Park Hotels & Resorts (PK) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
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		239,387,334
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-37795
Entity Tax Identification Number	36-2058176
Entity Address, Address Line One	1775 Tysons 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	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Property and equipment, net	$ 9,986	$ 7,975
Investments in affiliates	52	50
Goodwill	607	607
Intangibles, net	46	27
Cash and cash equivalents	321	410
Restricted cash	43	15
Accounts receivable, net of allowance for doubtful accounts of $1 and $1	193	153
Prepaid expenses	76	82
Other assets	29	44
Operating lease right-of-use assets	267
TOTAL ASSETS (variable interest entities - $248 and $242)	11,620	9,363
Liabilities
Debt	4,100	2,948
Accounts payable and accrued expenses	237	183
Due to hotel managers	128	137
Due to Hilton Grand Vacations	135	135
Deferred income tax liabilities	42	42
Other liabilities	241	332
Operating lease liabilities	284
Total liabilities (variable interest entities - $218 and $217)	5,167	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, 239,590,752 shares issued and 239,388,083 shares outstanding as of September 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	4,572	3,589
Retained earnings	1,931	2,047
Accumulated other comprehensive loss	(8)	(6)
Total stockholders' equity	6,497	5,632
Noncontrolling interests	(44)	(46)
Total equity	6,453	5,586
TOTAL LIABILITIES AND EQUITY	$ 11,620	$ 9,363

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 1	$ 1
Variable interest entities - assets	248	242
Variable interest entities - liabilities	$ 218	$ 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	239,590,752	201,290,458
Common stock, outstanding shares	239,388,083	201,198,381

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues		$ 672	$ 652	$ 2,034	$ 2,051
Operating expenses
Other property-level		54	54	152	157
Management fees		32	32	101	103
Casualty loss (gain) and impairment loss, net		8	(1)	8	(1)
Depreciation and amortization		61	69	184	208
Corporate general and administrative		14	16	47	47
Acquisition costs		59		65
Other		23	19	61	54
Total expenses		635	570	1,776	1,742
Gain on sales of assets, net		1	2	20	98
Operating income		38	84	278	407
Interest income		2	2	5	4
Interest expense		(33)	(32)	(98)	(94)
Equity in earnings from investments in affiliates		3	4	18	16
Loss on foreign currency transactions		(2)	(1)	(2)	(4)
Other gain (loss), net		1	(2)	1	106
Income before income taxes		9	55	202	435
Income tax expense				(12)	(13)
Net income		9	55	190	422
Net income attributable to noncontrolling interests		(4)	(3)	(7)	(4)
Net income attributable to stockholders		5	52	183	418
Other comprehensive (loss) income, net of tax expense:
Currency translation adjustment, net of tax expense of $0, $1, $0, $2		(3)	(1)	(2)	36
Total other comprehensive (loss) income		(3)	(1)	(2)	36
Comprehensive income		6	54	188	458
Comprehensive income attributable to noncontrolling interests		(4)	(3)	(7)	(4)
Comprehensive income attributable to stockholders		$ 2	$ 51	$ 181	$ 454
Earnings per share:
Earnings per share - Basic	[1]	$ 0.02	$ 0.26	$ 0.90	$ 2.04
Earnings per share - Diluted	[1]	$ 0.02	$ 0.26	$ 0.90	$ 2.04
Weighted average shares outstanding - Basic		206	200	203	204
Weighted average shares outstanding - Diluted		207	201	204	205
Rooms [Member]
Revenues
Total revenues		$ 431	$ 429	$ 1,271	$ 1,298
Operating expenses
Expenses		114	113	334	337
Food and Beverage [Member]
Revenues
Total revenues		156	144	534	532
Operating expenses
Expenses		117	111	371	368
Ancillary Hotel [Member]
Revenues
Total revenues		63	60	170	168
Other [Member]
Revenues
Total revenues		22	19	59	53
Other Departmental and Support [Member]
Operating expenses
Expenses		$ 153	$ 157	$ 453	$ 469
[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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 1	$ 0	$ 2

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities:
Net income	$ 190	$ 422
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	184	208
Gain on sales of assets, net	(20)	(98)
Casualty loss (gain) and impairment loss, net	8	(1)
Equity in earnings from investments in affiliates	(18)	(16)
Loss on foreign currency transactions	2	4
Other gain, net	(1)	(106)
Share-based compensation expense	12	12
Amortization of deferred financing costs	3	3
Distributions from unconsolidated affiliates	16	12
Deferred income taxes		(3)
Changes in operating assets and liabilities	(27)	(142)
Net cash provided by operating activities	349	295
Investing Activities:
Acquisitions, net of cash and restricted cash acquired	(913)
Capital expenditures for property and equipment	(182)	(133)
Proceeds from asset dispositions, net	230	369
Proceeds from the sale of investments in affiliates, net		150
Insurance proceeds for property damage claims	10	87
Net cash (used in) provided by investing activities	(855)	473
Financing Activities:
Borrowings under credit facilities	850
Payments of deferred financing costs	(11)
Dividends paid	(382)	(379)
Distributions to noncontrolling interests	(5)	(1)
Tax withholdings on share-based compensation	(7)	(2)
Repurchase of common stock		(348)
Net cash provided by (used in) financing activities	445	(730)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(2)
Net (decrease) increase in cash and cash equivalents and restricted cash	(61)	36
Cash and cash equivalents and restricted cash, beginning of period	425	379
Cash and cash equivalents and restricted cash, end of period	364	415
Non-cash investing activities:
Transfer of property and equipment to Hilton Grand Vacations		3
Non-cash financing activities:
Issuance of common shares in connection with the acquisition of Chesapeake Lodging Trust	978
Assumption of mortgage loans in connection with acquisitions	311
Dividends declared but unpaid	$ 107	$ 86

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) Income [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 (loss)		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)		422
Other comprehensive income (loss)		36
Balance at Sep. 30, 2018		5,728	$ 2	3,585	2,196	(9)	(46)
Balance (shares) at Sep. 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
Share-based compensation, net		4		4
Net income (loss)		55			52		3
Other comprehensive income (loss)		(1)				(1)
Dividends and dividend equivalents	[1]	(87)			(87)
Balance at Sep. 30, 2018		5,728	$ 2	3,585	2,196	(9)	(46)
Balance (shares) at Sep. 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)		$ 190
Other comprehensive income (loss)		(2)
Balance at Sep. 30, 2019		$ 6,453	$ 2	4,572	1,931	(8)	(44)
Balance (shares) at Sep. 30, 2019		239,388,083	240,000,000
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 (loss)		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			202,000,000
Issuance of common stock		978		978
Issuance of common stock (Shares)			38,000,000
Share-based compensation, net		3		3
Net income (loss)		9			5		4
Other comprehensive income (loss)		(3)				(3)
Dividends and dividend equivalents	[1]	(108)			(108)
Distributions to noncontrolling interests		(2)					(2)
Balance at Sep. 30, 2019		$ 6,453	$ 2	$ 4,572	$ 1,931	$ (8)	$ (44)
Balance (shares) at Sep. 30, 2019		239,388,083	240,000,000
[1]	Dividends declared per common share were $0.45 for the three months ended March 31, 2019, June 30, 2019 and September 30, 2019. Dividends declared per common share were $0.43 for the three months ended March 31, 2018, June 30, 2018 and September 30, 2018. An additional special cash dividend of $0.45 per common share was declared for the three months ended June 30, 2018.

