Park Hotels & Resorts (PK) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	PK
Entity Registrant Name	Park Hotels & Resorts Inc.
Entity Central Index Key	0001617406
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		201,622,620
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-37795
Entity Tax Identification Number	362058176
Entity Address, Address Line One	1775 Tysons Blvd
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Tysons
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	571
Local Phone Number	302-5757

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Property and equipment, net	$ 7,764	$ 7,975
Investments in affiliates	52	50
Goodwill	607	607
Intangibles, net	2	27
Cash and cash equivalents	310	410
Restricted cash	170	15
Accounts receivable, net of allowance for doubtful accounts of $1 and $1	186	153
Prepaid expenses	88	82
Other assets	45	44
Operating lease right-of-use assets	207
TOTAL ASSETS (variable interest entities - $245 and $242)	9,431	9,363
Liabilities
Debt	2,949	2,948
Accounts payable and accrued expenses	208	183
Due to hotel manager	117	137
Due to Hilton Grand Vacations	135	135
Deferred income tax liabilities	42	42
Other liabilities	204	332
Operating lease liabilities	200
Total liabilities (variable interest entities - $217 and $217)	3,855	3,777
Commitments and contingencies - refer to Note 13
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 201,799,199 shares issued and 201,621,099 shares outstanding as of June 30, 2019 and 201,290,458 shares issued and 201,198,381 shares outstanding as of December 31, 2018	2	2
Additional paid-in capital	3,591	3,589
Retained earnings	2,034	2,047
Accumulated other comprehensive loss	(5)	(6)
Total stockholders' equity	5,622	5,632
Noncontrolling interests	(46)	(46)
Total equity	5,576	5,586
TOTAL LIABILITIES AND EQUITY	$ 9,431	$ 9,363

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1	$ 1
Variable interest entities - assets	245	242
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	201,799,199	201,290,458
Common stock, outstanding shares	201,621,099	201,198,381

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues		$ 703	$ 731	$ 1,362	$ 1,399
Operating expenses
Other property-level		49	50	98	103
Management and franchise fees		36	39	69	72
Depreciation and amortization		61	69	123	139
Corporate general and administrative		22	15	39	31
Other		18	18	38	35
Total expenses		580	589	1,141	1,172
(Loss) gain on sales of assets, net		(12)	7	19	96
Operating income		111	149	240	323
Interest income		2	1	3	2
Interest expense		(33)	(31)	(65)	(62)
Equity in earnings from investments in affiliates		10	8	15	12
Loss on foreign currency transactions			(4)		(3)
Other (loss) gain, net		(1)	108		108
Income before income taxes		89	231	193	380
Income tax expense		(5)	(13)	(12)	(13)
Net income		84	218	181	367
Net income attributable to noncontrolling interests		(2)	(2)	(3)	(1)
Net income attributable to stockholders		82	216	178	366
Other comprehensive income, net of tax expense:
Currency translation adjustment, net of tax expense of $0, $1, $0, $1		1		1	37
Total other comprehensive income		1		1	37
Comprehensive income		85	218	182	404
Comprehensive income attributable to noncontrolling interests		(2)	(2)	(3)	(1)
Comprehensive income attributable to stockholders		$ 83	$ 216	$ 179	$ 403
Earnings per share:
Earnings per share - Basic	[1]	$ 0.40	$ 1.07	$ 0.88	$ 1.77
Earnings per share - Diluted	[1]	$ 0.40	$ 1.07	$ 0.88	$ 1.77
Weighted average shares outstanding - Basic		201	200	201	205
Weighted average shares outstanding - Diluted		202	201	202	206
Rooms [Member]
Revenues
Total revenues		$ 435	$ 451	$ 840	$ 869
Operating expenses
Expenses		113	112	220	224
Food and Beverage [Member]
Revenues
Total revenues		195	205	378	388
Operating expenses
Expenses		130	131	254	257
Ancillary Hotel [Member]
Revenues
Total revenues		54	58	107	108
Other [Member]
Revenues
Total revenues		19	17	37	34
Other Departmental and Support [Member]
Operating expenses
Expenses		$ 151	$ 155	$ 300	$ 311
[1]	Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 1	$ 0	$ 1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating Activities:
Net income	$ 84	$ 218	$ 181	$ 367
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	61	69	123	139
Gain on sales of assets, net	12	(7)	(19)	(96)
Equity in earnings from investments in affiliates	(10)	(8)	(15)	(12)
Loss on foreign currency transactions				3
Other gain, net				(108)
Share-based compensation expense			8	8
Amortization of deferred financing costs			2	2
Distributions from unconsolidated affiliates			13	6
Deferred income taxes				(3)
Changes in operating assets and liabilities			(49)	(158)
Net cash provided by operating activities			244	148
Investing Activities:
Capital expenditures for property and equipment			(120)	(86)
Proceeds from asset dispositions, net			229	368
Proceeds from the sale of investments in affiliates, net				150
Insurance proceeds for property damage claims			2	35
Net cash provided by investing activities			111	467
Financing Activities:
Dividends paid			(291)	(204)
Distributions to noncontrolling interests			(3)	(1)
Tax withholdings on share-based compensation			(6)	(2)
Repurchase of common stock				(348)
Net cash used in financing activities			(300)	(555)
Effect of exchange rate changes on cash and cash equivalents and restricted cash				(1)
Net increase in cash and cash equivalents and restricted cash			55	59
Cash and cash equivalents and restricted cash, beginning of period			425	379
Cash and cash equivalents and restricted cash, end of period	480	438	480	438
Non-cash financing activities:
Dividends declared but unpaid	$ 90	$ 177	$ 90	$ 177

