Park Hotels & Resorts (PK) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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		236,490,512
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 Boulevard
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	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Property and equipment, net	$ 9,125	$ 9,193
Investments in affiliates	14	14
Intangibles, net	44	45
Cash and cash equivalents	868	951
Restricted cash	32	30
Accounts receivable, net of allowance for doubtful accounts of $2 and $3	38	26
Prepaid expenses	35	39
Other assets	53	60
Operating lease right-of-use assets	225	229
TOTAL ASSETS (variable interest entities - $228 and $229)	10,434	10,587
Liabilities
Debt	5,121	5,121
Accounts payable and accrued expenses	196	147
Due to hotel managers	80	88
Deferred income tax liabilities	10	10
Other liabilities	134	134
Operating lease liabilities	240	244
Total liabilities (variable interest entities - $215 and $213)	5,781	5,744
Commitments and contingencies - refer to Note 13
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 236,832,708 shares issued and 236,435,153 shares outstanding as of March 31, 2021 and 236,217,344 shares issued and 235,915,749 shares outstanding as of December 31, 2020	2	2
Additional paid-in capital	4,520	4,519
Retained earnings	185	376
Accumulated other comprehensive loss	(3)	(4)
Total stockholders' equity	4,704	4,893
Noncontrolling interests	(51)	(50)
Total equity	4,653	4,843
TOTAL LIABILITIES AND EQUITY	$ 10,434	$ 10,587

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts receivable	$ 2	$ 3
Total assets	10,434	10,587
Total liabilities	$ 5,781	$ 5,744
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	236,832,708	236,217,344
Common stock, outstanding shares	236,435,153	235,915,749
Consolidated VIEs [Member]
Total assets	$ 228	$ 229
Total liabilities	$ 215	$ 213

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Revenues
Total revenues		$ 165	$ 599
Operating expenses
Other property-level		48	60
Management fees		7	25
Impairment loss and casualty gain, net			694
Depreciation and amortization		74	75
Corporate general and administrative		18	16
Other		7	21
Total expenses		288	1,298
Gain on sales of assets, net			62
Operating loss		(123)	(637)
Interest income			1
Interest expense		(63)	(40)
Equity in losses from investments in affiliates		(4)	(1)
Other loss, net			(2)
Loss before income taxes		(190)	(679)
Income tax expense		(1)	(10)
Net loss		(191)	(689)
Net loss attributable to noncontrolling interests		1	1
Net loss attributable to stockholders		(190)	(688)
Other comprehensive loss, net of tax expense:
Currency translation adjustment, net of tax expense of $0			4
Change in fair value of interest rate swap, net of tax expense of $0		1	(6)
Total other comprehensive income (loss)		1	(2)
Comprehensive loss		(190)	(691)
Comprehensive loss attributable to noncontrolling interests		1	1
Comprehensive loss attributable to stockholders		$ (189)	$ (690)
Loss per share:
Loss per share - Basic	[1]	$ (0.81)	$ (2.89)
Loss per share - Diluted	[1]	$ (0.81)	$ (2.89)
Weighted average shares outstanding - Basic		235	238
Weighted average shares outstanding - Diluted		236	238
Rooms [Member]
Revenues
Total revenues		$ 106	$ 362
Operating expenses
Expenses		35	112
Food and Beverage [Member]
Revenues
Total revenues		22	161
Operating expenses
Expenses		21	123
Ancillary Hotel [Member]
Revenues
Total revenues		29	57
Other [Member]
Revenues
Total revenues		8	19
Other Departmental and Support [Member]
Operating expenses
Expenses		$ 78	$ 172
[1]	Per share amounts are calculated based on unrounded numbers.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Foreign currency translation adjustment, tax	$ 0	$ 0
Change in fair value of interest rate swap, tax	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities:
Net loss	$ (191)	$ (689)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	74	75
Gain on sales of assets, net		(62)
Impairment loss and casualty gain, net		694
Equity in losses from investments in affiliates	4	1
Other loss, net		2
Share-based compensation expense	6	2
Amortization of deferred financing costs	2	1
Distributions from unconsolidated affiliates		4
Changes in operating assets and liabilities	34	(41)
Net cash used in operating activities	(71)	(13)
Investing Activities:
Capital expenditures for property and equipment	(5)	(26)
Proceeds from asset dispositions, net		205
Contributions to unconsolidated affiliates	(2)
Insurance proceeds for property damage claims	4	1
Net cash (used in) provided by investing activities	(3)	180
Financing Activities:
Borrowings from credit facilities		1,000
Repayments of mortgage debt	(1)	(2)
Dividends paid		(136)
Distributions to noncontrolling interests		(1)
Tax withholdings on share-based compensation	(6)	(6)
Repurchase of common stock		(66)
Net cash (used in) provided by financing activities	(7)	789
Net (decrease) increase in cash and cash equivalents and restricted cash	(81)	956
Cash and cash equivalents and restricted cash, beginning of period	981	386
Cash and cash equivalents and restricted cash, end of period	$ 900	1,342
Non-cash financing activities:
Dividends declared but unpaid		$ 106

