Park Hotels & Resorts (PK) 10-K 28 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37795
Entity Registrant Name	Park Hotels & Resorts Inc.
Entity Incorporation, State or Country Code	DE
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
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	PK
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2,729
Entity Common Stock, Shares Outstanding		210,582,472
Documents Incorporated by Reference	The information called for by Part III will be incorporated by reference from the registrant’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A.
Entity Central Index Key	0001617406
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Property and equipment, net	$ 7,459	$ 8,301
Contract asset	760	0
Intangibles, net	42	43
Cash and cash equivalents	717	906
Restricted cash	33	33
Accounts receivable, net of allowance for doubtful accounts of $3 and $2	112	129
Prepaid expenses	59	58
Other assets	40	47
Operating lease right-of-use assets	197	214
TOTAL ASSETS (variable interest entities – $236 and $237)	9,419	9,731
Liabilities
Debt	3,765	3,892
Debt associated with hotels in receivership	725	725
Accrued interest associated with hotels in receivership	35	0
Accounts payable and accrued expenses	210	220
Dividends payable	362	56
Due to hotel managers	131	141
Other liabilities	200	172
Operating lease liabilities	223	234
Total liabilities (variable interest entities – $218 and $219)	5,651	5,440
Commitments and contingencies
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023 and 224,573,858 shares issued and 224,061,745 shares outstanding as of December 31, 2022	2	2
Additional paid-in capital	4,156	4,321
(Accumulated deficit) retained earnings	(344)	16
Total stockholders' equity	3,814	4,339
Noncontrolling interests	(46)	(48)
Total equity	3,768	4,291
TOTAL LIABILITIES AND EQUITY	$ 9,419	$ 9,731

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 3	$ 2
Variable interest entities assets	9,419	9,731
Variable interest entities liabilities	$ 5,651	$ 5,440
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, issued (in shares)	210,676,264	224,573,858
Common stock, outstanding (in shares)	209,987,581	224,061,745
Variable Interest Entities
Variable interest entities assets	$ 236	$ 237
Variable interest entities liabilities	$ 219	$ 218

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 2,698	$ 2,501	$ 1,362
Operating expenses
Other property	241	223	191
Impairment and casualty loss	204	6	9
Depreciation and amortization	287	269	281
Corporate general and administrative	65	63	62
Other	83	72	49
Total expenses	2,591	2,218	1,536
Gain (loss) on sales of assets, net	15	13	(5)
Gain on derecognition of assets	221	0	0
Operating income (loss)	343	296	(179)
Interest income	38	13	1
Interest expense	(207)	(217)	(228)
Interest expense associated with hotels in receivership	(45)	(30)	(30)
Equity in earnings (losses) from investments in affiliates	11	15	(7)
Other gain (loss), net	4	96	(7)
Income (loss) before income taxes	144	173	(450)
Income tax expense	(38)	0	(2)
Net income (loss)	106	173	(452)
Net income attributable to noncontrolling interests	(9)	(11)	(7)
Net income (loss) attributable to stockholders	97	162	(459)
Other comprehensive income, net of tax expense:
Change in fair value of interest rate swap, net of tax expense of $0	0	0	2
Loss from interest rate swap reclassified into earnings	0	0	2
Other comprehensive income	0	0	4
Comprehensive income (loss)	106	173	(448)
Comprehensive income attributable to noncontrolling interests	(9)	(11)	(7)
Comprehensive income (loss) attributable to stockholders	$ 97	$ 162	$ (455)
Earnings (loss) per share:
Earnings (loss) per share - Basic (in dollars per share)	$ 0.44	$ 0.71	$ (1.95)
Earnings (loss) per share - Diluted (in dollars per share)	$ 0.44	$ 0.71	$ (1.95)
Weighted average shares outstanding - Basic (in shares)	214	228	236
Weighted average shares outstanding – Diluted (in shares)	215	228	236
Rooms
Revenues
Total revenues	$ 1,653	$ 1,559	$ 870
Operating expenses
Cost of goods and services sold	449	408	254
Food and beverage
Revenues
Total revenues	696	606	251
Operating expenses
Cost of goods and services sold	501	449	208
Ancillary hotel
Revenues
Total revenues	264	261	190
Other
Revenues
Total revenues	85	75	51
Other departmental and support
Operating expenses
Cost of goods and services sold	635	613	423
Management fees
Operating expenses
Cost of goods and services sold	$ 126	$ 115	$ 59

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net income (loss)	$ 106	$ 173	$ (452)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	287	269	281
(Gain) loss on sale of assets, net	(15)	(13)	5
Gain on derecognition of assets	(221)	0	0
Impairment and casualty loss	204	6	9
Equity in (earnings) losses from investments in affiliates	(11)	(15)	7
Other (gain) loss, net	(2)	(90)	7
Share-based compensation expense	18	17	19
Amortization of deferred financing costs	9	10	12
Distributions from unconsolidated affiliates	10	7	0
Deferred income taxes	14	(2)	(1)
Accounts receivable, net	9	(33)	(70)
Prepaid expenses	(4)	(23)	4
Other assets	18	32	(12)
Accounts payable and accrued expenses	82	44	0
Due to hotel managers	(10)	30	23
Other liabilities	16	(4)	27
Other	(7)	1	4
Net cash provided by (used in) operating activities	503	409	(137)
Investing Activities:
Capital expenditures for property and equipment	(285)	(168)	(54)
Acquisitions, net	(11)	0	0
Proceeds from asset dispositions, net	116	143	454
Proceeds from the sale of investments in affiliates, net	3	101	0
Reduction of restricted cash from derecognition of assets	(30)	0	0
Insurance proceeds for property damage claims	0	0	4
Distributions from unconsolidated affiliates	0	11	0
Contributions to unconsolidated affiliates	(10)	0	(6)
Purchase of investment security, net	0	0	(4)
Net cash (used in) provided by investing activities	(217)	87	394
Financing Activities:
Proceeds from issuance of Senior Notes	0	0	750
Borrowing from credit facilities	0	50	0
Repayments of credit facilities	(50)	(78)	(1,193)
Proceeds from issuance of mortgage debt	0	30	14
Repayments of mortgage debt	(83)	(64)	(20)
Debt issuance costs	(1)	(11)	(15)
Dividends paid	(152)	(7)	0
Distributions to noncontrolling interests, net	(7)	(10)	(6)
Tax withholdings on share-based compensation	(2)	(3)	(5)
Repurchase of common stock	(180)	(227)	0
Net cash used in financing activities	(475)	(320)	(475)
Net (decrease) increase in cash and cash equivalents and restricted cash	(189)	176	(218)
Cash and cash equivalents and restricted cash, beginning of period	939	763	981
Cash and cash equivalents and restricted cash, end of period	$ 750	$ 939	$ 763

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions		Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Non- controlling Interests
Beginning balance (in shares) at Dec. 31, 2020			236,000,000
Beginning balance at Dec. 31, 2020		$ 4,843	$ 2	$ 4,519	$ 376	$ (4)	$ (50)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net		14		14
Net income (loss)		(452)			(459)		7
Other comprehensive income		4				4
Distributions to noncontrolling interests		(6)					(6)
Ending balance (in shares) at Dec. 31, 2021			236,000,000
Ending balance at Dec. 31, 2021		4,403	$ 2	4,533	(83)	0	(49)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net		15		15
Net income (loss)		173			162		11
Other comprehensive income		0
Dividends and dividend equivalents	[1]	(63)			(63)
Repurchase of common stock, (in shares)			(12,000,000)
Repurchase of common stock		(227)		(227)
Distributions to noncontrolling interests		$ (10)					(10)
Ending balance (in shares) at Dec. 31, 2022		224,061,745	224,000,000
Ending balance at Dec. 31, 2022		$ 4,291	$ 2	4,321	16	0	(48)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net (in shares)			1,000,000
Share-based compensation, net		16		15	1
Net income (loss)		106			97		9
Other comprehensive income		0
Dividends and dividend equivalents	[1]	(458)			(458)
Repurchase of common stock, (in shares)			(15,000,000)
Repurchase of common stock		(180)		(180)
Distributions to noncontrolling interests		$ (7)					(7)
Ending balance (in shares) at Dec. 31, 2023		209,987,581	210,000,000
Ending balance at Dec. 31, 2023		$ 3,768	$ 2	$ 4,156	$ (344)	$ 0	$ (46)
[1] Dividends declared per common share were $0.28 and $2.15, which includes a special cash dividend of $0.77 per common share, for the years ended December 31, 2022 and December 31, 2023, respectively.

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Dividends declared per common share (in dollars per share)	$ 2.15	$ 0.28
Special Dividend
Dividends declared per common share (in dollars per share)	$ 0.77	$ 0.77

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Change in fair value of interest rate swap, net of tax expense	$ 0	$ 0	$ 0

Organization and Recent Events

Organization and Recent Events	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Recent Events	Organization and Recent Events Organization Park Hotels & Resorts Inc. (“we,” “us,” “our” or the “Company” and, exclusive of any subsidiaries, "Park Parent") 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. 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. Park Parent owned 100% of the interests of our Operating Company until December 31, 2021 when the business undertook an internal reorganization transitioning our structure to a traditional umbrella partnership REIT ("UPREIT") structure . Effective January 1, 2022, Park Parent became the managing member of our Operating Company and PK Domestic REIT Inc., a direct subsidiary of Park Parent, became a member of our Operating Company. We may, in the future, issue interests in (or from) our Operating Company in connection with acquiring hotels, financings, issuance of equity compensation or other purposes. Recent Events

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Principles of Consolidation The consolidated financial statements include the accounts of the Company, our wholly owned subsidiaries and entities in which we have a controlling financial interest, including variable interest entities (“VIEs”) where we are the primary beneficiary. The consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany transactions and balances within these consolidated financial statements have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain line items on the consolidated balance sheet as of December 31, 2022 and consolidated statements of comprehensive income (loss) for the year ended December 31, 2022 and 2021 have been reclassified to conform to the current period presentation. Summary of Significant Accounting Policies Property and Equipment Property and equipment are recorded at cost, and interest applicable to major construction or development projects is capitalized. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (8 to 40 years); furniture and equipment (3 to 8 years); and computer equipment and acquired software (3 years). Leasehold improvements are depreciated over the shorter of the estimated useful life, based on the estimates above, or the lease term. We evaluate the carrying value of our property and equipment if there are indicators of potential impairment. We perform an analysis to determine the recoverability of the asset’s carrying value by comparing the expected undiscounted future cash flows to the net book value of the asset. If it is determined that the expected undiscounted future cash flows are less than the net book value of the asset, the excess of the net book value over the estimated fair value is recorded in our consolidated statements of comprehensive income (loss) within impairment losses. Fair value is generally estimated using valuation techniques that consider the discounted cash flows of the asset using discount and capitalization rates deemed reasonable for the type of asset, as well as prevailing market conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds from pending offers. If sufficient information exists to reasonably estimate the fair value of a conditional asset retirement obligation, including environmental remediation liabilities, we recognize the fair value of the obligation when the obligation is incurred, which is generally upon acquisition, construction or development and/or through the normal operation of the asset. Assets Held for Sale We classify a property as held for sale when we commit to a plan to sell the asset, the sale of the asset is probable within one year, and it is unlikely that action to complete the sale will change or that the sale will be withdrawn. When we determine that classification of an asset as held for sale is appropriate, we cease recording depreciation for the asset and value the property at the lower of depreciated cost or fair value, less costs to dispose. Further, the related assets and liabilities of the held for sale property will be classified as assets held for sale in our consolidated balance sheets. Any gains on sales of properties are recognized at the time of sale or deferred and recognized in net income (loss) in subsequent periods as any relevant conditions requiring deferral are satisfied. Investments in Affiliates The consolidated financial statements include entities in which we have a controlling financial interest, including VIEs where we are the primary beneficiary. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a VIE, we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or otherwise have a controlling financial interest. References in these financial statements to net income (loss) attributable to stockholders do not include non-controlling interests, which represent the outside ownership interests of our consolidated, non-wholly owned entities and are reported separately. We hold investments in affiliates that primarily own or lease hotels. Investments in affiliates over which we exercise significant influence, but lack a controlling financial interest, are accounted for using the equity method. We account for investments using the equity method when we have the ability to exercise significant influence over the entity, typically through a more than minimal investment. Our proportionate share of earnings (losses) from our equity method investments is presented as equity in earnings (losses) from investments in affiliates in our consolidated statements of comprehensive income (loss). Distributions from investments in affiliates are presented as an operating activity in our consolidated statements of cash flows when such distributions are a return on investment. Distributions from investments in affiliates are recorded as an investing activity in our consolidated statements of cash flows when such distributions are a return of investment. We assess the recoverability of our equity method investments if there are indicators of potential impairment. If an identified event or change in circumstances requires an evaluation to determine if an investment may have an other-than-temporary impairment, we assess the fair value of the investment based on accepted valuation methodologies, which include discounted cash flows, estimates of sales proceeds and external appraisals. If an investment’s fair value is below its carrying value and the decline is considered to be other-than-temporary, we will recognize an impairment loss in equity in earnings (losses) from investments in affiliates in our consolidated statements of comprehensive income (loss). Non-controlling Interests We present the portion of any equity that we do not own in entities that we have a controlling financial interest (and thus consolidate) as non-controlling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our consolidated balance sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss is allocated between the joint venture partners based on their respective stated ownership percentages. In addition, we include net income (loss) attributable to the noncontrolling interest in net income (loss) in our consolidated statements of comprehensive income (loss). Intangible Assets Intangible assets with finite useful lives primarily include an air rights contract. The air rights contract value is based on the present value of the difference between the contractual rental amounts and the market rental rates for similar contracts, measured over a period equal to the remaining non-cancellable term of the contract. Intangible assets are amortized using the straight-line method over the remaining term of the contract. We review all finite lived intangible assets for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of the carrying value over the fair value in our consolidated statements of comprehensive income (loss). Asset Acquisitions We consider an asset acquisition to occur when substantially all the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets. In an acquisition of assets, we are not required to expense our acquisition-related costs, and goodwill is not assigned. We will account for the properties purchased as asset acquisitions by allocating the total cash consideration, including transaction costs, to the individual assets acquired and liabilities assumed, respectively, on a relative fair value basis. Business Combinations We consider a business combination to occur when we take control of a business by acquiring its net assets or equity interests. We record the assets acquired, liabilities assumed and non-controlling interests at fair value as of the acquisition date, including any contingent consideration. We evaluate factors, including market data for similar assets, expected future cash flows discounted at risk-adjusted rates and replacement cost for the assets to determine an appropriate fair value of the assets. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed in the period incurred and are not capitalized or applied in determining the fair value of the acquired assets. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less. Restricted Cash Restricted cash includes cash balances established as lender reserves required by our debt agreements and reserves for capital expenditures in accordance with certain of our management agreements. Allowance for Doubtful Accounts An allowance for doubtful accounts is provided on accounts receivable when losses are probable based on historical collection activity and current business conditions. Leases We consider an arrangement to contain a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for compensation. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent the present value of our fixed payment obligations. Leases with a term of 12 months or less are not recorded on the balance sheet. We use our estimated incremental borrowing rate to determine the present value of our lease obligations. Our operating leases may require fixed payments, variable payments based on a percentage of revenue or income, or payments equal to the greater of a fixed or variable payment. Variable payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation is incurred. Operating lease expense is recognized on a straight-line basis over the lease term. Our lease terms include renewal options that we are reasonably certain to exercise, and renewal options controlled by the lessor. Fair Value Measurements—Valuation Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (an exit price). We use the three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-level hierarchy of inputs is summarized below: • Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument. • Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety at the end of each reporting period. Derivative Instruments We may use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We will regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. Under the terms of certain loan agreements, we may be required to maintain derivative financial instruments to manage interest rates. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“cash flow hedge”); a hedge of the fair value of a recognized asset or liability (“fair value hedge”); or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge or net investment hedge are recorded in other comprehensive income in the consolidated statements of comprehensive income (loss) until they are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. Cash flows from undesignated derivative financial instruments are included as an investing activity in our consolidated statements of cash flows. If we determine that we qualify for and will designate a derivative as a hedging instrument, at the designation date we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. This process includes matching all derivatives that are designated as cash flow hedges to specific forecasted transactions and linking all derivatives designated as fair value hedges to specific assets and liabilities in our consolidated balance sheets. To the extent we have designated a derivative as a hedging instrument, each reporting period we assess the effectiveness of our designated hedges in offsetting the variability in the cash flows or fair values of the hedged assets or obligations using the Hypothetical Derivative Method. This method compares the cumulative change in fair value of each hedging instrument to the cumulative change in fair value of a hypothetical hedging instrument, which has terms that identically match the critical terms of the respective hedged transactions. Thus, the hypothetical hedging instrument is presumed to perfectly offset the hedged cash flows. Ineffectiveness results when the cumulative change in the fair value of the hedging instrument exceeds the cumulative change in the fair value of the hypothetical hedging instrument. We discontinue hedge accounting prospectively, when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated or exercised. Revenue Recognition Our results of operations primarily consist of room rentals, food and beverage sales and other ancillary goods and services from hotel properties. Other revenues primarily relate to support services we provide to Hilton Grand Vacations (“HGV”). Hotel operating revenues are disaggregated into room revenue, food and beverage revenue, ancillary hotel revenue and other revenue on the consolidated statements of comprehensive income (loss) to illustrate how economic factors affect the nature, amount and timing, and uncertainty of revenue and cash flows. Rooms revenue is recognized over time when rooms are occupied and food and beverage revenue is recognized at a point in time when goods and services have been delivered or rendered. Ancillary hotel revenue and other revenue is generally recognized at a point in time as goods and services are delivered or rendered. We assess if we are the principal or agent for certain ancillary services provided by third parties. If we are the principal, we recognize revenue based on the gross sales price. If we are the agent, we recognize revenue net of costs paid to service providers. Payment received for a future stay or event is recognized as an advance deposit, which is included in other liabilities on our consolidated balance sheets. Advance deposits are recognized as revenue when rooms are occupied or goods or services have been delivered or rendered to our customer. Our advance deposit balance as of December 31, 2023 and 2022 was $107 million and $103 million, respectively, and are generally recognized as revenue within a one-year period. Additionally, we collect sales, use, occupancy and similar taxes at our hotels, which we present on a net basis (excluded from revenues) in our consolidated statements of comprehensive income (loss). Share-based Compensation We recognize the cost of services received in share-based payment transactions with employees and non-employee directors as services are received and recognize a corresponding increase in additional paid-in capital for equity classified awards. We account for any forfeitures when they occur. The measurement objective for these equity awards is the estimated fair value at the grant date of the equity instruments that we will be obligated to issue when employees have rendered the requisite service and satisfied any other conditions necessary to earn the right to benefit from the instruments. The compensation expense for an award classified as an equity instrument is recognized ratably over the requisite service period. The requisite service period is the period during which an employee is required to provide service in exchange for an award. Income Taxes We are a REIT for U.S. federal income tax purposes. 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 consolidated financial statements for the years ended December 31, 2023, 2022 and 2021 related to our REIT activities other than taxes related to our sale of built-in gain property (representing property held by us with an excess of fair value over tax basis on January 4, 2017). We were subject to U.S. federal income tax on taxable sales of built-in gain property during the five-year period following the date of our spin-off, which ended in January 2022. We remain subject to California income tax on taxable sales of built-in-gain property until January 2027. 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). We account for income taxes using the asset and liability method. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts, and to recognize tax loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the respective temporary differences or operating loss or tax credit carry forwards are expected to be recovered or settled. The realization of deferred tax assets and tax loss and tax credit carry forwards is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. Valuation allowances are provided to reduce such deferred tax assets to amounts more likely than not to be ultimately realized. We use a prescribed recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. For all income tax positions, we first determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If it is determined that a position meets the more-likely-than-not recognition threshold, the benefit recognized in the financial statements is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement. Recently Issued Accounting Pronouncements Accounting Standards Not Yet Adopted In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which enhances segment disclosures, including disclosures about significant segment expenses. We expect to adopt ASU 2023-07 on a retrospective basis when the requirements become effective for the year-ended December 31, 2024. We are currently evaluating the effect that ASU 2023-07 will have on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-08 ("ASU 2023-08"), Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosures about the existing rate reconciliation and income taxes paid information. We expect to adopt ASU 2023-08 when the requirements become effective for the year-ended December 31, 2025. ASU 2023-08 is required to be adopted on a prospective basis, but retrospective adoption is permitted. We are currently evaluating the effect that ASU 2023-08 will have on our consolidated financial statements.