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions		Total	Common Stock [member]	Additional Paid-in Capital [member]	Retained Earnings [member]	Accumulated Other Comprehensive Loss [member]	Non-Controlling Interests [member]
Balance at Dec. 31, 2017		$ 5,962	$ 2	$ 3,825	$ 2,229	$ (45)	$ (49)
Balance (shares) at Dec. 31, 2017			215,000,000
Share-based compensation, net		3		3
Net income (loss)		149			150		(1)
Other comprehensive income		37				37
Dividends and dividend equivalents	[1]	(88)			(88)
Repurchase of common stock		(348)		(250)	(98)
Repurchases of common stock (Shares)			(14,000,000)
Balance at Mar. 31, 2018		5,715	$ 2	3,578	2,193	(8)	(50)
Balance (shares) at Mar. 31, 2018			201,000,000
Balance at Dec. 31, 2017		5,962	$ 2	3,825	2,229	(45)	(49)
Balance (shares) at Dec. 31, 2017			215,000,000
Net income (loss)		367
Other comprehensive income		37
Balance at Jun. 30, 2018		5,757	$ 2	3,581	2,231	(8)	(49)
Balance (shares) at Jun. 30, 2018			201,000,000
Balance at Mar. 31, 2018		5,715	$ 2	3,578	2,193	(8)	(50)
Balance (shares) at Mar. 31, 2018			201,000,000
Share-based compensation, net		3		3
Net income (loss)		218			216		2
Dividends and dividend equivalents	[1]	(178)			(178)
Distributions to noncontrolling interests		(1)					(1)
Balance at Jun. 30, 2018		5,757	$ 2	3,581	2,231	(8)	(49)
Balance (shares) at Jun. 30, 2018			201,000,000
Balance at Dec. 31, 2018		$ 5,586	$ 2	3,589	2,047	(6)	(46)
Balance (shares) at Dec. 31, 2018		201,198,381	201,000,000
Share-based compensation, net		$ (1)		(1)
Net income (loss)		97			96		1
Dividends and dividend equivalents	[1]	(91)			(91)
Distributions to noncontrolling interests		(3)					(3)
Cumulative effect of change in accounting principle		(8)			(8)
Balance at Mar. 31, 2019		5,580	$ 2	3,588	2,044	(6)	(48)
Balance (shares) at Mar. 31, 2019			201,000,000
Balance at Dec. 31, 2018		$ 5,586	$ 2	3,589	2,047	(6)	(46)
Balance (shares) at Dec. 31, 2018		201,198,381	201,000,000
Net income (loss)		$ 181
Other comprehensive income		1
Balance at Jun. 30, 2019		$ 5,576	$ 2	3,591	2,034	(5)	(46)
Balance (shares) at Jun. 30, 2019		201,621,099	202,000,000
Balance at Mar. 31, 2019		$ 5,580	$ 2	3,588	2,044	(6)	(48)
Balance (shares) at Mar. 31, 2019			201,000,000
Share-based compensation, net		3		3
Share-based compensation, net (Shares)			1,000,000
Net income (loss)		84			82		2
Other comprehensive income		1				1
Dividends and dividend equivalents	[1]	(92)			(92)
Balance at Jun. 30, 2019		$ 5,576	$ 2	$ 3,591	$ 2,034	$ (5)	$ (46)
Balance (shares) at Jun. 30, 2019		201,621,099	202,000,000
[1]	Dividends declared per common share were $0.45 for both the three months ended March 31, 2019 and June 30, 2019. Dividends declared per common share were $0.43 for the three months ended March 31, 2018 and $0.88 for the three months ended June 30, 2018.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends declared per common share	$ 0.45	$ 0.45	$ 0.88	$ 0.43

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Organization	Note 1: Organization Park Hotels & Resorts Inc. (“we,” “us,” “our” or the “Company”) is a Delaware corporation that owns a portfolio of premium-branded hotels and resorts primarily located in prime United States (“U.S.”) markets. On January 3, 2017, Hilton Worldwide Holdings Inc. (“Hilton” or “Parent”) completed the spin-off of a portfolio of hotels and resorts that established Park Hotels & Resorts Inc. as an independent, publicly traded company. The spin-off transaction was effected through a pro rata distribution of Park Hotels & Resorts Inc. stock to existing Hilton stockholders. For U.S. federal income tax purposes, we 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. On May 5, 2019, the Company, PK Domestic Property LLC, an indirect subsidiary of the Company (“Domestic”), and PK Domestic Sub LLC, a wholly-owned subsidiary of Domestic (“Merger Sub”) entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with Chesapeake Lodging Trust (“Chesapeake”). Pursuant to the terms and subject to the conditions set forth in the Merger Agreement, Chesapeake will merge with and into Merger Sub (the “Merger”) and each of Chesapeake’s common shares of beneficial interest, $0.01 par value per share (“Chesapeake common shares”) will be converted into the right to receive $11.00 in cash and 0.628 of a share of our common stock. No fractional shares of our common stock will be issued in the Merger. The value of any fractional interests to which a Chesapeake shareholder would otherwise be entitled will be paid in cash. The completion of the Merger is subject to various customary closing conditions, including, among other things, approval by Chesapeake’s common shareholders at a special meeting of shareholders of Chesapeake, which will be held on September 10, 2019. Contemporaneously with the execution of the Merger Agreement, our Operating Partnership and Domestic entered into a commitment letter with Bank of America, N.A. and BofA Merrill Lynch providing a $1.1 billion financing commitment for an unsecured delayed draw term loan facility (the “Term Facility”) to fund the Merger. Refer to: Note 6: “Debt” for additional information.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2: Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Principles of Consolidation The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All significant intercompany transactions and balances within the financial statements have been eliminated. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in our Annual Report on Form 10-K, filed with the SEC on February 28, 2019. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance. Summary of Significant Accounting Policies Our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 28, 2019, contains a discussion of the significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2018, except for the change in lease accounting, referred to under “Recently Issued Accounting Pronouncements.” Recently Issued Accounting Pronouncements Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 (“ASU 2016-02”), Leases (Topic 842) Leases (Topic 840) Upon adoption, we recognized an operating lease right-of-use asset of $213 million representing the right to use land, buildings, and equipment over lease terms which include renewal options we have exercised, and renewal options controlled by the lessor, and a corresponding operating lease liability of $213 million representing the present value of our fixed lease payment obligations. We also recognized an $8 million impairment of the operating lease right-of-use asset associated with one of our previously impaired hotels as a cumulative effect of change in accounting principle within retained earnings. intangibles, net other liabilities In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)

