividends $ 1.64 $ 4.41 Qualified dividends — 2.62 Capital gain distributions 1.32 — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 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 years ended December 31, 2018 and 2017: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 — $ — Granted 594,213 26.52 Vested (106,795 ) 26.85 Forfeited (25,779 ) 26.22 Unvested at December 31, 2017 461,639 26.47 Granted 367,463 27.34 Vested (214,208 ) 26.67 Forfeited (29,788 ) 27.48 Unvested at December 31, 2018 585,106 $ 26.89 |
Schedule of Performance Stock Units ("PSUs") | The following table provides a summary of PSUs for the years ended December 31, 2018 and 2017: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2017 — $ — Granted 387,642 31.95 Vested — — Forfeited (16,085 ) 31.73 Unvested at December 31, 2017 371,557 31.96 Granted 179,774 29.47 Vested — — Forfeited (13,395 ) 30.48 Unvested at December 31, 2018 537,936 $ 31.16 |
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: Year Ended December 31, 2018 2017 Expected volatility (1) 20.0% - 24.0% 25.5% - 29.5% Dividend yield (2) — — Risk-free rate 2.4% - 2.7% 1.2% - 1.5% Expected term 3 years 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) | 12 Months Ended |
Dec. 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”): Year Ended December 31, 2018 2017 2016 (1) (in millions, except per share amounts) Numerator: Net income attributable to stockholders (2) $ 472 $ 2,625 $ 133 Earnings allocated to participating securities (2 ) (8 ) — Net income attributable to stockholders net of earnings allocated to participating securities $ 470 $ 2,617 $ 133 Denominator: Weighted average shares outstanding – basic 203 211 198 Unvested restricted shares 1 — — Net effect of shares issued with respect to E&P Dividend (3) — 3 — Weighted average shares outstanding – diluted 204 214 198 Basic EPS (4) $ 2.32 $ 12.38 $ 0.67 Diluted EPS (4) $ 2.31 $ 12.21 $ 0.67 (1) For 2016, basic and diluted earnings per share was calculated using the number of shares of common stock outstanding upon the completion of the spin-off. (2) Includes the derecognition and remeasurement of deferred tax assets and liabilities for the year ended December 31, 2017 of $2,347 million associated with our intent to be taxed as a REIT. (3) (4) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented. |
Net Parent Investment (Tables)
Net Parent Investment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Components of Net Transfers (to) from Parent on the Consolidated Statements of Cash Flows and Consolidated Statements of Equity | The components of the net transfers (to) from Parent Year Ended December 31, 2017 2016 (in millions) Cash pooling and general financing activities $ (9 ) $ (172 ) Corporate allocations — 66 Income taxes (4 ) 146 Net transfers (to) from Parent $ (13 ) $ 40 |
Geographic and Business Segme_2
Geographic and Business Segment Information (Tables) | 12 Months Ended |
Dec. 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 consolidated amounts and Hotel Adjusted EBITDA to net income: Year Ended December 31, 2018 2017 2016 (in millions) Revenues: Total consolidated hotel revenue $ 2,665 $ 2,727 $ 2,704 Other revenues 72 64 23 Total revenues $ 2,737 $ 2,791 $ 2,727 Hotel Adjusted EBITDA $ 761 $ 758 $ 804 Other revenues 72 64 23 Casualty gain (loss) and impairment loss, net 1 (26 ) (15 ) Depreciation and amortization expense (277 ) (288 ) (300 ) Corporate general and administrative expense (65 ) (68 ) (71 ) Other expenses (73 ) (63 ) (19 ) Gain on sales of assets, net 96 1 1 Interest income 6 2 2 Interest expense (127 ) (124 ) (181 ) Equity in earnings from investments in affiliates 18 40 3 (Loss) gain on foreign currency transactions (3 ) (4 ) 3 Income tax (expense) benefit (23 ) 2,346 (82 ) Other gain (loss), net 102 — (25 ) Other items (11 ) (7 ) (4 ) Net income $ 477 $ 2,631 $ 139 |
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 consolidated amounts: December 31, 2018 2017 (in millions) Consolidated hotels $ 9,305 $ 9,623 All other 58 91 $ 9,363 $ 9,714 |
Revenues and Property and Equipment, Net for Each of Geographical Areas | The following table presents total revenues and property and equipment, net for each of the geographical areas in which we operate: As of and for the Year Ended December 31, 2018 2017 2016 Revenues Property and Equipment, net Revenues Property and Equipment, net Revenues Property and Equipment, net (in millions) United States (1)(2) $ 2,676 $ 7,906 $ 2,618 $ 8,089 $ 2,580 $ 8,300 All other 61 69 173 222 147 241 $ 2,737 $ 7,975 $ 2,791 $ 8,311 $ 2,727 $ 8,541 (1) Includes revenues of $14 million for the year ended December 31, 2018 and $13 million for each of the years ended December 31, 2017 and 2016 from our laundry operations which is not part of our segment. Also includes property and equipment, net of $5 million, $5 million and $4 million as of December 31, 2018, 2017 and 2016, respectively, from our laundry operations. (2) Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017. |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Year (in millions) Revenues $ 668 $ 731 $ 652 $ 686 $ 2,737 Operating income 174 149 84 97 504 Net income 149 218 55 55 477 Net income attributable to stockholders 150 216 52 54 472 Earnings per share - Basic (1) 0.71 1.07 0.26 0.27 2.32 Earnings per share - Diluted (1) 0.71 1.07 0.26 0.27 2.31 (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented, therefore, the sum of the quarterly EPS does not equal the EPS for the full year. 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Year (in millions) Revenues $ 684 $ 733 $ 688 $ 686 $ 2,791 Operating income 94 123 89 65 371 Net income 2,350 115 105 61 2,631 Net income attributable to stockholders 2,350 112 103 60 2,625 Earnings per share - Basic (1) 11.65 0.52 0.48 0.28 12.38 Earnings per share - Diluted (1) 11.02 0.52 0.48 0.28 12.21 (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented, therefore, the sum of the quarterly EPS does not equal the EPS for the full year. |
Organization - Additional Infor
Organization - Additional Information (Details) | Jan. 03, 2017 | Dec. 31, 2018 |
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% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Hotel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Summary of Significant Accounting Policies [Line Items] | |||
Number of reporting units to which goodwill has allocated | Hotel | 2 | ||
Advance deposit balance | $ 90,000,000 | $ 80,000,000 | |
Provision for U.S federal income taxes | 23,000,000 | (2,346,000,000) | $ 82,000,000 |
Accounting Standards Update 2016-02 [Member] | New Accounting Pronouncement Effect [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Operating lease, liability | 8,000,000 | ||
Below market ground lease intangibles | (23,000,000) | ||
Operating lease, right-of-use asset | 23,000,000 | ||
Deferred rent liabilities | (8,000,000) | ||
U.S. Federal Tax [Member] | REIT [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Provision for U.S federal income taxes | $ 0 | $ 0 | |
Computer Equipment and Acquired Software [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 3 years | ||
Minimum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Percentage of ownership for consolidate entity | 50.00% | ||
Operating lease, liability | $ 200,000,000 | ||
Minimum [Member] | Buildings and Improvements [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 8 years | ||
Minimum [Member] | Furniture and Equipment [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 3 years | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Operating lease, liability | $ 225,000,000 | ||
Maximum [Member] | Buildings and Improvements [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 40 years | ||
Maximum [Member] | Furniture and Equipment [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 8 years |
Dispositions and Assets Held _3
Dispositions and Assets Held for Sale - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |
May 31, 2018USD ($) | Dec. 31, 2018USD ($)Hotel | Dec. 31, 2017USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
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 | 98 | ||
Reclassification of currency translation adjustment from accumulated other comprehensive loss to earnings on disposition of hotel portfolio properties | $ 31 | ||
Hilton Berlin [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Gross proceeds on sale of hotel portfolio properties | $ 375 | ||
Pro-rata share amount before customary closing adjustments | 151 | ||
Net gain on sale of hotel portfolio properties | 107 | ||
Reclassification of currency translation adjustment from accumulated other comprehensive loss to earnings on disposition of hotel portfolio properties | $ 8 | ||
Hilton Durban [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Sale price of disposal | $ 33 |
Dispositions and Assets Held _4
Dispositions and Assets Held for Sale - Summary of Hotel Portfolio Properties Sold (Detail) | 12 Months Ended | |
Dec. 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 | Edinburgh, 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 | Milton 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 | |
Hilton Berlin [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Location | Berlin, Germany | [2] |
Month Sold | 2018-05 | [2] |
[1] | Hotels were sold as a portfolio. | |
[2] | Unconsolidated joint venture. |
Dispositions and Assets Held _5
Dispositions and Assets Held for Sale - Summary of Assets and Liabilities Held for Sale (Detail) $ in Millions | Dec. 31, 2017USD ($) | |