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Acquisitions In March 2023, we acquired two parcels of land, adjacent to the Hilton Hawaiian Village Waikiki Beach Resort, for a purchase price of approximately $18 million, including transaction costs. We accounted for the purchase as an acquisition of an asset, and the entire purchase price was allocated to land. Dispositions In February 2023, we sold the Hilton Miami Airport hotel for gross proceeds of $118.25 million. We recognized a net gain of approximately $15 million, which is included in gain (loss) on sales of assets, net in our consolidated statements of comprehensive income (loss). Additionally, in June 2023, the ground lessor terminated the ground lease for the Embassy Suites Phoenix Airport hotel and, pursuant to an agreement, we received an early termination fee of approximately $4 million, which is included in other gain (loss), net in our consolidated statements of comprehensive income (loss). During the year ended December 31, 2022, we sold the five consolidated hotels listed in the table below and received total gross proceeds of approximately $149 million. We recognized a net gain of approximately $15 million, which is included in gain (loss) on sales of assets, net in our consolidated statements of comprehensive income (loss). Hotel Location Month Sold Hampton Inn & Suites Memphis – Shady Grove Memphis, Tennessee April 2022 Hilton Chicago/Oak Brook Suites Chicago, Illinois May 2022 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, Washington June 2022 Hilton Garden Inn Chicago/Oakbrook Terrace Chicago, Illinois July 2022 Hilton Garden Inn LAX/El Segundo El Segundo, California September 2022 In June 2022, we sold our ownership interests in the joint ventures that own and operate the Hilton San Diego Bayfront for gross proceeds of $157 million. Our gross proceeds were reduced by $55 million for our share of the mortgage debt in the joint venture. We recognized a gain of approximately $92 million, net of selling costs, which is included in other gain (loss), net in our consolidated statements of comprehensive income (loss). Additionally, in October 2022, the joint ventures that own and operate the DoubleTree Hotel Las Vegas Airport sold the hotel for gross proceeds of approximately $22 million, and our pro-rata share of the gross proceeds was approximately $11 million. We recognized a gain of approximately $9 million, which is included in equity in earnings (losses) from investments in affiliates in our consolidated statements of comprehensive income (loss). During the year ended December 31, 2021, we sold the five consolidated hotels listed in the table below, received total gross proceeds of approximately $477 million and recognized a net $5 million loss due to selling costs gain (loss) on sales of assets, net in our consolidated statements of comprehensive income (loss). In addition, we recognized a $5 million impairment loss from the classification of the Hotel Adagio, Autograph Collection, as held for sale at June 30, 2021, as the selling costs reduced the gross proceeds to less than the net book value of the property, which is included in impairment and casualty loss in our consolidated statements of comprehensive income (loss). Hotel Location Month Sold W New Orleans – French Quarter New Orleans, Louisiana April 2021 Hotel Indigo San Diego Gaslamp Quarter (1) San Diego, California June 2021 Courtyard Washington Capitol Hill Navy Yard (1) Washington, D.C. June 2021 Hotel Adagio, Autograph Collection San Francisco, California July 2021 Le Meridien San Francisco San Francisco, California August 2021 ______________________________________________ (1) Sold as a portfolio in the same transaction.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment were: December 31, 2023 2022 (in millions) Land $ 2,990 $ 3,317 Buildings and leasehold improvements 5,814 6,512 Furniture and equipment 947 994 Construction-in-progress 341 201 10,092 11,024 Accumulated depreciation and amortization (2,633) (2,723) $ 7,459 $ 8,301 Depreciation of property and equipment was $286 million, $268 million and $281 million during the years ended December 31, 2023, 2022 and 2021, respectively. For the year ended December 31, 2023, we recognized an impairment loss of approximately $202 million related to one of the hotels securing our $725 million SF Mortgage Loan as a result of a decision to cease making debt service payments. In October 2023, the Hilton San Francisco Hotels that secure the SF Mortgage Loan were placed into receivership. Refer to Note 7: "Debt" and Note 8: "Fair Value Measurements" for additional information. For the year ended December 31, 2021, we recognized $5 million of impairment losses related to one of our hotels classified as held for sale as of June 30, 2021, which was subsequently sold in July 2021, as the estimated selling costs were expected to reduce the gross proceeds below the net book value of the property.

Consolidated Variable Interest

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	12 Months Ended
	Dec. 31, 2023
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates Consolidated VIEs We consolidate VIEs that own three hotels in the U.S. We are the primary beneficiary of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our VIEs are only available to settle the obligations of these entities. Our consolidated balance sheets include the following assets and liabilities of these entities: December 31, 2023 2022 (in millions) Property and equipment, net $ 209 $ 208 Cash and cash equivalents 17 21 Restricted cash 2 2 Accounts receivable, net 5 4 Prepaid expenses 3 2 Debt 202 205 Accounts payable and accrued expenses 11 8 Due to hotel manager 2 2 Other liabilities 3 4 Unconsolidated Entities Four of our hotels are owned by unconsolidated joint ventures in which we hold an interest. These hotels are accounted for using the equity method and had total debt of approximately $702 million and $721 million as of December 31, 2023 and 2022, respectively. Substantially all the debt is secured solely by the affiliates' assets or is guaranteed by other partners without recourse to us.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles Intangible assets were: December 31, 2023 2022 (in millions) Air rights contract 45 45 Other 4 7 Accumulated amortization (7) (9) $ 42 $ 43 As of December 31, 2023, we estimated our future amortization expense for our intangible assets to be: Year (in millions) 2024 $ 1 2025 1 2026 1 2027 1 2028 1 Thereafter 37 $ 42

