Park Hotels & Resorts (PK) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		210,597,557
Entity Central Index Key	0001617406
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Property and equipment, net	$ 7,441	$ 7,459
Contract asset	774	760
Intangibles, net	42	42
Cash and cash equivalents	378	717
Restricted cash	32	33
Accounts receivable, net of allowance for doubtful accounts of $3 and $3	125	112
Prepaid expenses	62	59
Other assets	40	40
Operating lease right-of-use assets	191	197
TOTAL ASSETS (variable interest entities – $231 and $236)	9,085	9,419
Liabilities
Debt	3,764	3,765
Debt associated with hotels in receivership	725	725
Accrued interest associated with hotels in receivership	49	35
Accounts payable and accrued expenses	223	210
Dividends payable	57	362
Due to hotel managers	101	131
Other liabilities	206	200
Operating lease liabilities	218	223
Total liabilities (variable interest entities – $217 and $218)	5,343	5,651
Commitments and contingencies – refer to Note 11
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 211,377,190 shares issued and 210,525,968 shares outstanding as of March 31, 2024 and 210,676,264 shares issued and 209,987,581 shares outstanding as of December 31, 2023	2	2
Additional paid-in capital	4,154	4,156
Accumulated deficit	(367)	(344)
Total stockholders' equity	3,789	3,814
Noncontrolling interests	(47)	(46)
Total equity	3,742	3,768
TOTAL LIABILITIES AND EQUITY	$ 9,085	$ 9,419

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 3	$ 3
Total assets	9,085	9,419
Total liabilities	$ 5,343	$ 5,651
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	6,000,000,000	6,000,000,000
Common stock, issued (in shares)	211,377,190	210,676,264
Common stock, outstanding (in shares)	210,525,968	209,987,581
Variable Interest Entities
Total assets	$ 231	$ 236
Total liabilities	$ 217	$ 218

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 639	$ 648
Operating expenses
Other property	52	60
Impairment and casualty loss	6	1
Depreciation and amortization	65	64
Corporate general and administrative	17	16
Other	21	20
Total expenses	561	583
Gain on sale of assets, net	0	15
Gain on derecognition of assets	14	0
Operating income	92	80
Interest income	5	10
Interest expense	(53)	(52)
Interest expense associated with hotels in receivership	(14)	(8)
Equity in earnings from investments in affiliates	0	4
Other gain, net	0	1
Income before income taxes	30	35
Income tax expense	(1)	(2)
Net income	29	33
Net income attributable to noncontrolling interests	(1)	0
Net income attributable to stockholders	$ 28	$ 33
Earnings per share:
Earnings per share - Basic (USD per share)	$ 0.13	$ 0.15
Earnings per share - Diluted (USD per share)	$ 0.13	$ 0.15
Weighted average shares outstanding - Basic (in shares)	209	220
Weighted average shares outstanding - Diluted (in shares)	211	221
Rooms
Revenues
Total revenues	$ 374	$ 382
Operating expenses
Cost of goods and services sold	102	107
Food and beverage
Revenues
Total revenues	182	181
Operating expenses
Cost of goods and services sold	123	127
Ancillary hotel
Revenues
Total revenues	62	65
Other
Revenues
Total revenues	21	20
Other departmental and support
Operating expenses
Cost of goods and services sold	145	158
Management fees
Operating expenses
Cost of goods and services sold	$ 30	$ 30

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net income	$ 29	$ 33
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	65	64
Gain on sales of assets, net	0	(15)
Gain on derecognition of assets	(14)	0
Impairment and casualty loss	5	1
Equity in earnings from investments in affiliates	0	(4)
Share-based compensation expense	4	4
Amortization of deferred financing costs	0	2
Distributions from unconsolidated affiliates	0	6
Changes in operating assets and liabilities	3	13
Net cash provided by operating activities	92	104
Investing Activities:
Capital expenditures for property and equipment	(70)	(54)
Acquisitions, net	0	(11)
Proceeds from asset dispositions, net	0	116
Contributions to unconsolidated affiliates	0	(2)
Net cash (used in) provided by investing activities	(70)	49
Financing Activities:
Repayments of credit facilities	0	(50)
Repayments of mortgage debt	(1)	(2)
Debt issuance costs	0	(1)
Dividends paid	(355)	(56)
Distributions to noncontrolling interests, net	(2)	(1)
Tax withholdings on share-based compensation	(4)	(2)
Repurchase of common stock	0	(105)
Net cash used in financing activities	(362)	(217)
Net decrease in cash and cash equivalents and restricted cash	(340)	(64)
Cash and cash equivalents and restricted cash, beginning of period	750	939
Cash and cash equivalents and restricted cash, end of period	410	875
Non-cash financing activities:
Dividends declared but unpaid	$ 52	$ 32

