CorePoint Lodging (CPLG) 10-K 12 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 26, 2021	Jun. 28, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38168
Entity Registrant Name	CorePoint Lodging Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-1497742
Entity Address, Address Line One	125 E. John Carpenter Freeway, Suite 1650
Entity Address, City or Town	Irving,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75062
City Area Code	972
Local Phone Number	893-3199
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CPLG
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 164
Entity Common Stock, Shares Outstanding		58,000,934
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2021 annual meeting of stockholders are incorporated by reference into Part III of this Form 10-K to the extent stated herein. The registrant intends to file such definitive proxy statement with the Securities and Exchange Commission no later than 120 days after the end of its fiscal year.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001707178

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Real estate:
Land	$ 511	$ 604
Buildings and improvements	1,813	2,162
Furniture, fixtures, and other equipment	293	347
Gross operating real estate	2,617	3,113
Less accumulated depreciation	(1,083)	(1,216)
Net operating real estate	1,534	1,897
Construction in progress	5	14
Total real estate, net	1,539	1,911
Right of use assets	16	21
Cash and cash equivalents	143	101
Accounts receivable, net	13	33
Other assets	55	43
Total Assets	1,766	2,109
Liabilities:
Debt, net	810	915
Mandatorily redeemable preferred shares	15	15
Accounts payable and accrued expenses	48	82
Dividends payable	0	11
Other liabilities	36	43
Deferred tax liabilities	0	6
Total Liabilities	909	1,072
Commitments and contingencies
Equity:
Common stock, $0.01 par value; 1.0 billion shares authorized; and 58.0 million and 57.2 million shares issued and outstanding as of December 31, 2020 and 2019, respectively	1	1
Additional paid-in-capital	963	954
Retained earnings (accumulated deficit)	(109)	80
Noncontrolling interest	2	2
Total Equity	857	1,037
Total Liabilities and Equity	$ 1,766	$ 2,109

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common Stock, par value (in usd per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common Stock, shares issued (in shares)	58,000,000	57,200,000
Common Stock, shares outstanding (in shares)	58,000,000	57,200,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Revenues	$ 411	$ 812
Operating Expenses:
Property tax, insurance and other	59	73
Management and royalty fees	40	80
Corporate general and administrative	28	41
Depreciation and amortization	159	181
Impairment loss	54	141
Gain on casualty	(5)	(2)
Gain on sales of real estate	(71)	(32)
Total Operating Expenses	560	984
Operating Loss	(149)	(172)
Other Income (Expenses):
Interest expense	(43)	(69)
Other income, net	5	33
Total Other Expenses, net	(38)	(36)
Loss before income taxes	(187)	(208)
Income tax benefit (expense)	9	(4)
Net loss	$ (178)	$ (212)
Weighted average common shares outstanding - basic and diluted (in shares)	56.6	57.1
Basic and diluted loss per share (in usd per share)	$ (3.14)	$ (3.71)
Rooms
Revenues:
Revenues	$ 401	$ 795
Operating Expenses:
Cost of goods and services	220	383
Other
Revenues:
Revenues	10	17
Operating Expenses:
Cost of goods and services	$ 76	$ 119

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in- Capital	Retained Earnings (Accumulated Deficit)	Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interest
Beginning balance, shares (in shares) at Dec. 31, 2018			59,500
Beginning balance at Dec. 31, 2018	$ 1,297	$ 1	$ 1	$ 974	$ 319	$ 1	$ 3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(212)				(212)
Dividends on common stock	(46)				(46)
Equity-based compensation (in shares)			400
Equity-based compensation	11			11
Purchase of common stock (in shares)			(2,700)
Purchase of common stock	(31)			(31)
Distributions to noncontrolling interest	(1)						(1)
Final settlement of Spin-Off from La Quinta Holdings Inc.	$ 18				18
Ending balance, shares (in shares) at Dec. 31, 2019	57,200		57,200
Ending balance at Dec. 31, 2019	$ 1,037		$ 1	954	80		2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(178)				(178)
Dividends on common stock	(11)				(11)
Equity-based compensation (in shares)			1,000
Equity-based compensation	10			10
Purchase of common stock (in shares)			(200)
Purchase of common stock	$ (1)			(1)
Ending balance, shares (in shares) at Dec. 31, 2020	58,000		58,000
Ending balance at Dec. 31, 2020	$ 857		$ 1	$ 963	$ (109)		$ 2

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends on common stock, per share (in usd per share)	$ 0.20	$ 0.80

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (178)	$ (212)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	159	181
Amortization of deferred costs and other assets	12	22
Gain on casualty	(5)	(2)
Impairment loss	54	141
Gain on sales of real estate	(71)	(32)
Equity-based compensation expense	10	11
Deferred tax benefit	(6)	(1)
Changes in assets and liabilities:
Accounts receivable	8	(9)
Other assets	7	9
Accounts payable and accrued expenses	(28)	2
Other liabilities	0	6
Net cash provided by (used in) operating activities	(38)	116
Cash flows from investing activities:
Proceeds from sale of real estate	248	161
Capital expenditures, primarily investments in existing real estate	(24)	(74)
Lender and other escrows	(10)	5
Insurance proceeds related to real estate casualties	15	11
Net cash provided by investing activities	229	103
Cash flows from financing activities:
Proceeds from debt	110	0
Repayment of debt	(221)	(114)
Debt issuance costs	(1)	0
Payment of insurance financing	(14)	(11)
Dividends on common stock	(22)	(46)
Distributions to noncontrolling interests	0	(1)
Purchase of common stock	(1)	(31)
Collection of Spin-Off final settlement	0	17
Net cash used in financing activities	(149)	(186)
Increase in cash and cash equivalents	42	33
Cash and cash equivalents at the beginning of the year	101	68
Cash and cash equivalents at the end of the year	$ 143	$ 101