Assets: | ||
Property and equipment, net | $ 31 | |
Hilton Durban [Member] | ||
Assets: | ||
Property and equipment, net | 31 | |
Cash and cash equivalents | 2 | |
Accounts receivable | 2 | |
Prepaid expenses | 2 | |
Total Assets Held for Sale | 37 | |
Liabilities: | ||
Liabilities related to assets held for sale | 1 | [1] |
Total Liabilities Held for Sale | $ 1 | |
[1] | Amounts included in other liabilities in our consolidated balance sheet as of December 31, 2017. |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | [1] | Dec. 31, 2016 |
Property Plant And Equipment [Abstract] | ||||
Land | $ 3,344 | $ 3,364 | ||
Buildings and leasehold improvements | 5,616 | 5,911 | ||
Furniture and equipment | 949 | 966 | ||
Construction-in-progress | 124 | 117 | ||
Property and equipment, gross | 10,033 | 10,358 | ||
Accumulated depreciation and amortization | (2,058) | (2,047) | ||
Property and equipment, net | $ 7,975 | $ 8,311 | $ 8,541 | |
[1] | Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017. |
Property and Equipment - Sche_2
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) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Room | Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($)Room | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation | $ 273,000,000 | $ 283,000,000 | $ 295,000,000 | ||
Net capital lease assets included in property and equipment | 1,000,000 | 20,000,000 | |||
Accumulated depreciation of capital lease assets included in property and equipment | 0 | 10,000,000 | |||
Hurricanes Irma and Maria [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Expenses on property and equipment from hurricane damage | 35,000,000 | 20,000,000 | |||
Loss on property and equipment from hurricane damage | 22,000,000 | 54,000,000 | |||
Insurance proceeds received on hurricanes damage | 119,000,000 | 2,000,000 | |||
Additional insurance receivable recognized for property and equipment damaged from hurricanes | 57,000,000 | ||||
Hurricanes Irma and Maria [Member] | Ancillary Hotel [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Business interruption insurance recognized | 0 | ||||
Business interruption insurance recovery | 25,000,000 | ||||
Reimbursements expense | 6,000,000 | ||||
Hurricanes Irma and Maria [Member] | Other Assets [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Insurance settlements receivable on hurricanes damage | $ 25,000,000 | $ 56,000,000 | |||
Hilton Waikoloa Village [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of hotel rooms | Room | 600 | ||||
Net book value of assets | $ 177,000,000 | ||||
Lease expiration month and year | 2019-12 | ||||
Number of rooms released | Room | 134 | ||||
Derecognized property and equipment, net | $ 3,000,000 | $ 38,000,000 | |||
Liability related to derecognized property and equipment, net | $ 3,000,000 | $ 39,000,000 | |||
Hilton Waikoloa Village [Member] | Time Share Project [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of hotel rooms | Room | 600 | ||||
Embassy Suites Washington, D.C. [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Net book value of assets | $ 40,000,000 | ||||
cash consideration received for transferred assets | $ 0 | ||||
Non-cash equity distribution to parent | $ 33,000,000 |
Consolidated Variable Interes_3
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions | Dec. 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 | $ | $ 955 | $ 962 |
Consolidated Variable Interes_4
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||||
Property and equipment, net | $ 7,975 | $ 8,311 | [1] | $ 8,541 |
Cash and cash equivalents | 410 | 364 | ||
Restricted cash | 15 | 15 | ||
Accounts receivable, net | 153 | 125 | ||
Prepaid expenses | 82 | 48 | ||
Debt | 2,948 | 2,961 | ||
Accounts payable and accrued expenses | 183 | 198 | ||
Due to hotel manager | 137 | 141 | ||
Other liabilities | 332 | 249 | ||
Consolidated VIEs [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Property and equipment, net | 223 | 215 | ||
Cash and cash equivalents | 12 | 14 | ||
Restricted cash | 1 | 7 | ||
Accounts receivable, net | 4 | 2 | ||
Prepaid expenses | 2 | 2 | ||
Debt | 207 | 207 | ||
Accounts payable and accrued expenses | 7 | 8 | ||
Due to hotel manager | 2 | 1 | ||
Other liabilities | $ 1 | $ 1 | ||
[1] | Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017. |
Consolidated Variable Interes_5
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Investments in Affiliates (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Equity Method Investments [Line Items] | |||
Investments in affiliates | $ 50 | $ 84 | |
Minimum [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Ownership Percentage | 50.00% | ||
Hilton Berlin [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Ownership Percentage | [1] | 40.00% | |
Investments in affiliates | [1] | 33 | |
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 | $ 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] | Disposed of in May 2018. Refer to Note 3: “Dispositions and Assets Held for Sale” for additional information. |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2008 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill allocated | $ 2,709 | $ 2,708 | $ 2,706 | $ 3,500 |
Impairment loss recognized | $ 2,102 | $ 2,102 | $ 2,102 | $ 2,700 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Goodwill Balance and Related Activity (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Goodwill beginning balance, gross | $ 2,708 | $ 2,706 |
Goodwill ending balance, gross | 2,709 | 2,708 |
Accumulated impairment losses, beginning balance | (2,102) | (2,102) |
Accumulated impairment losses, ending balance | (2,102) | (2,102) |
Goodwill, beginning balance | 606 | 604 |
Foreign currency translation | 1 | 2 |
Goodwill, ending balance | $ 607 | $ 606 |
Goodwill and Intangibles - Sc_2
Goodwill and Intangibles - Schedule of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Acquired below market leases | $ 61 | $ 74 |
Other | 10 | 10 |
Accumulated amortization | (44) | (43) |
Intangible assets | $ 27 | $ 41 |
Goodwill and Intangibles - Sc_3
Goodwill and Intangibles - Schedule of Estimated Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 5 | |
2,020 | 4 | |
2,021 | 4 | |
2,022 | 3 | |
2,023 | 3 | |
Thereafter | 8 | |
Intangible assets | $ 27 | $ 41 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2016 | ||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations, gross | $ 2,958 | $ 2,973 | ||
Less: unamortized deferred financing costs and discount | (10) | (12) | ||
Debt | 2,948 | 2,961 | ||
SF CMBS Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | $ 725 | 725 | $ 725 | |
Debt instrument, interest rate, stated percentage | 4.11% | |||
Maturity Date | 2023-11 | |||
HHV CMBS Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | $ 1,275 | 1,275 | $ 1,275 | |
Debt instrument, interest rate, stated percentage | 4.20% | |||
Maturity Date | 2026-11 | |||
Mortgage loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | $ 207 | 207 | ||
Debt instrument, weighted average interest rate | 4.20% | |||
Maturity Date, start year | 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 | |||
Capital lease obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital lease obligations | [2] | $ 1 | $ 16 | |
Debt instrument, weighted average interest rate | [2] | 3.07% | ||
Maturity Date, start year | [2] | 2,021 | ||
Maturity Date, end year | [2] | 2,022 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | [3] | 1.50% | ||
Maturity Date | [1],[3] | 2021-12 | ||
[1] | Assumes the exercise of all extensions that are exercisable solely at our option. | |||
[2] | Capital lease obligations of $15 million were disposed of in connection with the sale of our UK portfolio in February 2018 | |||
[3] | $1 billion available. |
Debt - Schedule of Debt (Parent
Debt - Schedule of Debt (Parenthetical) (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Disposed of with Sale of UK Portfolio [Member] | |
Debt Instrument [Line Items] | |
Capital lease obligations | $ 15 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Amount available for borrowing | $ 1,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($)Option | Dec. 31, 2018USD ($)Entity | Dec. 31, 2017USD ($) | Oct. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Restricted cash | $ 15 | $ 15 | ||
Number of consolidated VIEs | Entity | 3 | |||
Letters of credit outstanding, amount | $ 50 | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused facility fee on the revolver | 0.30% | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Unused facility fee on the revolver | 0.20% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount available for borrowing | $ 1,000 | |||
Wells Fargo Bank [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Aggregate commitment or principal amount not exceed | $ 500 | |||
Wells Fargo Bank [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount available for borrowing | $ 1,000 | |||
Scheduled maturity date | Dec. 24, 2020 | |||
Number of extension options | Option | 2 | |||
Term of extension options period | 6 months | |||
Maturity date, description | The facility includes a $1 billion revolving credit facility (“Revolver”), which has a scheduled maturity date of December 24, 2020 with two, six-month extension options if certain conditions are satisfied, and a $750 million term loan (“Term Loan”). | |||
SF CMBS Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | $ 725 | 725 | $ 725 | |