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt balances and associated interest rates as of December 31, 2023 were: Principal balance as of Interest Rate Maturity Date December 31, 2023 December 31, 2022 (in millions) HHV Mortgage Loan 4.20% November 2026 $ 1,275 $ 1,275 Other mortgage loans (1) Average rate of 4.37% 2024 to 2027 (2) 385 469 Revolver (3) SOFR + 2.10% December 2026 — 50 2025 Senior Notes 7.50% June 2025 650 650 2028 Senior Notes 5.88% October 2028 725 725 2029 Senior Notes 4.88% May 2029 750 750 Finance lease obligations 7.66% 2024 to 2028 1 — 3,786 3,919 Add: unamortized premium 1 3 Less: unamortized deferred financing costs and discount (22) (30) $ 3,765 $ 3,892 ____________________________________________________________________________________ (1) In June 2023, we fully repaid the $75 million mortgage loan secured by the W Chicago – City Center. (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 with six months of notice. As of December 31, 2023, Park had not received notice from the lender. (3) In February 2023, we fully repaid the $50 million outstanding balance under our amended and restated revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. As of December 31, 2023, we had approximately $4 million outstanding on a standby letter of credit and $946 million of available capacity under our Revolver. Mortgage Loans In October 2016, we entered into a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village (“HHV Mortgage Loan”). The HHV Mortgage Loan bears interest at a fixed-rate and requires interest-only payments through its maturity date. The HHV Mortgage Loan may be partially or fully prepaid, subject to prepayment penalties. Our mortgage loans, which are associated with our three consolidated VIEs and mortgage loans acquired through the Merger, bear interest at fixed-rates. Certain of our mortgage loans require interest-only loan payments through their respective maturity dates, and the remaining mortgage loans require payments of both principal and interest on a monthly basis. We are required to deposit with lenders certain cash reserves for restricted uses. As of December 31, 2023 and 2022, our consolidated balance sheets included $1 million and $6 million of restricted cash, respectively, related to our mortgage loans. Credit Facilities 2016 Term Loan and Revolver In December 2016, we entered into a credit agreement (“Original Credit Agreement”) with Wells Fargo Bank, National Association as administrative agent, and certain others financial institutions party thereto as lenders. The facility included a $1 billion Revolver, and a term loan due December 2021 ("2016 Term Loan"). We used proceeds from the issuance of the $725 million senior notes due 2028 ("2028 Senior Notes") to repay all amounts outstanding under our 2016 Term Loan. In December 2022, we amended and restated the Original Credit Agreement ("Credit Agreement"). The Credit Agreement provides aggregate commitments of $950 million for the Revolver, which can be increased by up to $500 million with lender approval, and matures on December 1, 2026, with the ability to extend its maturity by one year as (i) a one-year extension or (ii) two six-month extensions. Borrowings under the Revolver bear interest based upon the secured overnight financing rate ("SOFR") plus a credit spread adjustment of 0.1%, plus an applicable margin based on our leverage ratio. We incur an unused facility fee on the Revolver of between 0.2% and 0.3%, based on our level of usage. The Credit Agreement also contains certain financial covenants including a maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured leverage ratio, maximum unsecured indebtedness to unencumbered asset value ratio and minimum unencumbered adjusted net operating income to unsecured interest coverage ratio, certain of which were adjusted to revised levels through the end of the first quarter of 2024. The Credit Agreement allows us to conduct share repurchases, subject to compliance with the financial covenants, and released all collateral securing the Revolver and Senior Notes. The Credit Agreement restricts activities of the Company, including our ability to grant liens on certain properties, mergers, affiliate transactions, asset sales and the payment of dividends and distributions (except to the extent required to maintain REIT status and certain other agreed exceptions). Additionally, the Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. Any outstanding standby letters of credit reduce the available borrowings on the Revolver by a corresponding amount. As of December 31, 2023, we had approximately $4 million outstanding on a standby letter of credit. In February 2023, we fully repaid the $50 million balance on our Revolver with a portion of the net proceeds from the sale of the Hilton Miami Airport hotel. We capitalized $9 million of issuance costs during the year ended December 31, 2022. Senior Notes 2025 Senior Notes In May 2020, our Operating Company, PK Domestic and PK Finance issued an aggregate of $650 million of senior notes due 2025 ("2025 Senior Notes"). We used $219 million of the net proceeds to repay a portion of the then outstanding balance under our Revolver, $69 million to partially repay the 2016 Term Loan and the remainder was used for general corporate purposes. The 2025 Senior Notes bear interest at a rate of 7.500% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning December 1, 2020. The 2025 Senior Notes will mature on June 1, 2025. We may redeem the 2025 Senior Notes, in whole or in part, at the applicable redemption prices set forth in the indenture. On or after June 1, 2024, we may redeem the 2025 Senior Notes at 100% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. 2028 Senior Notes In September 2020, our Operating Company, PK Domestic LLC and the PK Finance issued an aggregate of $725 million of 2028 Senior Notes. The 2028 Senior Notes bear interest at a rate of 5.875% per annum, payable semi-annually in arrears on April 1 and October 1 of each year beginning April 1, 2021. Net proceeds were used to repay the 2016 Term Loan in full and to repay $80 million of the then outstanding balance under our Revolver. We may redeem the 2028 Senior Notes, in whole or in part, at the applicable redemption prices set forth in the indenture. On or after October 1, 2025, we may redeem the 2028 Senior Notes at 100% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. 2029 Senior Notes In May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $750 million of senior notes due 2029 ("2029 Senior Notes"). Net proceeds were used to repay $564 million of the then outstanding balance under our Revolver and $173 million of the 2019 Term Facility. The 2029 Senior Notes bear interest at a rate of 4.875% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning November 15, 2021. The 2029 Senior Notes will mature on May 15, 2029. We capitalized $13 million of issuance costs during the year ended December 31, 2021. We may redeem the 2029 Senior Notes at any time prior to May 15, 2024, in whole or in part, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the redemption date plus a make-whole premium. On or after May 15, 2024, we may redeem the 2029 Senior Notes, in whole or in part, at the applicable redemption prices set forth in the indenture. On or after May 15, 2026, we may redeem the 2029 Senior Notes at 100% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, before May 15, 2024, we may redeem up to 40% of the 2029 Senior Notes with the net cash proceeds from certain equity offerings at a redemption price of 104.875% of the principal amount redeemed. Indentures The 2025 Senior Notes, 2028 Senior Notes and 2029 Senior Notes (collectively, the “Senior Notes”) are guaranteed by us and by the subsidiaries of our Operating Company that also guarantee indebtedness under our credit facility. The guarantees are full and unconditional and joint and several. The Senior Notes are no longer secured following the amendment and restatement of the Original Credit Agreement in December 2022, at which time all collateral securing the Revolver and Senior Notes was released. The indentures governing the Senior Notes contain customary covenants that limit the issuers’ ability and, in certain instances, the ability of the issuers’ subsidiaries, to borrow money, create liens on assets, make distributions and pay dividends on or redeem or repurchase stock, make certain types of investments, sell stock in certain subsidiaries, enter into agreements that restrict dividends or other payments from subsidiaries, enter into transactions with affiliates, issue guarantees of indebtedness, and sell assets or merge with other companies. These covenants are subject to a number of exceptions and qualifications, including the ability to declare or pay any cash dividend or make any cash distribution to us to the extent necessary for us to fund a dividend or distribution by us that we believe is necessary to maintain our status as a REIT or to avoid payment of any tax for any calendar year that could be avoided by reason of such distribution, and the ability to make certain restricted payments not to exceed $100 million, plus 95% of our cumulative Funds From Operations (as defined in the indentures), plus the aggregate net proceeds from (i) the sale of certain equity interests in, (ii) capital contributions to, and (iii) certain convertible indebtedness of the Operating Company. In addition, the indentures require our Operating Company to maintain total unencumbered assets as of each fiscal quarter of at least 150% of total unsecured indebtedness, in each case calculated on a consolidated basis. Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of December 31, 2023 were: Year (in millions) 2024 (1) $ 61 2025 657 2026 1,563 2027 30 2028 725 Thereafter (2) 750 $ 3,786 ____________________________________________________________________________________ (1) Excludes the SF Mortgage Loan. (2) Assumes the exercise of all extensions that are exercisable solely at our option. Debt Associated with Hotels in Receivership In June 2023, we ceased making debt service payments towards the $725 million SF Mortgage Loan, which was due November 2023, and we received a notice of default from the servicer. The stated rate on the loan is 4.11%; however, beginning June 1, 2023, the default interest rate on the loan is 7.11%. Additionally, beginning June 1, 2023, the loan accrues a monthly late payment administrative fee of 3% of the monthly amount due. In October 2023, the trustee for the SF Mortgage Loan filed a lawsuit against the borrowers under the SF Mortgage Loan. In connection with the lawsuit, the court appointed a receiver to take control of the Hilton San Francisco Hotels, which serve as security for the SF Mortgage Loan, and their operations, and thus, we have no further economic interest in the operations of the hotels. The receiver will operate and has authority over the hotels and, until no later than November 1, 2024, has the ability to sell the hotels. The court order contemplates that the receivership will end with a non-judicial foreclosure by December 2, 2024, if the hotels are not sold within the predetermined sale period. We derecognized the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels, and accordingly recognized a gain of $221 million which is included in gain on derecognition of assets in our consolidated statements of comprehensive income (loss) and recorded a contract asset of $760 million, which represents the liabilities we expect to be released from upon final resolution with the lender on the SF Mortgage Loan in exchange for the transfer of ownership of the Hilton San Francisco Hotels. The $725 million SF Mortgage Loan will remain a liability until final resolution with the lender is concluded, and thus is included in debt associated with hotels in receivership

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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: December 31, 2023 December 31, 2022 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: HHV Mortgage Loan 3 $ 1,275 $ 1,195 $ 1,275 $ 1,142 Other mortgage loans 3 385 365 469 435 Revolver 3 — — 50 50 2025 Senior Notes 1 650 652 650 652 2028 Senior Notes 1 725 713 725 661 2029 Senior Notes 1 750 702 750 635 The fair value of the SF Mortgage Loan, which has a carrying value of $725 million as of both December 31, 2023 and 2022, and categorized as Level 3 of the fair value hierarchy, was $718 million and $692 million, respectively, as of December 31, 2023 and 2022. Refer to Note 7: "Debt" for additional information. During the year ended December 31, 2023, we recognized an impairment loss related to one of our hotels. In October 2023, this hotel, along with the other hotel securing our SF Mortgage Loan, were placed into receivership. Refer to Note 7: "Debt" for additional information. The estimated value of the asset that was measured on a nonrecurring basis was: December 31, 2023 Fair Value Impairment Loss (in millions) Property and equipment (1) $ 234 $ 202 Total $ 234 $ 202 ____________________________________________________________________________________ (1) Fair value as of December 31, 2023 was measured using significant unobservable inputs (Level 3). We estimated fair value of the asset using a discounted cash flow analysis, with an estimated stabilized growth rate of 3%, a discounted cash flow term of 10 years, terminal capitalization rate of 6.3%, and discount rate of 9.5%. The discount and terminal capitalization rates used for the fair values of the asset reflected the risk profile of the market where the property is located.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases We lease hotel properties, land and equipment under operating and financing leases. We are subject to ground leases on 13 of our consolidated properties. 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 future minimum rent payments under our current leases, due in each of the next five years and thereafter as of December 31, 2023, were: Operating Leases Year (in millions) 2024 $ 24 2025 27 2026 18 2027 19 2028 19 Thereafter 326 Total minimum rent payments 433 Less: imputed interest 210 Total operating lease liabilities $ 223 As of both December 31, 2023 and 2022, the weighted average remaining operating lease term was 26.0 years, and the weighted average discount rate used to determine the operating lease liabilities was 5.7% and 5.6%, respectively. The components of rent expense, which are primarily included in other property expenses in our consolidated statements of comprehensive income (loss), as well as supplemental cash flow and non-cash information for all operating leases were: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 (in millions) Operating lease expense $ 23 $ 28 $ 29 Variable lease expense 16 13 4 Operating cash flows for operating leases 24 29 30 Operating lease right-of-use asset reassessment (1) — (4) — ____________________________________________________________________________________ (1)
Leases	Leases We lease hotel properties, land and equipment under operating and financing leases. We are subject to ground leases on 13 of our consolidated properties. 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 future minimum rent payments under our current leases, due in each of the next five years and thereafter as of December 31, 2023, were: Operating Leases Year (in millions) 2024 $ 24 2025 27 2026 18 2027 19 2028 19 Thereafter 326 Total minimum rent payments 433 Less: imputed interest 210 Total operating lease liabilities $ 223 As of both December 31, 2023 and 2022, the weighted average remaining operating lease term was 26.0 years, and the weighted average discount rate used to determine the operating lease liabilities was 5.7% and 5.6%, respectively. The components of rent expense, which are primarily included in other property expenses in our consolidated statements of comprehensive income (loss), as well as supplemental cash flow and non-cash information for all operating leases were: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 (in millions) Operating lease expense $ 23 $ 28 $ 29 Variable lease expense 16 13 4 Operating cash flows for operating leases 24 29 30 Operating lease right-of-use asset reassessment (1) — (4) — ____________________________________________________________________________________ (1)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	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 (and state) income tax on taxable income generated by our REIT activities that we distribute annually to our stockholders. Accordingly, no provision for U.S. federal income taxes has been included in our accompanying consolidated financial statements for the years ended December 31, 2023, 2022 and 2021 related to our REIT activities other than taxes related to our sale of built-in gain property. The components of our provision for income taxes were: Year Ended December 31, 2023 2022 2021 (in millions) Current: U.S. Federal $ 5 $ 1 $ 5 State 19 1 (2) Total current 24 2 3 Deferred: U.S. Federal 4 — (1) State 10 (2) — Total deferred 14 (2) (1) Total provision for income taxes $ 38 $ — $ 2 For the year ended December 31, 2023, the total provision for income taxes includes $28 million of income taxes associated with the effective exit from the Hilton San Francisco Hotels. Reconciliations of our tax provision at the U.S. statutory rate to the provision for income taxes were: Year Ended December 31, 2023 2022 2021 (in millions) Statutory U.S. federal income tax provision (benefit) $ 30 $ 36 $ (94) State income taxes, net of U.S. federal tax benefit 29 1 — Change in deferred tax asset valuation allowance — 4 (22) REIT income not subject to tax (23) (39) 116 Derecognition and remeasurement of deferred taxes — (2) (1) Other 2 — 3 Provision for income taxes $ 38 $ — $ 2 Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The composition of net deferred tax balances were as follows: December 31, 2023 2022 (in millions) Deferred income tax assets (1) $ 1 $ — Deferred income tax liabilities (2) (24) (9) Net deferred tax liability $ (23) $ (9) ____________________________________________________________________________________ (1) Included within other assets in our consolidated balance sheets, net of valuation allowance. (2) Included within other liabilities in our consolidated balance sheets. The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax liability were: December 31, 2023 2022 (in millions) Deferred tax assets: Net operating loss carryforwards $ 49 $ 53 Deferred income — 4 Investments 5 3 Interest expense limitation 4 — Other 7 6 Total gross deferred tax assets 65 66 Less: valuation allowance (59) (59) Deferred tax assets 6 7 Deferred tax liabilities: Property and equipment (16) (3) Investments (10) (9) Accrued compensation (2) (4) Other (1) — Deferred tax liabilities (29) (16) Net deferred tax liability $ (23) $ (9) As of December 31, 2023, we had U.S. federal and state net operating loss carryforwards of approximately $673 million, which resulted in deferred tax assets of $49 million. Our U.S. federal net operating loss carryforwards of approximately $267 million are not subject to expiration. Our U.S. state net operating loss carryforwards of approximately $406 million will begin to expire in 2030. We made no cash distributions to our stockholders in 2021. The cash distributions to stockholders in 2023 and 2022 are characterized, for U.S. federal income tax purposes, as follows: Year Ended December 31, 2023 2022 Common distributions (per share): Ordinary dividends $ 0.000000 $ 0.000000 Capital gain distributions (1) 2.150000 0.280000 ____________________________________________________________________________________ (1) Capital gain distribution disclosure pursuant to Treasury Regulation §1.1061-6(c). The following additional information relates to the capital gain distributions for calendar years 2023 and 2022 , as reported on Park Hotels & Resorts Inc. Form 1099-DIV, Box 2a. For purposes of Internal Revenue Code Section 1061, which is generally applicable to direct and indirect holders of “applicable partnership interests”: (i) the “One Year Amounts” are $0.000000 per share, and (ii) the “Three Year Amounts” are $0.000000 per share, with respect to both the 2023 and 2022 capital gain distributions.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation We issue equity-based awards to our employees pursuant to the 2017 Omnibus Incentive Plan (the “2017 Employee Plan”) and our non-employee directors pursuant to the 2017 Stock Plan for Non-Employee Directors (the “2017 Director Plan”) both of which are amended and restated from time to time. An amendment and restatement of the 2017 Employee Plan was approved by our Board in February 2023 and approved by our stockholders in April 2023 to, among other changes, increase the number of shares available to be issued by 6,070,000, from 8,000,000 to 14,070,000 shares. As of December 31, 2023, 7,496,571 shares of common stock remain available for future issuance. The 2017 Director Plan provides that a maximum of 950,000 shares of our common stock may be issued, and as of December 31, 2023, 255,351 shares of common stock remain available for future issuance. For the years ended December 31, 2023, 2022 and 2021, we recognized $18 million, $17 million and $19 million of share-based compensation expense, respectively. As of December 31, 2023, unrecognized compensation expense was $20 million, which is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of shares vested (calculated as the number of shares multiplied by the vesting date share price) during the years ended December 31, 2023, 2022 and 2021 was $7 million, $7 million and $18 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 years ended December 31, 2023, 2022 and 2021: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 834,258 $ 21.68 Granted 434,486 20.52 Vested (456,357) 19.08 Forfeited (23,065) 22.45 Unvested at December 31, 2021 789,322 22.52 Granted 471,614 18.16 Vested (378,605) 22.51 Forfeited (38,485) 20.28 Unvested at December 31, 2022 843,846 20.19 Granted 696,356 13.45 Vested (539,133) 20.39 Forfeited (18,484) 15.52 Unvested at December 31, 2023 982,585 $ 15.40 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. 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 performance period will be forfeited. As of December 31, 2023, six of the eight Share Price Targets were achieved and thus 75% of the awards granted were vested. The following table provides a summary of PSUs for the years ended December 31, 2023, 2022 and 2021: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 1,078,555 $ 18.70 Granted 327,416 27.16 Vested (428,255) 16.33 Forfeited (5,642) 20.29 Unvested at December 31, 2021 972,074 22.59 Granted 393,225 21.93 Forfeited (166,974) 34.47 Unvested at December 31, 2022 1,198,325 20.71 Granted 590,805 19.96 Forfeited (261,554) 24.80 Unvested at December 31, 2023 1,527,576 $ 19.72 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: Year Ended December 31, 2023 2022 2021 Expected volatility 48.0 % 57.5 % 60.0 % Dividend yield (1) — — — Risk-free rate 4.3 % 1.7 % 0.2% - 0.3% Expected term 3 years 3 years 3 years ____________________________________________________________________________________ (1) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”): Year Ended December 31, 2023 2022 2021 (in millions, except per share amounts) Numerator: Net income (loss) attributable to stockholders $ 97 $ 162 $ (459) Earnings attributable to participating securities (2) — — Net income (loss) attributable to stockholders, net of earnings allocated to participating securities $ 95 $ 162 $ (459) Denominator: Weighted average shares outstanding – basic 214 228 236 Unvested restricted shares 1 — — Weighted average shares outstanding – diluted 215 228 236 Earnings (loss) per share – Basic (1) $ 0.44 $ 0.71 $ (1.95) Earnings (loss) per share – Diluted (1) $ 0.44 $ 0.71 $ (1.95) ____________________________________________________________________________________ (1) Per share amounts are calculated based on unrounded numbers and are calculated independently for each period presented.