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization and Business CorePoint Lodging Inc., a Maryland corporation, is a publicly traded (NYSE: CPLG) self-administered lodging real estate investment trust (“REIT”) primarily serving the upper midscale and midscale lodging segments, with a portfolio of select-service hotels located in the United States (“U.S.”). As used herein, “CorePoint,” “we,” “us,” “our,” or the “Company” refer to CorePoint Lodging Inc. and its subsidiaries unless the context otherwise requires. The following table sets forth the number of owned and joint venture hotels and approximate number of rooms as of December 31, 2020 and 2019, respectively: 2020 2019 Hotels Rooms Hotels Rooms Owned 208 27,600 270 34,800 Joint Venture 1 200 1 200 Totals 209 27,800 271 35,000 For U.S. federal income tax purposes, we are taxed as a real estate investment trust (“REIT”). We believe that we are organized and operate in a REIT-qualified manner and we intend to continue to operate as such. As a REIT, we are generally not subject to federal corporate income tax on the portion of our net income that is currently distributed to our stockholders. To maintain our REIT status, we are required to meet several requirements as provided by the Internal Revenue Code of 1986, as amended (the “Code”). These include that the Company cannot operate or manage our hotels. Therefore, we lease our hotel properties to CorePoint TRS L.L.C., our wholly owned taxable REIT subsidiary (“CorePoint TRS”), which engages third-party eligible independent contractors to manage the hotels. CorePoint TRS is subject to federal, state and local income taxes. To maintain REIT status, we must also distribute annually at least 90% of our “REIT taxable income,” as defined by the Code, to our stockholders. We intend to continue to meet our distribution and other requirements as required by the Code. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These consolidated financial statements present our consolidated financial position as of December 31, 2020 and 2019 and results of operations for the two years ended December 31, 2020. The accompanying consolidated financial statements include our accounts, as well as our wholly owned subsidiaries and any consolidated variable interest entities (“VIEs”). We recognize noncontrolling interests for the proportionate share of operations for ownership interests not held by our stockholders. All intercompany transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. These estimates include such items related to the accounting for: income taxes; impairment of long-lived assets, including applicable cash flow projections and fair value evaluations; depreciation and amortization; and going concern evaluations. Actual results could differ from those estimates.