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Millions		Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Non- controlling Interests
Beginning balance (in shares) at Dec. 31, 2022			224,000,000
Beginning balance at Dec. 31, 2022		$ 4,291	$ 2	$ 4,321	$ 16	$ (48)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net (in shares)			1,000,000
Share-based compensation, net		2			2
Net income		33			33
Dividends and dividend equivalents	[1]	(32)			(32)
Distributions to noncontrolling interests		(1)				(1)
Repurchases of common stock (in shares)			(9,000,000)
Repurchase of common stock		(105)		(105)
Ending balance (in shares) at Mar. 31, 2023			216,000,000
Ending balance at Mar. 31, 2023		$ 4,188	$ 2	4,216	19	(49)
Beginning balance (in shares) at Dec. 31, 2023		209,987,581	210,000,000
Beginning balance at Dec. 31, 2023		$ 3,768	$ 2	4,156	(344)	(46)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, net (in shares)			1,000,000
Share-based compensation, net		0		(2)	2
Net income		29			28	1
Dividends and dividend equivalents	[1]	(53)			(53)
Distributions to noncontrolling interests		$ (2)				(2)
Ending balance (in shares) at Mar. 31, 2024		210,525,968	211,000,000
Ending balance at Mar. 31, 2024		$ 3,742	$ 2	$ 4,154	$ (367)	$ (47)
[1]Dividends declared per common share were $0.25 and $0.15 for the three months ended March 31, 2024 and 2023, respectively.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (USD per share)	$ 0.25	$ 0.15

Organization

Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	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”) 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. 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. 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All significant intercompany transactions and balances within the financial statements have been eliminated. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 28, 2024. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance. Reclassifications Certain line items on the condensed consolidated statements of operations for the three months ended March 31, 2023 have been reclassified to conform to the current period presentation. Summary of Significant Accounting Policies Our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 28, 2024, contains a discussion of significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2023.

Acquisitions and Dispositions

Acquisitions and Dispositions	3 Months Ended
	Mar. 31, 2024
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 on sale of assets, net in our condensed consolidated statements of operations.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment were: March 31, 2024 December 31, 2023 (in millions) Land $ 2,995 $ 2,990 Buildings and leasehold improvements 5,872 5,814 Furniture and equipment 995 947 Construction-in-progress 264 341 10,126 10,092 Accumulated depreciation (2,685) (2,633) $ 7,441 $ 7,459 Depreciation of property and equipment was $65 million and $64 million during the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024, we recognized an impairment loss of approximately $5 million related to one of our hotels subject to a ground lease and our inability to recover the carrying value of the asset over the remaining lease term. Refer to Note 7: "Fair Value Measurements" for additional information.