Dispositions

Dispositions	6 Months Ended
	Jun. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]
Dispositions	Note 3: Dispositions Dispositions During the six months ended June 30, 2019, we sold our interests in five consolidated hotels listed in the table below and we received total gross proceeds of $235 million and recognized a gain, net of selling costs, of $19 million on these hotels which is included in (loss) gain on sales of assets, net Hotel Location Month Sold Pointe Hilton Squaw Peak Resort Phoenix, Arizona February 2019 Hilton Nuremberg Nuremberg, Germany March 2019 Hilton Atlanta Airport Atlanta, Georgia June 2019 Hilton New Orleans Airport (1) New Orleans, Louisiana June 2019 Embassy Suites Parsippany (1) Parsippany, New Jersey June 2019 (1) Hotels were sold as a portfolio in the same transaction. During the six months ended June 30, 2018, we sold 12 consolidated hotels for total gross proceeds of $387 million. We recognized a net gain of approximately $96 million, including the reclassification of a currency translation adjustment of $31 million from accumulated other comprehensive loss into earnings concurrent with the dispositions, which was included in (loss) 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 approximately $150 million. We recognized a net gain of approximately $108 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 (loss) gain, net

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Property and Equipment	Note 4: Property and Equipment Property and equipment were: June 30, 2019 December 31, 2018 (in millions) Land $ 3,314 $ 3,344 Buildings and leasehold improvements 5,520 5,616 Furniture and equipment 955 949 Construction-in-progress 66 124 9,855 10,033 Accumulated depreciation and amortization (2,091 ) (2,058 ) $ 7,764 $ 7,975 Depreciation of property and equipment was $60 million and $69 million, respectively, during the three months ended June 30, 2019 and 2018, and $122 million and $139 million during the six months ended June 30, 2019 and 2018, respectively. 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. The Caribe Hilton remained closed throughout 2018 and reopened on May 15, 2019. 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 six months ended June 30, 2019 , w e received $7 million of insurance proceeds, of which $2 million related to property damage, $3 million related to business interruption, and $2 million related to expense reimbursements. Business interruption proceeds are included within ancillary hotel revenue in our condensed consolidated statements of comprehensive income. The insurance receivable as of June 30, 2019 was $22 million and $25 million, respectively, and is included within other assets in our condensed consolidated balance sheets. During the six months ended June 30, 2018, we incurred $37 million of expenses, and based upon additional information obtained during the period, we recognized an additional loss of $22 million for property and equipment that was damaged during the hurricanes. These amounts were offset by the recognition of an insurance receivable of $59 million. Additionally, we received $43 million of insurance proceeds, of which $7 million related to business interruption.

Consolidated Variable Interest

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	6 Months Ended
	Jun. 30, 2019
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 condensed consolidated balance sheets include the following assets and liabilities of these entities: June 30, 2019 December 31, 2018 (in millions) Property and equipment, net $ 221 $ 223 Cash and cash equivalents 14 12 Restricted cash 2 1 Accounts receivable, net 6 4 Prepaid expenses 2 2 Debt 207 207 Accounts payable and accrued expenses 7 7 Due to hotel manager 1 2 Other liabilities 2 1 During the six months ended June 30, 2019 and 2018, we did not provide any financial or other support to these VIEs that we were not previously contractually required to provide, nor do we intend to provide any such support in the future. Unconsolidated Entities Investments in affiliates were: Ownership % June 30, 2019 December 31, 2018 (in millions) Hilton San Diego Bayfront 25% $ 20 $ 19 All others (7 hotels) (1) 20% - 50% 32 31 $ 52 $ 50 (1) In July 2019, we and the other owners of the entity that own the Conrad Dublin, entered into an agreement to sell the ownership interest in the entity. Our interest in the Conrad Dublin was $7 million as of June 30, 2019 and December 31, 2018. Refer to: Note 14: "Subsequent Events" for additional information. The affiliates in which we own investments accounted for under the equity method had total debt of approximately $962 million and $955 million as of June 30, 2019 and December 31, 2018, respectively. Substantially all of the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 6: Debt Debt balances and associated interest rates as of June 30, 2019 were: Principal balance as of Interest Rate at June 30, 2019 Maturity Date June 30, 2019 December 31, 2018 (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 4.21% 2020 to 2026 (1) 207 207 Term loan L + 1.55% December 2021 750 750 Revolving credit facility (2) L + 1.60% December 2021 (1) — — Financing lease obligations 3.07% 2021 to 2022 1 1 2,958 2,958 Less: unamortized deferred financing costs and discount (9 ) (10 ) $ 2,949 $ 2,948 (1) (2) We are required to deposit with lenders certain cash reserves for restricted uses. As of both June 30, 2019 and December 31, 2018, our condensed consolidated balance sheets included $15 million of restricted cash related to our CMBS loans and mortgage loans. In May 2019, we secured a commitment for the Term Facility for up to $1.1 billion to be used, if needed, to finance the proposed Merger with Chesapeake. The Term Facility includes a $250 million two-year delayed draw term loan tranche and a $850 million five-year delayed draw term loan tranche. Borrowings from the Term Facility, if any, will bear interest at a base rate plus 1.35% to 2.65%, depending on our leverage ratio. The base rate will be based on the highest of the Federal Funds Rate, Bank of America’s daily prime rate or LIBOR. Beginning in August 2019, we will be required to pay an annual fee equal to 0.25% of the undrawn portion of the Term Facility. Additionally, we incurred upfront financing fees of $7 million as of June 30, 2019 and upon borrowing against the Term Facility, we anticipate paying an additional $3 million financing fee. As of June 30, 2019, no borrowings have been made from the Term Facility. Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of June 30, 2019 were: Year (in millions) 2019 $ — 2020 13 2021 751 2022 32 2023 728 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	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 7: Fair Value Measurements We did not elect the fair value measurement option for any of our financial assets or liabilities. The fair values of financial instruments not included in the table below are estimated to be equal to their carrying amounts. The fair value of certain financial instruments and the hierarchy level we used to estimate fair values are shown below: June 30, 2019 December 31, 2018 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 742 $ 725 $ 706 HHV CMBS Loan 3 1,275 1,311 1,275 1,214 Term Loan 3 750 751 750 732 Mortgage loans 3 207 209 207 201