Condensed Consolidated Statem_4

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

Organization

Organization	9 Months Ended
	Sep. 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 city center and resort locations. 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. 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”). On September 18, 2019, pursuant to the terms and subject to the conditions set forth in the Merger Agreement, Chesapeake merged with and into Merger Sub (the “Merger”) and each of Chesapeake’s common shares of beneficial interest, $0.01 par value per share (“Chesapeake common shares”) was converted into $11.00 in cash and 0.628 of a share of our common stock. No fractional shares of our common stock were issued in the Merger. The value of any fractional interests to which a Chesapeake shareholder would otherwise have been entitled was paid in cash. We are treated as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes, and we have been organized and operated, and expect to continue to be organized and operate in a manner to qualify as a REIT. From the date of our spin-off from Hilton, Park Intermediate Holdings LLC (our “Operating Company”), directly or indirectly, has held all our assets and has conducted all of our operations. We own 100% of the interests in our Operating Company.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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. Reclassifications Certain line items on the condensed consolidated statements of comprehensive income for the nine months ended September 30, 2018 have been reclassified to conform to the current period presentation. Summary of Significant Accounting Policies Our Annual Report on Form 10-K for the year ended December 31, 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) 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) In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments-Credit Losses

Acquisitions and Dispositions

Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions and Dispositions	Note 3: Acquisitions and Dispositions Acquisitions Merger with Chesapeake As a result of the Merger, we acquired a 100% ownership interest in the following 18 hotels: Hotel Location Rooms Hilton Denver City Center Denver, CO 613 W Chicago – Lakeshore Chicago, IL 520 Hyatt Regency Boston Boston, MA 502 Hyatt Regency Mission Bay Spa and Marina San Diego, CA 438 Boston Marriott Newton Newton, MA 430 Le Meridien New Orleans New Orleans, LA 410 W Chicago – City Center Chicago, IL 403 Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, FL 393 Le Meridien San Francisco San Francisco, CA 360 JW Marriott San Francisco Union Square San Francisco, CA 344 Hyatt Centric Fisherman’s Wharf San Francisco, CA 316 Hotel Indigo San Diego Gaslamp Quarter San Diego, CA 210 Courtyard Washington Capitol Hill/Navy Yard Washington, DC 204 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, WA 195 Hilton Checkers Los Angeles Los Angeles, CA 193 Ace Hotel Downtown Los Angeles Los Angeles, CA 182 Hotel Adagio, Autograph Collection San Francisco, CA 171 W New Orleans – French Quarter New Orleans, LA 97 5,981 The total consideration for the Merger was approximately $2 billion, which included the issuance of approximately 37.8 million shares of common stock valued at $25.88 per share to Chesapeake common shareholders based on the closing price of our common stock on September 17, 2019. We accounted for the Merger using the acquisition method of accounting. We preliminarily allocated the purchase price consisting of common stock issued of $978 million and cash of $1,013 million as follows: (in millions) Investment in hotel properties, net $ 2,220 Intangibles, net 45 Cash and cash equivalents 62 Restricted cash 38 Accounts receivable, net 26 Prepaid expenses 9 Other assets 2 Operating lease right-of-use asset 65 Debt (311 ) Accounts payable and accrued expenses (46 ) Due to hotel managers (15 ) Other liabilities (16 ) Operating lease liability (88 ) Total consideration $ 1,991 The estimated fair values for the assets acquired and the liabilities assumed are preliminary and are subject to change during the one-year measurement period as additional information related to the inputs and assumptions used in determining the fair value of the assets and liabilities becomes available. We will continue to review the underlying inputs and assumptions. Therefore, the purchase price allocation is not yet complete as of the date of this filing. Once the allocation is complete, an additional adjustment to the allocation may occur. We used the following valuation methodologies, inputs and assumptions to estimate the fair value of the assets acquired and liabilities assumed: • Investment in hotel properties – We estimated the fair values of the land and improvements, buildings and improvements, and furniture, fixtures and equipment at the hotel properties by using a combination of the market, cost and income approaches. These valuation methodologies are based on significant Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures and cash flow projections at the respective hotel properties. • Intangible assets – We estimated the fair value of the air rights contract acquired as part of the Hyatt Regency Boston by calculating the present value of the difference between the contractual rental amounts according to the contract and the market rental rates for similar contracts, measured over a period equal to the remaining non-cancellable term of the contract. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. The intangible asset is amortized using the straight-line method over the remaining term of the contract. • Above and below market lease liabilities – We estimated the fair value of our above and below market lease liabilities by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancellable terms of the leases. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. The above and below market lease liabilities are included as adjustments to the right-of-use asset in the accompanying condensed consolidated balance sheet. The above and below market lease liabilities are amortized as adjustments to ground rent expense over the remaining terms of the respective leases. • Operating lease right-of-use-asset and Operating lease liability – We estimated the fair value of the operating lease right-of-use asset and operating lease liability by calculating the present value of the fixed contractual rental amounts due over a period equal to the remaining non-cancellable terms of the leases. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. • Debt – We estimated the fair value of the mortgage loans by calculating the present value of the remaining loan payments due over the term of the loans. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. • Restricted cash, accounts receivable, prepaid expenses and other assets, accounts payable and accrued expenses, due to hotel managers and other liabilities – The amounts constitute the carrying amounts of the assets acquired and the liabilities assumed, which we believe approximate fair value because of their short-term nature. For the three and nine months ended September 30, 2019, we incurred $59 million and $65 million, respectively, in acquisition costs in connection with the Merger. Acquisition costs primarily related to severance, transfer tax and fees for financial advisors, legal, accounting, tax and other professional services in connection with the Merger. The Merger-related costs noted above are included in acquisition costs The following unaudited condensed pro-forma financial information presents the results of operations as if the Merger had taken place on January 1, 2018. The unaudited condensed pro-forma financial information is not necessarily indicative of what our actual results of operations would have been assuming the Merger had taken place on January 1, 2018, nor is it indicative of the results of operations for future periods. The unaudited condensed pro-forma financial information is as follows: For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 (unaudited) (in millions) (in millions) Total revenues $ 797 $ 800 $ 2,440 $ 2,477 Operating income 63 112 350 483 Net income 23 70 227 460 From the date of Merger through September 30, 2019, we recognized $23 million of total revenues, $5 million of operating income and $4 million of net income related to the hotels acquired in connection with the Merger. Dispositions During the nine months ended September 30, 2019, we sold five consolidated hotels listed in the table below and we received total gross proceeds of $236 million and recognized a gain, net of selling costs, of $20 million on these hotels which is included in 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 nine months ended September 30, 2018, we sold 12 consolidated hotels for total gross proceeds of $379 million. We recognized a net gain of approximately $98 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 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 $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