Significant Accounting Policies

Significant Accounting Policies and Recently Issued Accounting Standards	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies and Recently Issued Accounting Standards	Significant Accounting Policies and Recently Issued Accounting Standards Investment in Real Estate Property and equipment and other investments in real estate are stated at cost less accumulated depreciation computed using a straight-line method. Buildings and improvements have an estimated useful life of five two two We capitalize expenditures that increase the overall value of an asset or extend an asset’s life, typically associated with hotel refurbishments, renovations, and major repairs. Such costs primarily include third-party contract labor, materials, professional design and other direct costs, and during the redevelopment and renovation period, interest, real estate taxes and insurance costs. The interest, real estate taxes and insurance capitalization period begins when the activities related to the development have begun and ceases when the project is substantially complete, and the assets are held available for use or occupancy. Once such a project is substantially complete and the associated assets are ready for intended use, interest, real estate taxes and insurance costs are no longer capitalized. Construction in progress primarily includes capitalized costs for ongoing projects that have not yet been put into service. Normal maintenance and repair costs are expensed as incurred. Impairment of Real Estate Related Assets For our investments in real estate, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable during the expected holding period. When such events or changes are present, we assess the property’s recoverability by comparing the carrying amount of the asset to our estimate of the aggregate undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Any such impairment is treated for accounting purposes similar to an asset acquisition at the estimated fair value, which includes establishing a new cost basis and the elimination of the asset’s accumulated depreciation and amortization. In evaluating our investments for impairment, we undergo continuous evaluations of property level performance and real estate trends, and management makes several estimates and assumptions, including, but not limited to, the projected date of disposition, estimated sales price and future cash flows of each property during our estimated holding period. If our analysis or assumptions regarding the projected cash flows expected to result from the use and eventual disposition of our properties change, we incur additional costs and expenses during the holding period, or our expected hold periods change, we may incur future impairment losses. Sales of Real Estate We classify hotels as held for sale when the criteria are met, in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Upon the disposition of a property, we recognize a gain or loss at a point in time when we determine control of the underlying asset has been transferred to the buyer. Our performance obligation is generally satisfied at the closing of the transaction. Any continuing involvement is analyzed as a separate performance obligation in the contract, and a portion of the sales price is allocated to each performance obligation. There is significant judgment applied to estimate the amount of any variable consideration identified within the sales price and assess its probability of occurrence based on current market information, historical transactions, and forecasted information that is reasonably available. For sales of real estate (or assets classified as held for sale), we evaluate whether the disposition is a strategic shift that will have a major effect on our operations and financial results. When a disposition represents a strategic shift that will have a major effect on our operations and financial results, it will be classified as discontinued operations in our consolidated financial statements for all periods presented. Cash and Cash Equivalents We classify all cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair market value. As of December 31, 2020, our Revolver Credit Agreement, as amended, required us to maintain a minimum liquidity of $60 million of cash and cash equivalents, as defined, at all times. See Note 5 “Debt” for additional information. We classify cash and cash equivalents as restricted cash when contractual agreements or arrangements impose restrictions on our ability to freely access and utilize the cash and cash equivalent amounts. Accounts Receivable Accounts receivable primarily consists of receivables due from insurance settlements, our hotel manager, hotel guests, and credit card companies and are carried at estimated collectable amounts. We periodically evaluate our receivables for collectability based on expected losses incurred over the life of the receivable, considering our historical experience, the length of time receivables are past due and the financial condition of the debtor. Accounts receivable are written off when collection is not probable. We record uncollectible operating lease receipts as a direct offset to room revenues. Our insurance settlement receivables are recorded based upon the terms of our insurance policies and our estimates of insurance losses. We recognize business interruption claims as revenue when collection is probable. As of December 31, 2020 and 2019, we had $3 million and $12 million of insurance settlement receivables, respectively. As of December 31, 2020 and 2019, we had $3 million and $9 million of receivables, respectively, related to the 2019 settlement of disputes with our hotel manager (the “Wyndham Settlement”). Remaining payments on the Wyndham Settlement are required to be paid no later than June 2021. Debt and Deferred Debt Issuance Costs Deferred debt issuance costs include costs incurred in connection with issuance of debt, including costs associated with the entry into our loan agreements and revolving credit facility, and are presented as a direct reduction from the carrying amount of debt. These debt issuance costs are deferred and amortized to expense on a straight-line basis over the term of the debt, which approximates the effective interest amortization method. This amortization expense is included as a component of interest expense. When debt is paid prior to its scheduled maturity date and the underlying terms are materially modified, the remaining carrying value of deferred debt issuance costs, along with certain other payments to lenders, is included in loss on extinguishment of debt. Lessee Accounting We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for ground leases and our corporate office lease, where the asset is classified within “right of use assets” and the operating lease liability is classified within “other liabilities” in our consolidated balance sheets. Right of use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right of use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Our variable lease payments consist of payments based on a rate or index established subsequent to the lease commencement date and non-lease services related to the ground lease, primarily real estate taxes. Variable lease payments are excluded from the right of use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate. Our incremental borrowing rate is based on information available at the commencement date using our actual borrowing rates commensurate with the lease terms and a fully levered borrowing. Extension options on our leases are included in our minimum lease terms when they are reasonably certain to be exercised. In our evaluation of the lease term, we consider other arrangements, primarily our debt and franchise agreements, which may have economic consequences related to failure to renew certain ground leases. For accounting purposes, such lease terms are not adjusted unless the contractual terms are modified. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. We have elected to treat rent concessions related to the novel coronavirus (“COVID-19”) pandemic as variable lease payments. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels, which are as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations in this category are inherently less reliable than actively quoted market prices due to the degree of subjectivity involved in determining appropriate methodologies and the applicable underlying observable market assumptions. We consider contractual pricing from a hotel under contract for sale as a Level 2 input. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. These inputs cannot be validated by readily determinable market data and generally involve considerable judgment by management. We use the highest level of observable market data if such data is available without undue cost and effort. Derivative Instruments We use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. 