Consolidated Variable Interest

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	3 Months Ended
	Mar. 31, 2024
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 condensed consolidated balance sheets include the following assets and liabilities of these entities: March 31, 2024 December 31, 2023 (in millions) Property and equipment, net $ 207 $ 209 Cash and cash equivalents 15 17 Restricted cash 3 2 Accounts receivable, net 4 5 Prepaid expenses 2 3 Debt 202 202 Accounts payable and accrued expenses 10 11 Due to hotel manager 1 2 Other liabilities 4 3 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 as of both March 31, 2024 and December 31, 2023. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt balances and associated interest rates as of March 31, 2024 were: Principal balance as of Interest Rate Maturity Date March 31, 2024 December 31, 2023 (in millions) HHV Mortgage Loan (1) 4.20% November 2026 $ 1,275 $ 1,275 Other mortgage loans Average rate of 4.37% 2024 to 2027 (2) 384 385 Revolver (3) SOFR + 2.00% (4) December 2026 — — 2025 Senior Notes (5) 7.50% June 2025 650 650 2028 Senior Notes (5) 5.88% October 2028 725 725 2029 Senior Notes (5) 4.88% May 2029 750 750 Finance lease obligations 7.66% 2024 to 2028 1 1 3,785 3,786 Add: unamortized premium 1 1 Less: unamortized deferred financing costs and discount (22) (22) $ 3,764 $ 3,765 _____________________________________ (1) In October 2016, we entered into a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”). (2) Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but became callable by the lender in August 2022 with six months of notice. As of March 31, 2024, Park had not received notice from the lender. (3) Our revolving credit facility ("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 March 31, 2024, we had approximately $4 million outstanding on a standby letter of credit and $946 million of available capacity under our Revolver. (4) SOFR includes a credit spread adjustment of 0.1%. (5) In May and September 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. ("PK Finance") issued an aggregate of $650 million of senior notes due 2025 (“2025 Senior Notes”) and an aggregate of $725 million of senior notes due 2028 (“2028 Senior Notes”), respectively. Additionally, 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”). Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of March 31, 2024 were: Year (in millions) 2024 (1) $ 60 2025 657 2026 1,563 2027 30 2028 725 Thereafter (2) 750 $ 3,785 _____________________________________ (1) Excludes the $725 million non-recourse CMBS loan ("SF Mortgage Loan") secured by two of our San Francisco hotels – the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels"). (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 SF Mortgage Loan secured by the Hilton San Francisco Hotels, 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. For the three months ended March 31, 2024, we recognized a gain of $14 million, which is included in gain on derecognition of assets in our condensed consolidated statements of operations. The gain represents the accrued interest expense associated with the default of the SF Mortgage Loan, which results in a corresponding increase of the contract asset on our condensed consolidated balance sheets as we expect to be released from this obligation upon final resolution with the lender on the SF Mortgage Loan, in exchange for the transfer of ownership of the Hilton San Francisco Hotels. As of March 31, 2024 and December 31, 2023, the contract asset on our condensed consolidated balance sheets was $774 million and $760 million, respectively. The SF Mortgage Loan will remain a liability until final resolution with the lender is concluded and is included in debt associated with hotels in receivership on our condensed consolidated balance sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 December 31, 2023 Hierarchy Carrying Fair Value Carrying Fair Value (in millions) Liabilities: HHV Mortgage Loan 3 $ 1,275 $ 1,192 $ 1,275 $ 1,195 Other mortgage loans 3 384 361 385 365 2025 Senior Notes 1 650 652 650 652 2028 Senior Notes 1 725 712 725 713 2029 Senior Notes 1 750 699 750 702 The fair value of the SF Mortgage Loan, which has a carrying value of $725 million as of both March 31, 2024 and December 31, 2023 and categorized as Level 3 of the fair value hierarchy, was $718 million as of both March 31, 2024 and December 31, 2023. Refer to Note 6: "Debt" for additional information. During the three months ended March 31, 2024, we recognized an impairment loss related to one of our hotels due to our inability to recover the carrying value of the asset. The estimated fair value of the asset that was measured on a nonrecurring basis was: March 31, 2024 Fair Value Impairment Loss (in millions) Property and equipment (1) $ — $ 5 Total $ — $ 5 ____________________________________________________________________________________ (1)