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions		Total	Common Stock [member]	Additional Paid-in Capital [member]	Retained Earnings [member]	Accumulated Other Comprehensive Loss [member]	Non-Controlling Interests [member]
Balance at Dec. 31, 2019		$ 6,451	$ 2	$ 4,575	$ 1,922	$ (3)	$ (45)
Balance (shares) at Dec. 31, 2019			239,000,000
Share-based compensation, net		(4)		(5)	1
Net loss		(689)			(688)		(1)
Other comprehensive income (loss)		(2)				(2)
Dividends and dividend equivalents	[1]	(106)			(106)
Distributions to noncontrolling interests		(1)					(1)
Repurchase of common stock		(66)		(66)
Repurchases of common stock (Shares)			(4,000,000)
Balance at Mar. 31, 2020		5,583	$ 2	4,504	1,129	(5)	(47)
Balance (shares) at Mar. 31, 2020			235,000,000
Balance at Dec. 31, 2020		$ 4,843	$ 2	4,519	376	(4)	(50)
Balance (shares) at Dec. 31, 2020		235,915,749	236,000,000
Share-based compensation, net				1	(1)
Net loss		$ (191)			(190)		(1)
Other comprehensive income (loss)		1				1
Balance at Mar. 31, 2021		$ 4,653	$ 2	$ 4,520	$ 185	$ (3)	$ (51)
Balance (shares) at Mar. 31, 2021		236,435,153	236,000,000
[1]	Dividends declared per common share were $0.45 for the three months ended March 31, 2020.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2020$ / shares
Statement Of Stockholders Equity [Abstract]
Dividends declared per common share	$ 0.45

Organization and Recent Events

Organization and Recent Events	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Organization and Recent Events	Note 1: Organization and Recent Events 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”) completed the spin-off of a portfolio of hotels and resorts that established Park Hotels & Resorts Inc. as an independent, publicly traded company. On May 5, 2019, the Company, PK Domestic Property LLC, an indirect subsidiary of the Company (“PK Domestic”), and PK Domestic Sub LLC, a wholly-owned subsidiary of PK 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 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 a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. We have been organized and operated, and we 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. Recent Events The novel strain of coronavirus and the disease it causes (“COVID-19”) have had and continue to have a significant effect on the hospitality industry and our business. The effects of COVID-19, including government restrictions such as mandated closings of non-essential businesses and travel restrictions, have severely reduced overall lodging demand. Since the beginning of March 2020, we have experienced a significant decline in occupancy and Revenue per Available Room (“RevPAR”) associated with COVID-19 throughout our portfolio, which resulted in a decline in our operating cash flow. However, the distribution of COVID-19 vaccines that began in December 2020 and the reports of their effectiveness have resulted in an improvement in traveler and general consumer sentiment. We and our hotel managers have taken various actions to mitigate the effects of COVID-19, including temporarily suspending operations at certain of our hotels in March 2020, limiting capacity at our open hotels, deferring approximately $150 million of capital expenditures planned for 2020, reducing budgeted capital expenditures for maintenance projects to approximately $40 million for 2021, suspending our dividend after the first quarter of 2020, and, as a precautionary measure to increase liquidity and preserve financial flexibility, drawing on our revolving credit facility (“Revolver”) and completing two corporate bond offerings totaling $1.4 billion in 2020. We have since commenced a phased reopening of all except seven of our hotels as restrictions are removed and demand returns. The timing of fully reopening these hotels and beginning to reopen our hotels that remain suspended will depend primarily on government restrictions imposed or re-imposed, recommendations of health officials and market demand. We are committed to using our liquidity to support our hotels’ operations during the COVID-19 pandemic and subsequent recovery, while being focused on continuing to maintain and enhance our stockholders’ value.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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, 2020 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021 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 loss and the condensed consolidated statements of cash flows for the three months ended March 31, 2020 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, 2020, filed with the SEC on February 26, 2021, contains a discussion of the significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2020.

Dispositions

Dispositions	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Dispositions	Note 3: Dispositions During the three months ended March 31, 2020, we sold the Embassy Suites Washington DC Georgetown and our interests in the entity that owns the Hilton São Paulo Morumbi for total gross proceeds of $208 million and recognized a gain, net of selling costs, of $63 million on these hotels, which is included in gain on sales of assets, net in our condensed consolidated statements of comprehensive loss. Additionally, the net gain includes the reclassification of a currency translation adjustment of $7 million from accumulated other comprehensive loss into earnings concurrent with the sale of the Hilton São Paulo Morumbi

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property and Equipment	Note 4: Property and Equipment Property and equipment were: March 31, 2021 December 31, 2020 (in millions) Land $ 3,429 $ 3,429 Buildings and leasehold improvements 6,960 6,951 Furniture and equipment 1,046 1,042 Construction-in-progress 44 52 11,479 11,474 Accumulated depreciation and amortization (2,354 ) (2,281 ) $ 9,125 $ 9,193 Depreciation of property and equipment was $73 million and $74 million during the three months ended March 31, 2021 and 2020, respectively. For the three months ended March 31, 2020, we recognized $88 million of impairment losses, primarily related to one of our hotels, and our inability to recover the carrying value of the asset because of COVID-19.