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2019
Property Plant And Equipment [Abstract]
Property and Equipment	Note 4: Property and Equipment Property and equipment were: September 30, 2019 December 31, 2018 (in millions) Land $ 3,594 $ 3,344 Buildings and leasehold improvements 7,300 5,616 Furniture and equipment 1,133 949 Construction-in-progress 106 124 12,133 10,033 Accumulated depreciation and amortization (2,147 ) (2,058 ) $ 9,986 $ 7,975 Depreciation of property and equipment was $60 million and $66 million, respectively, during the three months ended September 30, 2019 and 2018, and $182 million and $205 million during the nine months ended September 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 nine months ended September 30, 2019 , w e recognized $ million of insurance recoveries, of which $ million related to property damage, $8 million related to business interruption, and $ million related to expense reimbursements. Business interruption proceeds are included within ancillary hotel revenue in our condensed consolidated statements of comprehensive income. Additionally, we recognized a net loss of $7 million within casualty loss (gain) and impairment loss, net in our condensed consolidated statements of comprehensive income for amounts not expected to be recovered from insurance . The insurance receivable as of September 30, 2019 was $ million and $ million, respectively, and is included within other assets in our condensed consolidated balance sheets. During the nine months ended September 30, 2018, we incurred $32 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 $54 million. Additionally, we received $108 million of insurance proceeds, of which $15 million related to business interruption and $6 million related to expense reimbursements.

Consolidated Variable Interest

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	9 Months Ended
	Sep. 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: September 30, 2019 December 31, 2018 (in millions) Property and equipment, net $ 221 $ 223 Cash and cash equivalents 19 12 Restricted cash 2 1 Accounts receivable, net 5 4 Prepaid expenses 1 2 Debt 207 207 Accounts payable and accrued expenses 9 7 Due to hotel manager — 2 Other liabilities 2 1 During the nine months ended September 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 % September 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 for a gross sales price of approximately $127 million, which is payable in cash at closing and is subject to customary pro rations and adjustments. Our pro rata share of the gross sales price is approximately $61 million and our pro rata share of debt associated with the Conrad Dublin was $9 million as of September 30, 2019. The sale is subject to customary closing conditions and required regulatory approvals and is currently anticipated to close in the fourth quarter of 2019. The basis in our interest in the Conrad Dublin was $7 million as of September 30, 2019 and December 31, 2018. The affiliates in which we own investments accounted for under the equity method had total debt of approximately $961 million and $955 million as of September 30, 2019 and December 31, 2018, respectively. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Note 6: Debt Debt balances and associated interest rates as of September 30, 2019 were: Principal balance as of Interest Rate at September 30, 2019 Maturity Date September 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 (1) Average rate of 4.28% 2020 to 2026 (3) 517 207 2016 Term Loan (2) L + 1.45% December 2021 750 750 2019 Term Facility L + 1.40% September 2024 850 — Revolving credit facility (4) L + 1.50% December 2021 (3) — — Financing lease obligations 3.07% 2021 to 2022 1 1 4,118 2,958 Add: unamortized premium 3 — Less: unamortized deferred financing costs and discount (21 ) (10 ) $ 4,100 $ 2,948 (1) (2) (3) (4) New Term Facility In advance of the Merger, in August 2019, the Company, our Operating Company and Domestic entered into a delayed draw term loan agreement (the “2019 Term Facility”) with Bank of America, N.A. as administrative agent, and certain other financial institutions party thereto as lenders. The 2019 Term Facility provided for $950 million unsecured delayed draw term loan commitments to fund the Merger. The 2019 Term Facility included a $100 million two-year delayed draw term loan tranche, which was unfunded and the commitments thereunder terminated on September 18, 2019, and a $850 million five-year delayed draw term loan tranche, which has a scheduled maturity date of August 2024. On September 18, 2019, the five-year tranche was fully drawn to fund the Merger. The 2019 Term Facility agreement includes the option to increase the size of the 2019 Term Facility and enter into additional incremental term loan credit facilities, subject to certain limitations and obtaining additional commitments, in an aggregate amount not to exceed $400 million for all such increases. Borrowings from the 2019 Term Facility 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. Beginning in August 2019, we accrued an unused commitment fee equal to 0.25% per annum of the undrawn portion of the 2019 Term Facility, which was paid on September 18, 2019 when the 2019 Term Facility was fully drawn. Additionally, we incurred upfront financing fees of $9 million associated with the 2019 Term Facility, of which $1 million was expensed in connection with the terminated commitments. The 2019 Term Facility agreement contains certain financial covenants relating to our maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured leverage ratio, maximum unsecured indebtedness to unencumbered asset value and minimum unencumbered adjusted net operating income to unsecured interest coverage. If an event of default exists, we generally are not permitted to make distributions to stockholders, other than those required to qualify for and maintain REIT status and certain other limited exceptions. In connection with the Merger, we assumed Chesapeake’s interest rate swap, which is designated as a cash flow hedge, to hedge the interest rate risk on a portion of the 2019 Term Facility. The interest rate swap requires us to pay fixed interest of 1.86% per annum maturing on April 21, 2022 on a notional amount of $225 million, in exchange for floating rate interest equal to one-month LIBOR. CMBS and Mortgage Loans We are required to deposit with lenders certain cash reserves for restricted uses. As of September 30, 2019 and December 31, 2018, our condensed consolidated balance sheets included $18 million and $15 million of restricted cash, respectively, related to our CMBS loans and mortgage loans. Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of September 30, 2019 were: Year (in millions) 2019 $ 2 2020 20 2021 759 2022 97 2023 827 Thereafter (1) 2,413 $ 4,118 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instruments	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements and Derivative Instruments	Note 7: Fair Value Measurements and Derivative Instruments We did not elect the fair value measurement option for our financial assets or liabilities. The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: September 30, 2019 December 31, 2018 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 743 $ 725 $ 706 HHV CMBS Loan 3 1,275 1,330 1,275 1,214 2016 Term Loan 3 750 750 750 732 2019 Term Facility 3 850 850 — — Mortgage loans 3 517 522 207 201 The fair value of the interest rate swap we assumed in the Merger is measured on a recurring basis and classified within Level 2 of the fair value hierarchy as it is valued using a third-party pricing model which contain inputs that are derived from observable market data. Where possible, the values produced by the pricing model are verified to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility and correlations of such inputs. As of September 30, 2019, the fair value of our interest rate swap liability was $2 million, which is included within other liabilities The fair values of our other financial instruments are estimated to be equal to their carrying amounts.