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2024
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. The 2017 Employee Plan provides that a maximum of 14,070,000 shares of our common stock may be issued, and as of March 31, 2024, 6,423,353 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 March 31, 2024, 244,343 shares of common stock remain available for future issuance. For both the three months ended March 31, 2024 and 2023, we recognized $4 million of share-based compensation expense. As of March 31, 2024, unrecognized compensation expense was $33 million, which is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of shares vested (calculated as the number of shares multiplied by the vesting date share price) for the three months ended March 31, 2024 and 2023 was $12 million and $6 million, respectively. Restricted Stock Awards Restricted Stock Awards (“RSAs”) generally vest in annual installments between one Number of Shares Weighted-Average Unvested at January 1, 2024 982,585 $ 15.40 Granted 517,222 16.26 Vested (420,499) 16.73 Forfeited (20,375) 15.63 Unvested at March 31, 2024 1,058,933 $ 15.28 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 March 31, 2024, 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 three months ended March 31, 2024: Number of Shares Weighted-Average Unvested at January 1, 2024 1,527,576 $ 19.72 Granted 590,483 17.75 Vested (337,283) 26.99 Forfeited (5,531) 19.63 Unvested at March 31, 2024 1,775,245 $ 17.69 The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility 36.0 % Dividend yield (1) — Risk-free rate 4.5 % Expected term 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	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2024 2023 (in millions, except per share amounts) Numerator: Net income attributable to stockholders, net of earnings allocated to participating securities $ 28 $ 33 Denominator: Weighted average shares outstanding – basic 209 220 Unvested restricted shares 2 1 Weighted average shares outstanding – diluted 211 221 Earnings per share – Basic (1) $ 0.13 $ 0.15 Earnings per share – Diluted (1) $ 0.13 $ 0.15 _____________________________________ (1) Per share amounts are calculated based on unrounded numbers.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information As of March 31, 2024, we have two operating segments, our consolidated hotels and unconsolidated hotels. Our unconsolidated hotels operating segment does not meet the definition of a reportable segment, thus our consolidated hotels is our only reportable segment. We evaluate our consolidated hotels primarily based on hotel adjusted earnings before interest expense, taxes and depreciation and amortization (“EBITDA”). Hotel Adjusted EBITDA, 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 to Hotel Adjusted EBITDA: Three Months Ended March 31, 2024 2023 (in millions) Revenues: Total consolidated hotel revenues $ 618 $ 628 Other revenues 21 20 Total revenues $ 639 $ 648 Net income $ 29 $ 33 Other revenues (21) (20) Depreciation and amortization expense 65 64 Corporate general and administrative expense 17 16 Impairment and casualty loss 6 1 Other operating expenses 21 20 Gain on sales of assets, net — (15) Gain on derecognition of assets (14) — Interest income (5) (10) Interest expense 53 52 Interest expense associated with hotels in receivership 14 8 Equity in earnings from investments in affiliates — (4) Income tax expense 1 2 Other gain, net — (1) Other items 3 6 Hotel Adjusted EBITDA $ 169 $ 152 The following table presents total assets for our consolidated hotels, reconciled to total assets: March 31, 2024 December 31, 2023 (in millions) Consolidated hotels $ 9,073 $ 9,406 All other 12 13 Total assets $ 9,085 $ 9,419

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2024, we had outstanding commitments under third-party contracts of approximately $91 million for capital expenditures at our properties. 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 March 31, 2024 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.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All significant intercompany transactions and balances within the financial statements have been eliminated. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 28, 2024.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance.
Reclassifications	Reclassifications Certain line items on the condensed consolidated statements of operations for the three months ended March 31, 2023 have been reclassified to conform to the current period presentation.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment were: March 31, 2024 December 31, 2023 (in millions) Land $ 2,995 $ 2,990 Buildings and leasehold improvements 5,872 5,814 Furniture and equipment 995 947 Construction-in-progress 264 341 10,126 10,092 Accumulated depreciation (2,685) (2,633) $ 7,441 $ 7,459

Consolidated Variable Interes_2

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2024
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets	Our condensed consolidated balance sheets include the following assets and liabilities of these entities: March 31, 2024 December 31, 2023 (in millions) Property and equipment, net $ 207 $ 209 Cash and cash equivalents 15 17 Restricted cash 3 2 Accounts receivable, net 4 5 Prepaid expenses 2 3 Debt 202 202 Accounts payable and accrued expenses 10 11 Due to hotel manager 1 2 Other liabilities 4 3