Consolidated Variable Interest

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 December 31, 2020 (in millions) Property and equipment, net $ 214 $ 216 Cash and cash equivalents 9 8 Restricted cash 2 2 Accounts receivable, net 2 1 Prepaid expenses 1 1 Other assets — 1 Debt 207 207 Accounts payable and accrued expenses 6 5 Other liabilities 2 1 Unconsolidated Entities Investments in affiliates were: Ownership % March 31, 2021 December 31, 2020 (in millions) Hilton San Diego Bayfront 25% $ 11 $ 11 All others (6 hotels) 20% - 50% 3 3 $ 14 $ 14 The affiliates in which we own investments accounted for under the equity method had total debt of approximately $ 943

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	Note 6: Goodwill Due to the effects of COVID-19, we assessed goodwill for impairment during the first quarter of 2020 and determined that the carrying value of our consolidated and unconsolidated hotel reporting units exceeded their respective estimated fair value. As a result, we fully impaired our remaining goodwill balance, recognizing an impairment loss of $607 million in the first quarter of 2020.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Note 7: Debt Debt balances and associated interest rates as of March 31, 2021 were: Principal balance as of Interest Rate at March 31, 2021 Maturity Date March 31, 2021 December 31, 2020 (in millions) SF CMBS Loan (1) 4.11% November 2023 $ 725 $ 725 HHV CMBS Loan (1) 4.20% November 2026 1,275 1,275 Mortgage loans Average rate of 4.16% 2021 to 2026 (2)(3) 508 509 2019 Term Facility (4)(5) L + 2.65% August 2024 670 670 Revolver (5) L + 3.00% 2021 to 2023 (6) 601 601 2025 Senior Secured Notes (7) 7.50% June 2025 650 650 2028 Senior Secured Notes (7) 5.88% October 2028 725 725 Finance lease obligations 3.07% 2021 to 2022 1 1 5,155 5,156 Add: unamortized premium 3 3 Less: unamortized deferred financing costs and discount (37 ) (38 ) $ 5,121 $ 5,121 (1) (2) August 2022 ( 3 ) ( 4 ) (5) ( 6 ) December 2023 December 2021 ( 7 ) We are required to deposit with lenders certain cash reserves for restricted uses. As of March 31, 2021 and December 31, 2020, our condensed consolidated balance sheets included $12 million and $10 million of restricted cash, respectively, related to our CMBS and mortgage loans. Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of March 31, 2021 were: Year (in millions) 2021 (1) $ 115 2022 99 2023 1,332 2024 677 2025 657 Thereafter (2) 2,275 $ 5,155 (1) Includes $96 million of the current outstanding balance under the Revolver; however, we have sufficient capacity with extended undrawn commitments under the Revolver to effectively extend for two years. (2) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8: Fair Value Measurements We did not elect the fair value measurement option for our financial assets or liabilities. The fair values of our other financial instruments not included in the table below are estimated to be equal to their carrying amounts. The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: March 31, 2021 December 31, 2020 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 723 $ 725 $ 708 HHV CMBS Loan 3 1,275 1,238 1,275 1,195 2019 Term Facility 3 670 661 670 661 Revolver 3 601 596 601 596 2025 Senior Secured Notes 1 650 707 650 705 2028 Senior Secured Notes 1 725 774 725 774 Mortgage loans 3 508 491 509 480