HHV CMBS Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | 1,275 | 1,275 | $ 1,275 | |
CMBS and mortgage loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Restricted cash | 15 | 14 | ||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | $ 750 | $ 750 | ||
Term Loan [Member] | Wells Fargo Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt, gross | $ 750 |
Debt - Debt Maturities, Assumin
Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) $ in Millions | Dec. 31, 2018USD ($) | |
Debt Disclosure [Abstract] | ||
2,020 | $ 12 | |
2,021 | 751 | [1] |
2,022 | 32 | |
2,023 | 729 | |
Thereafter1 | 1,434 | |
Debt and capital lease obligations, gross | $ 2,958 | [1] |
[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 | Dec. 31, 2018 | Dec. 31, 2017 |
Carrying amount [Member] | SF CMBS Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan | $ 725 | $ 725 |
Carrying amount [Member] | HHV CMBS Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan | 1,275 | 1,275 |
Carrying amount [Member] | Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan | 750 | 750 |
Carrying amount [Member] | Mortgage Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan | 207 | 207 |
Fair Value [Member] | SF CMBS Loan [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan | 706 | 721 |
Fair Value [Member] | HHV CMBS Loan [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan | 1,214 | 1,256 |
Fair Value [Member] | Term Loan [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan | 732 | 749 |
Fair Value [Member] | Mortgage Loans [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loan | $ 201 | $ 204 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value Disclosures [Abstract] | |
Asset impairment charges | $ 0 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Assets Measured on Nonrecurring Basis (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total, Impairment loss | $ 0 | |||||
Fair Value Measurements Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investments in affiliates, Fair Value | [1] | $ 7,000,000 | ||||
Property and equipment, Fair Value | $ 92,000,000 | [2] | 6,000,000 | [1] | ||
Total, Fair Value | 92,000,000 | [2] | 13,000,000 | [1] | ||
Investments in affiliates, Impairment loss | 17,000,000 | |||||
Property and equipment, Impairment loss | 10,000,000 | 14,000,000 | ||||
Intangibles, Impairment loss | 1,000,000 | |||||
Total, Impairment loss | $ 10,000,000 | $ 32,000,000 | ||||
[1] | Fair value for the year ended December 31, 2016, is measured using significant unobservable inputs (Level 3). We estimated fair value of the assets using discounted cash flow analyses, with estimated stabilized growth rates ranging from 1% to 3%, a discounted cash flow term between 10 to 15 years, terminal capitalization rates ranging from 5% to 8% percent, and discount rates ranging from 7% to 10%. The discount and terminal capitalization rates used for the fair value of the assets reflect the risk profile of the market where the property is located and are not necessarily indicative of our hotel portfolio as a whole | |||||
[2] | Fair value for the year ended December 31, 2017, was based upon the contracted sales price for a property, less costs to sell, as applicable (Level 2). |
Fair Value Measurements - Est_2
Fair Value Measurements - Estimated Fair Values of Assets Measured on Nonrecurring Basis (Parenthetical) (Detail) - Fair Value Measurements Nonrecurring [Member] - Level 3 [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discounted cash flow term | 10 years |
Terminal capitalization tate | 5.00% |
Minimum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.01 |
Minimum [Member] | Measurement Input, Discount Rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.07 |
Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discounted cash flow term | 15 years |
Terminal capitalization tate | 8.00% |
Maximum [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.03 |
Maximum [Member] | Measurement Input, Discount Rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | 0.10 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018PropertyJointVenture | |
Leases [Abstract] | |
Number of consolidated properties under ground leases | Property | 14 |
Number of unconsolidated joint ventures under ground leases | JointVenture | 3 |
Leases ending expiration date | 2,071 |
Date majority of leases expire | 2,026 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rent Payments Under Non-Cancelable Operating Leases (Detail) - Operating Leases [Member] $ in Millions | Dec. 31, 2018USD ($) |
Schedule of Future Lease Payments [Line Items] | |
2,019 | $ 27 |
2,020 | 28 |
2,021 | 28 |
2,022 | 27 |
2,023 | 22 |
Thereafter | 223 |
Total minimum rent payments | $ 355 |
Leases - Schedule of Rent Expen
Leases - Schedule of Rent Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Rent Expense [Abstract] | |||
Minimum rentals | $ 31 | $ 26 | $ 25 |
Contingent rentals | 20 | 23 | 21 |
Rent expense | $ 51 | $ 49 | $ 46 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
Provision for U.S federal income taxes | $ 23,000,000 | $ (2,346,000,000) | $ 82,000,000 |
Income tax expense (benefit) | 8,000,000 | (25,000,000) | |
Income taxes paid | 63,000,000 | 16,000,000 | 0 |
Net operating loss carryforwards | 8,000,000 | 10,000,000 | |
Hilton [Member] | |||
Income Taxes [Line Items] | |||
Income taxes paid | $ 146,000,000 | ||
U.S. Federal Tax [Member] | REIT [Member] | |||
Income Taxes [Line Items] | |||
Provision for U.S federal income taxes | 0 | $ 0 | |
U.S. Federal, State and Foreign [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 58,000,000 | ||
U.S. Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 10,000,000 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 19,000,000 | ||
Earliest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carry forwards expiration year | 2,038 | ||
Latest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carry forwards expiration year | 2,025 | ||
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 29,000,000 |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Income Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. income before tax | $ 498 | $ 279 | $ 188 |
Foreign income before tax | 2 | 6 | 33 |
Income before income taxes | $ 500 | $ 285 | $ 221 |
Income Taxes - Components of (B
Income Taxes - Components of (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
U.S. Federal | $ 34 | $ 21 | $ 130 |
State | 6 | 2 | 16 |
Foreign | 3 | 9 | 2 |
Total current | 43 | 32 | 148 |
Deferred: | |||
U.S. Federal | (18) | (2,373) | (60) |
State | (7) | ||
Foreign | (2) | (5) | 1 |
Total deferred | (20) | (2,378) | (66) |
Total provision (benefit) for income taxes | $ 23 | $ (2,346) | $ 82 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax provision | $ 105 | $ 100 | $ 77 |
State income taxes, net of U.S. federal tax benefit | 3 | 2 | 9 |
Foreign income tax expense | 2 | 4 | 5 |
U.S. benefit of foreign taxes | (3) | ||
Change in deferred tax asset valuation allowance | 3 | (2) | |
Change in basis difference in foreign subsidiaries | (5) | ||
Tax rate change | (2) | (25) | |
Non-deductible transaction costs | 3 | ||
REIT income not subject to tax | (92) | (83) | |
Derecognition and remeasurement of deferred taxes | 7 | (2,347) | |
Other, net | (2) | ||
Total provision (benefit) for income taxes | $ 23 | $ (2,346) | $ 82 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Composition of Net Deferred Tax Balances (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Deferred income tax assets | [1] | $ 3 | $ 6 |
Deferred income tax liabilities | (42) | (65) | |
Net deferred tax liability | $ (39) | $ (59) | |
[1] | Included within other assets in our consolidated balance sheets. |
Income Taxes - Schedule of Net
Income Taxes - Schedule of Net Deferred Tax Liability (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 8 | $ 10 |
Other reserves | 1 | |
Capital lease obligations | 2 | |
Deferred income | 3 | 3 |
Property and equipment | 1 | 7 |
Accrued compensation | 3 | 2 |
Other | 3 | 2 |
Total gross deferred tax assets | 18 | 27 |
Less: valuation allowance | (4) | (4) |
Deferred tax assets | 14 | 23 |
Deferred tax liabilities: | ||
Property and equipment | (44) | (77) |
Investments | (9) | (4) |
Other | (1) | |
Deferred tax liabilities | (53) | (82) |
Net deferred tax liability | $ (39) | $ (59) |
Income Taxes - Schedule of Cash
Income Taxes - Schedule of Cash Distributions to Stockholders for Federal Income Tax Purposes (Detail) - Common Stock [member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||
Ordinary dividends | $ 1.64 | $ 4.41 |
Qualified dividends | $ 2.62 | |
Capital gain distributions | $ 1.32 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock, authorized shares | 6,000,000,000 | 6,000,000,000 |
2017 Employee Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares of common stock reserved for future issuance | 6,059,579 | |
Compensation expense | $ 16,000,000 | $ 15,000,000 |
Unrecognized compensation costs related to unvested awards | $ 17,000,000 | |
Unrecognized compensation costs related to unvested awards, weighted-average period | 1 year 2 months 12 days | |
Total fair value of shares vested | $ 9,000,000 | $ 9,000,000 |
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 | 345,768 | 345,768 |
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] | ||
Market capitalization | $ 1,000,000,000 | |
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 | |