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances and associated interest rates as of March 31, 2024 were: Principal balance as of Interest Rate Maturity Date March 31, 2024 December 31, 2023 (in millions) HHV Mortgage Loan (1) 4.20% November 2026 $ 1,275 $ 1,275 Other mortgage loans Average rate of 4.37% 2024 to 2027 (2) 384 385 Revolver (3) SOFR + 2.00% (4) December 2026 — — 2025 Senior Notes (5) 7.50% June 2025 650 650 2028 Senior Notes (5) 5.88% October 2028 725 725 2029 Senior Notes (5) 4.88% May 2029 750 750 Finance lease obligations 7.66% 2024 to 2028 1 1 3,785 3,786 Add: unamortized premium 1 1 Less: unamortized deferred financing costs and discount (22) (22) $ 3,764 $ 3,765 _____________________________________ (1) In October 2016, we entered into a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”). (2) Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but became callable by the lender in August 2022 with six months of notice. As of March 31, 2024, Park had not received notice from the lender. (3) Our revolving credit facility ("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 March 31, 2024, we had approximately $4 million outstanding on a standby letter of credit and $946 million of available capacity under our Revolver. (4) SOFR includes a credit spread adjustment of 0.1%. (5) In May and September 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. ("PK Finance") issued an aggregate of $650 million of senior notes due 2025 (“2025 Senior Notes”) and an aggregate of $725 million of senior notes due 2028 (“2028 Senior Notes”), respectively. Additionally, 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”).
Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option	The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of March 31, 2024 were: Year (in millions) 2024 (1) $ 60 2025 657 2026 1,563 2027 30 2028 725 Thereafter (2) 750 $ 3,785 _____________________________________ (1) Excludes the $725 million non-recourse CMBS loan ("SF Mortgage Loan") secured by two of our San Francisco hotels – the 1,921-room Hilton San Francisco Union Square and the 1,024-room Parc 55 San Francisco – a Hilton Hotel (collectively, the "Hilton San Francisco Hotels"). (2) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values	The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: March 31, 2024 December 31, 2023 Hierarchy Carrying Fair Value Carrying Fair Value (in millions) Liabilities: HHV Mortgage Loan 3 $ 1,275 $ 1,192 $ 1,275 $ 1,195 Other mortgage loans 3 384 361 385 365 2025 Senior Notes 1 650 652 650 652 2028 Senior Notes 1 725 712 725 713 2029 Senior Notes 1 750 699 750 702
Estimated Fair Value of Assets Measured on Nonrecurring Basis	During the three months ended March 31, 2024, we recognized an impairment loss related to one of our hotels due to our inability to recover the carrying value of the asset. The estimated fair value of the asset that was measured on a nonrecurring basis was: March 31, 2024 Fair Value Impairment Loss (in millions) Property and equipment (1) $ — $ 5 Total $ — $ 5 ____________________________________________________________________________________ (1)

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards ("RSAs")	The following table provides a summary of RSAs for the three months ended March 31, 2024: Number of Shares Weighted-Average Unvested at January 1, 2024 982,585 $ 15.40 Granted 517,222 16.26 Vested (420,499) 16.73 Forfeited (20,375) 15.63 Unvested at March 31, 2024 1,058,933 $ 15.28
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the three months ended March 31, 2024: Number of Shares Weighted-Average Unvested at January 1, 2024 1,527,576 $ 19.72 Granted 590,483 17.75 Vested (337,283) 26.99 Forfeited (5,531) 19.63 Unvested at March 31, 2024 1,775,245 $ 17.69
Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model	The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility 36.0 % Dividend yield (1) — Risk-free rate 4.5 % Expected term 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)	3 Months Ended
	Mar. 31, 2024
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”): Three Months Ended March 31, 2024 2023 (in millions, except per share amounts) Numerator: Net income attributable to stockholders, net of earnings allocated to participating securities $ 28 $ 33 Denominator: Weighted average shares outstanding – basic 209 220 Unvested restricted shares 2 1 Weighted average shares outstanding – diluted 211 221 Earnings per share – Basic (1) $ 0.13 $ 0.15 Earnings per share – Diluted (1) $ 0.13 $ 0.15 _____________________________________ (1) Per share amounts are calculated based on unrounded numbers.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
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 to Hotel Adjusted EBITDA: Three Months Ended March 31, 2024 2023 (in millions) Revenues: Total consolidated hotel revenues $ 618 $ 628 Other revenues 21 20 Total revenues $ 639 $ 648 Net income $ 29 $ 33 Other revenues (21) (20) Depreciation and amortization expense 65 64 Corporate general and administrative expense 17 16 Impairment and casualty loss 6 1 Other operating expenses 21 20 Gain on sales of assets, net — (15) Gain on derecognition of assets (14) — Interest income (5) (10) Interest expense 53 52 Interest expense associated with hotels in receivership 14 8 Equity in earnings from investments in affiliates — (4) Income tax expense 1 2 Other gain, net — (1) Other items 3 6 Hotel Adjusted EBITDA $ 169 $ 152
Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets	The following table presents total assets for our consolidated hotels, reconciled to total assets: March 31, 2024 December 31, 2023 (in millions) Consolidated hotels $ 9,073 $ 9,406 All other 12 13 Total assets $ 9,085 $ 9,419