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 9: Income Taxes We are a REIT for U.S. federal income tax purposes. We have been organized and operated, and we 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 months ended March 31, 2021 and 2020 related to our REIT activities, other than taxes related to our built-in gain property (representing property held by us with an excess of fair value over tax basis on January 4, 2017). We will be subject to U.S. federal income tax on taxable sales of built-in gain property through January 3, 2022. In addition, we are subject to non-U.S. income tax on foreign held REIT activities and certain sales of foreign investments. Further, our taxable REIT subsidiaries (“TRSs”) are generally subject to U.S. federal, state and local, and foreign income taxes (as applicable). The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 and included several tax provisions that may impact us and our subsidiaries, including: • the ability for our TRSs to carry back net operating losses (“NOLs”) arising in 2020 to all post spin-off taxable years preceding the taxable year of the loss; • an increase of the business interest limitation under Internal Revenue Code (“Code”) section 163(j) from 30 percent to 50 percent of adjusted taxable income for taxable years beginning in 2019 and 2020 and the addition of an election by taxpayers to use their 2019 adjusted taxable income as their adjusted taxable income in 2020 for purposes of applying the limitation; and • a “technical correction” amending Code section 168(e)(3)(E) to add “qualified improvement property” to “15-year property” and assigning a class life of 20-years under section 168(g)(3)(B) to qualified improvement property under section 168(e)(3)(E)(vii). During the three months ended March 31, 2021, we recognized $1 million of income tax expense, which is comprised primarily of an adjustment to the benefit recognized in 2020 from utilizing the NOL carryback provisions of the CARES Act. During the three months ended March 31, 2020 , we recognized $10 million of income tax expense, which is comprised of $12 million of built-in gains tax expense from assets sold during the period and $14 million of non-U.S. income tax expense on the gain from the entity sold during the period, partially offset by a TRS income tax benefit of $17 million from utilizing the NOL carryback provisions of the CARES Act.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, 2,910,578 shares of common stock remain available for future issuance. The 2017 Director Plan provides that a maximum of 450,000 shares of our common stock may be issued, and as of March 31, 2021, 67,094 shares of common stock remain available for future issuance. For the three months ended March 31, 2021 and 2020, we recognized $6 million and $2 million of share-based compensation expense, respectively. As of March 31, 2021, unrecognized compensation expense was $30 million, which is expected to be recognized over a weighted-average period of 2.1 years. The total fair value of shares vested (calculated as the number of shares multiplied by the vesting date share price) during the three months ended March 31, 2021 and 2020 was $14 million and $17 million, respectively. Restricted Stock Awards Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the three months ended March 31, 2021: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 834,258 $ 21.68 Granted 356,872 20.26 Vested (249,992 ) 26.07 Forfeited (1,547 ) 23.11 Unvested at March 31, 2021 939,591 $ 19.97 Performance Stock Units Performance Stock Units (“PSUs”) generally vest at the end of a three-year Additionally, in November 2020, we granted special awards with vesting of these awards subject to the achievement of eight increasing levels of our average closing sales price per share, from $11.00 to $25.00, over a consecutive 20 trading day period (“Share Price Target”). One-eighth of PSUs will vest at each date a Share Price Target is achieved and any PSUs remaining after a four-year The following table provides a summary of PSUs for the three months ended March 31, 2021: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 1,078,555 $ 18.70 Granted 327,110 27.17 Vested (428,255 ) 16.33 Unvested at March 31, 2021 977,410 $ 22.57 The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility ( 1) 60.0 % Dividend yield ( 2) — Risk-free rate 0.2 % Expected term 3 years (1) The weighted average expected volatility was 60.0%. (2) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 2020 (in millions, except per share amounts) Numerator: Net loss attributable to stockholders $ (190 ) $ (688 ) Earnings attributable to participating securities — — Net loss attributable to stockholders, net of earnings allocated to participating securities $ (190 ) $ (688 ) Denominator: Weighted average shares outstanding – basic 235 238 Unvested restricted shares 1 — Weighted average shares outstanding – diluted 236 238 Loss per share - Basic ( 1) $ (0.81 ) $ (2.89 ) Loss per share - Diluted ( 1) $ (0.81 ) $ (2.89 ) (1) Per share amounts are calculated based on unrounded numbers. Certain of our outstanding equity awards were excluded from the above calculation of EPS for the three months ended March 31, 2021 and 2020 because their effect would have been anti-dilutive.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Business Segment Information	Note 12: Business Segment Information As of March 31, 2021, 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 • Gains or losses on sales of assets for both consolidated and unconsolidated investments; • Costs associated with hotel acquisitions or dispositions expensed during the period; • Severance expense; • Share-based compensation expense; • Impairment losses and casualty gains or 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 net loss to Hotel Adjusted EBITDA: Three Months Ended March 31, 2021 2020 (in millions) Revenues: Total consolidated hotel revenue $ 157 $ 580 Other revenues 8 19 Total revenues $ 165 $ 599 Net loss $ (191 ) $ (689 ) Other revenues (8 ) (19 ) Depreciation and amortization expense 74 75 Corporate general and administrative expense 18 14 Impairment loss and casualty gain, net — 694 Other operating expenses 7 21 Gain on sales of assets, net — (62 ) Interest income — (1 ) Interest expense 63 40 Equity in losses from investments in affiliates 4 1 Income tax expense 1 10 Severance expense ( 1) — 2 Other items (4 ) 5 Hotel Adjusted EBITDA $ (36 ) $ 91 (1) Severance expense is included in corporate general and administrative expense The following table presents total assets for our consolidated hotels, reconciled to total assets: March 31, 2021 December 31, 2020 (in millions) Consolidated hotels $ 10,415 $ 10,568 All other 19 19 Total assets $ 10,434 $ 10,587

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13: Commitments and Contingencies As of March 31, 2021, we had outstanding commitments under third-party contracts of approximately $52 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 are involved in litigation arising from the normal course of business, some of which includes claims for substantial sums, and may make certain indemnifications or guarantees to select buyers of our hotels as part of a sale process. We are also involved in claims and litigation that is not in the ordinary course of business in connection with the spin-off from Hilton. The spin-off agreements indemnify us from certain of these claims as well as require us to indemnify Hilton for other claims. In addition, losses related to certain contingent liabilities could be apportioned to us under the spin-off agreements. In connection with our obligation to indemnify Hilton under the spin-off agreements, we have reserved approximately $8 million, as of March 31, 2021, related to litigation with respect to an audit by the Australian Tax Office (“ATO”) of Hilton related to the sale of the Hilton Sydney in June 2015. In February 2021, we were required to make a payment to Hilton of approximately $11 million representing our share of the deposit required by the ATO of Hilton to further defend against the claim and for certain out-of-pocket expenses incurred by Hilton. This amount could change as the litigation of the ATO’s claim progresses.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 14: Subsequent Events In April 2021, we sold the 97-room W New Orleans – French Quarter for gross proceeds of approximately $24 million, or $249,000 per key. On April 30, 2021, our stockholders approved the amendment and restatement of our 2017 Director Plan to increase the maximum number of shares of our common stock available to issue under the plan from 450,000 to 950,000.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2020 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021
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 loss and the condensed consolidated statements of cash flows for the three months ended March 31, 2020 have been reclassified to conform to the current period presentation.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment were: March 31, 2021 December 31, 2020 (in millions) Land $ 3,429 $ 3,429 Buildings and leasehold improvements 6,960 6,951 Furniture and equipment 1,046 1,042 Construction-in-progress 44 52 11,479 11,474 Accumulated depreciation and amortization (2,354 ) (2,281 ) $ 9,125 $ 9,193