Vesting rights | 0% |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Restricted Stock Awards ("RSAs") (Detail) - Restricted stock awards (RSAs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 461,639 | |
Number of Shares, Granted | 367,463 | 594,213 |
Number of Shares, Vested | (214,208) | (106,795) |
Number of Shares, Forfeited | (29,788) | (25,779) |
Number of Shares, Ending balance | 585,106 | 461,639 |
Weighted Average Grant Date Fair Value, Beginning balance | $ 26.47 | |
Weighted Average Grant Date Fair Value, Granted | 27.34 | $ 26.52 |
Weighted Average Grant Date Fair Value, Vested | 26.67 | 26.85 |
Weighted Average Grant Date Fair Value, Forfeited | 27.48 | 26.22 |
Weighted Average Grant Date Fair Value, Ending balance | $ 26.89 | $ 26.47 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning balance | 371,557 | |
Number of Shares, Granted | 179,774 | 387,642 |
Number of Shares, Forfeited | (13,395) | (16,085) |
Number of Shares, Ending balance | 537,936 | 371,557 |
Weighted Average Grant Date Fair Value, Beginning balance | $ 31.96 | |
Weighted Average Grant Date Fair Value, Granted | 29.47 | $ 31.95 |
Weighted Average Grant Date Fair Value, Forfeited | 30.48 | 31.73 |
Weighted Average Grant Date Fair Value, Ending balance | $ 31.16 | $ 31.96 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility, minimum | [1] | 20.00% | 25.50% |
Expected volatility, maximum | [1] | 24.00% | 29.50% |
Risk-free rate, minimum | 2.40% | 1.20% | |
Risk-free rate, maximum | 2.70% | 1.50% | |
Expected term | 3 years | ||
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 | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | ||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to stockholders | $ 54 | $ 52 | $ 216 | $ 150 | $ 60 | $ 103 | $ 112 | $ 2,350 | $ 472 | [1] | $ 2,625 | [1] | $ 133 | [1] | |||||||||
Earnings allocated to participating securities | (2) | (8) | |||||||||||||||||||||
Net income attributable to stockholders net of earnings allocated to participating securities | $ 470 | $ 2,617 | $ 133 | ||||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares outstanding – basic | 203 | 211 | 198 | ||||||||||||||||||||
Net effect of shares issued with respect to E&P Dividend | [3] | 3 | |||||||||||||||||||||
Weighted average shares outstanding – diluted | 204 | 214 | 198 | ||||||||||||||||||||
Unvested restricted shares | 1 | ||||||||||||||||||||||
Basic EPS | $ 0.27 | [4] | $ 0.26 | [4] | $ 1.07 | [4] | $ 0.71 | [4] | $ 0.28 | [4] | $ 0.48 | [4] | $ 0.52 | [4] | $ 11.65 | [4] | $ 2.32 | [4],[5] | $ 12.38 | [4],[5] | $ 0.67 | [5] | |
Diluted EPS | $ 0.27 | [4] | $ 0.26 | [4] | $ 1.07 | [4] | $ 0.71 | [4] | $ 0.28 | [4] | $ 0.48 | [4] | $ 0.52 | [4] | $ 11.02 | [4] | $ 2.31 | [4],[5] | $ 12.21 | [4],[5] | $ 0.67 | [5] | |
[1] | Includes the derecognition and remeasurement of deferred tax assets and liabilities for the year ended December 31, 2017 of $2,347 million associated with our intent to be taxed as a REIT. | ||||||||||||||||||||||
[2] | For 2016, basic and diluted earnings per share was calculated using the number of shares of common stock outstanding upon the completion of the spin-off. | ||||||||||||||||||||||
[3] | 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”). | ||||||||||||||||||||||
[4] | Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented, therefore, the sum of the quarterly EPS does not equal the EPS for the full year. | ||||||||||||||||||||||
[5] | Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented. |
Earnings Per Share (Parenthetic
Earnings Per Share (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Earnings Per Share [Abstract] | |
De-recognition and remeasurement of deferred tax assets and liabilities | $ 2,347 |
Hotel Management Operating an_2
Hotel Management Operating and License Agreements - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Hotel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Hotel Management Operating and License Agreements [Line Items] | |||
Description of renewal periods | allow for one or more renewal periods at the option of our hotel managers. | ||
Number of hotels operate without management agreement | Hotel | 4 | ||
Franchise agreements initial term | 20 years | ||
Marketing fees | $ 53 | $ 55 | $ 56 |
Employee cost reimbursements | $ 134 | $ 131 | $ 130 |
Minimum [Member] | |||
Hotel Management Operating and License Agreements [Line Items] | |||
Management agreements entered into spin-off terms | 20 years | ||
Management agreements total term | 30 years | ||
Maximum [Member] | |||
Hotel Management Operating and License Agreements [Line Items] | |||
Management agreements entered into spin-off terms | 30 years | ||
Management agreements total term | 70 years |
Net Parent Investment - Additio
Net Parent Investment - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||||
Net transfers (to) from Parent | $ 0 | $ 13 | $ (40) | |||
Borrowings | $ 45 | |||||
Contribution from Parent | $ 45 | 987 | ||||
Non-cash equity distribution | $ 20 | |||||
Hilton Orlando Bonnet Creek [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Repurchase amount | $ 450 | 450 | ||||
Repayments of loan | 158 | |||||
Repayment of loan by subsidiary | $ 292 | |||||
Parent Company | ||||||
Related Party Transaction [Line Items] | ||||||
Debt instrument, interest rate, stated percentage | 1.82% | |||||
Corporate Allocations [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Net transfers (to) from Parent | $ (66) |
Net Parent Investment - Compone
Net Parent Investment - Components of Net Transfers (to) from Parent on the Consolidated Statements of Cash Flows and Consolidated Statements of Equity (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Net transfers (to) from Parent | $ 0 | $ (13) | $ 40 |
Cash Pooling and General Financing Activities [Member] | |||
Related Party Transaction [Line Items] | |||
Net transfers (to) from Parent | (9) | (172) | |
Corporate Allocations [Member] | |||
Related Party Transaction [Line Items] | |||
Net transfers (to) from Parent | 66 | ||
Income Taxes [Member] | |||
Related Party Transaction [Line Items] | |||
Net transfers (to) from Parent | $ (4) | $ 146 |
Geographic and Business Segme_3
Geographic and Business Segment Information - Hotel Properties by Segment (Detail) | 12 Months Ended |
Dec. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of operating business segments | 2 |
Number of reportable segment | 1 |
Geographic and Business Segme_4
Geographic and 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 | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items] | |||||||||||
Total revenues | $ 686 | $ 652 | $ 731 | $ 668 | $ 686 | $ 688 | $ 733 | $ 684 | $ 2,737 | $ 2,791 | $ 2,727 |
Hotel Adjusted EBITDA | 761 | 758 | 804 | ||||||||
Casualty gain (loss) and impairment loss, net | 1 | (26) | (15) | ||||||||
Depreciation and amortization expense | (277) | (288) | (300) | ||||||||
Corporate general and administrative expense | (65) | (68) | (71) | ||||||||
Other expenses | (73) | (63) | (19) | ||||||||
Gain on sales of assets, net | 96 | 1 | 1 | ||||||||
Interest income | 6 | 2 | 2 | ||||||||
Interest expense | (127) | (124) | (181) | ||||||||
Equity in earnings from investments in affiliates | 18 | 40 | 3 | ||||||||
(Loss) gain on foreign currency transactions | (3) | (4) | 3 | ||||||||
Income tax (expense) benefit | (23) | 2,346 | (82) | ||||||||
Other gain (loss), net | 102 | (25) | |||||||||
Other items | (11) | (7) | (4) | ||||||||
Net income | $ 55 | $ 55 | $ 218 | $ 149 | $ 61 | $ 105 | $ 115 | $ 2,350 | 477 | 2,631 | 139 |
Total consolidated hotel revenue [Member] | |||||||||||
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items] | |||||||||||
Total revenues | 2,665 | 2,727 | 2,704 | ||||||||
Other [Member] | |||||||||||
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items] | |||||||||||
Total revenues | $ 72 | $ 64 | $ 23 |
Geographic and Business Segme_5
Geographic and Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled To Condensed Consolidated Amounts (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | $ 9,363 | $ 9,714 |
Consolidated Hotels [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | 9,305 | 9,623 |
All other [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Total assets | $ 58 | $ 91 |
Geographic and Business Segme_6
Geographic and Business Segment Information - Revenues and Property and Equipment, Net for Each of Geographical Areas (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenues | $ 686 | $ 652 | $ 731 | $ 668 | $ 686 | $ 688 | $ 733 | $ 684 | $ 2,737 | $ 2,791 | $ 2,727 | |||
Property and Equipment, net | 7,975 | 8,311 | [1] | 7,975 | 8,311 | [1] | 8,541 | |||||||
United States [Member] | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenues | [1],[2] | 2,676 | 2,618 | 2,580 | ||||||||||
Property and Equipment, net | [1],[2] | 7,906 | 8,089 | 7,906 | 8,089 | 8,300 | ||||||||
All Other [Member] | ||||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||||
Revenues | 61 | 173 | 147 | |||||||||||
Property and Equipment, net | $ 69 | $ 222 | $ 69 | $ 222 | $ 241 | |||||||||
[1] | Excludes $31 million of property and equipment, net classified as held for sale as of December 31, 2017. | |||||||||||||
[2] | Includes revenues of $14 million for the year ended December 31, 2018 and $13 million for each of the years ended December 31, 2017 and 2016 from our laundry operations which is not part of our segment. Also includes property and equipment, net of $5 million, $5 million and $4 million as of December 31, 2018, 2017 and 2016, respectively, from our laundry operations. |