Organization (Detail)

Organization (Detail) - $ / shares	May 05, 2019	Jan. 03, 2017
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, Common Stock par value (USD per share)	$ 0.01
Business acquisition, cash consideration transferred (USD per share)	$ 11
Business acquisition, consideration transferred number of shares (USD per share)	0.628
Fractional shares of common stock to be issued in merger agreement (in shares)	0

Acquisitions and Dispositions (

Acquisitions and Dispositions (Detail) $ in Thousands	1 Months Ended
	Mar. 31, 2023 USD ($) parcel	Feb. 28, 2023 USD ($)
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	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Land	$ 2,995	$ 2,990
Buildings and leasehold improvements	5,872	5,814
Furniture and equipment	995	947
Construction-in-progress	264	341
Property and equipment, gross	10,126	10,092
Accumulated depreciation	(2,685)	(2,633)
Property and equipment, net	$ 7,441	$ 7,459

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 65	$ 64
San Francisco Commercial Mortgaged Backed Securities Loan
Property, Plant and Equipment [Line Items]
Impairment loss	$ 5

Consolidated Variable Interes_3

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions	Mar. 31, 2024 USD ($) hotel	Dec. 31, 2023 USD ($) hotel
Variable Interest Entity [Line Items]
Unconsolidated affiliate debt | $	$ 702	$ 702
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	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Property and equipment, net	$ 7,441	$ 7,459
Cash and cash equivalents	378	717
Restricted cash	32	33
Accounts receivable, net	125	112
Prepaid expenses	62	59
Debt	3,764	3,765
Accounts payable and accrued expenses	223	210
Due to hotel managers	101	131
Other liabilities	206	200
Variable Interest Entities
Variable Interest Entity [Line Items]
Property and equipment, net	207	209
Cash and cash equivalents	15	17
Restricted cash	3	2
Accounts receivable, net	4	5
Prepaid expenses	2	3
Debt	202	202
Accounts payable and accrued expenses	10	11
Due to hotel managers	1	2
Other liabilities	$ 4	$ 3

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) letterOfCredit	Dec. 31, 2023 USD ($)	May 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	May 31, 2020 USD ($)	Oct. 31, 2016 USD ($)
Debt Instrument [Line Items]
Finance lease obligations	$ 1	$ 1
Long term debt and finance lease obligation, gross	3,785	3,786
Add: unamortized premium	1	1
Less: unamortized deferred financing costs and discount	(22)	(22)
Total debt	$ 3,764	$ 3,765
Number of standby letters of credit permitted | letterOfCredit	1
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total debt	Total debt
Revolver
Debt Instrument [Line Items]
Debt, gross	$ 0	$ 0
Line of credit, maximum borrowing capacity	50
Available credit capacity	946
Revolver | Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, outstanding amount	$ 4
Revolver | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate (as a percent)	2%
Credit spread adjustment	0.10%
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	$ 384	385
Debt, weighted average interest rate (as a percent)	4.37%
2025 Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 650	650
Interest rate (as a percent)	7.50%
2028 Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 725	725
Interest rate (as a percent)	5.88%
2029 Senior Notes
Debt Instrument [Line Items]
Senior notes	$ 750	$ 750
Interest rate (as a percent)	4.88%
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 | 2028 Senior Notes
Debt Instrument [Line Items]
Senior notes				$ 725
PK Domestic and PK Finance Co-Issuer Inc | 2029 Senior Notes
Debt Instrument [Line Items]
Senior notes			$ 750
Finance Lease Obligation
Debt Instrument [Line Items]
Interest rate (as a percent)	7.66%

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 30, 2023	Jun. 01, 2023
Debt Instrument [Line Items]
Debt associated with hotels in receivership	$ 725		$ 725
Gain on derecognition of assets	14	$ 0
Contract asset	$ 774		$ 760
Debt Of Assets In Receivership
Debt Instrument [Line Items]
Interest rate (as a percent)				4.11%	7.11%
Late payment administrative fee					3%