Leases

Leases	9 Months Ended
	Sep. 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 on 16 of our consolidated properties, 3 of which were acquired as part of the Merger. Our leases expire, including options under lessor control, at various dates through 2083, with varying renewal options, and the majority expire before 2034. 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 September 30, 2019, were: Operating Leases Year (in millions) 2019 $ 8 2020 32 2021 32 2022 32 2023 26 Thereafter 414 Total minimum rent payments $ 544 Less: imputed interest 260 Total operating lease liabilities $ 284 As of September 30, 2019 the weighted average remaining operating lease term was 25.7 years and the weighted average discount rate used to determine the operating lease liabilities was 5.4%. The components of rent expense, which are primarily included in other property-level expenses Three Months Ended September 30, Nine Months Ended September 30, 2019 2019 (in millions) Operating lease expense $ 7 $ 21 Variable lease expense 4 11 Operating cash flows for operating leases 7 20 Right-of-use assets obtained in exchange for lease obligations (1) 65 278 (1) For the nine months ended September 30, 2019, balance represents right-of-use assets recognized upon adoption of ASC 842, Leases, on January 1, 2019, and right-of-use assets assumed in connection with the Merger. For the three months ended September 30, 2019, balance represents right-of-use assets assumed in connection with the Merger.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 9: Income Taxes We are treated as a REIT for U.S. federal income tax purposes, and we have been organized and operated, and expect to continue to be organized and operate in a manner to qualify as a REIT. To qualify as a REIT, we must satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. To the extent we continue to remain qualified as a REIT, we generally will not be subject to U.S. federal 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 nine months ended September 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 nine months ended September 30, 2019 is primarily related to taxable income from our TRSs.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 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 September 30, 2019, 5,496,016 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 September 30, 2019, 297,344 shares of common stock remain available for future issuance. For both the three months ended September 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 nine months ended September 30, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 585,106 $ 26.89 Granted 298,329 31.31 Vested (308,094 ) 27.00 Forfeited (12,615 ) 29.96 Unvested at September 30, 2019 562,726 $ 29.10 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 nine months ended September 30, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 537,936 $ 31.16 Granted 314,858 34.28 Vested (277,325 ) 31.25 Forfeited (672 ) 42.05 Unvested at September 30, 2019 574,797 $ 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) 19.5% - 21.5% Dividend yield (2) — Risk-free rate 1.8% - 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. The weighted average expected volatility was 20.5%. (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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in millions, except per share amounts) (in millions, except per share amounts) Numerator: Net income attributable to stockholders $ 5 $ 52 $ 183 $ 418 Earnings allocated to participating securities — — (1 ) (1 ) Net income attributable to stockholders, net of earnings allocated to participating securities $ 5 $ 52 $ 182 $ 417 Denominator: Weighted average shares outstanding – basic 206 200 203 204 Unvested restricted shares 1 1 1 1 Weighted average shares outstanding – diluted 207 201 204 205 Basic EPS (1) $ 0.02 $ 0.26 $ 0.90 $ 2.04 Diluted EPS (1) $ 0.02 $ 0.26 $ 0.90 $ 2.04 (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 nine months ended September 30, 2019 and 2018 because their effect would have been anti-dilutive.

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Business Segment Information	Note 12: Business Segment Information As of September 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in millions) Revenues: Total consolidated hotel revenue $ 650 $ 633 $ 1,975 $ 1,998 Other revenues 22 19 59 53 Total revenues $ 672 $ 652 $ 2,034 $ 2,051 Hotel Adjusted EBITDA $ 183 $ 171 $ 573 $ 573 Other revenues 22 19 59 53 Casualty (loss) gain and impairment loss, net (8 ) 1 (8 ) 1 Depreciation and amortization expense (61 ) (69 ) (184 ) (208 ) Corporate general and administrative expense (14 ) (16 ) (47 ) (47 ) Acquisition costs (59 ) — (65 ) — Other operating expenses (23 ) (19 ) (61 ) (54 ) Gain on sales of assets, net 1 2 20 98 Interest income 2 2 5 4 Interest expense (33 ) (32 ) (98 ) (94 ) Equity in earnings from investments in affiliates 3 4 18 16 Loss on foreign currency transactions (2 ) (1 ) (2 ) (4 ) Income tax expense — — (12 ) (13 ) Other gain (loss), net 1 (2 ) 1 106 Other items (3 ) (5 ) (9 ) (9 ) Net income $ 9 $ 55 $ 190 $ 422 The following table presents total assets for our consolidated hotels, reconciled to consolidated amounts: September 30, 2019 December 31, 2018 (in millions) Consolidated hotels $ 11,551 $ 9,305 All other 69 58 Total $ 11,620 $ 9,363

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 recognized a total loss of $22 million representing losses up to the amount of our deductibles and additional amounts not expected to be recovered from insurance . The amount of expected insurance proceeds could change as more information becomes available about the nature and extent of damage. As of September 30, 2019, we had outstanding commitments under third-party contracts of approximately $68 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 September 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) (the “Kent Action”) and Terlinden v. Chesapeake Lodging Trust, et al

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 14: Subsequent Events In November 2019, we executed agreements to sell the Ace Hotel and Theater Downtown Los Angeles for a sales price of $117 million and the Hilton São Paulo Morumbi for a sales price of approximately $125 million. Both of these hotel sales will be payable in cash at closing and are subject to customary closing adjustments. In October 2019, we executed an agreement to terminate the ground lease on the Hilton Sheffield Hotel. The termination is expected to occur prior to January 31, 2020.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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.
Reclassifications	Reclassifications Certain line items on the condensed consolidated statements of comprehensive income for the nine months ended September 30, 2018 have been reclassified to conform to the current period presentation.
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) 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) In June 2016, the FASB issued ASU No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments-Credit Losses