Consolidated Variable Interes_2

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2021
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets	Our condensed consolidated balance sheets include the following assets and liabilities of these entities: March 31, 2021 December 31, 2020 (in millions) Property and equipment, net $ 214 $ 216 Cash and cash equivalents 9 8 Restricted cash 2 2 Accounts receivable, net 2 1 Prepaid expenses 1 1 Other assets — 1 Debt 207 207 Accounts payable and accrued expenses 6 5 Other liabilities 2 1
Schedule of Investment in Affiliates	Investments in affiliates were: Ownership % March 31, 2021 December 31, 2020 (in millions) Hilton San Diego Bayfront 25% $ 11 $ 11 All others (6 hotels) 20% - 50% 3 3 $ 14 $ 14

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances and associated interest rates as of March 31, 2021 were: Principal balance as of Interest Rate at March 31, 2021 Maturity Date March 31, 2021 December 31, 2020 (in millions) SF CMBS Loan (1) 4.11% November 2023 $ 725 $ 725 HHV CMBS Loan (1) 4.20% November 2026 1,275 1,275 Mortgage loans Average rate of 4.16% 2021 to 2026 (2)(3) 508 509 2019 Term Facility (4)(5) L + 2.65% August 2024 670 670 Revolver (5) L + 3.00% 2021 to 2023 (6) 601 601 2025 Senior Secured Notes (7) 7.50% June 2025 650 650 2028 Senior Secured Notes (7) 5.88% October 2028 725 725 Finance lease obligations 3.07% 2021 to 2022 1 1 5,155 5,156 Add: unamortized premium 3 3 Less: unamortized deferred financing costs and discount (37 ) (38 ) $ 5,121 $ 5,121 (1) (2) August 2022 ( 3 ) ( 4 ) (5) ( 6 ) December 2023 December 2021 ( 7 )
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 March 31, 2021 were: Year (in millions) 2021 (1) $ 115 2022 99 2023 1,332 2024 677 2025 657 Thereafter (2) 2,275 $ 5,155 (1) Includes $96 million of the current outstanding balance under the Revolver; however, we have sufficient capacity with extended undrawn commitments under the Revolver to effectively extend for two years. (2) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
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: March 31, 2021 December 31, 2020 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: SF CMBS Loan 3 $ 725 $ 723 $ 725 $ 708 HHV CMBS Loan 3 1,275 1,238 1,275 1,195 2019 Term Facility 3 670 661 670 661 Revolver 3 601 596 601 596 2025 Senior Secured Notes 1 650 707 650 705 2028 Senior Secured Notes 1 725 774 725 774 Mortgage loans 3 508 491 509 480

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Restricted Stock Awards ("RSAs")	Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the three months ended March 31, 2021: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 834,258 $ 21.68 Granted 356,872 20.26 Vested (249,992 ) 26.07 Forfeited (1,547 ) 23.11 Unvested at March 31, 2021 939,591 $ 19.97
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the three months ended March 31, 2021: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 1,078,555 $ 18.70 Granted 327,110 27.17 Vested (428,255 ) 16.33 Unvested at March 31, 2021 977,410 $ 22.57
Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model	The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility ( 1) 60.0 % Dividend yield ( 2) — Risk-free rate 0.2 % Expected term 3 years (1) The weighted average expected volatility was 60.0%. (2) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2021 2020 (in millions, except per share amounts) Numerator: Net loss attributable to stockholders $ (190 ) $ (688 ) Earnings attributable to participating securities — — Net loss attributable to stockholders, net of earnings allocated to participating securities $ (190 ) $ (688 ) Denominator: Weighted average shares outstanding – basic 235 238 Unvested restricted shares 1 — Weighted average shares outstanding – diluted 236 238 Loss per share - Basic ( 1) $ (0.81 ) $ (2.89 ) Loss per share - Diluted ( 1) $ (0.81 ) $ (2.89 ) (1) Per share amounts are calculated based on unrounded numbers.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Net Loss to Hotel Adjusted EBITDA	The following table presents revenues for our consolidated hotels reconciled to our consolidated amounts and net loss to Hotel Adjusted EBITDA: Three Months Ended March 31, 2021 2020 (in millions) Revenues: Total consolidated hotel revenue $ 157 $ 580 Other revenues 8 19 Total revenues $ 165 $ 599 Net loss $ (191 ) $ (689 ) Other revenues (8 ) (19 ) Depreciation and amortization expense 74 75 Corporate general and administrative expense 18 14 Impairment loss and casualty gain, net — 694 Other operating expenses 7 21 Gain on sales of assets, net — (62 ) Interest income — (1 ) Interest expense 63 40 Equity in losses from investments in affiliates 4 1 Income tax expense 1 10 Severance expense ( 1) — 2 Other items (4 ) 5 Hotel Adjusted EBITDA $ (36 ) $ 91 (1) Severance expense is included in corporate general and administrative expense
Schedule of Total Assets by Consolidated Hotels, Reconciled To Total Assets	The following table presents total assets for our consolidated hotels, reconciled to total assets: March 31, 2021 December 31, 2020 (in millions) Consolidated hotels $ 10,415 $ 10,568 All other 19 19 Total assets $ 10,434 $ 10,587