Geographic and Business Segme_7
Geographic and Business Segment Information - Revenues and Property and Equipment, Net for Each of Geographical Areas (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property and Equipment, net | $ 188 | $ 185 | $ 227 |
Property and equipment, net classified as held for sale | 31 | ||
United States [Member] | Laundry Operations [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Revenues | 14 | 13 | 13 |
Property and Equipment, net | $ 5 | 5 | $ 4 |
South Africa [Member] | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Property and equipment, net classified as held for sale | $ 31 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($) | Sep. 30, 2017Hotel | |
Other Commitments [Line Items] | ||
Purchase commitment, remaining minimum amount committed | $ | $ 34 | |
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 |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Disclosure of Cash Flow Information [Line Items] | |||
Interest Paid | $ 123,000,000 | $ 118,000,000 | $ 169,000,000 |
Income taxes paid | 63,000,000 | 16,000,000 | 0 |
Capital expenditures included within accounts Payable and accrued expenses | 15,000,000 | 20,000,000 | 2,000,000 |
Unpaid and accrued dividends | 206,000,000 | $ 120,000,000 | |
Common stock shares issued | 441,000,000 | ||
Bonnet Creek Loan [Member] | |||
Supplemental Disclosure of Cash Flow Information [Line Items] | |||
Non-cash equity contribution from parent | 292,000,000 | ||
Note Payable and Accrued Interest [Member] | |||
Supplemental Disclosure of Cash Flow Information [Line Items] | |||
Non-cash equity contribution from parent | 45,000,000 | ||
Hilton Waikoloa Village [Member] | |||
Supplemental Disclosure of Cash Flow Information [Line Items] | |||
Derecognized property and equipment, net | 3,000,000 | ||
Hilton Waikoloa Village [Member] | Hilton Grand Vacations [Member] | |||
Supplemental Disclosure of Cash Flow Information [Line Items] | |||
Liability related to derecognized property and equipment, net | $ 3,000,000 | ||
New York Hilton Midtown and Hilton Waikoloa Village [Member] | |||
Supplemental Disclosure of Cash Flow Information [Line Items] | |||
Derecognized property and equipment, net | $ 70,000,000 | ||
Non-cash equity distribution to parent | 203,000,000 | ||
New York Hilton Midtown and Hilton Waikoloa Village [Member] | Hilton Grand Vacations [Member] | |||
Supplemental Disclosure of Cash Flow Information [Line Items] | |||
Liability related to derecognized property and equipment, net | $ 72,000,000 | ||
Embassy Suites Washington, D.C. [Member] | |||
Supplemental Disclosure of Cash Flow Information [Line Items] | |||
Derecognized property and equipment, net | 40,000,000 | ||
Non-cash equity distribution to parent | 33,000,000 | ||
Double Tree Hotel Missoula/Edgewater and Hilton Templepatrick Hotel & Country Club [Member] | |||
Supplemental Disclosure of Cash Flow Information [Line Items] | |||
Non-cash equity distribution related to distribution of interests in entities | $ 20,000,000 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (unaudited) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Revenues | $ 686 | $ 652 | $ 731 | $ 668 | $ 686 | $ 688 | $ 733 | $ 684 | $ 2,737 | $ 2,791 | $ 2,727 | |||||||||||
Operating income | 97 | 84 | 149 | 174 | 65 | 89 | 123 | 94 | 504 | 371 | 419 | |||||||||||
Net income | 55 | 55 | 218 | 149 | 61 | 105 | 115 | 2,350 | 477 | 2,631 | 139 | |||||||||||
Net income attributable to stockholders | $ 54 | $ 52 | $ 216 | $ 150 | $ 60 | $ 103 | $ 112 | $ 2,350 | $ 472 | [1] | $ 2,625 | [1] | $ 133 | [1],[2] | ||||||||
Earnings per share - Basic | $ 0.27 | [3] | $ 0.26 | [3] | $ 1.07 | [3] | $ 0.71 | [3] | $ 0.28 | [3] | $ 0.48 | [3] | $ 0.52 | [3] | $ 11.65 | [3] | $ 2.32 | [3],[4] | $ 12.38 | [3],[4] | $ 0.67 | [2],[4] |
Earnings per share - Diluted | $ 0.27 | [3] | $ 0.26 | [3] | $ 1.07 | [3] | $ 0.71 | [3] | $ 0.28 | [3] | $ 0.48 | [3] | $ 0.52 | [3] | $ 11.02 | [3] | $ 2.31 | [3],[4] | $ 12.21 | [3],[4] | $ 0.67 | [2],[4] |
[1] | Includes the derecognition and remeasurement of deferred tax assets and liabilities for the year ended December 31, 2017 of $2,347 million associated with our intent to be taxed as a REIT. | |||||||||||||||||||||
[2] | For 2016, basic and diluted earnings per share was calculated using the number of shares of common stock outstanding upon the completion of the spin-off. | |||||||||||||||||||||
[3] | Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented, therefore, the sum of the quarterly EPS does not equal the EPS for the full year. | |||||||||||||||||||||
[4] | Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Feb. 28, 2019 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | ||
Sale price of disposal | $ 379 | |
Subsequent Event [Member] | Pointe Hilton Squaw Peak Resort [Member] | ||
Subsequent Event [Line Items] | ||
Sale price of disposal | $ 51 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 2,207 | ||||
Initial Cost, Land | 3,416 | ||||
Initial Cost, Building & Improvements | 5,085 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 312 | ||||
Costs Capitalized Subsequent to Acquisition | 1,197 | ||||
Foreign Currency Adjustment | (89) | ||||
Gross Amounts at Which Carried at Close of Period, Land | 3,328 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 5,688 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 905 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 9,921 | $ 10,249 | $ 10,310 | $ 10,253 | |
Accumulated Depreciation | (2,011) | $ (2,004) | $ (1,832) | $ (1,639) | |
Waldorf Astoria Orlando [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | 34 | ||||
Initial Cost, Building & Improvements | 274 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 29 | ||||
Costs Capitalized Subsequent to Acquisition | 8 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 34 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 276 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 35 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 345 | ||||
Accumulated Depreciation | $ (60) | ||||
Date of Construction | 2,009 | ||||
Date Acquired | [1] | Feb. 12, 2015 | |||
Waldorf Astoria Orlando [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Waldorf Astoria Orlando [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Casa Marina, A Waldorf Astoria Resort [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 164 | ||||
Initial Cost, Building & Improvements | 174 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 9 | ||||
Costs Capitalized Subsequent to Acquisition | 4 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 164 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 175 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 12 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 351 | ||||
Accumulated Depreciation | $ (25) | ||||
Date of Construction | 1,920 | ||||
Date Acquired | [1] | Feb. 17, 2015 | |||
Casa Marina, A Waldorf Astoria Resort [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Casa Marina, A Waldorf Astoria Resort [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
The Reach, A Waldorf Astoria Resort [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 57 | ||||
Initial Cost, Building & Improvements | 67 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 3 | ||||
Costs Capitalized Subsequent to Acquisition | (1) | ||||
Gross Amounts at Which Carried at Close of Period, Land | 57 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 64 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 5 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 126 | ||||
Accumulated Depreciation | $ (10) | ||||
Date of Construction | 1,970 | ||||
Date Acquired | [1] | Feb. 17, 2015 | |||
The Reach, A Waldorf Astoria Resort [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
The Reach, A Waldorf Astoria Resort [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Hawaiian Village Waikiki Beach Resort [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 1,275 | ||||
Initial Cost, Land | 925 | ||||
Initial Cost, Building & Improvements | 807 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 17 | ||||
Costs Capitalized Subsequent to Acquisition | 314 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 964 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 1,019 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 80 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 2,063 | ||||
Accumulated Depreciation | $ (376) | ||||
Date of Construction | 1,961 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Hawaiian Village Waikiki Beach Resort [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Hawaiian Village Waikiki Beach Resort [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
New York Hilton Midtown [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 1,096 | ||||
Initial Cost, Building & Improvements | 542 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 13 | ||||
Costs Capitalized Subsequent to Acquisition | 148 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 1,043 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 650 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 106 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 1,799 | ||||
Accumulated Depreciation | $ (225) | ||||
Date of Construction | 1,963 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
New York Hilton Midtown [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
New York Hilton Midtown [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton San Francisco Union Square [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 113 | ||||