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Summary of Hotel Portfolio Properties Acquired	As a result of the Merger, we acquired a 100% ownership interest in the following 18 hotels: Hotel Location Rooms Hilton Denver City Center Denver, CO 613 W Chicago – Lakeshore Chicago, IL 520 Hyatt Regency Boston Boston, MA 502 Hyatt Regency Mission Bay Spa and Marina San Diego, CA 438 Boston Marriott Newton Newton, MA 430 Le Meridien New Orleans New Orleans, LA 410 W Chicago – City Center Chicago, IL 403 Royal Palm South Beach Miami, a Tribute Portfolio Resort Miami Beach, FL 393 Le Meridien San Francisco San Francisco, CA 360 JW Marriott San Francisco Union Square San Francisco, CA 344 Hyatt Centric Fisherman’s Wharf San Francisco, CA 316 Hotel Indigo San Diego Gaslamp Quarter San Diego, CA 210 Courtyard Washington Capitol Hill/Navy Yard Washington, DC 204 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, WA 195 Hilton Checkers Los Angeles Los Angeles, CA 193 Ace Hotel Downtown Los Angeles Los Angeles, CA 182 Hotel Adagio, Autograph Collection San Francisco, CA 171 W New Orleans – French Quarter New Orleans, LA 97 5,981
Schedule of Preliminary Allocation of Assets Acquired and Liabilities Assumed	We preliminarily allocated the purchase price consisting of common stock issued of $978 million and cash of $1,013 million as follows: (in millions) Investment in hotel properties, net $ 2,220 Intangibles, net 45 Cash and cash equivalents 62 Restricted cash 38 Accounts receivable, net 26 Prepaid expenses 9 Other assets 2 Operating lease right-of-use asset 65 Debt (311 ) Accounts payable and accrued expenses (46 ) Due to hotel managers (15 ) Other liabilities (16 ) Operating lease liability (88 ) Total consideration $ 1,991
Schedule of Unaudited Condensed Pro-forma Financial Information	The unaudited condensed pro-forma financial information is as follows: For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 (unaudited) (in millions) (in millions) Total revenues $ 797 $ 800 $ 2,440 $ 2,477 Operating income 63 112 350 483 Net income 23 70 227 460
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)	9 Months Ended
	Sep. 30, 2019
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment were: September 30, 2019 December 31, 2018 (in millions) Land $ 3,594 $ 3,344 Buildings and leasehold improvements 7,300 5,616 Furniture and equipment 1,133 949 Construction-in-progress 106 124 12,133 10,033 Accumulated depreciation and amortization (2,147 ) (2,058 ) $ 9,986 $ 7,975

Consolidated Variable Interes_2

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables)	9 Months Ended
	Sep. 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: September 30, 2019 December 31, 2018 (in millions) Property and equipment, net $ 221 $ 223 Cash and cash equivalents 19 12 Restricted cash 2 1 Accounts receivable, net 5 4 Prepaid expenses 1 2 Debt 207 207 Accounts payable and accrued expenses 9 7 Due to hotel manager — 2 Other liabilities 2 1
Schedule of Investment in Affiliates	Investments in affiliates were: Ownership % September 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 for a gross sales price of approximately $127 million, which is payable in cash at closing and is subject to customary pro rations and adjustments. Our pro rata share of the gross sales price is approximately $61 million and our pro rata share of debt associated with the Conrad Dublin was $9 million as of September 30, 2019. The sale is subject to customary closing conditions and required regulatory approvals and is currently anticipated to close in the fourth quarter of 2019. The basis in our interest in the Conrad Dublin was $7 million as of September 30, 2019 and December 31, 2018.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances and associated interest rates as of September 30, 2019 were: Principal balance as of Interest Rate at September 30, 2019 Maturity Date September 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 (1) Average rate of 4.28% 2020 to 2026 (3) 517 207 2016 Term Loan (2) L + 1.45% December 2021 750 750 2019 Term Facility L + 1.40% September 2024 850 — Revolving credit facility (4) L + 1.50% December 2021 (3) — — Financing lease obligations 3.07% 2021 to 2022 1 1 4,118 2,958 Add: unamortized premium 3 — Less: unamortized deferred financing costs and discount (21 ) (10 ) $ 4,100 $ 2,948 (1) (2) (3) (4)
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 September 30, 2019 were: Year (in millions) 2019 $ 2 2020 20 2021 759 2022 97 2023 827 Thereafter (1) 2,413 $ 4,118 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements and D_2

Fair Value Measurements and Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values	The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: September 30, 2019 December 31, 2018 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 743 $ 725 $ 706 HHV CMBS Loan 3 1,275 1,330 1,275 1,214 2016 Term Loan 3 750 750 750 732 2019 Term Facility 3 850 850 — — Mortgage loans 3 517 522 207 201