Organization and Recent Events

Organization and Recent Events - Additional Information (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)BondOffering	Mar. 31, 2021Hotel	May 05, 2019$ / sharesshares	Jan. 03, 2017
COVID-19 [Member]
Organization [Line Items]
Deferring maintenance and ROI Capital expenditures		$ 150
Number of bond offering completed | BondOffering		2
Proceeds from bond offering		$ 1,400
Number of hotels not yet open | Hotel			7
COVID-19 [Member] | Scenario Forecast [Member]
Organization [Line Items]
Budgeted amount of capital expenditures for maintenance	$ 40
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 | $ / shares				$ 0.01
Business acquisition, cash consideration transferred, per share | $ / shares				$ 11
Business acquisition, consideration transferred number of shares per share | shares				0.628
Fractional shares of common stock to be issued in merger agreement | shares				0

Dispositions - Additional Infor

Dispositions - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Dispositions [Line Items]
Gross proceeds on sale of hotel portfolio properties	$ 208
Net gain on selling cost of hotel portfolio properties	63
Hilton Sao Paulo Morumbi [Member]
Dispositions [Line Items]
Reclassification of currency translation adjustment from accumulated other comprehensive loss to earnings on disposition of hotel portfolio properties	$ 7

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Land	$ 3,429	$ 3,429
Buildings and leasehold improvements	6,960	6,951
Furniture and equipment	1,046	1,042
Construction-in-progress	44	52
Property and equipment, gross	11,479	11,474
Accumulated depreciation and amortization	(2,354)	(2,281)
Property and equipment, net	$ 9,125	$ 9,193

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 73	$ 74
Impairment Loss, Property and equipment		$ 88

Consolidated Variable Interes_3

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions	Mar. 31, 2021USD ($)Entity	Dec. 31, 2020USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of consolidated VIEs | Entity	3
Debt of unconsolidated joint ventures | $	$ 943	$ 943

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	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Property and equipment, net	$ 9,125	$ 9,193
Cash and cash equivalents	868	951
Restricted cash	32	30
Accounts receivable, net	38	26
Prepaid expenses	35	39
Other assets	53	60
Debt	5,121	5,121
Accounts payable and accrued expenses	196	147
Other liabilities	134	134
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	214	216
Cash and cash equivalents	9	8
Restricted cash	2	2
Accounts receivable, net	2	1
Prepaid expenses	1	1
Other assets		1
Debt	207	207
Accounts payable and accrued expenses	6	5
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	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	$ 14	$ 14
Hilton San Diego Bayfront [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	25.00%
Investments in affiliates	$ 11	11
All others (6 hotels) [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	$ 3	$ 3
All others (6 hotels) [Member] | Minimum [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	20.00%
All others (6 hotels) [Member] | Maximum [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	50.00%

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 607

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021		Dec. 31, 2020		Oct. 31, 2016
Debt Instrument [Line Items]
Finance lease obligations		$ 1		$ 1
Debt and financing lease obligations, gross		5,155		5,156
Add: unamortized premium		3		3
Less: unamortized deferred financing costs and discount		(37)		(38)
Debt		5,121		5,121
SF CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 725	[1]	725	[1]	$ 725
Debt instrument, interest rate, stated percentage	[1]	4.11%
Maturity Date	[1]	2023-11
HHV CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 1,275	[1]	1,275	[1]	$ 1,275
Debt instrument, interest rate, stated percentage	[1]	4.20%
Maturity Date	[1]	2026-11
Mortgage Loans [Member]
Debt Instrument [Line Items]
Debt, gross		$ 508		509
Debt instrument, weighted average interest rate		4.16%
Maturity Date, start year	[2],[3]	2021
Maturity Date, end year	[2],[3]	2026
2025 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[4]	$ 650		650
Debt instrument, interest rate, stated percentage	[4]	7.50%
Maturity Date	[4]	2025-06
2028 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[4]	$ 725		725
Debt instrument, interest rate, stated percentage	[4]	5.88%
Maturity Date	[4]	2028-10
Finance Lease Obligations [Member]
Debt Instrument [Line Items]
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	[5],[6]	$ 670		670
Maturity Date	[5],[6]	2024-08
2019 Term Facility [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	[5],[6]	2.65%
Revolver [Member]
Debt Instrument [Line Items]
Debt, gross	[6]	$ 601		$ 601
Maturity Date, start year	[6],[7]	2021
Maturity Date, end year	[6],[7]	2023
Revolver [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	[6]	3.00%
[1]	In October 2016, we entered into a $725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV CMBS Loan”).
[2]	Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but is callable by the lender beginning August 2022
[3]	In December 2020, our joint venture executed a forbearance agreement for the $12 million loan secured by the Doubletree Spokane in which the lender agreed to forbear exercising its rights and remedies arising from the joint venture’s non-payment of the loan at maturity due to market conditions until October 6, 2021. Beginning April 2021, the interest rate on the loan will be accrued at the default rate of 6.55%. Additionally, in January 2021, we ceased making debt service payments for the $75 million mortgage loan secured by the W Chicago City Center.  Failure to make debt service payments constitutes an event of default. While Park hopes to negotiate an amendment with the lender, there can be no assurances that an agreement will be reached.
[4]	In May and September 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. (“PK Finance”) issued an aggregate of $650 million of senior secured notes due 2025 (“2025 Senior Secured Notes”) and an aggregate of $725 million of senior secured notes due 2028 (“2028 Senior Secured Notes”), respectively.
[5]	In August 2019, the Company, our Operating Company and PK Domestic entered into a term loan facility (the “2019 Term Facility”).
[6]	In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points.
[7]	In September 2020, we increased our aggregate commitments under the Revolver by $75 million to $1.075 billion and extended the maturity date with respect to $901 million of the aggregate commitments for two years to December 2023 December 2021