Initial Cost, Building & Improvements | 232 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 16 | ||||
Costs Capitalized Subsequent to Acquisition | 147 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 113 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 331 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 64 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 508 | ||||
Accumulated Depreciation | $ (129) | ||||
Date of Construction | 1,964 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton San Francisco Union Square [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton San Francisco Union Square [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton New Orleans Riverside [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 89 | ||||
Initial Cost, Building & Improvements | 217 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 3 | ||||
Costs Capitalized Subsequent to Acquisition | 76 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 90 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 259 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 36 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 385 | ||||
Accumulated Depreciation | $ (101) | ||||
Date of Construction | 1,977 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton New Orleans Riverside [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton New Orleans Riverside [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Chicago [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 69 | ||||
Initial Cost, Building & Improvements | 233 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 12 | ||||
Costs Capitalized Subsequent to Acquisition | 153 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 69 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 338 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 60 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 467 | ||||
Accumulated Depreciation | $ (133) | ||||
Date of Construction | 1,927 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Chicago [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Chicago [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Waikoloa Village [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 160 | ||||
Initial Cost, Building & Improvements | 340 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 25 | ||||
Costs Capitalized Subsequent to Acquisition | 96 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 154 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 393 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 74 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 621 | ||||
Accumulated Depreciation | $ (180) | ||||
Date of Construction | 1,988 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Waikoloa Village [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Waikoloa Village [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Parc 55 San Francisco - A Hilton Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | [2] | $ 725 | |||
Initial Cost, Land | 175 | ||||
Initial Cost, Building & Improvements | 315 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 32 | ||||
Costs Capitalized Subsequent to Acquisition | 11 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 175 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 322 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 36 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 533 | ||||
Accumulated Depreciation | $ (61) | ||||
Date of Construction | 1,984 | ||||
Date Acquired | [1] | Feb. 12, 2015 | |||
Parc 55 San Francisco - A Hilton Hotel [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Parc 55 San Francisco - A Hilton Hotel [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Orlando Bonnet Creek [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 15 | ||||
Initial Cost, Building & Improvements | 377 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 31 | ||||
Costs Capitalized Subsequent to Acquisition | 16 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 16 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 386 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 37 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 439 | ||||
Accumulated Depreciation | $ (70) | ||||
Date of Construction | 2,009 | ||||
Date Acquired | [1] | Feb. 12, 2015 | |||
Hilton Orlando Bonnet Creek [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Orlando Bonnet Creek [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Caribe Hilton [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 38 | ||||
Initial Cost, Building & Improvements | 56 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 7 | ||||
Costs Capitalized Subsequent to Acquisition | 12 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 38 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 62 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 13 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 113 | ||||
Accumulated Depreciation | $ (23) | ||||
Date of Construction | 1,949 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Caribe Hilton [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Caribe Hilton [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Chicago O’Hare Airport [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | [3] | $ 114 | |||
Initial Cost, Furniture, Fixtures & Equipment | [3] | 8 | |||
Costs Capitalized Subsequent to Acquisition | [3] | $ (122) | |||
Date of Construction | [3] | 1,971 | |||
Date Acquired | [1],[3] | Oct. 24, 2007 | |||
Hilton Chicago O’Hare Airport [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | [3] | 3 years | |||
Hilton Chicago O’Hare Airport [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | [3] | 40 years | |||
Hilton Orlando Lake Buena Vista [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | $ 137 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 10 | ||||
Costs Capitalized Subsequent to Acquisition | 33 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 157 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 23 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 180 | ||||
Accumulated Depreciation | $ (50) | ||||
Date of Construction | 1,983 | ||||
Date Acquired | [1] | Aug. 30, 2010 | |||
Hilton Orlando Lake Buena Vista [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Orlando Lake Buena Vista [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Boston Logan Airport [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | $ 108 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 6 | ||||
Costs Capitalized Subsequent to Acquisition | 20 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 121 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 13 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 134 | ||||
Accumulated Depreciation | $ (42) | ||||
Date of Construction | 1,999 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Boston Logan Airport [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Boston Logan Airport [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Pointe Hilton Squaw Peak Resort [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 14 | ||||
Initial Cost, Building & Improvements | 45 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 5 | ||||
Costs Capitalized Subsequent to Acquisition | (19) | ||||
Gross Amounts at Which Carried at Close of Period, Land | 5 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 23 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 17 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 45 | ||||
Accumulated Depreciation | $ (14) | ||||
Date of Construction | 1,977 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Pointe Hilton Squaw Peak Resort [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Pointe Hilton Squaw Peak Resort [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Miami Airport [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 64 | ||||
Initial Cost, Building & Improvements | 36 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 3 | ||||
Costs Capitalized Subsequent to Acquisition | 37 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 64 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 60 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 16 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 140 | ||||
Accumulated Depreciation | $ (30) | ||||
Date of Construction | 1,984 | ||||
Date Acquired | [1] | Dec. 14, 2007 | |||
Hilton Miami Airport [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Miami Airport [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Atlanta Airport [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 10 | ||||
Initial Cost, Building & Improvements | 99 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 3 | ||||
Costs Capitalized Subsequent to Acquisition | 22 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 10 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 111 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 13 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 134 | ||||
Accumulated Depreciation | $ (41) | ||||
Date of Construction | 1,989 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Atlanta Airport [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Atlanta Airport [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton São Paulo Morumbi [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 18 | ||||
Initial Cost, Building & Improvements | 116 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 4 | ||||