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 8: Leases We lease hotel properties, land and equipment under operating and financing leases. We are subject to ground leases for 13 of our consolidated properties. Our leases expire, including options under lessor control, at various dates through 2076, with varying renewal options, and the majority expire before 2027. Our operating leases may require minimum rent payments, variable rent payments based on a percentage of revenue or income or rent payments equal to the greater of a minimum rent or variable 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. The maturities of our non-cancelable operating lease liabilities, due in each of the next five years and thereafter as of June 30, 2019, were: Operating Leases Year (in millions) 2019 $ 13 2020 27 2021 28 2022 27 2023 21 Thereafter 204 Total minimum rent payments $ 320 Less: imputed interest 120 Total operating lease liabilities $ 200 As of June 30, 2019 the weighted average remaining operating lease term was 15.8 years and the weighted average discount rate used to determine the operating lease liabilities was 5.7%. The components of rent expense, which are primarily included in other property-level expenses Three Months Ended June 30, Six Months Ended June 30, 2019 2019 (in millions) (in millions) Operating lease expense $ 7 $ 14 Variable lease expense 4 7 Operating cash flows for operating leases 6 13 Right-of-use assets obtained in exchange for lease obligations (1) — 213 (1) For the six months ended June 30, 2019, balance represents right-of-use assets recorded upon adoption of ASC 842, Leases,

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 9: Income Taxes We are a REIT for U.S. federal income tax purposes, and we expect to continue to be organized and operate in a manner to remain qualified as a REIT. To qualify as a REIT, we must satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. To the extent we continue to remain qualified as a REIT, we generally will not be subject to U.S. federal income tax on taxable income generated by our REIT activities that we distribute annually to our stockholders. Accordingly, no provision for U.S. federal income taxes has been included in our accompanying condensed consolidated financial statements for the three and six months ended June 30, 2019 and 2018 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 including the remeasurement of associated deferred tax assets and liabilities. 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). Income tax expense during the three and six months ended June 30, 2019 is primarily related to taxable income from our TRSs.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 10: Share-Based Compensation We issue equity-based awards to our employees pursuant to the 2017 Omnibus Incentive Plan (“2017 Employee Plan”) and our non-employee directors pursuant to the 2017 Stock Plan for Non-Employee Directors (“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 June 30, 2019, 5,499,328 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 June 30, 2019, 307,922 shares of common stock remain available for future issuance. For both the three months ended June 30, 2019 and 2018, we recognized $4 million of share-based compensation expense, and Restricted Stock Awards Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the six months ended June 30, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 585,106 $ 26.89 Granted 284,994 31.54 Vested (245,356 ) 26.71 Forfeited (11,593 ) 30.10 Unvested at June 30, 2019 613,151 $ 29.07 Performance Stock Units Performance Stock Units (“PSUs”) generally vest at the end of a three-year performance period and are subject to the achievement of a market condition based on a measure of our total shareholder return relative to the total shareholder return of the companies that comprise the FTSE Nareit Lodging Resorts Index (that have a market capitalization in excess of $1 billion as of the first day of the applicable performance period). The number of PSUs that may become vested ranges from zero to 200% of the number of PSUs granted to an employee, based on the level of achievement of the foregoing performance measure. The following table provides a summary of PSUs for the six months ended June 30, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 537,936 $ 31.16 Granted 314,303 34.30 Vested (277,325 ) 31.25 Forfeited (672 ) 42.05 Unvested at June 30, 2019 574,242 $ 32.82 The grant date fair values of these awards were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 20.5 % Dividend yield (2) — Risk-free rate 2.4 % 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. (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	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 11: Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in millions, except per share amounts) (in millions, except per share amounts) Numerator: Net income attributable to stockholders $ 82 $ 216 $ 178 $ 366 Earnings allocated to participating securities (1 ) (1 ) (1 ) (1 ) Net income attributable to stockholders net of earnings allocated to participating securities $ 81 $ 215 $ 177 $ 365 Denominator: Weighted average shares outstanding – basic 201 200 201 205 Unvested restricted shares 1 1 1 1 Weighted average shares outstanding – diluted 202 201 202 206 Basic EPS (1) $ 0.40 $ 1.07 $ 0.88 $ 1.77 Diluted EPS (1) $ 0.40 $ 1.07 $ 0.88 $ 1.77 (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented. Certain of our outstanding equity awards were excluded from the above calculation of EPS for the three and six months ended June 30, 2019 and 2018 because their effect would have been anti-dilutive.

Business Segment Information

Business Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Business Segment Information	Note 12: Business Segment Information As of June 30, 2019, 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: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in millions) Revenues: Total consolidated hotel revenue $ 684 $ 714 $ 1,325 $ 1,365 Other revenues 19 17 37 34 Total revenues $ 703 $ 731 $ 1,362 $ 1,399 Hotel Adjusted EBITDA $ 209 $ 228 $ 390 $ 402 Other revenues 19 17 37 34 Depreciation and amortization expense (61 ) (69 ) (123 ) (139 ) Corporate general and administrative expense (22 ) (15 ) (39 ) (31 ) Other expenses (18 ) (18 ) (38 ) (35 ) (Loss) gain on sales of assets, net (12 ) 7 19 96 Interest income 2 1 3 2 Interest expense (33 ) (31 ) (65 ) (62 ) Equity in earnings from investments in affiliates 10 8 15 12 Loss on foreign currency transactions — (4 ) — (3 ) Income tax expense (5 ) (13 ) (12 ) (13 ) Other (loss) gain, net (1 ) 108 — 108 Other items (4 ) (1 ) (6 ) (4 ) Net income $ 84 $ 218 $ 181 $ 367 The following table presents total assets for our consolidated hotels, reconciled to consolidated amounts: June 30, 2019 December 31, 2018 (in millions) Consolidated hotels $ 9,362 $ 9,305 All other 69 58 Total $ 9,431 $ 9,363