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 into, 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. As of December 31, 2020 and 2019, all of our derivative instruments were interest rate caps, and none are designated as hedge instruments. Changes in fair value of undesignated hedge instruments are recorded in current period earnings. Revenue Recognition Our revenues primarily consist of operating lease revenues from room rentals, which are accounted for under GAAP in accordance with lease accounting standards. Room revenue is recognized as earned on a daily basis, net of customer incentive discounts, cash rebates, and refunds. Other lease revenues primarily include lease revenue from restaurants, billboards and cell towers, all of which are operating leases. Such leases are recognized on a straight-line basis over the term of the lease when collections are considered probable and as earned and collected when collections are not considered probable. Uncollectible lease amounts are recorded as a direct offset to revenues. As a lessor, our operating leases do not contain purchase options or require significant assumptions or judgments. Some of our operating leases contain extension options. For those with extension options we assess the likelihood such options will be exercised in determining the lease term. Customer revenues include other hotel guest revenues generated by the incidental support of hotel operations and are recognized under the revenue accounting standard as the service obligation is completed. Purchase of Common Stock Purchases of common stock are recorded on the trade date at cost, including commissions and other costs, through a removal of the stated par value with the excess recorded as additional paid-in-capital. Equity-Based Compensation We have a stock-based incentive award plan for our employees and directors, which primarily includes time-based and performance-based awards. We recognize the cost of services received in an equity-based payment transaction with an employee or director as services are received and record either a corresponding increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria. Measurement for these equity awards is the estimated fair value at the grant date of the equity instruments. The equity-based compensation expense is recognized for awards earned or expected to be earned. Accordingly, the compensation expense for all equity awards is recognized straight-line over the vesting period of the last separately identified vesting portion of the award. Forfeitures for time-based and market-based performance awards are recognized as they occur. Performance awards with targets other than market-based are assessed at each balance sheet date with respect to the expected achievement of the target. Equity-based compensation expense is classified in corporate general and administrative expenses. Dividend equivalent cash payments related to unvested employee and director awards are charged to corporate general and administrative expenses. Dividends awarded as additional stock grants are included in equity-based compensation expense. Earnings Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of our common stock outstanding plus other potentially dilutive securities, except when the effect would be anti-dilutive. Dilutive securities primarily include equity-based awards issued under long-term incentive plans. Dilutive securities are excluded from the calculation of earnings per share for all periods presented because the effect would be anti-dilutive. The earnings per share amounts are calculated using unrounded amounts and shares which may result in differences in rounding of the presented per share amounts. Income Taxes We are organized in conformity with and operate in a manner that allows us to be taxed as a REIT for U.S. federal income tax purposes. To the extent we continue to qualify 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 to our stockholders. Accordingly, no provision for U.S. federal income tax expense has been included in our consolidated financial statements for the years ended December 31, 2020 or 2019 related to our REIT operations; however, CorePoint TRS, our wholly owned taxable REIT subsidiary, is subject to U.S. federal, state and local income taxes and we may be subject to state and local taxes. We use the asset and liability method of accounting for income taxes. Under this method, current income tax expense represents the amounts expected to be reported on our income tax returns, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. In determining our tax expense or benefit for financial statement reporting purposes, we must evaluate our compliance with the Code, including the transfer pricing determinations used in establishing rental payments between the REIT and CorePoint TRS. Accounting for income taxes requires, among others, interpretation of the Code, estimated tax effects of transactions, and evaluation of probabilities of sustaining tax positions, including realization of tax benefits. We recognize a valuation allowance for income tax benefits if it is more likely than not that all or a portion of the benefit will not be realized. We recognize tax positions only after determining that the relevant tax authority would more likely than not sustain the position following the audit. The final resolution of those assessments may subject us to additional taxes. In addition, we may incur expenses defending our positions during Internal Revenue Service (“IRS”) tax examinations, even if we are able to eventually sustain our position with the tax authorities. Concentrations of Credit Risk and Business Risk We have cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. As of December 31, 2020, approximately 75% of our total cash and cash equivalents were held in accounts fully covered by FDIC insurance or money market accounts collateralized by U.S. treasuries. For our remaining cash and cash equivalent accounts, we utilize financial institutions that we consider to be of high credit quality and consider the risk of default to be minimal. We have diversified our accounts with several banking institutions in an attempt to minimize exposure to any one of these institutions. We also monitor the creditworthiness of our customers and financial institutions before extending credit or making investments. Substantially all of our revenues are derived from our lodging operations at our hotels. Lodging operations are particularly sensitive to adverse economic, social and competitive conditions and trends, including the COVID-19 pandemic, which could adversely affect our business, financial condition and results of operations. We have a concentration of hotels operating in Texas, Florida and California. The number of hotels, percentages of total hotels and the percentages of our total revenues from these states as of and for the years ended December 31, 2020 and December 31, 2019 are as follows: December 31, 2020 December 31, 2019 Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Florida 44 21 % 20 % 45 17 % 16 % Texas 39 19 % 17 % 58 21 % 21 % California 18 9 % 12 % 21 8 % 12 % Total 101 49 % 49 % 124 46 % 49 % Segment Reporting Our hotel investments have similar economic characteristics and our service offerings and delivery of services are provided in a similar manner, using the same types of facilities and similar technologies. Our chief operating decision maker reviews our financial information on an aggregated basis. As a result, we have concluded that we have one reportable business segment. Principal Components of Expenses As more fully explained in Note 8 “Commitments and Contingencies – Hotel Management and Franchising Agreements,” our third-party management company is responsible for the day to day operations of our hotels. For many expenses, the manager directly contracts for the services in the capacity as a principal, and we reimburse our manager in accordance with the agreements. We present the following expense components and only classify the fee portion of expense as management and royalty fees. We classify all amounts owed to our manager and franchisor in accounts payable and accrued expenses. Rooms — These expenses include hotel operating expenses of housekeeping, reservation systems (per our franchise agreements), room and breakfast supplies and front desk costs. Other departmental and support — These expenses include expenses that constitute non-room operating expenses, including parking, telecommunications, on-site administrative labor, sales and marketing, loyalty program, recurring repairs and maintenance and utility expenses. Property tax, insurance and other — These expenses consist primarily of real and personal property taxes, other local taxes, ground rent, equipment rent and insurance. Newly Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ( “ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. We adopted this guidance on January 1, 2021, and it did not have a material impact on our consolidated financial position and results of operations. Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements. While some disclosures have been removed or modified, new disclosures have been added. We adopted this guidance on January 1, 2020, and it did not have a material impact on our consolidated financial position and results of operations.