Hotel Management Operating and

Hotel Management Operating and License Agreements	12 Months Ended
	Dec. 31, 2023
Hotel Management Operating And License Agreements [Abstract]
Hotel Management Operating And License Agreements	Hotel Management Operating and License Agreements Management and Franchise Fees We have management agreements, whereby we pay a base fee equal to a percentage of total revenues, as defined, as well as an incentive fee if specified financial performance targets are achieved. Our managers generally have sole responsibility for all activities necessary for the operation of the hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. Our managers also generally provide all employees for the hotels, prepare reports, budgets and projections, and provide other administrative and accounting support services to the hotels. We have consultative and limited approval rights with respect to certain actions of our managers, including entering into long-term or high value contracts, engaging in certain actions relating to legal proceedings, approving the operating budget, making certain capital expenditures and the hiring of certain management personnel. Our management agreements have initial terms ranging from 5 to 30 years and allow for one or more renewal periods. Assuming all renewal periods are exercised by our hotel managers, the total term of our management agreements range from 5 to 70 years. We also have franchise agreements for 4 hotels. The franchise agreements have an initial term of 13 to 20 years and cannot be extended without the franchisor’s consent. Marketing Fees Additionally, the management and franchise agreements generally require a marketing fee equal to a percentage of rooms revenues. Total marketing fees were $47 million, $45 million and $26 million for the years ended December 31, 2023, 2022 and 2021, respectively, and were included in other departmental and support expense in our consolidated statements of comprehensive income (loss). Employee Cost Reimbursements We are responsible for reimbursing our managers for certain employee related costs outside of payroll. These costs include contributions to a defined contribution 401(k) Retirement Savings Plan administered by our managers, union- sponsored pension plans and other post-retirement plans. All of these plans are the responsibility of our managers and our obligation is only for the reimbursement of these costs for individuals who work at our hotel properties. Total employee cost reimbursements were $132 million, $117 million and $55 million for the years ended December 31, 2023, 2022 and 2021, respectively, and were included in the respective operating expenses line item in our consolidated statements of comprehensive income (loss) based upon the nature of services provided by such employees.

Business Segment Information

Business Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information As of December 31, 2023, 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 (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”). Hotel Adjusted EBITDA, presented herein, is calculated as EBITDA from hotel operations, adjusted to exclude the following items that are not reflective of our ongoing operating performance or incurred in the normal course of business, and thus excluded from management's analysis in making day-to-day operating decisions and evaluations of our operating performance against other companies within our industry: • 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 income (loss) to Hotel Adjusted EBITDA: Year Ended December 31, 2023 2022 2021 (in millions) Revenues: Total consolidated hotel revenues $ 2,613 $ 2,426 $ 1,311 Other revenues 85 75 51 Total revenues $ 2,698 $ 2,501 $ 1,362 Net income (loss) $ 106 $ 173 $ (452) Other revenues (85) (75) (51) Depreciation and amortization expense 287 269 281 Corporate general and administrative expense 65 63 62 Impairment and casualty loss 204 6 9 Other operating expenses 83 72 49 (Gain) loss on sales of assets, net (15) (13) 5 Gain on derecognition of assets (221) — — Interest income (38) (13) (1) Interest expense 207 217 228 Interest expense associated with hotels in receivership 45 30 30 Equity in (earnings) losses from investments in affiliates (11) (15) 7 Income tax expense 38 — 2 Other (gain) loss, net (4) (96) 7 Other items 25 12 1 Hotel Adjusted EBITDA $ 686 $ 630 $ 177 The following table presents total assets for our consolidated hotels, reconciled to total assets: December 31, 2023 2022 (in millions) Consolidated hotels $ 9,406 $ 9,726 All other 13 5 Total assets $ 9,419 $ 9,731

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2023, we had outstanding commitments under third-party contracts of approximately $90 million for capital expenditures at our properties, of which $16 million relates to projects at the Bonnet Creek complex, including the meeting space expansion project and renovation of guestrooms, existing meeting space, lobbies, golf course and other recreational amenities, and $10 million relates to the complete renovation of all guestrooms, public spaces, and certain hotel infrastructure at the Casa Marina Key West, Curio Collection. 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 provide that Hilton will 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 December 31, 2023 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. This amount could change as the litigation of the ATO’s claim progresses. In February 2021, we were required to make a payment to Hilton of approximately $11 million representing our share of: (i) the deposit required from Hilton by the ATO to further contest the claim and (ii) certain out-of-pocket expenses incurred by Hilton.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Interest paid during the years ended December 31, 2023, 2022 and 2021 was $215 million, $245 million and $242 million, respectively. The decrease in interest paid during the year ended December 31, 2023 as compared to the years ended December 31, 2022 and 2021 is primarily due to the cessation of debt service payments toward the SF Mortgage Loan beginning in June 2023. We paid $7 million, $7 million and $31 million in income taxes during the years ended December 31, 2023, 2022 and 2021, respectively. Capital expenditures included within accounts payable and accrued expenses in our consolidated balance sheets were $37 million, $33 million and $11 million during the years ended December 31, 2023, 2022 and 2021, respectively. The following non-cash financing activity was excluded from the consolidated statements of cash flows: During the year ended December 31, 2023: • We declared $355 million of dividends that were unpaid and accrued as of December 31, 2023. During the year ended December 31, 2022: • We declared $56 million of dividends that were unpaid and accrued as of December 31, 2022.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Park Hotels & Resorts Inc. Schedule III Real Estate and Accumulated Depreciation (Dollars in millions) December 31, 2023 Initial Cost Gross Amounts at Which Carried at Close of Period Hotel Property Encumbrances Land Building & Furniture, Costs Land Building & Improvements (1) Furniture, Total Accumulated Date of Construction Date Acquired (2) Life Upon Caribe Hilton $ — $ 38 $ 56 $ 7 $ 86 $ 40 $ 112 $ 35 $ 187 $ (58) 1949 10/24/2007 3 - 40 years DoubleTree Hotel Durango — — — 2 5 — 2 5 7 (6) 1985 10/24/2007 3 - 40 years DoubleTree Hotel Ontario Airport 30 14 58 3 21 13 64 19 96 (41) 1974 10/24/2007 3 - 40 years DoubleTree Hotel San Diego – Mission Valley — — — 2 17 — 10 9 19 (14) 1989 10/24/2007 3 - 40 years DoubleTree Hotel San Jose — 15 67 5 26 15 82 15 112 (47) 1980 10/24/2007 3 - 40 years DoubleTree Hotel Seattle Airport — — — 11 30 1 13 27 41 (34) 1969 10/24/2007 3 - 40 years DoubleTree Hotel Sonoma Wine Country — — — 4 12 — 6 10 16 (12) 1977 10/24/2007 3 - 40 years Embassy Suites Austin Downtown South Congress — — 45 2 18 — 57 8 65 (42) 1983 10/24/2007 3 - 40 years Hilton Boston Logan Airport — — 108 6 31 — 130 15 145 (61) 1999 10/24/2007 3 - 40 years Hilton Chicago — 69 233 12 193 71 377 60 508 (188) 1927 10/24/2007 3 - 40 years Hilton Hawaiian Village Waikiki Beach Resort 1,275 925 807 17 444 983 1,098 112 2,193 (537) 1961 10/24/2007 3 - 40 years Hilton McLean Tysons Corner — 50 82 3 (11) 23 57 44 124 (69) 1987 10/24/2007 3 - 40 years Hilton New Orleans Riverside — 89 217 3 113 90 274 58 422 (152) 1977 10/24/2007 3 - 40 years Hilton Oakland Airport — — 13 3 1 — 9 8 17 (12) 1970 10/24/2007 3 - 40 years Hilton Salt Lake City Center — — — 10 20 — 8 22 30 (25) 2002 10/24/2007 3 - 40 years Hilton Santa Barbara Beachfront Resort 159 71 50 2 50 71 79 24 174 (44) 1986 10/24/2007 3 - 40 years Hilton Seattle Airport & Conference Center — — 70 3 16 — 81 8 89 (44) 1961 10/24/2007 3 - 40 years Hilton Short Hills — 59 54 3 (91) 13 10 2 25 (3) 1988 10/24/2007 3 - 40 years Hilton Waikoloa Village — 160 340 25 (57) 112 293 63 468 (184) 1988 10/24/2007 3 - 40 years New York Hilton Midtown — 1,096 542 13 142 1,043 659 91 1,793 (328) 1963 10/24/2007 3 - 40 years DoubleTree Hotel Washington DC – Crystal City — 43 95 2 51 43 128 20 191 (73) 1982 12/14/2007 3 - 40 years DoubleTree Hotel Spokane City Center 14 3 24 2 13 3 30 9 42 (17) 1986 1/1/2010 3 - 40 years Hilton Orlando Lake Buena Vista — — 137 10 41 — 157 31 188 (80) 1983 8/30/2010 3 - 40 years Embassy Suites Kansas City – Plaza — — 26 1 4 — 28 3 31 (24) 1973 7/25/2014 3 - 40 years Signia by Hilton Orlando Bonnet Creek — 15 377 31 141 18 507 39 564 (108) 2009 2/12/2015 3 - 40 years Waldorf Astoria Orlando — 34 274 29 63 36 322 42 400 (106) 2009 2/12/2015 3 - 40 years Casa Marina Key West, Curio Collection — 164 174 9 40 164 221 2 387 (35) 1920 2/17/2015 3 - 40 years The Reach Key West, Curio Collection — 57 67 3 19 57 80 9 146 (23) 1970 2/17/2015 3 - 40 years Juniper Hotel Cupertino, Curio Collection — 40 64 8 2 40 66 8 114 (21) 1973 6/2/2015 3 - 40 years Boston Marriott Newton — 24 74 15 3 24 76 16 116 (20) 1969 9/18/2019 3 - 40 years Park Hotels & Resorts Inc. Schedule III Real Estate and Accumulated Depreciation (Dollars in millions) December 31, 2023 Initial Cost Gross Amounts at Which Carried at Close of Period Hotel Property Encumbrances Land Building & Furniture, Costs Land Building & Improvements (1) Furniture, Total Accumulated Date of Construction Date Acquired (2) Life Upon Hilton Checkers Los Angeles $ — $ 19 $ 44 $ 7 $ 2 $ 19 $ 46 $ 7 $ 72 $ (9) 1927 9/18/2019 3 - 40 years Hilton Denver City Center 54 14 163 21 2 14 164 22 200 (33) 1982 9/18/2019 3 - 40 years Hyatt Centric Fisherman’s Wharf — 33 122 11 4 33 125 12 170 (24) 1990 9/18/2019 3 - 40 years Hyatt Regency Boston 128 — 177 14 1 — 179 14 193 (32) 1985 9/18/2019 3 - 40 years Hyatt Regency Mission Bay Spa and Marina — 5 118 15 5 6 121 16 143 (26) 1961 9/18/2019 3 - 40 years JW Marriott San Francisco Union Square — — 191 13 5 — 196 13 209 (30) 1987 9/18/2019 3 - 40 years Royal Palm South Beach Miami, a Tribute — 16 139 12 8 16 146 13 175 (26) 1926 9/18/2019 3 - 40 years W Chicago – City Center — 20 76 14 2 20 78 14 112 (17) 1928 9/18/2019 3 - 40 years W Chicago – Lakeshore — 22 58 8 3 22 60 9 91 (15) 1965 9/18/2019 3 - 40 years Total $ 1,660 $ 3,095 $ 5,142 $ 361 $ 1,475 $ 2,990 $ 6,151 $ 934 $ 10,075 $ (2,620) (1) Includes amounts classified as construction-in-progress. (2) On October 24, 2007, a predecessor to our Parent became a wholly owned subsidiary of an affiliate of The Blackstone Group L.P. following the completion of the Blackstone Merger. Park Hotels & Resorts Inc. Schedule III Real Estate and Accumulated Depreciation—(continued) (Dollars in millions) December 31, 2023 Notes: (A) The change in total cost of properties for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows: Year Ended December 31, 2023 2022 2021 (in millions) Balance at beginning of period $ 11,008 $ 11,010 $ 11,376 Additions during period: Capital expenditures 307 188 62 Transfer to real estate assets (1) — — 83 Deductions during period: Dispositions, including casualty losses and impairment loss on planned dispositions (199) (190) (511) Derecognition of assets (2) (1,041) — — Balance at end of period $ 10,075 $ 11,008 $ 11,010 ____________________________________________________________________________________ (1) During 2021, four of our hotels that were previously managed by us were transitioned to a third-party hotel management company. (2) For the year ended December 31, 2023, represents the derecognition of the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels. (B) The change in accumulated depreciation for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows: Year Ended December 31, 2023 2022 2021 (in millions) Balance at beginning of period $ 2,712 $ 2,504 $ 2,241 Additions during period: Depreciation expense 254 267 280 Transfer to real estate assets (1) — — 30 Deductions during period: Dispositions, including casualty losses and impairment loss on planned dispositions (68) (59) (47) Derecognition of assets (2) (278) — — Balance at end of period $ 2,620 $ 2,712 $ 2,504 ____________________________________________________________________________________ (1) During 2021, four of our hotels that were previously managed by us were transitioned to a third-party hotel management company. (2) For the year ended December 31, 2023, represents the derecognition of the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels. (C) The aggregate cost of real estate for U.S. federal income tax purposes is approximately $5.662 billion as of December 31, 2023.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of the Company, our wholly owned subsidiaries and entities in which we have a controlling financial interest, including variable interest entities (“VIEs”) where we are the primary beneficiary. The consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany transactions and balances within these consolidated financial statements have been eliminated.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Certain line items on the consolidated balance sheet as of December 31, 2022 and consolidated statements of comprehensive income (loss) for the year ended December 31, 2022 and 2021 have been reclassified to conform to the current period presentation.
Property and Equipment	Property and equipment are recorded at cost, and interest applicable to major construction or development projects is capitalized. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (8 to 40 years); furniture and equipment (3 to 8 years); and computer equipment and acquired software (3 years). Leasehold improvements are depreciated over the shorter of the estimated useful life, based on the estimates above, or the lease term. We evaluate the carrying value of our property and equipment if there are indicators of potential impairment. We perform an analysis to determine the recoverability of the asset’s carrying value by comparing the expected undiscounted future cash flows to the net book value of the asset. If it is determined that the expected undiscounted future cash flows are less than the net book value of the asset, the excess of the net book value over the estimated fair value is recorded in our consolidated statements of comprehensive income (loss) within impairment losses. Fair value is generally estimated using valuation techniques that consider the discounted cash flows of the asset using discount and capitalization rates deemed reasonable for the type of asset, as well as prevailing market conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds from pending offers. If sufficient information exists to reasonably estimate the fair value of a conditional asset retirement obligation, including environmental remediation liabilities, we recognize the fair value of the obligation when the obligation is incurred, which is generally upon acquisition, construction or development and/or through the normal operation of the asset.
Assets Held For Sale	We classify a property as held for sale when we commit to a plan to sell the asset, the sale of the asset is probable within one year, and it is unlikely that action to complete the sale will change or that the sale will be withdrawn. When we determine that classification of an asset as held for sale is appropriate, we cease recording depreciation for the asset and value the property at the lower of depreciated cost or fair value, less costs to dispose. Further, the related assets and liabilities of the held for sale property will be classified as assets held for sale in our consolidated balance sheets. Any gains on sales of properties are recognized at the time of sale or deferred and recognized in net income (loss)
Investments in Affiliates	The consolidated financial statements include entities in which we have a controlling financial interest, including VIEs where we are the primary beneficiary. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a VIE, we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or otherwise have a controlling financial interest. References in these financial statements to net income (loss) attributable to stockholders do not include non-controlling interests, which represent the outside ownership interests of our consolidated, non-wholly owned entities and are reported separately.
Investments in Affiliates	We hold investments in affiliates that primarily own or lease hotels. Investments in affiliates over which we exercise significant influence, but lack a controlling financial interest, are accounted for using the equity method. We account for investments using the equity method when we have the ability to exercise significant influence over the entity, typically through a more than minimal investment. Our proportionate share of earnings (losses) from our equity method investments is presented as equity in earnings (losses) from investments in affiliates in our consolidated statements of comprehensive income (loss). Distributions from investments in affiliates are presented as an operating activity in our consolidated statements of cash flows when such distributions are a return on investment. Distributions from investments in affiliates are recorded as an investing activity in our consolidated statements of cash flows when such distributions are a return of investment. We assess the recoverability of our equity method investments if there are indicators of potential impairment. If an identified event or change in circumstances requires an evaluation to determine if an investment may have an other-than-temporary impairment, we assess the fair value of the investment based on accepted valuation methodologies, which include discounted cash flows, estimates of sales proceeds and external appraisals. If an investment’s fair value is below its carrying value and the decline is considered to be other-than-temporary, we will recognize an impairment loss in equity in earnings (losses) from investments in affiliates in our consolidated statements of comprehensive income (loss).
Non-controlling Interests	We present the portion of any equity that we do not own in entities that we have a controlling financial interest (and thus consolidate) as non-controlling interests and classify those interests as a component of total equity, separate from total stockholders’ equity, on our consolidated balance sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss is allocated between the joint venture partners based on their respective stated ownership percentages. In addition, we include net income (loss) attributable to the noncontrolling interest in net income (loss) in our consolidated statements of comprehensive income (loss).
Intangible Assets	Intangible assets with finite useful lives primarily include an air rights contract. The air rights contract value is based on the present value of the difference between the contractual rental amounts and the market rental rates for similar contracts, measured over a period equal to the remaining non-cancellable term of the contract. Intangible assets are amortized using the straight-line method over the remaining term of the contract. We review all finite lived intangible assets for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of the carrying value over the fair value in our consolidated statements of comprehensive income (loss).
Asset Acquisitions	We consider an asset acquisition to occur when substantially all the fair value of an acquisition is concentrated in a single identifiable asset or a group of similar identifiable assets. In an acquisition of assets, we are not required to expense our acquisition-related costs, and goodwill is not assigned. We will account for the properties purchased as asset acquisitions by allocating the total cash consideration, including transaction costs, to the individual assets acquired and liabilities assumed, respectively, on a relative fair value basis.
Business Combinations	We consider a business combination to occur when we take control of a business by acquiring its net assets or equity interests. We record the assets acquired, liabilities assumed and non-controlling interests at fair value as of the acquisition date, including any contingent consideration. We evaluate factors, including market data for similar assets, expected future cash flows discounted at risk-adjusted rates and replacement cost for the assets to determine an appropriate fair value of the assets. Acquisition-related costs, such as due diligence, legal and accounting fees, are expensed in the period incurred and are not capitalized or applied in determining the fair value of the acquired assets.
Cash and Cash Equivalents	Cash and cash equivalents include all highly liquid investments with original maturities, when purchased, of three months or less.
Restricted Cash	Restricted cash includes cash balances established as lender reserves required by our debt agreements and reserves for capital expenditures in accordance with certain of our management agreements.
Allowance for Doubtful Accounts	An allowance for doubtful accounts is provided on accounts receivable when losses are probable based on historical collection activity and current business conditions.
Leases	We consider an arrangement to contain a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for compensation. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent the present value of our fixed payment obligations. Leases with a term of 12 months or less are not recorded on the balance sheet. We use our estimated incremental borrowing rate to determine the present value of our lease obligations. Our operating leases may require fixed payments, variable payments based on a percentage of revenue or income, or payments equal to the greater of a fixed or variable payment. Variable payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation is incurred. Operating lease expense is recognized on a straight-line basis over the lease term. Our lease terms include renewal options that we are reasonably certain to exercise, and renewal options controlled by the lessor.
Fair Value Measurements - Valuation Hierarchy	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (an exit price). We use the three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-level hierarchy of inputs is summarized below: • Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument. • Level 3—Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety at the end of each reporting period.
Derivative Instruments	We may use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We will regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. Under the terms of certain loan agreements, we may be required to maintain derivative financial instruments to manage interest rates. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“cash flow hedge”); a hedge of the fair value of a recognized asset or liability (“fair value hedge”); or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge or net investment hedge are recorded in other comprehensive income in the consolidated statements of comprehensive income (loss) until they are reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a fair value hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. Cash flows from undesignated derivative financial instruments are included as an investing activity in our consolidated statements of cash flows. If we determine that we qualify for and will designate a derivative as a hedging instrument, at the designation date we formally document all relationships between hedging activities, including the risk management objective and strategy for undertaking various hedge transactions. This process includes matching all derivatives that are designated as cash flow hedges to specific forecasted transactions and linking all derivatives designated as fair value hedges to specific assets and liabilities in our consolidated balance sheets. To the extent we have designated a derivative as a hedging instrument, each reporting period we assess the effectiveness of our designated hedges in offsetting the variability in the cash flows or fair values of the hedged assets or obligations using the Hypothetical Derivative Method. This method compares the cumulative change in fair value of each hedging instrument to the cumulative change in fair value of a hypothetical hedging instrument, which has terms that identically match the critical terms of the respective hedged transactions. Thus, the hypothetical hedging instrument is presumed to perfectly offset the hedged cash flows. Ineffectiveness results when the cumulative change in the fair value of the hedging instrument exceeds the cumulative change in the fair value of the hypothetical hedging instrument. We discontinue hedge accounting prospectively, when the derivative is not highly effective as a hedge, the underlying hedged transaction is no longer probable, or the hedging instrument expires, is sold, terminated or exercised.
Revenue Recognition	Our results of operations primarily consist of room rentals, food and beverage sales and other ancillary goods and services from hotel properties. Other revenues primarily relate to support services we provide to Hilton Grand Vacations (“HGV”). Hotel operating revenues are disaggregated into room revenue, food and beverage revenue, ancillary hotel revenue and other revenue on the consolidated statements of comprehensive income (loss) to illustrate how economic factors affect the nature, amount and timing, and uncertainty of revenue and cash flows. Rooms revenue is recognized over time when rooms are occupied and food and beverage revenue is recognized at a point in time when goods and services have been delivered or rendered. Ancillary hotel revenue and other revenue is generally recognized at a point in time as goods and services are delivered or rendered. We assess if we are the principal or agent for certain ancillary services provided by third parties. If we are the principal, we recognize revenue based on the gross sales price. If we are the agent, we recognize revenue net of costs paid to service providers. Payment received for a future stay or event is recognized as an advance deposit, which is included in other liabilities
Share-based Compensation	We recognize the cost of services received in share-based payment transactions with employees and non-employee directors as services are received and recognize a corresponding increase in additional paid-in capital for equity classified awards. We account for any forfeitures when they occur.
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 consolidated financial statements for the years ended December 31, 2023, 2022 and 2021 related to our REIT activities other than taxes related to our sale of built-in gain property (representing property held by us with an excess of fair value over tax basis on January 4, 2017). We were subject to U.S. federal income tax on taxable sales of built-in gain property during the five-year period following the date of our spin-off, which ended in January 2022. We remain subject to California income tax on taxable sales of built-in-gain property until January 2027. 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). We account for income taxes using the asset and liability method. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts, and to recognize tax loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the respective temporary differences or operating loss or tax credit carry forwards are expected to be recovered or settled. The realization of deferred tax assets and tax loss and tax credit carry forwards is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. Valuation allowances are provided to reduce such deferred tax assets to amounts more likely than not to be ultimately realized.
Recently Issued Accounting Pronouncements	In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which enhances segment disclosures, including disclosures about significant segment expenses. We expect to adopt ASU 2023-07 on a retrospective basis when the requirements become effective for the year-ended December 31, 2024. We are currently evaluating the effect that ASU 2023-07 will have on our consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-08 ("ASU 2023-08"), Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which enhances income tax disclosures, including disclosures about the existing rate reconciliation and income taxes paid information. We expect to adopt ASU 2023-08 when the requirements become effective for the year-ended December 31, 2025. ASU 2023-08 is required to be adopted on a prospective basis, but retrospective adoption is permitted. We are currently evaluating the effect that ASU 2023-08 will have on our consolidated financial statements.