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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 September 30, 2019, were: Operating Leases Year (in millions) 2019 $ 8 2020 32 2021 32 2022 32 2023 26 Thereafter 414 Total minimum rent payments $ 544 Less: imputed interest 260 Total operating lease liabilities $ 284
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 September 30, Nine Months Ended September 30, 2019 2019 (in millions) Operating lease expense $ 7 $ 21 Variable lease expense 4 11 Operating cash flows for operating leases 7 20 Right-of-use assets obtained in exchange for lease obligations (1) 65 278 (1) For the nine months ended September 30, 2019, balance represents right-of-use assets recognized upon adoption of ASC 842, Leases, on January 1, 2019, and right-of-use assets assumed in connection with the Merger. For the three months ended September 30, 2019, balance represents right-of-use assets assumed in connection with the Merger.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 585,106 $ 26.89 Granted 298,329 31.31 Vested (308,094 ) 27.00 Forfeited (12,615 ) 29.96 Unvested at September 30, 2019 562,726 $ 29.10
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the nine months ended September 30, 2019: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2019 537,936 $ 31.16 Granted 314,858 34.28 Vested (277,325 ) 31.25 Forfeited (672 ) 42.05 Unvested at September 30, 2019 574,797 $ 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) 19.5% - 21.5% Dividend yield (2) — Risk-free rate 1.8% - 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. The weighted average expected volatility was 20.5%. (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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in millions, except per share amounts) (in millions, except per share amounts) Numerator: Net income attributable to stockholders $ 5 $ 52 $ 183 $ 418 Earnings allocated to participating securities — — (1 ) (1 ) Net income attributable to stockholders, net of earnings allocated to participating securities $ 5 $ 52 $ 182 $ 417 Denominator: Weighted average shares outstanding – basic 206 200 203 204 Unvested restricted shares 1 1 1 1 Weighted average shares outstanding – diluted 207 201 204 205 Basic EPS (1) $ 0.02 $ 0.26 $ 0.90 $ 2.04 Diluted EPS (1) $ 0.02 $ 0.26 $ 0.90 $ 2.04 (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)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in millions) Revenues: Total consolidated hotel revenue $ 650 $ 633 $ 1,975 $ 1,998 Other revenues 22 19 59 53 Total revenues $ 672 $ 652 $ 2,034 $ 2,051 Hotel Adjusted EBITDA $ 183 $ 171 $ 573 $ 573 Other revenues 22 19 59 53 Casualty (loss) gain and impairment loss, net (8 ) 1 (8 ) 1 Depreciation and amortization expense (61 ) (69 ) (184 ) (208 ) Corporate general and administrative expense (14 ) (16 ) (47 ) (47 ) Acquisition costs (59 ) — (65 ) — Other operating expenses (23 ) (19 ) (61 ) (54 ) Gain on sales of assets, net 1 2 20 98 Interest income 2 2 5 4 Interest expense (33 ) (32 ) (98 ) (94 ) Equity in earnings from investments in affiliates 3 4 18 16 Loss on foreign currency transactions (2 ) (1 ) (2 ) (4 ) Income tax expense — — (12 ) (13 ) Other gain (loss), net 1 (2 ) 1 106 Other items (3 ) (5 ) (9 ) (9 ) Net income $ 9 $ 55 $ 190 $ 422
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: September 30, 2019 December 31, 2018 (in millions) Consolidated hotels $ 11,551 $ 9,305 All other 69 58 Total $ 11,620 $ 9,363

Organization - Additional Infor

Organization - Additional Information (Details) - $ / shares	Sep. 30, 2019	May 05, 2019	Jan. 03, 2017
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	$ 25.88	$ 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

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Jan. 01, 2019	Sep. 30, 2019
Summary of Significant Accounting Policies [Line Items]
Operating lease right-of-use asset		$ 267
Operating lease liability		$ 284
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

Acquisitions and Dispositions -

Acquisitions and Dispositions - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended		21 Months Ended
	May 31, 2018USD ($)	Sep. 30, 2019USD ($)Hotel$ / shares	Sep. 30, 2018USD ($)Hotel	Sep. 30, 2019USD ($)Hotel$ / sharesshares	Sep. 30, 2018USD ($)Hotel	Sep. 30, 2019USD ($)Hotel$ / shares	May 05, 2019$ / shares
Business Acquisition [Line Items]
Acquisition costs		$ 59		$ 65
Operating income		38	$ 84	278	$ 407
Net income		$ 5	$ 52	$ 183	$ 418
Number of hotel portfolio properties sold | Hotel		5	12	5	12	5
Gross proceeds on sale of hotel portfolio properties				$ 236	$ 379
Net gain on selling cost of hotel portfolio properties				$ 20	98
Reclassification of currency translation adjustment from accumulated other comprehensive loss to earnings on disposition of hotel portfolio properties					$ 31
Hilton Berlin [Member]
Business Acquisition [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	151
Net gain on sale of hotel portfolio properties	$ 107
Chesapeake Lodging Trust [Member]
Business Acquisition [Line Items]
Percentage of ownership interest in properties				100.00%
Total consideration				$ 2,000
Business acquisition, consideration transferred number of shares issued | shares				37.8
Business acquisition,par value per common share | $ / shares		$ 25.88		$ 25.88		$ 25.88	$ 0.01
Cash issued for acquisition				$ 1,013
Acquisition costs		$ 59		65
Revenue recognized						$ 23
Operating income						5
Net income						$ 4
Chesapeake Lodging Trust [Member] | Common Stock [member]
Business Acquisition [Line Items]
Shares issued for acquisition				$ 978

Acquisitions and Dispositions_2

Acquisitions and Dispositions - Summary of Hotel Portfolio Properties Acquired (Detail) - Chesapeake Lodging Trust [Member]	9 Months Ended
	Sep. 30, 2019Room
Business Acquisition [Line Items]
Rooms	5,981
Hilton Denver City Center [Member]
Business Acquisition [Line Items]
Location	Denver, CO
Rooms	613
W Chicago Lakeshore [Member]
Business Acquisition [Line Items]
Location	Chicago, IL
Rooms	520
Hyatt Regency Boston [Member]
Business Acquisition [Line Items]
Location	Boston, MA
Rooms	502
Hyatt Regency Mission Bay Spa and Marina [Member]
Business Acquisition [Line Items]
Location	San Diego, CA
Rooms	438
Boston Marriott Newton [Member]
Business Acquisition [Line Items]
Location	Newton, MA
Rooms	430
Le Meridien New Orleans [Member]
Business Acquisition [Line Items]
Location	New Orleans, LA
Rooms	410
W Chicago – City Center [Member]
Business Acquisition [Line Items]
Location	Chicago, IL
Rooms	403
Royal Palm South Beach Miami, A Tribute Portfolio Resort [Member]
Business Acquisition [Line Items]
Location	Miami Beach, FL
Rooms	393
Le Meridien San Francisco [Member]
Business Acquisition [Line Items]
Location	San Francisco, CA
Rooms	360
JW Marriott San Francisco Union Square [Member]
Business Acquisition [Line Items]
Location	San Francisco, CA
Rooms	344
Hyatt Centric Fishermans Wharf
Business Acquisition [Line Items]
Location	San Francisco, CA
Rooms	316
Hotel Indigo San Diego Gaslamp Quarter [Member]
Business Acquisition [Line Items]
Location	San Diego, CA
Rooms	210
Courtyard Washington Capitol Hill/Navy Yard [Member]
Business Acquisition [Line Items]
Location	Washington, DC
Rooms	204
Homewood Suites by Hilton Seattle Convention Center Pike Street [Member]
Business Acquisition [Line Items]
Location	Seattle, WA
Rooms	195
Hilton Checkers Los Angeles [Member]
Business Acquisition [Line Items]
Location	Los Angeles, CA
Rooms	193
Ace Hotel Downtown Los Angeles [Member]
Business Acquisition [Line Items]
Location	Los Angeles, CA
Rooms	182
Hotel Adagio Autograph Collection [Member]
Business Acquisition [Line Items]
Location	San Francisco, CA
Rooms	171
W New Orleans French Quarter [Member]
Business Acquisition [Line Items]
Location	New Orleans, LA
Rooms	97