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13: 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 . The amount of expected insurance proceeds could change as more information becomes available about the nature and extent of damage. As of June 30, 2019, we had outstanding commitments under third-party contracts of approximately $75 million for capital expenditures at certain 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, and we are indemnified from certain of these claims 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 June 30, 2019 will not have a material effect on our condensed consolidated results of operations, financial position or cash flows. Following the May 6, 2019 announcement that we and Chesapeake had entered into the Merger Agreement, two purported shareholder class actions were filed in the United States District Court for the District of Delaware captioned: Kent v. Chesapeake Lodging Trust, et al., No. 1:19-cv-01201 (D.Del.) (filed June 25, 2019) and Terlinden v. Chesapeake Lodging Trust, et al., No. 1;19-cv-01263 (D.Del.) (filed July 8, 2019). The complaint in each case alleges purported violations of the federal securities laws and names as defendants Chesapeake, the individual members of the Chesapeake board of trustees, the Company, Domestic, and PK Domestic Sub LLC. The plaintiffs allege that Chesapeake and the individual defendants violated Section 14(a) of the Exchange Act, and Rule 14a-9 promulgated thereunder, by providing inadequate disclosure regarding the proposed merger in the Form S-4 Registration Statement filed with the SEC on June 14, 2019 (the “Registration Statement”). The plaintiffs also allege that the individual defendants, the Company, Domestic and PK Domestic Sub LLC violated Section 20(a) of the Exchange Act. Plaintiffs seek, among other things, to enjoin or rescind the merger, an award of damages in the event the merger is consummated, and an award of costs and attorneys’ fees. We believe that these claims are without merit and intend to vigorously defend against them .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 14: Subsequent Events In July 2019, we executed an agreement to sell the Conrad Dublin, an unconsolidated joint venture, for a sales price of approximately $130 million, which is payable in cash at closing and is subject to customary pro rations and adjustments. Our pro-rata share of the sales price is approximately $62 million. The sale is subject to customary closing conditions and required regulatory approvals and is currently anticipated to close in the fourth quarter of 2019. In July 2019, we received $7 million of insurance proceeds related to the Caribe Hilton.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All significant intercompany transactions and balances within the financial statements have been eliminated. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in our Annual Report on Form 10-K, filed with the SEC on February 28, 2019.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 (“ASU 2016-02”), Leases (Topic 842) Leases (Topic 840) Upon adoption, we recognized an operating lease right-of-use asset of $213 million representing the right to use land, buildings, and equipment over lease terms which include renewal options we have exercised, and renewal options controlled by the lessor, and a corresponding operating lease liability of $213 million representing the present value of our fixed lease payment obligations. We also recognized an $8 million impairment of the operating lease right-of-use asset associated with one of our previously impaired hotels as a cumulative effect of change in accounting principle within retained earnings. intangibles, net other liabilities In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)

Dispositions (Tables)

Dispositions (Tables)	6 Months Ended
	Jun. 30, 2019
Discontinued Operations And Disposal Groups [Abstract]
Summary of Hotel Portfolio Properties Sold	Hotel Location Month Sold Pointe Hilton Squaw Peak Resort Phoenix, Arizona February 2019 Hilton Nuremberg Nuremberg, Germany March 2019 Hilton Atlanta Airport Atlanta, Georgia June 2019 Hilton New Orleans Airport (1) New Orleans, Louisiana June 2019 Embassy Suites Parsippany (1) Parsippany, New Jersey June 2019 (1) Hotels were sold as a portfolio in the same transaction.

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment were: June 30, 2019 December 31, 2018 (in millions) Land $ 3,314 $ 3,344 Buildings and leasehold improvements 5,520 5,616 Furniture and equipment 955 949 Construction-in-progress 66 124 9,855 10,033 Accumulated depreciation and amortization (2,091 ) (2,058 ) $ 7,764 $ 7,975

Consolidated Variable Interes_2

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables)	6 Months Ended
	Jun. 30, 2019
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets	Our condensed consolidated balance sheets include the following assets and liabilities of these entities: June 30, 2019 December 31, 2018 (in millions) Property and equipment, net $ 221 $ 223 Cash and cash equivalents 14 12 Restricted cash 2 1 Accounts receivable, net 6 4 Prepaid expenses 2 2 Debt 207 207 Accounts payable and accrued expenses 7 7 Due to hotel manager 1 2 Other liabilities 2 1
Schedule of Investment in Affiliates	Investments in affiliates were: Ownership % June 30, 2019 December 31, 2018 (in millions) Hilton San Diego Bayfront 25% $ 20 $ 19 All others (7 hotels) (1) 20% - 50% 32 31 $ 52 $ 50 (1) In July 2019, we and the other owners of the entity that own the Conrad Dublin, entered into an agreement to sell the ownership interest in the entity. Our interest in the Conrad Dublin was $7 million as of June 30, 2019 and December 31, 2018. Refer to: Note 14: "Subsequent Events" for additional information.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances and associated interest rates as of June 30, 2019 were: Principal balance as of Interest Rate at June 30, 2019 Maturity Date June 30, 2019 December 31, 2018 (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 4.21% 2020 to 2026 (1) 207 207 Term loan L + 1.55% December 2021 750 750 Revolving credit facility (2) L + 1.60% December 2021 (1) — — Financing lease obligations 3.07% 2021 to 2022 1 1 2,958 2,958 Less: unamortized deferred financing costs and discount (9 ) (10 ) $ 2,949 $ 2,948 (1) (2)
Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option	The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of June 30, 2019 were: Year (in millions) 2019 $ — 2020 13 2021 751 2022 32 2023 728 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)	6 Months Ended
	Jun. 30, 2019
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: June 30, 2019 December 31, 2018 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 742 $ 725 $ 706 HHV CMBS Loan 3 1,275 1,311 1,275 1,214 Term Loan 3 750 751 750 732 Mortgage loans 3 207 209 207 201