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) - USD ($)		Apr. 01, 2021	Sep. 30, 2020	May 31, 2020	Mar. 31, 2021		Dec. 31, 2020		Oct. 31, 2016
Debt Instrument [Line Items]
Debt instrument, interest rate				0.25%
2019 Term Facility [Member]
Debt Instrument [Line Items]
Debt, gross	[1],[2]				$ 670,000,000		$ 670,000,000
Debt instrument description of interest rate					LIBOR floor of 25 basis points
Revolver [Member]
Debt Instrument [Line Items]
Debt, gross	[2]				$ 601,000,000		601,000,000
Maturity Date, end year	[2],[3]				2023
Debt instrument description of interest rate					LIBOR floor of 25 basis points
Revolver [Member] | Debt Amendment [Member]
Debt Instrument [Line Items]
Line of credit facility, increase in aggregate commitments			$ 75,000,000
Line of credit facility, maximum borrowing capacity			1,075,000,000
Aggregate commitments			$ 901,000,000
Line of credit facility, expiration period			2 years
Debt instrument, maturity date end year			Dec. 31, 2023
Line of credit facility, remaining borrowing capacity			$ 174,000,000
Debt instrument, maturity date start year			Dec. 31, 2021
SF CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross					$ 725,000,000	[4]	725,000,000	[4]	$ 725,000,000
HHV CMBS Loan [Member]
Debt Instrument [Line Items]
Debt, gross					$ 1,275,000,000	[4]	1,275,000,000	[4]	$ 1,275,000,000
Hilton Denver City Center Mortgage Loan [Member]
Debt Instrument [Line Items]
Maturity Date, end year					2042
Debt instrument, call date earliest					Aug. 31, 2022
Doubletree Spokane JV Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt, gross							$ 12,000,000
Debt instrument, call date earliest							Oct. 6, 2021
Doubletree Spokane JV Mortgage Loan [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument default rate		6.55%
W Chicago City Centre [Member]
Debt Instrument [Line Items]
Debt Instrument, payment					$ 75,000,000
PK Domestic and PK Finance Co-Issuer Inc [Member] | 2025 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes			$ 650,000,000	$ 650,000,000
PK Domestic and PK Finance Co-Issuer Inc [Member] | 2028 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes			$ 725,000,000	$ 725,000,000
[1]	In August 2019, the Company, our Operating Company and PK Domestic entered into a term loan facility (the “2019 Term Facility”).
[2]	In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points.
[3]	In September 2020, we increased our aggregate commitments under the Revolver by $75 million to $1.075 billion and extended the maturity date with respect to $901 million of the aggregate commitments for two years to December 2023 December 2021
[4]	In October 2016, we entered into a $725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV CMBS Loan”).

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Restricted cash	$ 32	$ 30
CMBS and mortgage loans [Member]
Debt Instrument [Line Items]
Restricted cash	$ 12	$ 10

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) $ in Millions	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
2021	$ 115	[1]
2022	99
2023	1,332
2024	677
2025	657
Thereafter	2,275	[2]
Debt and capital lease obligations, gross	$ 5,155
[1]	Includes $96 million of the current outstanding balance under the Revolver; however, we have sufficient capacity with extended undrawn commitments under the Revolver to effectively extend for two years.
[2]	Assumes the exercise of all extensions that are exercisable solely at our option.

Debt - Debt Maturities, Assum_2

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Outstanding balance, due in 2021	$ 115	[1]
Revolver [Member]
Debt Instrument [Line Items]
Outstanding balance, due in 2021	$ 96
Extension period	2 years
[1]	Includes $96 million of the current outstanding balance under the Revolver; however, we have sufficient capacity with extended undrawn commitments under the Revolver to effectively extend for two years.

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Carrying amount [Member] | SF CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 725	$ 725
Carrying amount [Member] | HHV CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,275	1,275
Carrying amount [Member] | 2019 Term Facility [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	670	670
Carrying amount [Member] | Revolver [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	601	601
Carrying amount [Member] | 2025 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	650	650
Carrying amount [Member] | 2028 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	725	725
Carrying amount [Member] | Mortgage Loans [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	508	509
Fair Value [Member] | SF CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	723	708
Fair Value [Member] | HHV CMBS Loan [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,238	1,195
Fair Value [Member] | 2019 Term Facility [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	661	661
Fair Value [Member] | Revolver [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	596	596
Fair Value [Member] | 2025 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	707	705
Fair Value [Member] | 2028 Senior Secured Notes [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	774	774
Fair Value [Member] | Mortgage Loans [Member] | Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 491	$ 480