Acquisitions and Dispositions_3

Acquisitions and Dispositions - Schedule of Preliminary Allocation of Assets Acquired and Liabilities Assumed (Detail) - Chesapeake Lodging Trust [Member] $ in Millions	Sep. 30, 2019USD ($)
Business Acquisition [Line Items]
Investment in hotel properties, net	$ 2,220
Intangibles, net	45
Cash and cash equivalents	62
Restricted cash	38
Accounts receivable, net	26
Prepaid expenses	9
Other assets	2
Operating lease right-of-use asset	65
Debt	(311)
Accounts payable and accrued expenses	(46)
Due to hotel managers	(15)
Other liabilities	(16)
Operating lease liability	(88)
Total consideration	$ 1,991

Acquisitions and Dispositions_4

Acquisitions and Dispositions - Schedule of Unaudited Condensed Pro-forma Financial Information (Detail) - Chesapeake Lodging Trust [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Total revenues	$ 797	$ 800	$ 2,440	$ 2,477
Operating income	63	112	350	483
Net income	$ 23	$ 70	$ 227	$ 460

Acquisitions and Dispositions_5

Acquisitions and Dispositions - Summary of Hotel Portfolio Properties Sold (Detail)	9 Months Ended
	Sep. 30, 2019
Pointe Hilton Squaw Peak Resort [Member]
Business Acquisition [Line Items]
Location	Phoenix, Arizona
Month Sold	2019-02
Hilton Nuremberg [Member]
Business Acquisition [Line Items]
Location	Nuremberg, Germany
Month Sold	2019-03
Hilton Atlanta Airport [Member]
Business Acquisition [Line Items]
Location	Atlanta, Georgia
Month Sold	2019-06
Hilton New Orleans Airport [Member]
Business Acquisition [Line Items]
Location	New Orleans, Louisiana	[1]
Month Sold	2019-06	[1]
Embassy Suites Parsippany [Member]
Business Acquisition [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	Sep. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Land	$ 3,594	$ 3,344
Buildings and leasehold improvements	7,300	5,616
Furniture and equipment	1,133	949
Construction-in-progress	106	124
Property and equipment, gross	12,133	10,033
Accumulated depreciation and amortization	(2,147)	(2,058)
Property and equipment, net	$ 9,986	$ 7,975

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation	$ 60	$ 66	$ 182	$ 205
Casualty (gain) loss and impairment loss, net	8	$ (1)	8	(1)
Hurricanes Irma and Maria [Member]
Property, Plant and Equipment [Line Items]
Insurance receivable for property damage			12
Reimbursements expense			3	6
Insurance recovery amount recognized on hurricanes damage			23
Casualty (gain) loss and impairment loss, net			7
Expenses on property and equipment from hurricane damage				32
Loss on property and equipment from hurricane damage				22
Additional insurance receivable recognized for property and equipment damaged from hurricanes				54
Insurance proceeds received on hurricanes damage				108
Hurricanes Irma and Maria [Member] | Other Assets [Member]
Property, Plant and Equipment [Line Items]
Insurance settlements receivable on hurricanes damage	$ 5		5		$ 25
Hurricanes Irma and Maria [Member] | Ancillary Hotel [Member]
Property, Plant and Equipment [Line Items]
Business interruption insurance recovery			$ 8	$ 15

Consolidated Variable Interes_3

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions	Sep. 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 | $	$ 961	$ 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	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Property and equipment, net	$ 9,986	$ 7,975
Cash and cash equivalents	321	410
Restricted cash	43	15
Accounts receivable, net	193	153
Prepaid expenses	76	82
Debt	4,100	2,948
Accounts payable and accrued expenses	237	183
Due to hotel manager	128	137
Other liabilities	241	332
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	221	223
Cash and cash equivalents	19	12
Restricted cash	2	1
Accounts receivable, net	5	4
Prepaid expenses	1	2
Debt	207	207
Accounts payable and accrued expenses	9	7
Due to hotel manager		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		Sep. 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 for a gross sales price of approximately $127 million, which is payable in cash at closing and is subject to customary pro rations and adjustments. Our pro rata share of the gross sales price is approximately $61 million and our pro rata share of debt associated with the Conrad Dublin was $9 million as of September 30, 2019. The sale is subject to customary closing conditions and required regulatory approvals and is currently anticipated to close in the fourth quarter of 2019. The basis in our interest in the Conrad Dublin was $7 million as of September 30, 2019 and December 31, 2018.

Consolidated Variable Interes_6

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Investments in Affiliates (Parenthetical) (Detail) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2019	Sep. 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]
Gross sales price	$ 127
Pro-rata share, gross sales price	$ 61
Pro-rata share, debt		9
Investments in affiliates		$ 7	$ 7

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt and financing lease obligations, gross		$ 4,118	$ 2,958
Add: unamortized premium		3
Less: unamortized deferred financing costs and discount		(21)	(10)
Debt		4,100	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	[1]	$ 517	207
Debt instrument, weighted average interest rate	[1]	4.28%
Maturity Date, start year	[1],[2]	2020
Maturity Date, end year	[1],[2]	2026
2016 Term Loan [Member]
Debt Instrument [Line Items]
Debt, gross	[3]	$ 750	750
Debt instrument, interest rate	[3]	1.45%
Maturity Date	[3]	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		2021
Maturity Date, end year		2022
2019 Term Facility [Member]
Debt Instrument [Line Items]
Debt, gross		$ 850
Debt instrument, interest rate		1.40%
Maturity Date		2024-09
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	[4]	1.50%
Maturity Date	[2],[4]	2021-12
[1]	Includes $310 million of mortgage loans assumed in connection with the Merger, all of which require payments of principal and interest on a      monthly basis.
[2]	Assumes the exercise of all extensions that are exercisable solely at our option.
[3]	The 2016 Term Loan was entered into in December 2016, with a maturity date of December 2021.
[4]	$1 billion available.