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Maturities of Non-Cancelable Operating Lease Liabilities	The maturities of our non-cancelable operating lease liabilities, due in each of the next five years and thereafter as of June 30, 2019, were: Operating Leases Year (in millions) 2019 $ 13 2020 27 2021 28 2022 27 2023 21 Thereafter 204 Total minimum rent payments $ 320 Less: imputed interest 120 Total operating lease liabilities $ 200
Schedule of Rent Expense and Supplemental Cash Flow and Non Cash Information	The components of rent expense, which are primarily included in other property-level expenses Three Months Ended June 30, Six Months Ended June 30, 2019 2019 (in millions) (in millions) Operating lease expense $ 7 $ 14 Variable lease expense 4 7 Operating cash flows for operating leases 6 13 Right-of-use assets obtained in exchange for lease obligations (1) — 213 (1) For the six months ended June 30, 2019, balance represents right-of-use assets recorded upon adoption of ASC 842, Leases,

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
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 six months ended June 30, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 585,106 $ 26.89 Granted 284,994 31.54 Vested (245,356 ) 26.71 Forfeited (11,593 ) 30.10 Unvested at June 30, 2019 613,151 $ 29.07
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the six months ended June 30, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 537,936 $ 31.16 Granted 314,303 34.30 Vested (277,325 ) 31.25 Forfeited (672 ) 42.05 Unvested at June 30, 2019 574,242 $ 32.82
Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model	The grant date fair values of these awards were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility (1) 20.5 % Dividend yield (2) — Risk-free rate 2.4 % 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. (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)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in millions, except per share amounts) (in millions, except per share amounts) Numerator: Net income attributable to stockholders $ 82 $ 216 $ 178 $ 366 Earnings allocated to participating securities (1 ) (1 ) (1 ) (1 ) Net income attributable to stockholders net of earnings allocated to participating securities $ 81 $ 215 $ 177 $ 365 Denominator: Weighted average shares outstanding – basic 201 200 201 205 Unvested restricted shares 1 1 1 1 Weighted average shares outstanding – diluted 202 201 202 206 Basic EPS (1) $ 0.40 $ 1.07 $ 0.88 $ 1.77 Diluted EPS (1) $ 0.40 $ 1.07 $ 0.88 $ 1.77 (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.

Business Segment Information (T

Business Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Reconciliation of Consolidated Hotel Revenue to Condensed Consolidated Revenue 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: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in millions) Revenues: Total consolidated hotel revenue $ 684 $ 714 $ 1,325 $ 1,365 Other revenues 19 17 37 34 Total revenues $ 703 $ 731 $ 1,362 $ 1,399 Hotel Adjusted EBITDA $ 209 $ 228 $ 390 $ 402 Other revenues 19 17 37 34 Depreciation and amortization expense (61 ) (69 ) (123 ) (139 ) Corporate general and administrative expense (22 ) (15 ) (39 ) (31 ) Other expenses (18 ) (18 ) (38 ) (35 ) (Loss) gain on sales of assets, net (12 ) 7 19 96 Interest income 2 1 3 2 Interest expense (33 ) (31 ) (65 ) (62 ) Equity in earnings from investments in affiliates 10 8 15 12 Loss on foreign currency transactions — (4 ) — (3 ) Income tax expense (5 ) (13 ) (12 ) (13 ) Other (loss) gain, net (1 ) 108 — 108 Other items (4 ) (1 ) (6 ) (4 ) Net income $ 84 $ 218 $ 181 $ 367
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: June 30, 2019 December 31, 2018 (in millions) Consolidated hotels $ 9,362 $ 9,305 All other 69 58 Total $ 9,431 $ 9,363

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Billions	May 31, 2019	May 05, 2019	Jan. 03, 2017
Term Loan [Member]
Organization [Line Items]
Term loan facility, maximum borrowing capacity	$ 1.1
Park Intermediate Holdings LLC [Member]
Organization [Line Items]
Percentage of ownership interest			100.00%
Chesapeake Lodging Trust [Member]
Organization [Line Items]
Business acquisition,par value per common share		$ 0.01
Business acquisition, cash consideration transferred, per share		$ 11
Business acquisition, consideration transferred number of shares per share		0.628
Fractional shares of common stock to be issued in merger agreement		0
Chesapeake Lodging Trust [Member] | Term Loan [Member] | Bank of America, N.A. and BofA Merrill Lynch [Member]
Organization [Line Items]
Term loan facility, maximum borrowing capacity		$ 1.1

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Jan. 01, 2019	Jun. 30, 2019
Summary of Significant Accounting Policies [Line Items]
Operating lease right-of-use asset		$ 207
Operating lease liability		$ 200
Accounting Standards Update 2016-02 [Member] | New Accounting Pronouncement Effect [Member]
Summary of Significant Accounting Policies [Line Items]
Operating lease right-of-use asset	$ 213
Operating lease liability	213
Operating lease, impairment loss on right of use asset	8
Below market lease intangibles	(25)
Deferred rent liabilities	$ (8)
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Operating lease initial term	12 months

Dispositions - Additional Infor

Dispositions - Additional Information (Detail) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2018USD ($)	Jun. 30, 2019USD ($)Hotel	Jun. 30, 2018USD ($)Hotel
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of hotel portfolio properties sold | Hotel		5	12
Gross proceeds on sale of hotel portfolio properties		$ 235	$ 387
Net gain on selling cost of hotel portfolio properties		$ 19	96
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]
Reclassification of currency translation adjustment from accumulated other comprehensive loss to earnings on disposition of hotel portfolio properties	$ 8
Gross proceeds on sale of hotel portfolio properties	375
Pro-rata share amount before customary closing adjustments	150
Net gain on sale of hotel portfolio properties	$ 108

Dispositions - Summary of Hotel

Dispositions - Summary of Hotel Portfolio Properties Sold (Detail)	6 Months Ended
	Jun. 30, 2019
Pointe Hilton Squaw Peak Resort [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Phoenix, Arizona
Month Sold	2019-02
Hilton Nuremberg [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Nuremberg, Germany
Month Sold	2019-03
Hilton Atlanta Airport [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Atlanta, Georgia
Month Sold	2019-06
Hilton New Orleans Airport [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	New Orleans, Louisiana	[1]
Month Sold	2019-06	[1]
Embassy Suites Parsippany [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Location	Parsippany, New Jersey	[1]
Month Sold	2019-06	[1]
[1]	Hotels were sold as a portfolio in the same transaction.