Investments In Real Estate

Investments In Real Estate	12 Months Ended
	Dec. 31, 2020
Real Estate Investments, Net [Abstract]
Investments In Real Estate	Investments in Real Estate During the year ended December 31, 2020, 61 operating hotels were sold for gross proceeds of $274 million resulting in a gain on sales of $71 million. In addition, during 2020, one hotel was disposed by returning the property to the ground lessor at the end of the lease term. During the year ended December 31, 2019, 42 operating hotels were sold for gross proceeds of $173 million resulting in a $32 million gain on sale. For the year ended December 31, 2020, we recorded non-cash impairment losses of $54 million primarily due to lower valuation of certain of our properties related to the impact of the COVID-19 pandemic on the lodging industry. We recorded $141 million of non-cash impairment losses during the year ended December 31, 2019, due to shortened holding periods for many of our hotels and assumptions related to future operations. We will continue to monitor events and changes in circumstances related to our real estate assets, including updated COVID-19 pandemic data and effects, analysis related to our operations, fair value, our holding periods and cash flow assumptions, that may indicate that the carrying amounts of our real estate assets may not be recoverable. Such changes in circumstances and analysis may result in impairment losses in future periods. We have experienced hurricane, fire and other property and casualty damages to certain of our hotels. We carry comprehensive property, casualty, flood and business interruption insurance that we anticipate will cover our losses at these hotels, subject to a deductible. Accordingly, we may not be fully reimbursed for property and casualty damages from insurance which would require us to fund the deficiencies from other sources. As of December 31, 2020, we have not recognized any potential insurance claims related to COVID-19 pandemic losses. Given the contractual uncertainty of those claims, we cannot provide any assessment of whether such claims are realizable.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following table presents other assets as of December 31, 2020 and 2019 (in millions): 2020 2019 Lender and other escrows $ 35 $ 20 Prepaid expenses 8 10 Intangible assets, net 4 4 Federal and state tax receivables 5 — Other assets 3 9 Total other assets $ 55 $ 43