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
2016 Term Loan [Member]
Debt Instrument [Line Items]
Maturity date	Dec. 31, 2021
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Amount available for borrowing	$ 1,000
Mortgage Loans [Member] | Chesapeake Lodging Trust [Member]
Debt Instrument [Line Items]
Mortgage loans assumed	$ 310

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	Sep. 18, 2019	Aug. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Derivative fixed interest rate			1.86%
Derivative maturity date			Apr. 21, 2022
Derivative notional amount			$ 225
Restricted cash			43	$ 15
CMBS and mortgage loans [Member]
Debt Instrument [Line Items]
Restricted cash			18	$ 15
2019 Term Facility [Member]
Debt Instrument [Line Items]
Term loan facility, maximum borrowing capacity	$ 850	$ 950
Terminated term loan facility	$ 100
Maturity date		Aug. 31, 2024
Annual fee equal undrawn portion		0.25%
Upfront financing fees			9
Upfront financing fees expensed in connection with terminated commitments			$ 1
2019 Term Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Term loan facility, additional borrowing capacity		$ 400

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) $ in Millions	Sep. 30, 2019USD ($)
Debt Disclosure [Abstract]
2019	$ 2
2020	20
2021	759
2022	97
2023	827
Thereafter(1)	2,413	[1]
Debt and capital lease obligations, gross	$ 4,118
[1]	Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements and D_3

Fair Value Measurements and Derivative Instruments - Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values (Detail) - USD ($) $ in Millions	Sep. 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] | 2016 Term Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	750	750
Carrying amount [Member] | 2019 Term Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	850
Carrying amount [Member] | Mortgage Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	517	207
Fair Value [Member] | SF CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	743	706
Fair Value [Member] | HHV CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,330	1,214
Fair Value [Member] | 2016 Term Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	750	732
Fair Value [Member] | 2019 Term Facility [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	850
Fair Value [Member] | Mortgage Loans [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 522	$ 201

Fair Value Measurements and D_4

Fair Value Measurements and Derivative Instruments - Additional Information (Detail) $ in Millions	Sep. 30, 2019USD ($)
Interest Rate Swap [Member] | Other Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of our interest rate swap liability	$ 2

Leases - Additional Information

Leases - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019Property
Leases [Abstract]
Number of properties with ground leases acquired as part of the merger	3
Number of consolidated properties under ground leases	16
Leases ending expiration date	2083
Date majority of leases expire	2034
Weighted average remaining operating lease term	25 years 8 months 12 days
Weighted average discount rate used to determine operating lease liabilities	5.40%

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Non-Cancelable Operating Lease Liabilities (Detail) $ in Millions	Sep. 30, 2019USD ($)
Leases [Abstract]
2019	$ 8
2020	32
2021	32
2022	32
2023	26
Thereafter	414
Total minimum rent payments	544
Less: imputed interest	260
Total operating lease liabilities	$ 284

Leases - Schedule of Rent Expen

Leases - Schedule of Rent Expense and Supplemental Cash Flow And Non Cash Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease expense	$ 7	$ 21
Variable lease expense	4	11
Operating cash flows for operating leases	7	20
Right-of-use assets obtained in exchange for lease obligations(1)	$ 65	$ 278

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Taxes [Line Items]
Income tax expense			$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 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	5,496,016		5,496,016
Compensation expense	$ 4,000,000	$ 4,000,000	$ 12,000,000	$ 12,000,000
Unrecognized compensation costs related to unvested awards	$ 20,000,000		$ 20,000,000
Unrecognized compensation costs related to unvested awards, weighted-average period			1 year 4 months 24 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	297,344		297,344
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]	9 Months Ended
	Sep. 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	298,329
Number of Shares, Vested | shares	(308,094)
Number of Shares, Forfeited | shares	(12,615)
Number of Shares, Ending balance | shares	562,726
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 26.89
Weighted Average Grant Date Fair Value, Granted | $ / shares	31.31
Weighted Average Grant Date Fair Value, Vested | $ / shares	27
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	29.96
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 29.10

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") [Member]	9 Months Ended
	Sep. 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	314,858
Number of Shares, Vested | shares	(277,325)
Number of Shares, Forfeited | shares	(672)
Number of Shares, Ending balance | shares	574,797
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 31.16
Weighted Average Grant Date Fair Value, Granted | $ / shares	34.28
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)	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected volatility, minimum	19.50%	[1]
Expected volatility, maximum	21.50%	[1]
Risk-free rate, minimum	1.80%
Risk-free rate, maximum	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. The weighted average expected volatility was 20.5%.

Share-Based Compensation - Sc_4

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Weighted average expected volatility	20.50%

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income attributable to stockholders		$ 5	$ 52	$ 183	$ 418
Earnings allocated to participating securities				(1)	(1)
Net income attributable to stockholders, net of earnings allocated to participating securities		$ 5	$ 52	$ 182	$ 417
Denominator:
Weighted average shares outstanding – basic		206	200	203	204
Unvested restricted shares		1	1	1	1
Weighted average shares outstanding – diluted		207	201	204	205
Basic EPS	[1]	$ 0.02	$ 0.26	$ 0.90	$ 2.04
Diluted EPS	[1]	$ 0.02	$ 0.26	$ 0.90	$ 2.04
[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)	9 Months Ended
	Sep. 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						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 672			$ 652			$ 2,034	$ 2,051
Hotel Adjusted EBITDA	183			171			573	573
Casualty (loss) gain and impairment loss, net	(8)			1			(8)	1
Depreciation and amortization expense	(61)			(69)			(184)	(208)
Corporate general and administrative expense	(14)			(16)			(47)	(47)
Acquisition costs	(59)						(65)
Other operating expenses	(23)			(19)			(61)	(54)
Gain on sales of assets, net	1			2			20	98
Interest income	2			2			5	4
Interest expense	(33)			(32)			(98)	(94)
Equity in earnings from investments in affiliates	3			4			18	16
Loss on foreign currency transactions	(2)			(1)			(2)	(4)
Income tax expense							(12)	(13)
Other gain (loss), net	1			(2)			1	106
Other items	(3)			(5)			(9)	(9)
Net income	9	$ 84	$ 97	55	$ 218	$ 149	190	422
Total consolidated hotel revenue [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	650			633			1,975	1,998
Other [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 22			$ 19			$ 59	$ 53

Business Segment Information _3

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled To Condensed Combined Consolidated Amounts (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 11,620	$ 9,363
Consolidated Hotels [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	11,551	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	Sep. 30, 2019USD ($)Hotel	Sep. 30, 2017Hotel
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed | $		$ 68
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 and additional amounts not expected to be recovered from insurance | $		$ 22
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 (Details) - Subsequent Event [Member] $ in Millions	Nov. 01, 2019USD ($)
Ace Hotel Downtown Los Angeles [Member]
Subsequent Event [Line Items]
Gross sales price	$ 117
Hilton Sao Paulo Morumbi [Member]
Subsequent Event [Line Items]
Gross sales price	$ 125