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 60
2025	657
2026	1,563
2027	30
2028	725
Thereafter	750
Debt and capital lease obligations, gross	3,785
Debt associated with hotels in receivership	$ 725	$ 725

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
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	384	385
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 | Level 3 | HHV Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	1,192	1,195
Fair Value | Level 3 | Other mortgage loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	361	365
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	712	713
Fair Value | Level 1 | 2029 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	$ 699	$ 702

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt associated with hotels in receivership	$ 725	$ 725
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt in receivership	$ 718	$ 718

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value of Assets Measured on Nonrecurring Basis (Detail) - Nonrecurring $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Assets, Fair Value Disclosure [Abstract]
Property and equipment	$ 0
Assets, Fair Value Disclosure, Total	0
Property and equipment	5
Asset Impairment Charges, Total	$ 5

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2020 d $ / shares	Mar. 31, 2024 USD ($) target shares	Mar. 31, 2023 USD ($)	Dec. 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 | $		$ 4	$ 4
Unrecognized compensation expense | $		$ 33
Period for unrecognized compensation expense to be recognized (in years)		1 year 10 months 24 days
Total fair value of shares vested | $		$ 12	$ 6
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		6,423,353
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)		244,343
Non Employee Stock Option | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized (in shares)		950,000
Restricted stock awards (RSAs) | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		1 year
Restricted stock awards (RSAs) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		3 years
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%
Share price target achieved | target		6
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]
Vesting rate (as a percent)	12.50%
Consecutive trading day period (in days) | d	20
PSUs remaining performance period forfeited (in years)	4 years
Performance Stock Units ("PSUs") | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rate (as a percent)		0%
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)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	982,585
Granted (in shares) | shares	517,222
Vested (in shares) | shares	(420,499)
Forfeited (in shares) | shares	(20,375)
Ending balance (in shares) | shares	1,058,933
Weighted-Average Grant Date Fair Value
Beginning balance (USD per share) | $ / shares	$ 15.40
Granted (USD per share) | $ / shares	16.26
Vested (USD per share) | $ / shares	16.73
Forfeited (USD per share) | $ / shares	15.63
Ending balance (USD per share) | $ / shares	$ 15.28

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs")	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	1,527,576
Granted (in shares) | shares	590,483
Vested (in shares) | shares	(337,283)
Forfeited (in shares) | shares	(5,531)
Ending balance (in shares) | shares	1,775,245
Weighted-Average Grant Date Fair Value
Beginning balance (USD per share) | $ / shares	$ 19.72
Granted (USD per share) | $ / shares	17.75
Vested (USD per share) | $ / shares	26.99
Forfeited (USD per share) | $ / shares	19.63
Ending balance (USD per share) | $ / shares	$ 17.69

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Expected volatility (as a percent)	36%
Dividend yield (as a percent)	0%
Risk-free rate (as a percent)	4.50%
Expected term (in years)	3 years

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income attributable to stockholders, net of earnings allocated to participating securities	$ 28	$ 33
Denominator:
Weighted average shares outstanding - Basic (in shares)	209	220
Unvested restricted shares (in shares)	2	1
Weighted average shares outstanding – Diluted (in shares)	211	221
Earnings per share - Basic (USD per share)	$ 0.13	$ 0.15
Earnings per share - Diluted (USD per share)	$ 0.13	$ 0.15

Business Segment Information -

Business Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 639	$ 648
Net income	29	33
Depreciation and amortization expense	65	64
Corporate general and administrative expense	17	16
Impairment and casualty loss	6	1
Other operating expenses	21	20
Gain on sales of assets, net	0	(15)
Gain on derecognition of assets	(14)	0
Interest income	(5)	(10)
Interest expense	53	52
Interest expense associated with hotels in receivership	14	8
Equity in earnings from investments in affiliates	0	(4)
Income tax expense	1	2
Other gain, net	0	(1)
Other items	3	6
Adjusted Ebitda	169	152
Other
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	21	20
Consolidated Hotels Segment
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	618	628
Other
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 21	$ 20

Business Segment Information _3

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 9,085	$ 9,419
Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,085	9,419
Consolidated hotels | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,073	9,406
All other | Operating Segments
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 12	$ 13

Commitments and Contingencies (

Commitments and Contingencies (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment, remaining minimum amount committed	$ 91
Reserve for ongoing claims	$ 8