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Land	$ 3,314	$ 3,344
Buildings and leasehold improvements	5,520	5,616
Furniture and equipment	955	949
Construction-in-progress	66	124
Property and equipment, gross	9,855	10,033
Accumulated depreciation and amortization	(2,091)	(2,058)
Property and equipment, net	$ 7,764	$ 7,975

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation	$ 60	$ 69	$ 122	$ 139
Hurricanes Irma and Maria [Member]
Property, Plant and Equipment [Line Items]
Insurance receivable for property damage			2
Reimbursements expense			2
Insurance proceeds received on hurricanes damage			7	43
Expenses on property and equipment from hurricane damage				37
Loss on property and equipment from hurricane damage				22
Additional insurance receivable recognized for property and equipment damaged from hurricanes				59
Hurricanes Irma and Maria [Member] | Other Assets [Member]
Property, Plant and Equipment [Line Items]
Insurance settlements receivable on hurricanes damage	$ 22		22		$ 25
Hurricanes Irma and Maria [Member] | Ancillary Hotel [Member]
Property, Plant and Equipment [Line Items]
Business interruption insurance recovery			$ 3	$ 7

Consolidated Variable Interes_3

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions	Jun. 30, 2019USD ($)Entity	Dec. 31, 2018USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of consolidated VIEs | Entity	3
Debt of unconsolidated joint ventures | $	$ 962	$ 955

Consolidated Variable Interes_4

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Property and equipment, net	$ 7,764	$ 7,975
Cash and cash equivalents	310	410
Restricted cash	170	15
Accounts receivable, net	186	153
Prepaid expenses	88	82
Debt	2,949	2,948
Accounts payable and accrued expenses	208	183
Due to hotel manager	117	137
Other liabilities	204	332
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	221	223
Cash and cash equivalents	14	12
Restricted cash	2	1
Accounts receivable, net	6	4
Prepaid expenses	2	2
Debt	207	207
Accounts payable and accrued expenses	7	7
Due to hotel manager	1	2
Other liabilities	$ 2	$ 1

Consolidated Variable Interes_5

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Investments in Affiliates (Detail) - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates		$ 52	$ 50
Hilton San Diego Bayfront [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage		25.00%
Investments in affiliates		$ 20	19
All others (7 hotels) [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	[1]	$ 32	$ 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	[1]	50.00%
[1]	In July 2019, we and the other owners of the entity that own the Conrad Dublin, entered into an agreement to sell the ownership interest in the entity. Our interest in the Conrad Dublin was $7 million as of June 30, 2019 and December 31, 2018. Refer to: Note 14: "Subsequent Events" for additional information.

Consolidated Variable Interes_6

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Investments in Affiliates (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	$ 52	$ 50
Conrad Dublin [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	$ 7	$ 7

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt and financing lease obligations, gross		$ 2,958	$ 2,958
Less: unamortized deferred financing costs and discount		(9)	(10)
Debt		2,949	2,948
SF CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 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
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		4.21%
Maturity Date, start year		2020
Maturity Date, end year	[1]	2026
Term Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 750	750
Debt instrument, interest rate		1.55%
Maturity Date		2021-12
Financing Lease Obligations [Member]
Debt Instrument [Line Items]
Financing lease obligations		$ 1	$ 1
Debt instrument, interest rate, stated percentage		3.07%
Maturity Date, start year	[1]	2021
Maturity Date, end year		2022
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	[2]	1.60%
Maturity Date		2021-12
[1]	Assumes the exercise of all extensions that are exercisable solely at our option.
[2]

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) $ in Billions	Jun. 30, 2019USD ($)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available for borrowing	$ 1

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Restricted cash		$ 170,000,000	$ 15,000,000
Term Loan [Member]
Debt Instrument [Line Items]
Term loan facility, maximum borrowing capacity	$ 1,100,000,000
Annual fee equal undrawn portion		0.25%
Upfront financing fees		$ 7,000,000
Additional financing fee		3,000,000
Term loan facility		0
Term Loan [Member] | Two-Year Delayed Draw Term Loan Tranche [Member]
Debt Instrument [Line Items]
Term loan facility, maximum borrowing capacity	250,000,000
Term Loan [Member] | Five-Year Delayed Draw Term Loan Tranche [Member]
Debt Instrument [Line Items]
Term loan facility, maximum borrowing capacity	$ 850,000,000
Term Loan [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Variable interest rate basis	the highest of the Federal Funds Rate, Bank of America’s daily prime rate or LIBOR
Term Loan [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	1.35%
Term Loan [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	2.65%
CMBS and mortgage loans [Member]
Debt Instrument [Line Items]
Restricted cash		$ 15,000,000	$ 15,000,000

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) $ in Millions	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 13
2021	751
2022	32
2023	728
Thereafter(1)	1,434	[1]
Debt and capital lease obligations, gross	$ 2,958
[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	Jun. 30, 2019	Dec. 31, 2018
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	742	706
Fair Value [Member] | HHV CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,311	1,214
Fair Value [Member] | Term Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	751	732
Fair Value [Member] | Mortgage Loans [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 209	$ 201