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summary of Assets and Liabilities Held for Sale and Dispositions	Hotel Location Month Sold Hampton Inn & Suites Memphis – Shady Grove Memphis, Tennessee April 2022 Hilton Chicago/Oak Brook Suites Chicago, Illinois May 2022 Homewood Suites by Hilton Seattle Convention Center Pike Street Seattle, Washington June 2022 Hilton Garden Inn Chicago/Oakbrook Terrace Chicago, Illinois July 2022 Hilton Garden Inn LAX/El Segundo El Segundo, California September 2022 Hotel Location Month Sold W New Orleans – French Quarter New Orleans, Louisiana April 2021 Hotel Indigo San Diego Gaslamp Quarter (1) San Diego, California June 2021 Courtyard Washington Capitol Hill Navy Yard (1) Washington, D.C. June 2021 Hotel Adagio, Autograph Collection San Francisco, California July 2021 Le Meridien San Francisco San Francisco, California August 2021 ______________________________________________ (1) Sold as a portfolio in the same transaction.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment were: December 31, 2023 2022 (in millions) Land $ 2,990 $ 3,317 Buildings and leasehold improvements 5,814 6,512 Furniture and equipment 947 994 Construction-in-progress 341 201 10,092 11,024 Accumulated depreciation and amortization (2,633) (2,723) $ 7,459 $ 8,301

Consolidated Variable Interes_2

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables)	12 Months Ended
	Dec. 31, 2023
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets	Our consolidated balance sheets include the following assets and liabilities of these entities: December 31, 2023 2022 (in millions) Property and equipment, net $ 209 $ 208 Cash and cash equivalents 17 21 Restricted cash 2 2 Accounts receivable, net 5 4 Prepaid expenses 3 2 Debt 202 205 Accounts payable and accrued expenses 11 8 Due to hotel manager 2 2 Other liabilities 3 4

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets were: December 31, 2023 2022 (in millions) Air rights contract 45 45 Other 4 7 Accumulated amortization (7) (9) $ 42 $ 43
Finite-Lived Intangible Assets Amortization Expense	As of December 31, 2023, we estimated our future amortization expense for our intangible assets to be: Year (in millions) 2024 $ 1 2025 1 2026 1 2027 1 2028 1 Thereafter 37 $ 42