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt The following table presents the carrying amount of our debt as of December 31, 2020 and 2019 (in millions): 2020 2019 CMBS Facility $ 725 $ 921 Revolving Facility 85 — 810 921 Less: unamortized debt issuance costs — (6) Total debt, net $ 810 $ 915 CMBS Facility Certain indirect wholly-owned subsidiaries of CorePoint (collectively, the “CorePoint CMBS Borrower”), CorePoint TRS and CorePoint Operating Partnership L.P. (“CorePoint OP”) are parties to a loan agreement (the “CMBS Loan Agreement”) providing for a multiple rate tranched mortgage loan secured primarily by mortgages for substantially all of our wholly-owned hotels, an excess cash flow pledge for five owned and ground leased hotels and other collateral customary for mortgage loans of this type (the “CMBS Facility”). The CMBS Facility matures on June 9, 2021, with four one-year extension options remaining, exercisable at the CorePoint CMBS Borrower’s election, provided there is no event of default existing as of the commencement of the applicable extension period and the CorePoint CMBS Borrower either extends the current interest rate cap or purchases a new interest rate cap covering the extension period at a strike price as set forth in the CMBS Loan Agreement. No principal payments are due prior to the scheduled or extended maturity date. The CMBS Facility is pre-payable in whole or in part subject to payment of all accrued interest through the end of the applicable accrual period. The terms of the CMBS Facility state that it bears interest at a rate equal to the sum of an applicable margin plus one-month LIBOR. As of December 31, 2020 and 2019, one-month LIBOR was 0.14% and 1.76%, respectively. Interest is generally payable monthly. As of December 31, 2020, the weighted average applicable margin on the CMBS Facility was 2.82% an d the weighted average interest rate was 2.96%. As of December 31, 2019, the weighted average applicable margin on the CMBS Facility was 2.75% and the weighted average interest rate was 4.51%. The applicable margin will increase by 15 basis points after June 2023 and an additional 10 basis points after June 2024. Additional principal prepayments, if any, will be applied to the lower interest-bearing tranches, reducing total future interest expense but having the effect of increasing the applicable margin thereafter on the remaining outstanding principal balance. The applicable margins for the tranches range from 2.29% to 3.95%. We may obtain the release of individual properties from the CMBS Facility provided that certain conditions of the CMBS Loan Agreement are satisfied. The most restrictive of these conditions provide that after giving effect to such release the debt yield for the CMBS Facility (generally defined as hotel property operating net income before interest, depreciation and a fixed amount of corporate general and administrative expenses divided by the outstanding principal balance of the CMBS Facility, “Debt Yield”) is not less than the greater of (x) 16.44% and (y) the lessor of (i) the Debt Yield in effect immediately prior to such release and (ii) 16.94% (such result the “Release Debt Yield”). However, if such release is in connection with the sale of a property to an unrelated third party, such sold property may be released if the CorePoint CMBS Borrower prepays an amount equal to the greater of (x) the allocated portion of the outstanding CMBS Facility plus a premium ranging from 5% to 10%, as defined in the CMBS Loan Agreement and (y) the lesser of (i) the full net proceeds from the sale of the property received by us and (ii) the amount necessary to satisfy the Release Debt Yield. Accordingly, such CMBS Loan Agreement release provisions could affect our ability to sell properties or restrict the use of sale proceeds only to (or substantially to) the required partial prepayment of the CMBS Facility. Since May 2020, substantially all net sale proceeds have been required to be paid under the CMBS Loan Agreement to release the collateralized property under the CMBS Facility, and we believe that future hotel collateral releases will likely require the payment of all (or substantially all) net sale proceeds as we ll. During the year ended December 31, 2020 and 2019, respectively, primarily in connection with the sale of 61 and 42 secured hotel properties, $196 million and $114 million of the net proceeds were used to pay down the principal of the CMBS Facility. The CMBS Facility lender has the right to control the disbursement of hotel operating cash receipts (referred to as a “CMBS Facility cash trap”) during the continuation of an event of default under the loan or if and while the debt yield for the CMBS Facility falls below 12.33% through May 30, 2023 and 12.83% thereafter, in each case, for two consecutive quarters. We are not currently and have not been subject to an event of default under the CMBS Facility. However, due to the requirements of the applicable debt yield, beginning in the fourth quarter of 2020, including December 31, 2020, hotel operating cash receipts are subject to the CMBS Facility cash trap. So long as there is no continuing event of default under the CMBS Facility, cash and cash equivalents subject to the CMBS Facility cash trap are generally available for any operating expenses, emergency repairs and/or life safety issues, capital expenditures (after application of any amounts then held in reserve), hotel taxes and custodial funds, costs incurred in connection with the purchase of any furniture, fixtures and equipment, costs incurred in connection with the purchase of interest rate caps, voluntary prepayment of the CMBS Facility, certain legal, audit, tax and accounting expenses, certain required REIT distributions, restoration expenses, debt service under the CMBS Facility and the Revolving Facility, fees and costs payable under the CMBS Facility and Revolving Facility, leasing costs, alterations of the properties, payment of shortfalls for required deposits under the CMBS Facility, payments due under ground leases and such other items as reasonably approved by the CMBS Facility lender. Certain disbursements, primarily other corporate and general and administrative expenditures, dividends to common stockholders and repurchases of our common stock, would require consent of the CMBS Facility lender . As of December 31, 2020, the cash and cash equivalents subject to the CMBS Facility cash trap were approximately $15 million. We will be subject to the CMBS Facility cash trap until we are in compliance with the applicable debt yield requirement described above for two consecutive quarters or prepay the loan in an amount such that we are in compliance with the required debt yield. There can be no assurance that our future operating performance will be adequate for us to meet the requirements to be released from the CMBS Facility cash trap provisions. The CMBS Facility includes customary non-recourse carve-out guarantees, affirmative and negative covenants and events of default, including, among other things, guarantees for certain losses arising out of customary “bad-boy” acts of CorePoint OP and its affiliates and environmental matters (which will be recourse for environmental matters only to the CorePoint CMBS Borrower provided that the required environmental insurance is delivered to the lender), a full recourse guaranty with respect to certain bankruptcy events, restrictions on the ability of the CorePoint CMBS Borrower to incur additional debt and transfer, pledge or assign certain equity interests or its assets, and covenants requiring the CorePoint CMBS Borrower to exist as “special purpose entities,” maintain certain ongoing reserve funds and comply with other customary obligations for commercial mortgage-backed securities loan financings. As of December 31, 2020, we believe we were in compliance with these covenants. At the origination of the CMBS Facility, the CorePoint CMBS Borrower deposited in the loan servicer’s account $15 million in upfront reserves for property improvement and environmental remediation, which funds may be periodically disbursed to the CorePoint CMBS Borrower throughout the term of the loan to cover such costs. In June 2020, the CorePoint CMBS Borrower deposited in the loan servicer’s account an additional $6 million in reserves primarily related to property insurance coverage and higher property insurance deductibles, which funds may be periodically disbursed to the CorePoint CMBS Borrower throughout the term of the loan to cover such costs. Revolving Facility CorePoint Borrower L.L.C. (the “CorePoint Revolver Borrower”), CorePoint Lodging Inc., CorePoint OP GP, L.L.C., and CorePoint OP are parties to a credit agreement (the “Revolver Credit Agreement”), as amended (the “Revolving Facility”). As of December 31, 2020, $85 million was outstanding under the Revolving Facility and we had no additional borrowings available. In addition, as of December 31, 2020, there was a $2 million outstanding letter of credit issued under the Revolving Facility. As of December 31, 2020, the Revolving Facility was scheduled to mature on May 31, 2021. In May 2020, in connection with an amendment to the Revolver Credit Agreement, interest under the Revolving Facility increased to either a base rate plus a margin of 4.0% per annum or an adjusted LIBOR rate plus a margin of 5.0% per annum. Prior to the May 2020 amendment, the base rate and LIBOR margins were 3.5% and 4.5%, respectively. With respect to base rate loans, interest will be payable at the end of each quarter. With respect to LIBOR loans, interest will be payable at the end of the selected interest period but no less frequently than quarterly. The choice of the base rate or LIBOR borrowing rate is at CorePoint’s option. As of December 31, 2020, the Revolvin g Facility interest rate was 5.19%. We had no borrowings under the Revolving Facility as of December 31, 2019. In connection with the May 2020 amendment, we made scheduled aggregate principal payments of $25 million during August 2020 to December 2020. The May 2020 amendment also requires that we maintain a minimum liquidity of $60 million of cash and cash equivalents, as defined, at all times. The minimum liquidity amount is reduced on a dollar-for-dollar basis in respect of 50% of any unscheduled amounts utilized to repay our Revolving Facility and permanently reduce the commitments thereunder. No unscheduled payments have been made through December 31, 2020. Beginning in May 2020, the Revolving Facility lenders have rights to control the disbursement of our hotel operating cash receipts (referred to as the “Revolving Facility cash trap”). Cash and cash equivalents subject to the cash trap are generally available for hotel operations, interest payments and certain corporate administrative expenses. Certain disbursements, primarily other corporate general and administrative expenditures, dividends to common stockholders and repurchases of our common stock, would require consent of our lender. The terms of the CMBS Facility cash trap are senior to the Revolving Facility cash trap but are generally similar in scope and are not cumulative in the effect on our cash and cash equivalents. As of December 31, 2020, the Revolving Facility cash trap encompassed all of the CMBS Facility cash trap cash and cash equivalents plus an additional $6 million of cash and cash equivalents. The Revolving Facility contains customary representations and warranties. The obligations under the Revolving Facility are unconditionally and irrevocably guaranteed by CorePoint OP, CorePoint Lodging Inc. and CorePoint OP GP L.L.C. and, subject to certain exceptions, each of the CorePoint Revolver Borrower and its existing and future domestic subsidiaries that own equity interests in any CorePoint CMBS Borrower. Furthermore, CorePoint Lodging Inc., CorePoint OP GP L.L.C. and CorePoint OP each pledge certain equity interests in subsidiaries, representing substantially all of the Company’s hotel operations, as security for the obligations. Certain disbursements, primarily dividends to common stockholders and repurchases of our common stock, and issuances of new debt or equity would require consent of the Revolving Facility lenders. As of December 31, 2020, we believe we were in compliance with these terms and covenants of the Revolver Credit Agreement.