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Income Taxes [Line Items]
Income tax expense	$ 1,000,000	$ 10,000,000
Percentage of adjusted taxable income	50.00%	50.00%	30.00%	30.00%
Built-in gains tax expense from assets sold		$ 12,000,000
Non-U.S. income tax expense		14,000,000
Income tax benefit partially offset by TRS		17,000,000
U.S. Federal Tax [Member] | REIT [Member]
Income Taxes [Line Items]
Income tax expense	$ 0	$ 0

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2020Tradingday$ / shares	Mar. 31, 2021USD ($)Targetshares	Mar. 31, 2020USD ($)	Dec. 31, 2020shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares		6,000,000,000		6,000,000,000
2017 Employee Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		2,910,578
Compensation expense | $		$ 6	$ 2
Unrecognized compensation costs related to unvested awards | $		$ 30
Unrecognized compensation costs related to unvested awards, weighted-average period		2 years 1 month 6 days
Total fair value of shares vested | $		$ 14	$ 17
2017 Employee Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares		8,000,000
2017 Director Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		67,094
2017 Director Plan [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares		450,000
Performance Stock Units ("PSUs") [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award performance period		3 years
Market capitalization | $		$ 1,000
Vesting rights		zero to 200
Performance Stock Units ("PSUs") [Member] | Special Awards [Member] | Eight Share Price Targets [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights	One-eighth
Consecutive trading day period | Tradingday	20
PSUs remaining performance period forfeited	4 years
Share price target achieved | Target		8
Percentage of awards granted vested		75.00%
Performance Stock Units ("PSUs") [Member] | Maximum [Member] | Special Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights		200
Average closing sales price per share, | $ / shares	$ 25
Performance Stock Units ("PSUs") [Member] | Minimum [Member] | Annual Grants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights		0
Performance Stock Units ("PSUs") [Member] | Minimum [Member] | Special Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Average closing sales price per share, | $ / shares	$ 11

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Awards ("RSAs") (Detail) - Restricted stock awards (RSAs) [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	834,258
Number of Shares, Granted | shares	356,872
Number of Shares, Vested | shares	(249,992)
Number of Shares, Forfeited | shares	(1,547)
Number of Shares, Ending balance | shares	939,591
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 21.68
Weighted Average Grant Date Fair Value, Granted | $ / shares	20.26
Weighted Average Grant Date Fair Value, Vested | $ / shares	26.07
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	23.11
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 19.97

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") [Member]	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance | shares	1,078,555
Number of Shares, Granted | shares	327,110
Number of Shares, Vested | shares	(428,255)
Number of Shares, Ending balance | shares	977,410
Weighted Average Grant Date Fair Value, Beginning balance | $ / shares	$ 18.70
Weighted Average Grant Date Fair Value, Granted | $ / shares	27.17
Weighted Average Grant Date Fair Value, Vested | $ / shares	16.33
Weighted Average Grant Date Fair Value, Ending balance | $ / shares	$ 22.57

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected volatility	60.00%	[1]
Risk-free rate	0.20%
Expected term	3 years
[1]	The weighted average expected volatility was 60.0%.

Share-Based Compensation - Sc_4

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Weighted average expected volatility	60.00%

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss attributable to stockholders		$ (190)	$ (688)
Net loss attributable to stockholders, net of earnings allocated to participating securities		$ (190)	$ (688)
Denominator:
Weighted average shares outstanding – basic		235	238
Unvested restricted shares		1
Weighted average shares outstanding – diluted		236	238
Loss per share - Basic	[1]	$ (0.81)	$ (2.89)
Loss per share - Diluted	[1]	$ (0.81)	$ (2.89)
[1]	Per share amounts are calculated based on unrounded numbers.

Business Segment Information -

Business Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021Segment
Segment Reporting [Abstract]
Number of operating business segments	2
Number of reportable segment	1

Business Segment Information _2

Business Segment Information - Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Net Loss to Hotel Adjusted EBITDA (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 165	$ 599
Net loss	(191)	(689)
Depreciation and amortization expense	74	75
Corporate general and administrative expense	18	14
Impairment loss and casualty gain, net		694
Other operating expenses	7	21
Gain on sales of assets, net		(62)
Interest income		(1)
Interest expense	63	40
Equity in losses from investments in affiliates	4	1
Income tax expense	1	10
Severance expense		2
Other items	(4)	5
Hotel Adjusted EBITDA	(36)	91
Total consolidated hotel revenue [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	157	580
Other [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 8	$ 19

Business Segment Information _3

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled To Total Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 10,434	$ 10,587
Consolidated Hotels [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	10,415	10,568
All Other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 19	$ 19

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Mar. 31, 2021
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed		$ 52
Hilton Sydney [Member]
Other Commitments [Line Items]
Payment for claim	$ 11
Spin-off Agreements [Member] | Hilton Sydney [Member]
Other Commitments [Line Items]
Reserve for ongoing claims		$ 8

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2020	Apr. 29, 2021	Mar. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Gross proceeds on sale of hotel portfolio property		$ 208,000,000
Maximum number of shares of common stock available to issue under the plan				6,000,000,000	6,000,000,000
Amendment and Restatement of 2017 Director Plan [Member] | Maximum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum number of shares of common stock available to issue under the plan	950,000		450,000
W New Orleans [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Gross proceeds on sale of hotel portfolio property	$ 24,000,000
Gross proceeds from sale of rooms per key	$ 249,000