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances and associated interest rates as of December 31, 2023 were: Principal balance as of Interest Rate Maturity Date December 31, 2023 December 31, 2022 (in millions) HHV Mortgage Loan 4.20% November 2026 $ 1,275 $ 1,275 Other mortgage loans (1) Average rate of 4.37% 2024 to 2027 (2) 385 469 Revolver (3) SOFR + 2.10% December 2026 — 50 2025 Senior Notes 7.50% June 2025 650 650 2028 Senior Notes 5.88% October 2028 725 725 2029 Senior Notes 4.88% May 2029 750 750 Finance lease obligations 7.66% 2024 to 2028 1 — 3,786 3,919 Add: unamortized premium 1 3 Less: unamortized deferred financing costs and discount (22) (30) $ 3,765 $ 3,892 ____________________________________________________________________________________ (1) In June 2023, we fully repaid the $75 million mortgage loan secured by the W Chicago – City Center. (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 with six months of notice. As of December 31, 2023, Park had not received notice from the lender. (3) In February 2023, we fully repaid the $50 million outstanding balance under our amended and restated revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. As of December 31, 2023, we had approximately $4 million outstanding on a standby letter of credit and $946 million of available capacity under our Revolver.
Schedule of Maturities of Long-Term Debt	The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of December 31, 2023 were: Year (in millions) 2024 (1) $ 61 2025 657 2026 1,563 2027 30 2028 725 Thereafter (2) 750 $ 3,786 ____________________________________________________________________________________ (1) Excludes the SF Mortgage Loan. (2) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
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: December 31, 2023 December 31, 2022 Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value (in millions) Liabilities: HHV Mortgage Loan 3 $ 1,275 $ 1,195 $ 1,275 $ 1,142 Other mortgage loans 3 385 365 469 435 Revolver 3 — — 50 50 2025 Senior Notes 1 650 652 650 652 2028 Senior Notes 1 725 713 725 661 2029 Senior Notes 1 750 702 750 635
Estimated Fair Value of Assets Measured on Nonrecurring Basis	The estimated value of the asset that was measured on a nonrecurring basis was: December 31, 2023 Fair Value Impairment Loss (in millions) Property and equipment (1) $ 234 $ 202 Total $ 234 $ 202 ____________________________________________________________________________________ (1) Fair value as of December 31, 2023 was measured using significant unobservable inputs (Level 3). We estimated fair value of the asset using a discounted cash flow analysis, with an estimated stabilized growth rate of 3%, a discounted cash flow term of 10 years, terminal capitalization rate of 6.3%, and discount rate of 9.5%. The discount and terminal capitalization rates used for the fair values of the asset reflected the risk profile of the market where the property is located.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Maturity	The future minimum rent payments under our current leases, due in each of the next five years and thereafter as of December 31, 2023, were: Operating Leases Year (in millions) 2024 $ 24 2025 27 2026 18 2027 19 2028 19 Thereafter 326 Total minimum rent payments 433 Less: imputed interest 210 Total operating lease liabilities $ 223
Lease, Cost	The components of rent expense, which are primarily included in other property expenses in our consolidated statements of comprehensive income (loss), as well as supplemental cash flow and non-cash information for all operating leases were: Year Ended December 31, 2023 Year Ended December 31, 2022 Year Ended December 31, 2021 (in millions) Operating lease expense $ 23 $ 28 $ 29 Variable lease expense 16 13 4 Operating cash flows for operating leases 24 29 30 Operating lease right-of-use asset reassessment (1) — (4) — ____________________________________________________________________________________ (1)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our provision for income taxes were: Year Ended December 31, 2023 2022 2021 (in millions) Current: U.S. Federal $ 5 $ 1 $ 5 State 19 1 (2) Total current 24 2 3 Deferred: U.S. Federal 4 — (1) State 10 (2) — Total deferred 14 (2) (1) Total provision for income taxes $ 38 $ — $ 2
Schedule of Effective Income Tax Rate Reconciliation	Reconciliations of our tax provision at the U.S. statutory rate to the provision for income taxes were: Year Ended December 31, 2023 2022 2021 (in millions) Statutory U.S. federal income tax provision (benefit) $ 30 $ 36 $ (94) State income taxes, net of U.S. federal tax benefit 29 1 — Change in deferred tax asset valuation allowance — 4 (22) REIT income not subject to tax (23) (39) 116 Derecognition and remeasurement of deferred taxes — (2) (1) Other 2 — 3 Provision for income taxes $ 38 $ — $ 2
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The composition of net deferred tax balances were as follows: December 31, 2023 2022 (in millions) Deferred income tax assets (1) $ 1 $ — Deferred income tax liabilities (2) (24) (9) Net deferred tax liability $ (23) $ (9) ____________________________________________________________________________________ (1) Included within other assets in our consolidated balance sheets, net of valuation allowance. (2) Included within other liabilities in our consolidated balance sheets. The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax liability were: December 31, 2023 2022 (in millions) Deferred tax assets: Net operating loss carryforwards $ 49 $ 53 Deferred income — 4 Investments 5 3 Interest expense limitation 4 — Other 7 6 Total gross deferred tax assets 65 66 Less: valuation allowance (59) (59) Deferred tax assets 6 7 Deferred tax liabilities: Property and equipment (16) (3) Investments (10) (9) Accrued compensation (2) (4) Other (1) — Deferred tax liabilities (29) (16) Net deferred tax liability $ (23) $ (9)
Schedule Of Cash Distributions To Stockholders For Federal Income Tax Purposes	We made no cash distributions to our stockholders in 2021. The cash distributions to stockholders in 2023 and 2022 are characterized, for U.S. federal income tax purposes, as follows: Year Ended December 31, 2023 2022 Common distributions (per share): Ordinary dividends $ 0.000000 $ 0.000000 Capital gain distributions (1) 2.150000 0.280000 ____________________________________________________________________________________ (1) Capital gain distribution disclosure pursuant to Treasury Regulation §1.1061-6(c). The following additional information relates to the capital gain distributions for calendar years 2023 and 2022 , as reported on Park Hotels & Resorts Inc. Form 1099-DIV, Box 2a. For purposes of Internal Revenue Code Section 1061, which is generally applicable to direct and indirect holders of “applicable partnership interests”: (i) the “One Year Amounts” are $0.000000 per share, and (ii) the “Three Year Amounts” are $0.000000 per share, with respect to both the 2023 and 2022 capital gain distributions.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards ("RSAs")	Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the years ended December 31, 2023, 2022 and 2021: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 834,258 $ 21.68 Granted 434,486 20.52 Vested (456,357) 19.08 Forfeited (23,065) 22.45 Unvested at December 31, 2021 789,322 22.52 Granted 471,614 18.16 Vested (378,605) 22.51 Forfeited (38,485) 20.28 Unvested at December 31, 2022 843,846 20.19 Granted 696,356 13.45 Vested (539,133) 20.39 Forfeited (18,484) 15.52 Unvested at December 31, 2023 982,585 $ 15.40
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the years ended December 31, 2023, 2022 and 2021: Number of Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2021 1,078,555 $ 18.70 Granted 327,416 27.16 Vested (428,255) 16.33 Forfeited (5,642) 20.29 Unvested at December 31, 2021 972,074 22.59 Granted 393,225 21.93 Forfeited (166,974) 34.47 Unvested at December 31, 2022 1,198,325 20.71 Granted 590,805 19.96 Forfeited (261,554) 24.80 Unvested at December 31, 2023 1,527,576 $ 19.72
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: Year Ended December 31, 2023 2022 2021 Expected volatility 48.0 % 57.5 % 60.0 % Dividend yield (1) — — — Risk-free rate 4.3 % 1.7 % 0.2% - 0.3% Expected term 3 years 3 years 3 years ____________________________________________________________________________________ (1) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table presents the calculation of basic and diluted earnings per share (“EPS”): Year Ended December 31, 2023 2022 2021 (in millions, except per share amounts) Numerator: Net income (loss) attributable to stockholders $ 97 $ 162 $ (459) Earnings attributable to participating securities (2) — — Net income (loss) attributable to stockholders, net of earnings allocated to participating securities $ 95 $ 162 $ (459) Denominator: Weighted average shares outstanding – basic 214 228 236 Unvested restricted shares 1 — — Weighted average shares outstanding – diluted 215 228 236 Earnings (loss) per share – Basic (1) $ 0.44 $ 0.71 $ (1.95) Earnings (loss) per share – Diluted (1) $ 0.44 $ 0.71 $ (1.95) ____________________________________________________________________________________ (1)

Business Segment Information (T

Business Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
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 income (loss) to Hotel Adjusted EBITDA: Year Ended December 31, 2023 2022 2021 (in millions) Revenues: Total consolidated hotel revenues $ 2,613 $ 2,426 $ 1,311 Other revenues 85 75 51 Total revenues $ 2,698 $ 2,501 $ 1,362 Net income (loss) $ 106 $ 173 $ (452) Other revenues (85) (75) (51) Depreciation and amortization expense 287 269 281 Corporate general and administrative expense 65 63 62 Impairment and casualty loss 204 6 9 Other operating expenses 83 72 49 (Gain) loss on sales of assets, net (15) (13) 5 Gain on derecognition of assets (221) — — Interest income (38) (13) (1) Interest expense 207 217 228 Interest expense associated with hotels in receivership 45 30 30 Equity in (earnings) losses from investments in affiliates (11) (15) 7 Income tax expense 38 — 2 Other (gain) loss, net (4) (96) 7 Other items 25 12 1 Hotel Adjusted EBITDA $ 686 $ 630 $ 177
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: December 31, 2023 2022 (in millions) Consolidated hotels $ 9,406 $ 9,726 All other 13 5 Total assets $ 9,419 $ 9,731

Organization and Recent Events

Organization and Recent Events (Detail) $ / shares in Units, $ in Millions	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($) room hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021	May 05, 2019 $ / shares shares
Business Acquisition [Line Items]
Debt associated with hotels in receivership | $	$ 725	$ 725	$ 725
Number of hotels securing debt of assets in receivership | hotel		2
Hilton San Francisco Union Square
Business Acquisition [Line Items]
Number of hotel rooms | room		1,921
Parc 55 San Francisco
Business Acquisition [Line Items]
Number of hotel rooms | room		1,024
Park Intermediate Holdings LLC | Parks Hotel & Resorts Inc.
Business Acquisition [Line Items]
Ownership interest (as a percent)				100%
Chesapeake Lodging Trust
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share) | $ / shares					$ 0.01
Business acquisition, cash consideration transferred (in dollars per share) | $ / shares					$ 11
Business acquisition, consideration transferred number of shares (in dollars per share) | shares					0.628
Fractional shares of common stock to be issued in merger agreement (in shares) | shares					0

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Advance deposit balance	$ 107	$ 103
Minimum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years
Minimum | Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Minimum | Computer Equipment and Acquired Software
Property, Plant and Equipment [Line Items]
Useful life (in years)	3 years
Maximum | Building and Building Improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)	40 years
Maximum | Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Useful life (in years)	8 years

Acquisitions and Dispositions_2

Acquisitions and Dispositions (Detail) $ in Thousands	1 Months Ended					12 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) parcel	Feb. 28, 2023 USD ($)	Oct. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) hotel	Dec. 31, 2021 USD ($) hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties						$ 149,000	$ 477,000
Net gain on selling cost of hotel portfolio properties					$ 92,000	$ 15,000	$ 5,000
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]							Costs and Expenses
Number of hotel portfolio properties sold | hotel							5
Impairment loss							$ 5,000
Joint Venture Owners
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties				$ 22,000
Double Tree Hotel Las Vegas Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties				11,000
Hilton San Diego Bayfront
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties					157,000
Decrease in gross proceeds from share of mortgage debt in joint venture					$ 55,000
Double Tree Hotel Las Vegas Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Realized gain on disposal				$ 9,000
Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of hotel portfolio properties sold | hotel						5
Embassy Suites Phoenix Airport Hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Termination fee	$ 4,000
Land adjacent to Hilton Hawaiian Village Waikiki Beach Resort
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land including improvements | parcel		2
Acquisition costs		$ 18,000
Hilton Miami Airport
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross proceeds on sale of hotel portfolio properties			$ 118,250
Net gain on selling cost of hotel portfolio properties			$ 15,000

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Land	$ 2,990	$ 3,317
Buildings and leasehold improvements	5,814	6,512
Furniture and equipment	947	994
Construction-in-progress	341	201
Property and equipment, gross	10,092	11,024
Accumulated depreciation and amortization	(2,633)	(2,723)
Property and equipment, net	$ 7,459	$ 8,301

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 286	$ 268	$ 281
Impairment loss	202
Debt associated with hotels in receivership	$ 725	$ 725		$ 725

Consolidated Variable Interes_3

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($) hotel
Variable Interest Entity [Line Items]
Unconsolidated affiliate debt | $	$ 702	$ 721
Hotel | Unconsolidated Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures	4	4
Variable Interest Entities | Hotel
Variable Interest Entity [Line Items]
Number of hotels consolidated	3

Consolidated Variable Interes_4

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Property and equipment, net	$ 7,459	$ 8,301
Cash and cash equivalents	717	906
Restricted cash	33	33
Accounts receivable, net	112	129
Prepaid expenses	59	58
Debt	3,765	3,892
Accounts payable and accrued expenses	210	220
Due to hotel managers	131	141
Other liabilities	200	172
Variable Interest Entities
Variable Interest Entity [Line Items]
Property and equipment, net	209	208
Cash and cash equivalents	17	21
Restricted cash	2	2
Accounts receivable, net	5	4
Prepaid expenses	3	2
Debt	202	205
Accounts payable and accrued expenses	11	8
Due to hotel managers	2	2
Other liabilities	$ 3	$ 4

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangible assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Air rights contract	$ 45	$ 45
Other	4	7
Accumulated amortization	(7)	(9)
Total	$ 42	$ 43

Intangibles - Schedule of Estim

Intangibles - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 1
2025	1
2026	1
2027	1
2028	1
Thereafter	37
Total	$ 42	$ 43

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2023	Feb. 28, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2020	May 31, 2020	Dec. 31, 2016	Oct. 31, 2016
Debt Instrument [Line Items]
Finance lease obligations			$ 1	$ 0
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]			Total debt
Long-term debt and finance lease obligations, gross			$ 3,786	3,919
Add: unamortized premium			1	3
Less: unamortized deferred financing costs and discount			(22)	(30)
Total debt			3,765	3,892
Revolver
Debt Instrument [Line Items]
Debt, gross			0	50
Extinguishment of debt		$ 50
Line of credit, maximum borrowing capacity							$ 1,000
Available credit capacity			$ 946
Revolver | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2.10%
Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 50
Line of credit facility, outstanding amount			$ 4
HHV Mortgage Loan
Debt Instrument [Line Items]
Debt, gross			$ 1,275	1,275				$ 1,275
Interest rate (as a percent)			4.20%
Other mortgage loans
Debt Instrument [Line Items]
Debt, gross			$ 385	469
Debt, weighted average interest rate (as a percent)			4.37%
Other mortgage loans | Mortgage Loan, Hilton Denver City Center
Debt Instrument [Line Items]
Notice period			6 months
2025 Senior Notes
Debt Instrument [Line Items]
Debt, gross			$ 650	650
Interest rate (as a percent)			7.50%			7.50%
2028 Senior Notes
Debt Instrument [Line Items]
Debt, gross			$ 725	725
Interest rate (as a percent)			5.88%		5.875%
2029 Senior Notes
Debt Instrument [Line Items]
Debt, gross			$ 750	$ 750
Interest rate (as a percent)			4.88%
Finance Lease Obligation
Debt Instrument [Line Items]
Interest rate (as a percent)			7.66%
W Chicago - City Center
Debt Instrument [Line Items]
Extinguishment of debt	$ 75

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions

1 Months Ended

12 Months Ended

Dec. 31, 2022 USD ($) term

May 31, 2021 USD ($)

Sep. 30, 2020 USD ($)

May 31, 2020 USD ($)

Dec. 31, 2016 USD ($)

Dec. 31, 2023 USD ($) Hotel

Dec. 31, 2022 USD ($) term

Dec. 31, 2021 USD ($)

Oct. 31, 2023 USD ($)

Jun. 30, 2023

Jun. 01, 2023

Feb. 28, 2023 USD ($)

Oct. 31, 2016 USD ($)

Debt Instrument [Line Items]

Number of consolidated VIEs | Hotel

3

Restricted cash

$ 33

$ 33

$ 33

Proceeds from issuance of mortgage debt

0

30

$ 14

Repayments of credit facilities

50

78

1,193

Repayments of term loan

83

64

20

Debt associated with hotels in receivership

725

725

725

$ 725

Gain on derecognition of assets

221

0

0

Contract asset

0

760

0

Wells Fargo Bank

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 50

50

Wells Fargo Bank | Minimum

Debt Instrument [Line Items]

Commitment fee percentage

0.20%

Wells Fargo Bank | Maximum

Debt Instrument [Line Items]

Commitment fee percentage

0.30%

Debt of Assets in Receivership

Debt Instrument [Line Items]

Interest rate (as a percent)

4.11%

7.11%

Late payment administrative fee

3%

Revolver

Debt Instrument [Line Items]

Non recourse CMBS Loan

$ 50

0

50

Line of credit, maximum borrowing capacity

$ 1,000

Line of credit facility commitments due on end date

950

950

Line of credit facility increase to borrowing capacity

500

500

Debt issuance costs

$ 9

$ 9

Revolver | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Credit spread adjustment rate

0.10%

Revolver | Credit Agreement

Debt Instrument [Line Items]

Extension term

1 year

1 year

Number of alternative extension terms | term

2

2

Alternative extension term duration

6 months

6 months

2028 Senior Notes

Debt Instrument [Line Items]

Proceeds from issuance of mortgage debt

$ 725

Standby Letters of Credit

Debt Instrument [Line Items]

Line of credit, maximum borrowing capacity

$ 50

Line of credit facility, outstanding amount

4

HHV Mortgage Loan

Debt Instrument [Line Items]

Non recourse CMBS Loan

$ 1,275

$ 1,275

$ 1,275

$ 1,275

Interest rate (as a percent)