Mandatorily Redeemable Preferre

Mandatorily Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Mandatorily Redeemable Preferred Stock	Mandatorily Redeemable Preferred Stock We have 15,000 outstanding shares of Cumulative Redeemable Series A Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), held by an unrelated third-party. The Series A Preferred Stock has an aggregate liquidation preference of $15 million, plus any accrued and unpaid dividends thereon. The Series A Preferred Stock is senior to our common stock with respect to dividends and with respect to dissolution, liquidation or winding up of the Company. Except as described below, cash dividends on the Series A Preferred Stock are paid quarterly at a rate of 13% per annum. If our leverage ratio, as defined, exceeds 7.5 to 1.0 as of the last day of any fiscal quarter, or if an event of default occurs (or has occurred and not been cured) with respect to the Series A Preferred Stock, we are required to pay a cash dividend on the Series A Preferred Stock equal to 15% per annum. Our dividend rate on the Series A Preferred Stock will increase to 16.5% per annum if, at any time, we are in breach of the leverage ratio covenant and an event of default occurs (or has occurred and has not been cured) with respect to the Series A Preferred Stock. Beginning July 1, 2020, we exceeded the 7.5 to 1.0 leverage ratio noted above, and accordingly, the Series A Preferred Stock dividend rate is currently 15% per annum. The Series A Preferred Stock dividend rate will not return to 13% per annum until our leverage ratio is equal to or less than the applicable leverage ratio and we are not in an uncured event of default as of the last day of a fiscal quarter. There can be no assurance that our future operating performance will be adequate for us to meet the requirements to achieve the lower dividend rate. The Series A Preferred Stock is mandatorily redeemable by us in 2028, upon the tenth anniversary of the date of issuance. Beginning in 2025, upon the seventh anniversary of the issuance of the Series A Preferred Stock, we may redeem the outstanding Series A Preferred Stock for an amount equal to its aggregate liquidation preference, plus any accrued but unpaid dividends. The holders of the Series A Preferred Stock may also require us to redeem the Series A Preferred Stock upon a change of control of the Company for an amount equal to its aggregate liquidation preference plus any accrued and unpaid dividends thereon (and a premium if the change of control occurs prior to the seventh anniversary of the issuance of the Series A Preferred Stock). Due to the fact that the Series A Preferred Stock is mandatorily redeemable, the preferred shares are classified as a liability on the accompanying consolidated balance sheet, and dividends on these preferred shares are classified as interest expense in the accompanying consolidated statements of operations. Holders of Series A Preferred Stock generally have no voting rights. However, without the prior consent of the holders of a majority of the outstanding shares of Series A Preferred Stock, we are prohibited from (i) authorizing or issuing any additional shares of Series A Preferred Stock, or (ii) amending our charter or entering into, amending or altering any other agreement in any manner that

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses and Other Liabilities	Accounts Payable and Accrued Expenses and Other Liabilities The following table presents our accounts payable and accrued expenses and other liabilities as of December 31, 2020 and 2019 (in millions): 2020 2019 Due to hotel manager $ 7 $ 26 Real estate taxes 17 22 Sales and occupancy taxes 3 7 Other accounts payable and accrued expenses 21 27 Total accounts payable and accrued expenses $ 48 $ 82 Operating lease liabilities $ 20 $ 25 Below market leases, net 3 5 Insurance financing 2 2 Other liabilities 11 11 Total other liabilities $ 36 $ 43