Costs Capitalized Subsequent to Acquisition | 35 | ||||
Foreign Currency Adjustment | (84) | ||||
Gross Amounts at Which Carried at Close of Period, Land | 9 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 69 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 11 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 89 | ||||
Accumulated Depreciation | $ (23) | ||||
Date of Construction | 2,002 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton São Paulo Morumbi [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton São Paulo Morumbi [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton McLean Tysons Corner [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 50 | ||||
Initial Cost, Building & Improvements | 82 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 3 | ||||
Costs Capitalized Subsequent to Acquisition | (16) | ||||
Gross Amounts at Which Carried at Close of Period, Land | 23 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 55 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 41 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 119 | ||||
Accumulated Depreciation | $ (57) | ||||
Date of Construction | 1,987 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton McLean Tysons Corner [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton McLean Tysons Corner [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Seattle Airport & Conference Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | $ 70 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 3 | ||||
Costs Capitalized Subsequent to Acquisition | 15 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 80 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 8 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 88 | ||||
Accumulated Depreciation | $ (33) | ||||
Date of Construction | 1,961 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Seattle Airport & Conference Center [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Seattle Airport & Conference Center [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Oakland Airport [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | $ 13 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 3 | ||||
Costs Capitalized Subsequent to Acquisition | 1 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 9 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 8 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 17 | ||||
Accumulated Depreciation | $ (7) | ||||
Date of Construction | 1,970 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Oakland Airport [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Oakland Airport [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton New Orleans Airport [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 12 | ||||
Initial Cost, Building & Improvements | 32 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 4 | ||||
Costs Capitalized Subsequent to Acquisition | 17 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 12 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 38 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 15 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 65 | ||||
Accumulated Depreciation | $ (19) | ||||
Date of Construction | 1,989 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton New Orleans Airport [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton New Orleans Airport [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Short Hills [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 59 | ||||
Initial Cost, Building & Improvements | 54 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 3 | ||||
Costs Capitalized Subsequent to Acquisition | 20 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 59 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 65 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 12 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 136 | ||||
Accumulated Depreciation | $ (23) | ||||
Date of Construction | 1,988 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Short Hills [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Short Hills [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Nuremberg Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | $ 2 | ||||
Costs Capitalized Subsequent to Acquisition | 7 | ||||
Foreign Currency Adjustment | (1) | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 4 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 4 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 8 | ||||
Accumulated Depreciation | $ (5) | ||||
Date of Construction | 1,990 | ||||
Date Acquired | [1] | May 31, 2013 | |||
Hilton Nuremberg Hotel [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Nuremberg Hotel [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Sheffield [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | $ 14 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 2 | ||||
Costs Capitalized Subsequent to Acquisition | (12) | ||||
Foreign Currency Adjustment | $ (4) | ||||
Date of Construction | 1,997 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Sheffield [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Sheffield [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Salt Lake City Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Furniture, Fixtures & Equipment | $ 10 | ||||
Costs Capitalized Subsequent to Acquisition | 20 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 9 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 21 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 30 | ||||
Accumulated Depreciation | $ (21) | ||||
Date of Construction | 2,002 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Salt Lake City Center [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Salt Lake City Center [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Juniper Hotel Cupertino, Curio Collection [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 40 | ||||
Initial Cost, Building & Improvements | 64 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 8 | ||||
Costs Capitalized Subsequent to Acquisition | 3 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 40 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 65 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 10 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 115 | ||||
Accumulated Depreciation | $ (15) | ||||
Date of Construction | 1,973 | ||||
Date Acquired | [1] | Jun. 2, 2015 | |||
Juniper Hotel Cupertino, Curio Collection [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Juniper Hotel Cupertino, Curio Collection [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
DoubleTree Hotel Washington DC—Crystal City [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 43 | ||||
Initial Cost, Building & Improvements | 95 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 2 | ||||
Costs Capitalized Subsequent to Acquisition | 48 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 43 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 127 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 18 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 188 | ||||
Accumulated Depreciation | $ (51) | ||||
Date of Construction | 1,982 | ||||
Date Acquired | [1] | Dec. 14, 2007 | |||
DoubleTree Hotel Washington DC—Crystal City [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
DoubleTree Hotel Washington DC—Crystal City [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
DoubleTree Hotel San Jose [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 15 | ||||
Initial Cost, Building & Improvements | 67 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 5 | ||||
Costs Capitalized Subsequent to Acquisition | 22 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 15 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 79 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 15 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 109 | ||||
Accumulated Depreciation | $ (33) | ||||
Date of Construction | 1,980 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
DoubleTree Hotel San Jose [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
DoubleTree Hotel San Jose [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
DoubleTree Hotel Ontario Airport [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 30 | ||||
Initial Cost, Land | 14 | ||||
Initial Cost, Building & Improvements | 58 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 3 | ||||
Costs Capitalized Subsequent to Acquisition | 9 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 12 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 60 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 12 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 84 | ||||
Accumulated Depreciation | $ (18) | ||||
Date of Construction | 1,974 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
DoubleTree Hotel Ontario Airport [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
DoubleTree Hotel Ontario Airport [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
DoubleTree Hotel Spokane City Center [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 12 | ||||
Initial Cost, Land | 3 | ||||
Initial Cost, Building & Improvements | 24 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 2 | ||||
Costs Capitalized Subsequent to Acquisition | 8 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 3 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 29 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 5 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 37 | ||||