4.20%

CMBS and mortgage loans

Debt Instrument [Line Items]

Restricted cash

6

$ 1

6

PK Domestic and PK Finance Co-Issuer Inc | 2028 Senior Notes

Debt Instrument [Line Items]

Senior notes

$ 725

PK Domestic and PK Finance Co-Issuer Inc | 2025 Senior Notes

Debt Instrument [Line Items]

Senior notes

$ 650

PK Domestic and PK Finance Co-Issuer Inc | 2029 Senior Notes

Debt Instrument [Line Items]

Senior notes

$ 750

2025 Senior Notes

Debt Instrument [Line Items]

Non recourse CMBS Loan

650

$ 650

650

Interest rate (as a percent)

7.50%

7.50%

2025 Senior Notes | PK Domestic and PK Finance | Debt Instrument, Redemption, Period 6

Debt Instrument [Line Items]

Redemption price, percentage

100%

2025 Senior Notes | Revolver | PK Domestic and PK Finance

Debt Instrument [Line Items]

Repayments of credit facilities

$ 219

2025 Senior Notes | Two Thousand Sixteen Term Loan | PK Domestic and PK Finance

Debt Instrument [Line Items]

Repayments of term loan

$ 69

2028 Senior Notes

Debt Instrument [Line Items]

Non recourse CMBS Loan

725

$ 725

725

Interest rate (as a percent)

5.875%

5.88%

2028 Senior Notes | PK Domestic and PK Finance | Debt Instrument, Redemption, Period Four

Debt Instrument [Line Items]

Redemption price, percentage of principal amount redeemed

100%

2028 Senior Notes | Revolver | PK Domestic and PK Finance

Debt Instrument [Line Items]

Repayments of credit facilities

$ 80

2029 Senior Notes

Debt Instrument [Line Items]

Non recourse CMBS Loan

$ 750

$ 750

$ 750

Interest rate (as a percent)

4.88%

2029 Senior Notes | PK Domestic and PK Finance

Debt Instrument [Line Items]

Debt issuance costs

$ 13

Interest rate (as a percent)

4.875%

Redemption price, percentage of principal amount redeemed

100%

2029 Senior Notes | PK Domestic and PK Finance | Debt Instrument, Redemption, Period Two

Debt Instrument [Line Items]

Redemption price, percentage of principal amount redeemed

100%

2029 Senior Notes | PK Domestic and PK Finance | Debt Instrument, Redemption, Period One

Debt Instrument [Line Items]

Redemption price, percentage

104.875%

2029 Senior Notes | PK Domestic and PK Finance | Debt Instrument, Redemption, Period One | Maximum

Debt Instrument [Line Items]

Redemption percentage of senior secured notes

40%

2029 Senior Notes | Revolver | PK Domestic and PK Finance

Debt Instrument [Line Items]

Repayments of credit facilities

$ 564

2029 Senior Notes | 2019 Term Facility | PK Domestic and PK Finance

Debt Instrument [Line Items]

Repayments of term loan

$ 173

Senior Notes | PK Domestic and PK Finance

Debt Instrument [Line Items]

Maximum aggregate payment permitted for restricted transactions

$ 100

Maximum F F O permitted for restricted transactions percentage

95%

Minimum unencumbered assets to total indebtedness percentage

150%

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 61
2025	657
2026	1,563
2027	30
2028	725
Thereafter	750
Total	$ 3,786

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Oct. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt associated with hotels in receivership	$ 725	$ 725	$ 725
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt in receivership	718		692
Fair Value | Level 3 | HHV Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	1,195		1,142
Fair Value | Level 3 | Other mortgage loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	365		435
Fair Value | Level 3 | Revolver
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	0		50
Fair Value | Level 1 | 2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	652		652
Fair Value | Level 1 | 2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	713		661
Fair Value | Level 1 | 2029 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	702		635
Carrying Amount | Level 3 | HHV Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	1,275		1,275
Carrying Amount | Level 3 | Other mortgage loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	385		469
Carrying Amount | Level 3 | Revolver
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	0		50
Carrying Amount | Level 1 | 2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	650		650
Carrying Amount | Level 1 | 2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	725		725
Carrying Amount | Level 1 | 2029 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	$ 750		$ 750

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Assets Measured on Nonrecurring Basis (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Impairment Loss
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Depreciation and amortization
Stabilized Growth Rate (as a percent)
Impairment Loss
Property, plant and equipment, measurement input	0.03
Measurement Input, Expected Term
Impairment Loss
Property, plant and equipment, measurement input	10
Measurement Input, Cap Rate
Impairment Loss
Property, plant and equipment, measurement input	0.063
Discount Rate (as a percent)
Impairment Loss
Property, plant and equipment, measurement input	0.095
Nonrecurring
Fair Value
Property and equipment	$ 234
Total	234
Impairment Loss
Property and equipment	202
Total	$ 202

Leases - Additional Information

Leases - Additional Information (Details) - lease	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Number of properties under leases	13
Lease term (in years)	26 years	26 years
Weighted average discount rate (as a percent)	5.70%	5.60%

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 24
2025	27
2026	18
2027	19
2028	19
Thereafter	326
Total minimum rent payments	433
Less: imputed interest	210
Operating lease liabilities	$ 223	$ 234

Leases - Schedule of Rent Expen

Leases - Schedule of Rent Expense and Supplemental Cash Flow and Non Cash Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 23	$ 28	$ 29
Variable lease expense	16	13	4
Operating cash flows for operating leases	24	29	30
Operating lease right-of-use asset reassessment	$ 0	$ (4)	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Income tax expense	$ 38	$ 0	$ 2
Operating loss carryforwards	673
Net operating loss carryforwards	49	53
Operating loss carryforwards, not subject to expiration	267
Operating loss carryforwards, subject to expiration	406
Hilton San Francisco Hotels
Income Taxes [Line Items]
Income tax expense	28
U.S. Federal Tax
Income Taxes [Line Items]
Income tax expense	$ 0	$ 0	$ 0

Income Taxes - Components of (B

Income Taxes - Components of (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
U.S. Federal	$ 5	$ 1	$ 5
State	19	1	(2)
Total current	24	2	3
Deferred:
U.S. Federal	4	0	(1)
State	10	(2)	0
Total deferred	14	(2)	(1)
Total provision for income taxes	$ 38	$ 0	$ 2

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax provision (benefit)	$ 30	$ 36	$ (94)
State income taxes, net of U.S. federal tax benefit	29	1	0
Change in deferred tax asset valuation allowance	0	4	(22)
REIT income not subject to tax	(23)	(39)	116
Derecognition and remeasurement of deferred taxes	0	(2)	(1)
Other	2	0	3
Total provision for income taxes	$ 38	$ 0	$ 2

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Composition of Net Deferred Tax Balances (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred income tax assets	$ 1	$ 0
Deferred income tax liabilities	(24)	(9)
Deferred tax liabilities	$ (23)	$ (9)

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Deferred Tax Liability (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 49	$ 53
Deferred income	0	4
Investments	5	3
Interest expense limitation	4	0
Other	7	6
Total gross deferred tax assets	65	66
Less: valuation allowance	(59)	(59)
Deferred tax assets	6	7
Deferred tax liabilities:
Property and equipment	(16)	(3)
Investments	(10)	(9)
Accrued compensation	(2)	(4)
Other	(1)	0
Deferred tax liabilities	(29)	(16)
Deferred tax liabilities	$ (23)	$ (9)

Income Taxes - Schedule of Cash

Income Taxes - Schedule of Cash Distributions to Stockholders for Federal Income Tax Purposes (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common distributions (per share):
Ordinary dividends (in dollars per share)	$ 0	$ 0	$ 0
Capital gain distributions (in dollars per share)	2.150000	0.280000	$ 0
One Year Amounts
Common distributions (per share):
Capital gain distributions (in dollars per share)	0	0
Three Year Amounts
Common distributions (per share):
Capital gain distributions (in dollars per share)	$ 0	$ 0

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Apr. 30, 2023 shares	Nov. 30, 2020 $ / shares	Dec. 31, 2023 USD ($) target shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Mar. 31, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized (in shares)			6,000,000,000	6,000,000,000
Share-based compensation expense | $			$ 18	$ 17	$ 19
Unrecognized compensation expense | $			$ 20
Period for unrecognized compensation expense to be recognized (in years)			1 year 7 months 6 days
Total fair value of shares vested | $			$ 7	$ 7	$ 18
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares approved for issuance (in shares)	6,070,000
Common stock reserved for future issuance (in shares)			7,496,571
Employee Stock Option | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized (in shares)						8,000,000
Employee Stock Option | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized (in shares)	14,070,000
Non Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			255,351
Non Employee Stock Option | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized (in shares)			950,000
Performance Stock Units ("PSUs")
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)			3 years
Market capitalization | $			$ 1,000
Performance Stock Units ("PSUs") | Eight Share Price Targets
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rate (as a percent)			75%
Total share price targets | target			8
Performance Stock Units ("PSUs") | Special Awards | Eight Share Price Targets
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Consecutive trading day period (in days)		20 days
Vesting rate (as a percent)		12.50%
PSUs remaining performance period forfeited (in years)		4 years
Share price target achieved | target			6
Performance Stock Units ("PSUs") | Minimum | Special Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Average closing sales price per share (USD per share) | $ / shares		$ 11
Performance Stock Units ("PSUs") | Maximum | Special Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rate (as a percent)			200%
Average closing sales price per share (USD per share) | $ / shares		$ 25

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Awards ("RSAs") (Detail) - Restricted stock awards (RSAs) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Beginning balance (in shares)	843,846	789,322	834,258
Granted (in shares)	696,356	471,614	434,486
Vested (in shares)	(539,133)	(378,605)	(456,357)
Forfeited (in shares)	(18,484)	(38,485)	(23,065)
Ending balance (in shares)	982,585	843,846	789,322
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 20.19	$ 22.52	$ 21.68
Granted (in dollars per share)	13.45	18.16	20.52
Vested (in dollars per share)	20.39	22.51	19.08
Forfeited (in dollars per share)	15.52	20.28	22.45
Ending balance (in dollars per share)	$ 15.40	$ 20.19	$ 22.52

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Beginning balance (in shares)	1,198,325	972,074	1,078,555
Granted (in shares)	590,805	393,225	327,416
Vested (in shares)			(428,255)
Forfeited (in shares)	(261,554)	(166,974)	(5,642)
Ending balance (in shares)	1,527,576	1,198,325	972,074
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 20.71	$ 22.59	$ 18.70
Granted (in dollars per share)	19.96	21.93	27.16
Vested (in dollars per share)			16.33
Forfeited (in dollars per share)	24.80	34.47	20.29
Ending balance (in dollars per share)	$ 19.72	$ 20.71	$ 22.59

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility (as a percent)	48%	57.50%	60%
Dividend yield (as a percent)	0%	0%	0%
Risk-free rate (as a percent)	4.30%	1.70%
Expected term (in years)	3 years	3 years	3 years
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free rate (as a percent)			0.20%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free rate (as a percent)			0.30%

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net Income (Loss)	$ 97	$ 162	$ (459)
Earnings attributable to participating securities	(2)	0	0
Net income (loss) attributable to stockholders, net of earnings allocated to participating securities	$ 95	$ 162	$ (459)
Denominator:
Weighted average shares outstanding - Basic (in shares)	214	228	236
Unvested restricted shares (in shares)	1	0	0
Weighted average shares outstanding – Diluted (in shares)	215	228	236
Earnings (loss) per share - Basic (in dollars per share)	$ 0.44	$ 0.71	$ (1.95)
Earnings (loss) per share - Diluted (in dollars per share)	$ 0.44	$ 0.71	$ (1.95)

Hotel Management Operating an_2

Hotel Management Operating and License Agreements (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) hotel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of operating hotels under franchise agreements | hotel	4
Marketing fees	$ 47	$ 45	$ 26
Employee cost reimbursements	$ 132	$ 117	$ 55
Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Management agreement initial term (in years)	5 years
Management agreements total term including renewal periods (in years)	5 years
Franchise agreements initial term (in years)	13 years
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Management agreement initial term (in years)	30 years
Management agreements total term including renewal periods (in years)	70 years
Franchise agreements initial term (in years)	20 years

Business Segment Information -

Business Segment Information - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 2,698	$ 2,501	$ 1,362
Net income (loss)	106	173	(452)
Depreciation and amortization	287	269	281
Corporate general and administrative expense	65	63	62
Impairment and casualty loss	204	6	9
Other operating expenses	83	72	49
(Gain) loss on sales of assets, net	(15)	(13)	5
Gain on derecognition of assets	(221)	0	0
Interest income	(38)	(13)	(1)
Interest expense	207	217	228
Interest expense associated with hotels in receivership	45	30	30
Equity in (earnings) losses from investments in affiliates	(11)	(15)	7
Income tax expense	38	0	2
Other (gain) loss, net	(4)	(96)	7
Other items	25	12	1
Hotel Adjusted EBITDA	686	630	177
Other
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	85	75	51
Total consolidated hotel revenues
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	2,613	2,426	1,311
Other revenues
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 85	$ 75	$ 51

Business Segment Information _3

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Asset Reconciling Item [Line Items]
Variable interest entities assets	$ 9,419	$ 9,731
Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Variable interest entities assets	9,419	9,731
Consolidated hotels | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Variable interest entities assets	9,406	9,726
All other | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Variable interest entities assets	$ 13	$ 5

Commitments and Contingencies (

Commitments and Contingencies (Detail) - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Dec. 31, 2023
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed		$ 90
Reserve for ongoing claims		8
Bonnet Creek complex
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed		16
Casa Marina Key West, Curio Collection
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed		$ 10
Hilton Sydney
Other Commitments [Line Items]
Payment for claim	$ 11

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 215	$ 245	$ 242
Income taxes paid	7	7	31
Capital expenditures included within accounts payable and accrued expenses	37	33	$ 11
Dividends payable, excluding performance shares	355
Dividends payable	$ 362	$ 56