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019Property
Leases [Abstract]
Number of consolidated properties under ground leases	13
Leases ending expiration date	2076
Date majority of leases expire	2027
Weighted average remaining operating lease term	15 years 9 months 18 days
Weighted average discount rate used to determine operating lease liabilities	5.70%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Non-Cancelable Operating Lease Liabilities (Detail) $ in Millions	Jun. 30, 2019USD ($)
Leases [Abstract]
2019	$ 13
2020	27
2021	28
2022	27
2023	21
Thereafter	204
Total minimum rent payments	320
Less: imputed interest	120
Total operating lease liabilities	$ 200

Leases - Schedule of Rent Expen

Leases - Schedule of Rent Expense and Supplemental Cash Flow And Non Cash Information (Detail) - USD ($) $ in Millions	Jan. 01, 2019	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease expense		$ 7	$ 14
Variable lease expense		4	7
Operating cash flows for operating leases		$ 6	13
Right-of-use assets obtained in exchange for lease obligations(1)	$ 0		$ 213

Leases - Schedule of Rent Exp_2

Leases - Schedule of Rent Expense and Supplemental Cash Flow And Non Cash Information for All Operating Leases (Parenthetical) (Detail) - USD ($) $ in Millions	Jan. 01, 2019	Jun. 30, 2019
Schedule Of Rent Expense [Abstract]
Additional right-of-use assets were obtained	$ 0	$ 213

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Taxes [Line Items]
Income tax expense	$ 5,000,000	$ 13,000,000	$ 12,000,000	$ 13,000,000
U.S. Federal Tax [Member] | REIT [Member]
Income Taxes [Line Items]
Income tax expense	$ 0	$ 0	$ 0	$ 0

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares	6,000,000,000		6,000,000,000		6,000,000,000
2017 Employee Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance	5,499,328		5,499,328
Compensation expense	$ 4,000,000	$ 4,000,000	$ 8,000,000	$ 8,000,000
Unrecognized compensation costs related to unvested awards	$ 23,000,000		$ 23,000,000
Unrecognized compensation costs related to unvested awards, weighted-average period			1 year 8 months 12 days
2017 Employee Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares	8,000,000		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	307,922		307,922
2017 Director Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares	450,000		450,000
Performance Stock Units ("PSUs") [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award performance period			3 years
Market capitalization	$ 1,000,000,000		$ 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]
Vesting rights			200%
Performance Stock Units ("PSUs") [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights			0%

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Awards ("RSAs") (Detail) - Restricted stock awards (RSAs) [Member]	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	585,106
Number of Shares, Granted | shares	284,994
Number of Shares, Vested | shares	(245,356)
Number of Shares, Forfeited | shares	(11,593)
Number of Shares, Ending balance | shares	613,151
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 26.89
Weighted Average Grant Date Fair Value, Granted | $ / shares	31.54
Weighted Average Grant Date Fair Value, Vested | $ / shares	26.71
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	30.10
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 29.07

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") [Member]	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	537,936
Number of Shares, Granted | shares	314,303
Number of Shares, Vested | shares	(277,325)
Number of Shares, Forfeited | shares	(672)
Number of Shares, Ending balance | shares	574,242
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 31.16
Weighted Average Grant Date Fair Value, Granted | $ / shares	34.30
Weighted Average Grant Date Fair Value, Vested | $ / shares	31.25
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	42.05
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 32.82

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected volatility	20.50%	[1]
Risk-free rate	2.40%
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		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income attributable to stockholders		$ 82	$ 216	$ 178	$ 366
Earnings allocated to participating securities		(1)	(1)	(1)	(1)
Net income attributable to stockholders net of earnings allocated to participating securities		$ 81	$ 215	$ 177	$ 365
Denominator:
Weighted average shares outstanding – basic		201	200	201	205
Unvested restricted shares		1	1	1	1
Weighted average shares outstanding – diluted		202	201	202	206
Basic EPS	[1]	$ 0.40	$ 1.07	$ 0.88	$ 1.77
Diluted EPS	[1]	$ 0.40	$ 1.07	$ 0.88	$ 1.77
[1]	Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.

Business Segment Information -

Business Segment Information - Hotel Properties by Segment (Detail)	6 Months Ended
	Jun. 30, 2019Segment
Segment Reporting [Abstract]
Number of operating business segments	2
Number of reportable segment	1

Business Segment Information _2

Business Segment Information - Reconciliation of Consolidated Hotel Revenue to Condensed Consolidated Revenue and Hotel Adjusted EBITDA to Net Income (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 703		$ 731		$ 1,362	$ 1,399
Hotel Adjusted EBITDA	209		228		390	402
Depreciation and amortization expense	(61)		(69)		(123)	(139)
Corporate general and administrative expense	(22)		(15)		(39)	(31)
Other expenses	(18)		(18)		(38)	(35)
(Loss) gain on sales of assets, net	(12)		7		19	96
Interest income	2		1		3	2
Interest expense	(33)		(31)		(65)	(62)
Equity in earnings from investments in affiliates	10		8		15	12
Loss on foreign currency transactions			(4)			(3)
Income tax expense	(5)		(13)		(12)	(13)
Other (loss) gain, net	(1)		108			108
Other items	(4)		(1)		(6)	(4)
Net income	84	$ 97	218	$ 149	181	367
Total consolidated hotel revenue [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	684		714		1,325	1,365
Other [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 19		$ 17		$ 37	$ 34

Business Segment Information _3

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled To Condensed Combined Consolidated Amounts (Detail) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 9,431	$ 9,363
Consolidated Hotels [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,362	9,305
All other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 69	$ 58

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	May 06, 2019Plaintiff	Jun. 30, 2019USD ($)Hotel	Sep. 30, 2017Hotel
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed | $		$ 75
Loss contingency, number of plaintiffs | Plaintiff	2
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

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Millions	1 Months Ended
	Jul. 31, 2019USD ($)
Caribe Hilton [Member]
Subsequent Event [Line Items]
Insurance proceeds received	$ 7
Conrad Dublin [Member]
Subsequent Event [Line Items]
Aggregate sales price	130
Pro-rata share, sales price	$ 62