Accumulated Depreciation | $ (9) | ||||
Date of Construction | 1,986 | ||||
Date Acquired | [1] | Jan. 1, 2010 | |||
DoubleTree Hotel Spokane City Center [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
DoubleTree Hotel Spokane City Center [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
DoubleTree Hotel Seattle Airport [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Furniture, Fixtures & Equipment | $ 11 | ||||
Costs Capitalized Subsequent to Acquisition | 25 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 11 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 25 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 36 | ||||
Accumulated Depreciation | $ (27) | ||||
Date of Construction | 1,969 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
DoubleTree Hotel Seattle Airport [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
DoubleTree Hotel Seattle Airport [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
DoubleTree Hotel San Diego—Mission Valley [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Furniture, Fixtures & Equipment | $ 2 | ||||
Costs Capitalized Subsequent to Acquisition | 16 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 9 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 9 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 18 | ||||
Accumulated Depreciation | $ (10) | ||||
Date of Construction | 1,989 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
DoubleTree Hotel San Diego—Mission Valley [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
DoubleTree Hotel San Diego—Mission Valley [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
DoubleTree Hotel Sonoma Wine Country [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Furniture, Fixtures & Equipment | $ 4 | ||||
Costs Capitalized Subsequent to Acquisition | 11 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 6 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 9 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 15 | ||||
Accumulated Depreciation | $ (9) | ||||
Date of Construction | 1,977 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
DoubleTree Hotel Sonoma Wine Country [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
DoubleTree Hotel Sonoma Wine Country [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
DoubleTree Hotel Durango [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Furniture, Fixtures & Equipment | $ 2 | ||||
Costs Capitalized Subsequent to Acquisition | 6 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 3 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 5 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 8 | ||||
Accumulated Depreciation | $ (5) | ||||
Date of Construction | 1,985 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
DoubleTree Hotel Durango [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
DoubleTree Hotel Durango [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Hilton Santa Barbara Beachfront Resort [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 165 | ||||
Initial Cost, Land | 71 | ||||
Initial Cost, Building & Improvements | 50 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 2 | ||||
Costs Capitalized Subsequent to Acquisition | 21 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 71 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 62 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 11 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 144 | ||||
Accumulated Depreciation | $ (15) | ||||
Date of Construction | 1,986 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Hilton Santa Barbara Beachfront Resort [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Hilton Santa Barbara Beachfront Resort [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Embassy Suites Washington DC Georgetown [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 62 | ||||
Initial Cost, Building & Improvements | 53 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 2 | ||||
Costs Capitalized Subsequent to Acquisition | (25) | ||||
Gross Amounts at Which Carried at Close of Period, Land | 39 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 43 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 10 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 92 | ||||
Accumulated Depreciation | $ (14) | ||||
Date of Construction | 1,990 | ||||
Date Acquired | [1] | Dec. 4, 2007 | |||
Embassy Suites Washington DC Georgetown [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Embassy Suites Washington DC Georgetown [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Embassy Suites Parsippany [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Land | $ 6 | ||||
Initial Cost, Building & Improvements | 32 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 1 | ||||
Costs Capitalized Subsequent to Acquisition | 3 | ||||
Gross Amounts at Which Carried at Close of Period, Land | 6 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 33 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 3 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 42 | ||||
Accumulated Depreciation | $ (5) | ||||
Date of Construction | 1,984 | ||||
Date Acquired | [1] | Jul. 25, 2014 | |||
Embassy Suites Parsippany [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Embassy Suites Parsippany [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Embassy Suites Kansas City—Plaza [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | $ 26 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 1 | ||||
Costs Capitalized Subsequent to Acquisition | 2 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 27 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 2 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 29 | ||||
Accumulated Depreciation | $ (11) | ||||
Date of Construction | 1,973 | ||||
Date Acquired | [1] | Jul. 25, 2014 | |||
Embassy Suites Kansas City—Plaza [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Embassy Suites Kansas City—Plaza [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Embassy Suites Austin—Downtown Town Lake [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | $ 45 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 2 | ||||
Costs Capitalized Subsequent to Acquisition | 16 | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 56 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 7 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 63 | ||||
Accumulated Depreciation | $ (26) | ||||
Date of Construction | 1,983 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Embassy Suites Austin—Downtown Town Lake [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Embassy Suites Austin—Downtown Town Lake [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
Embassy Suites Phoenix—Airport [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Initial Cost, Building & Improvements | $ 15 | ||||
Initial Cost, Furniture, Fixtures & Equipment | 1 | ||||
Costs Capitalized Subsequent to Acquisition | (10) | ||||
Gross Amounts at Which Carried at Close of Period, Building & Improvements | 2 | ||||
Gross Amounts at Which Carried at Close of Period, Furniture, Fixtures & Equipment | 4 | ||||
Gross Amounts at Which Carried at Close of Period, Total | 6 | ||||
Accumulated Depreciation | $ (5) | ||||
Date of Construction | 1,986 | ||||
Date Acquired | [1] | Oct. 24, 2007 | |||
Embassy Suites Phoenix—Airport [Member] | Minimum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 3 years | ||||
Embassy Suites Phoenix—Airport [Member] | Maximum [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Life Upon Which Depreciation is Computed | 40 years | ||||
[1] | On October 24, 2007, a predecessor to our Parent became a wholly owned subsidiary of an affiliate of Blackstone following the completion of the Merger. | ||||
[2] | Single $725 million CMBS loan secured by Hilton San Francisco Union Square and Parc 55 San Francisco – A Hilton Hotel. | ||||
[3] | The ground lease for the Hilton Chicago O’Hare Airport terminated on December 31, 2018. |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Hilton San Francisco Union Square and Parc Fifty Five San Francisco - A Hilton Hotel [Member] | |
Real Estate and Accumulated Depreciation [Line Items] | |
Secured loan | $ 725 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Change in Total Cost of Properties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of period | $ 10,249 | $ 10,310 | $ 10,253 |
Additions during period: | |||
Capital expenditures | 192 | 198 | 224 |
Deductions during period: | |||
Transfers to assets held for sale | (46) | ||
Dispositions, including casualty losses and impairment loss on planned dispositions | (512) | (236) | (161) |
Foreign exchange effect | (8) | 23 | (6) |
Balance at end of period | $ 9,921 | $ 10,249 | $ 10,310 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Change in Accumulated Depreciation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of period | $ 2,004 | $ 1,832 | $ 1,639 |
Additions during period: | |||
Depreciation expense | 268 | 280 | 292 |
Deductions during period: | |||
Transfers to assets held for sale | (15) | ||
Dispositions, including casualty losses | (262) | (85) | (95) |
Foreign exchange effect | 1 | (8) | (4) |
Balance at end of period | $ 2,011 | $ 2,004 | $ 1,832 |
Schedule III - Real Estate an_6
Schedule III - Real Estate and Accumulated Depreciation - Additional Information (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost of real estate for U.S. federal income tax purposes | $ 5,069 |