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,660
Initial Cost
Land	3,095
Building & Improvements	5,142
Furniture, Fixtures & Equipment	361
Costs Capitalized Subsequent to Acquisition	1,475
Gross Amounts at Which Carried at Close of Period
Land	2,990
Building & Improvements	6,151
Furniture, Fixtures & Equipment	934
Total	10,075	$ 11,008	$ 11,010	$ 11,376
Accumulated Depreciation	(2,620)	$ (2,712)	$ (2,504)	$ (2,241)
Caribe Hilton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost
Land	38
Building & Improvements	56
Furniture, Fixtures & Equipment	7
Costs Capitalized Subsequent to Acquisition	86
Gross Amounts at Which Carried at Close of Period
Land	40
Building & Improvements	112
Furniture, Fixtures & Equipment	35
Total	187
Accumulated Depreciation	$ (58)
Caribe Hilton | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Caribe Hilton | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Durango
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	5
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	2
Furniture, Fixtures & Equipment	5
Total	7
Accumulated Depreciation	$ (6)
DoubleTree Hotel Durango | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Durango | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Ontario Airport
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 30
Initial Cost
Land	14
Building & Improvements	58
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	21
Gross Amounts at Which Carried at Close of Period
Land	13
Building & Improvements	64
Furniture, Fixtures & Equipment	19
Total	96
Accumulated Depreciation	$ (41)
DoubleTree Hotel Ontario Airport | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Ontario Airport | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel San Diego – Mission Valley
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	17
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	10
Furniture, Fixtures & Equipment	9
Total	19
Accumulated Depreciation	$ (14)
DoubleTree Hotel San Diego – Mission Valley | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel San Diego – Mission Valley | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel San Jose
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	15
Building & Improvements	67
Furniture, Fixtures & Equipment	5
Costs Capitalized Subsequent to Acquisition	26
Gross Amounts at Which Carried at Close of Period
Land	15
Building & Improvements	82
Furniture, Fixtures & Equipment	15
Total	112
Accumulated Depreciation	$ (47)
DoubleTree Hotel San Jose | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel San Jose | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Seattle Airport
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	11
Costs Capitalized Subsequent to Acquisition	30
Gross Amounts at Which Carried at Close of Period
Land	1
Building & Improvements	13
Furniture, Fixtures & Equipment	27
Total	41
Accumulated Depreciation	$ (34)
DoubleTree Hotel Seattle Airport | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Seattle Airport | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Sonoma Wine Country
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	4
Costs Capitalized Subsequent to Acquisition	12
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	6
Furniture, Fixtures & Equipment	10
Total	16
Accumulated Depreciation	$ (12)
DoubleTree Hotel Sonoma Wine Country | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Sonoma Wine Country | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Embassy Suites Austin Downtown South Congress
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	45
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	18
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	57
Furniture, Fixtures & Equipment	8
Total	65
Accumulated Depreciation	$ (42)
Embassy Suites Austin Downtown South Congress | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Embassy Suites Austin Downtown South Congress | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Boston Logan Airport
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	108
Furniture, Fixtures & Equipment	6
Costs Capitalized Subsequent to Acquisition	31
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	130
Furniture, Fixtures & Equipment	15
Total	145
Accumulated Depreciation	$ (61)
Hilton Boston Logan Airport | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Boston Logan Airport | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	69
Building & Improvements	233
Furniture, Fixtures & Equipment	12
Costs Capitalized Subsequent to Acquisition	193
Gross Amounts at Which Carried at Close of Period
Land	71
Building & Improvements	377
Furniture, Fixtures & Equipment	60
Total	508
Accumulated Depreciation	$ (188)
Hilton Chicago | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Chicago | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Hawaiian Village Waikiki Beach Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,275
Initial Cost
Land	925
Building & Improvements	807
Furniture, Fixtures & Equipment	17
Costs Capitalized Subsequent to Acquisition	444
Gross Amounts at Which Carried at Close of Period
Land	983
Building & Improvements	1,098
Furniture, Fixtures & Equipment	112
Total	2,193
Accumulated Depreciation	$ (537)
Hilton Hawaiian Village Waikiki Beach Resort | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Hawaiian Village Waikiki Beach Resort | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton McLean Tysons Corner
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	50
Building & Improvements	82
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	(11)
Gross Amounts at Which Carried at Close of Period
Land	23
Building & Improvements	57
Furniture, Fixtures & Equipment	44
Total	124
Accumulated Depreciation	$ (69)
Hilton McLean Tysons Corner | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton McLean Tysons Corner | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton New Orleans Riverside
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	89
Building & Improvements	217
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	113
Gross Amounts at Which Carried at Close of Period
Land	90
Building & Improvements	274
Furniture, Fixtures & Equipment	58
Total	422
Accumulated Depreciation	$ (152)
Hilton New Orleans Riverside | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton New Orleans Riverside | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Oakland Airport
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	13
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	1
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	9
Furniture, Fixtures & Equipment	8
Total	17
Accumulated Depreciation	$ (12)
Hilton Oakland Airport | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Oakland Airport | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Salt Lake City Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	0
Furniture, Fixtures & Equipment	10
Costs Capitalized Subsequent to Acquisition	20
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	8
Furniture, Fixtures & Equipment	22
Total	30
Accumulated Depreciation	$ (25)
Hilton Salt Lake City Center | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Salt Lake City Center | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Santa Barbara Beachfront Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 159
Initial Cost
Land	71
Building & Improvements	50
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	50
Gross Amounts at Which Carried at Close of Period
Land	71
Building & Improvements	79
Furniture, Fixtures & Equipment	24
Total	174
Accumulated Depreciation	$ (44)
Hilton Santa Barbara Beachfront Resort | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Santa Barbara Beachfront Resort | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Seattle Airport & Conference Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	70
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	16
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	81
Furniture, Fixtures & Equipment	8
Total	89
Accumulated Depreciation	$ (44)
Hilton Seattle Airport & Conference Center | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Seattle Airport & Conference Center | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Short Hills
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	59
Building & Improvements	54
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	(91)
Gross Amounts at Which Carried at Close of Period
Land	13
Building & Improvements	10
Furniture, Fixtures & Equipment	2
Total	25
Accumulated Depreciation	$ (3)
Hilton Short Hills | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Short Hills | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Waikoloa Village
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	160
Building & Improvements	340
Furniture, Fixtures & Equipment	25
Costs Capitalized Subsequent to Acquisition	(57)
Gross Amounts at Which Carried at Close of Period
Land	112
Building & Improvements	293
Furniture, Fixtures & Equipment	63
Total	468
Accumulated Depreciation	$ (184)
Hilton Waikoloa Village | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Waikoloa Village | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
New York Hilton Midtown
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	1,096
Building & Improvements	542
Furniture, Fixtures & Equipment	13
Costs Capitalized Subsequent to Acquisition	142
Gross Amounts at Which Carried at Close of Period
Land	1,043
Building & Improvements	659
Furniture, Fixtures & Equipment	91
Total	1,793
Accumulated Depreciation	$ (328)
New York Hilton Midtown | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
New York Hilton Midtown | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Washington DC – Crystal City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	43
Building & Improvements	95
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	51
Gross Amounts at Which Carried at Close of Period
Land	43
Building & Improvements	128
Furniture, Fixtures & Equipment	20
Total	191
Accumulated Depreciation	$ (73)
DoubleTree Hotel Washington DC – Crystal City | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Washington DC – Crystal City | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
DoubleTree Hotel Spokane City Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 14
Initial Cost
Land	3
Building & Improvements	24
Furniture, Fixtures & Equipment	2
Costs Capitalized Subsequent to Acquisition	13
Gross Amounts at Which Carried at Close of Period
Land	3
Building & Improvements	30
Furniture, Fixtures & Equipment	9
Total	42
Accumulated Depreciation	$ (17)
DoubleTree Hotel Spokane City Center | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
DoubleTree Hotel Spokane City Center | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Orlando Lake Buena Vista
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	137
Furniture, Fixtures & Equipment	10
Costs Capitalized Subsequent to Acquisition	41
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	157
Furniture, Fixtures & Equipment	31
Total	188
Accumulated Depreciation	$ (80)
Hilton Orlando Lake Buena Vista | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Orlando Lake Buena Vista | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Embassy Suites Kansas City – Plaza
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	26
Furniture, Fixtures & Equipment	1
Costs Capitalized Subsequent to Acquisition	4
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	28
Furniture, Fixtures & Equipment	3
Total	31
Accumulated Depreciation	$ (24)
Embassy Suites Kansas City – Plaza | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Embassy Suites Kansas City – Plaza | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Signia by Hilton Orlando Bonnet Creek
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	15
Building & Improvements	377
Furniture, Fixtures & Equipment	31
Costs Capitalized Subsequent to Acquisition	141
Gross Amounts at Which Carried at Close of Period
Land	18
Building & Improvements	507
Furniture, Fixtures & Equipment	39
Total	564
Accumulated Depreciation	$ (108)
Signia by Hilton Orlando Bonnet Creek | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Signia by Hilton Orlando Bonnet Creek | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Waldorf Astoria Orlando
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	34
Building & Improvements	274
Furniture, Fixtures & Equipment	29
Costs Capitalized Subsequent to Acquisition	63
Gross Amounts at Which Carried at Close of Period
Land	36
Building & Improvements	322
Furniture, Fixtures & Equipment	42
Total	400
Accumulated Depreciation	$ (106)
Waldorf Astoria Orlando | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Waldorf Astoria Orlando | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Casa Marina Key West, Curio Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	164
Building & Improvements	174
Furniture, Fixtures & Equipment	9
Costs Capitalized Subsequent to Acquisition	40
Gross Amounts at Which Carried at Close of Period
Land	164
Building & Improvements	221
Furniture, Fixtures & Equipment	2
Total	387
Accumulated Depreciation	$ (35)
Casa Marina Key West, Curio Collection | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Casa Marina Key West, Curio Collection | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
The Reach Key West, Curio Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	57
Building & Improvements	67
Furniture, Fixtures & Equipment	3
Costs Capitalized Subsequent to Acquisition	19
Gross Amounts at Which Carried at Close of Period
Land	57
Building & Improvements	80
Furniture, Fixtures & Equipment	9
Total	146
Accumulated Depreciation	$ (23)
The Reach Key West, Curio Collection | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
The Reach Key West, Curio Collection | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Juniper Hotel Cupertino, Curio Collection
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	40
Building & Improvements	64
Furniture, Fixtures & Equipment	8
Costs Capitalized Subsequent to Acquisition	2
Gross Amounts at Which Carried at Close of Period
Land	40
Building & Improvements	66
Furniture, Fixtures & Equipment	8
Total	114
Accumulated Depreciation	$ (21)
Juniper Hotel Cupertino, Curio Collection | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Juniper Hotel Cupertino, Curio Collection | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Boston Marriott Newton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	24
Building & Improvements	74
Furniture, Fixtures & Equipment	15
Costs Capitalized Subsequent to Acquisition	3
Gross Amounts at Which Carried at Close of Period
Land	24
Building & Improvements	76
Furniture, Fixtures & Equipment	16
Total	116
Accumulated Depreciation	$ (20)
Boston Marriott Newton | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Boston Marriott Newton | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Checkers Los Angeles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	19
Building & Improvements	44
Furniture, Fixtures & Equipment	7
Costs Capitalized Subsequent to Acquisition	2
Gross Amounts at Which Carried at Close of Period
Land	19
Building & Improvements	46
Furniture, Fixtures & Equipment	7
Total	72
Accumulated Depreciation	$ (9)
Hilton Checkers Los Angeles | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Checkers Los Angeles | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hilton Denver City Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 54
Initial Cost
Land	14
Building & Improvements	163
Furniture, Fixtures & Equipment	21
Costs Capitalized Subsequent to Acquisition	2
Gross Amounts at Which Carried at Close of Period
Land	14
Building & Improvements	164
Furniture, Fixtures & Equipment	22
Total	200
Accumulated Depreciation	$ (33)
Hilton Denver City Center | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hilton Denver City Center | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hyatt Centric Fisherman’s Wharf
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	33
Building & Improvements	122
Furniture, Fixtures & Equipment	11
Costs Capitalized Subsequent to Acquisition	4
Gross Amounts at Which Carried at Close of Period
Land	33
Building & Improvements	125
Furniture, Fixtures & Equipment	12
Total	170
Accumulated Depreciation	$ (24)
Hyatt Centric Fisherman’s Wharf | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hyatt Centric Fisherman’s Wharf | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hyatt Regency Boston
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 128
Initial Cost
Land	0
Building & Improvements	177
Furniture, Fixtures & Equipment	14
Costs Capitalized Subsequent to Acquisition	1
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	179
Furniture, Fixtures & Equipment	14
Total	193
Accumulated Depreciation	$ (32)
Hyatt Regency Boston | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hyatt Regency Boston | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Hyatt Regency Mission Bay Spa and Marina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	5
Building & Improvements	118
Furniture, Fixtures & Equipment	15
Costs Capitalized Subsequent to Acquisition	5
Gross Amounts at Which Carried at Close of Period
Land	6
Building & Improvements	121
Furniture, Fixtures & Equipment	16
Total	143
Accumulated Depreciation	$ (26)
Hyatt Regency Mission Bay Spa and Marina | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Hyatt Regency Mission Bay Spa and Marina | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
JW Marriott San Francisco Union Square
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	0
Building & Improvements	191
Furniture, Fixtures & Equipment	13
Costs Capitalized Subsequent to Acquisition	5
Gross Amounts at Which Carried at Close of Period
Land	0
Building & Improvements	196
Furniture, Fixtures & Equipment	13
Total	209
Accumulated Depreciation	$ (30)
JW Marriott San Francisco Union Square | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
JW Marriott San Francisco Union Square | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
Royal Palm South Beach Miami, a Tribute Portfolio Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	16
Building & Improvements	139
Furniture, Fixtures & Equipment	12
Costs Capitalized Subsequent to Acquisition	8
Gross Amounts at Which Carried at Close of Period
Land	16
Building & Improvements	146
Furniture, Fixtures & Equipment	13
Total	175
Accumulated Depreciation	$ (26)
Royal Palm South Beach Miami, a Tribute Portfolio Resort | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
Royal Palm South Beach Miami, a Tribute Portfolio Resort | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
W Chicago – City Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	20
Building & Improvements	76
Furniture, Fixtures & Equipment	14
Costs Capitalized Subsequent to Acquisition	2
Gross Amounts at Which Carried at Close of Period
Land	20
Building & Improvements	78
Furniture, Fixtures & Equipment	14
Total	112
Accumulated Depreciation	$ (17)
W Chicago – City Center | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
W Chicago – City Center | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years
W Chicago – Lakeshore
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost
Land	22
Building & Improvements	58
Furniture, Fixtures & Equipment	8
Costs Capitalized Subsequent to Acquisition	3
Gross Amounts at Which Carried at Close of Period
Land	22
Building & Improvements	60
Furniture, Fixtures & Equipment	9
Total	91
Accumulated Depreciation	$ (15)
W Chicago – Lakeshore | Minimum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	3 years
W Chicago – Lakeshore | Maximum
Gross Amounts at Which Carried at Close of Period
Life Upon Which Depreciation is Computed (in years)	40 years

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Rollforward (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	$ 11,008	$ 11,010	$ 11,376
Additions during period:
Capital expenditures	307	188	62
Transfer to real estate assets	0	0	83
Deductions during period:
Dispositions, including casualty losses and impairment loss on planned dispositions	(199)	(190)	(511)
Derecognition of assets	(1,041)	0	0
Balance at end of period	$ 10,075	$ 11,008	$ 11,010
Number of hotels transitioned to third-party management | hotel			4

Schedule III - Real Estate an_4

Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation Rollforward (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance at beginning of period	$ 2,712	$ 2,504	$ 2,241
Additions during period:
Depreciation expense	254	267	280
Transfer to real estate assets	0	0	30
Deductions during period:
Dispositions, including casualty losses and impairment loss on planned dispositions	(68)	(59)	(47)
Derecognition of assets	(278)	0	0
Balance at end of period	$ 2,620	$ 2,712	$ 2,504
Number of hotels transitioned to third-party management | hotel			4

Schedule III - Real Estate an_5

Schedule III - Real Estate and Accumulated Depreciation - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Aggregate tax basis of all properties	$ 5,662