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Hotel Management and Franchising Agreements Management Fees On May 30, 2018, wholly-owned subsidiaries of the Company entered into separate hotel management agreements with LQ Management L.L.C. (“LQM”), whereby we pay a fee equal to 5% of total gross revenues, as defined. The term of the management agreements is through May 30, 2038, subject to two renewals of five years each, at LQM’s option. There are penalties for early termination. LQM generally has sole responsibility for all activities necessary for the operation of our hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. LQM also provides all employees for the hotels, prepares reports, budgets and projections, and provides other administrative and accounting support services to the hotels. We have consultative and limited approval rights with respect to certain actions of LQM, 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. We are also responsible for reimbursing LQM for certain costs incurred by LQM during the fulfillment of their duties, such as payroll costs for certain of their employees, general and workers’ compensation liability insurance and other costs that the manager incurs to operate the hotels. For the years ended December 31, 2020 and 2019, our management fee expense was $20 million and $40 million, respectively. For the years ended December 31, 2020 and 2019, we also incurred termination fees to our ma nager of $12 million and $7 million, respectively. The termination fees were substantially in connection with sales of our hotels and the resulting termination of the management agreement for each hotel. Royalty Fees On May 30, 2018, we entered into separate hotel franchise agreements for each of our wholly owned hotels with La Quinta Franchising LLC (“LQ Franchising”). Pursuant to the franchise agreements, we were granted a limited, non-exclusive license to use our franchisor’s brand names, marks and system in the operation of our hotels. The franchisor also may provide us with a variety of services and benefits, including centralized reservation systems, participation in customer loyalty programs, national advertising, marketing programs and publicity designed to increase brand awareness, as well as training of personnel. In return, we are required to operate franchised hotels consistent with the applicable brand standards. Our franchise agreements require that we pay a 5% royalty fee on gross room revenues. The term of the franchise agreements is through May 30, 2038, subject to one renewal of ten years, at our option, subject to certain conditions. There are penalties for early termination. For the years ended December 31, 2020 and 2019, our royalty fee expense was $20 million and $40 million, respectively. In addition to the royalty fee, the franchise agreements include a reservation fee of 2% of gross room revenues, a marketing fee of 2.5% of gross room revenues, a loyalty program fee of 5% of eligible room night revenues, and other miscellaneous ancillary fees. Reservation fees are included within rooms expense and the marketing fee and loyalty program fees are included within other departmental and support expenses in the accompanying consolidated statements of operations. Our requirement to meet certain brand standards imposed by our franchisor includes requirements that we incur certain capital expenditures, generally ranging from $1,500 to $7,500 per hotel room (with various specific amounts within this range being applicable to different groups of our hotels) during a prescribed period generally ranging from two two Litigation We are a party to a number of pending claims and lawsuits arising in the normal course of business. We do not consider our ultimate liability with respect to any such claims or lawsuits, or the aggregate of such claims and lawsuits, to be material in relation to our consolidated financial condition, results of operations or our cash flows taken as a whole. We maintain property and other liability insurance; however, certain losses or defense costs are within the retention or insurance deductible amount and are not covered by or are only partially covered by insurance policies. We regularly evaluate our ultimate liability costs with respect to such claims and lawsuits. We accrue costs from litigation as they become probable and estimable. Tax Contingencies We are subject to regular audits by federal and state tax authorities, which may result in additional tax liabilities. In 2018, La Quinta Holdings Inc. completed the distribution to its stockholders of all the then-outstanding shares of common stock of CorePoint Lodging Inc. following which we became an independent, self-administered, publicly traded company (the “Spin-Off”). Subsequently, La Quinta Holdings Inc. merged with Wyndham Hotels & Resorts, Inc. (“Wyndham”). Entities in existence prior to the Spin-Off and transferred to Wyndham as a part of the Spin-Off are currently under audit by the Internal Revenue Service (the “IRS”) for tax years ended December 31, 2010 to 2013. We have agreed to indemnify Wyndham for any obligations and expenses arising from these IRS audits, including the legal and accounting defense expenses. In 2014, the IRS commenced a tax audit, primarily related to transfer pricing for internal rents charged by our prior REIT. Subsequently, we have supplied information to the IRS supporting our position. In November 2019, the IRS issued notices of proposed adjustments (“NOPA”, also known as a 30 Day Letter) proposing a redetermined rent adjustment resulting in approximately $138 million of additional federal taxes, attributable to tax years 2010 and 2011, exclusive of penalties and interest. Additionally, the November 2019 NOPA proposed an adjustment resulting in the loss of tax operating loss carryforwards generated in tax years 2006 through 2009. The adjustment to the tax operating loss carryforwards, measured at the tax rates enacted during the year of utilization and exclusive of penalties and interest, is $31 million. During 2020, we and the IRS have respectively corresponded in disagreement with the other’s positions. Accordingly, in September 2020, the audit was transferred to the IRS Appeals office to begin the appeals process and the statute of limitations was extended to December 31, 2021. The conference with the appeals team is scheduled for the second quarter 2021 whereby both sides, the taxpayers and the exam team, will present their case to the appeals team. We have concluded that the positions reported on our tax returns under audit by the IRS are, based on their technical merits, more likely than not to be sustained upon conclusion of the examination. Accordingly, as of December 31, 2020, we have not established any reserves related to this proposed adjustment or any other issues reflected on the returns under examination. If, however, we are unsuccessful in challenging the IRS, an excise tax and/or additional taxes would be imposed on the REIT, or its taxable REIT subsidiary, related to the excess rent and we would be responsible for additional income taxes, interest and penalties, which could adversely affect our financial condition, results of operations and cash flow and the trading price of our common stock. Such adjustments could also give rise to additional state income taxes. Purchase Commitments As of December 31, 2020, we have approximately $17 million of purchase commitments related to certain continuing redevelopment and renovation projects and other hotel service contracts in the ordinary course of business. Approximately $14 million of this amount relates to long-term hotel service contracts payable over approximately four Lessee Commitments As a lessee, our lessee arrangements are primarily for ground leases at certain of our hotels. These ground leases generally include base rents, which may be reset based on inflation indexes or pre-established increases, contingent rents based upon the respective hotel’s revenues, and reimbursement or primary responsibility for related real estate taxes and insurance expenses. The initial base terms for the leases are generally in excess of 25 years, with initial term maturities occurring between 2022 and 2096. The weighted average remaining lease term is 31 years and 30 years as of December 31, 2020 and 2019, respectively. The weighted-average discount rate related to these leases was 8.75% and 8.70% as of December 31, 2020 and 2019, respectively. Many of these arrangements also contain renewal options at the conclusion of the initial lease term, generally at fair value or pre-set amounts. Our other leases primarily relate to our corporate office. The contractual maturity analysis of all of our operating lease liabilities on an undiscounted basis as of December 31, 2020, is as follows (in millions): Year Amount 2021 $ 3 2022 3 2023 3 2024 3 2025 2 Thereafter 50 Total $ 64 The difference between the undiscounted contractual payments of $64 million above and the December 31, 2020 operating lease liabilities of $20 million (included in our “other liabilities”) is the present value of imputed interest. Contractual payments include base rents that have been contractually reset based on inflation indexes as of December 31, 2020. For the years ended December 31, 2020 and 2019, we incurred rent expense of $3 million and $5 million, respectively. Differences between amounts expensed and cash paid were not significant. Rent expense is included in property tax, insurance and other expenses in our consolidated statements of operations. Post-employment Benefits We have entered into severance plans with all executives and other employees. New employees are added at their date of employment. The plans include salary continuation, severance benefits, continuation of health care coverage and other supplemental post-employment benefits, all which vary depending on the employee’s position and apply where there is termination without cause. We had no expenses related to these severance plans in 2020. For the year ended December 31, 2019, we incurred $7 million of

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Equity	Equity Share Repurchase Program On March 21, 2019, our board of directors authorized a $50 million share repurchase program. Under the share repurchase program, we may purchase common stock in the open market, in privately negotiated transactions or in such other manner as determined by us, including through repurchase plans complying with the rules and regulations of the SEC. The share repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. Effective with the May 2020 amendment to our Revolving Facility, our Revolver Credit Agreement restricts us from making any such purchases. Accordingly, we have temporarily suspended purchases under the share repurchase program and no shares were acquired in 2020. During 2019, we acquired 2.6 million shares at a weighted average cost per share of $11.34 under the share repurchase program. Dividends In April 2020, our board of directors suspended the common stock dividend for the second quarter of 2020 and for the remainder of 2020. In addition, effective with the May 2020 amendment to our Revolving Facility, the Revolver Credit Agreement restricts our ability to pay cash dividends on our common stock, unless required to meet REIT federal income tax requirements. Our board of directors determined no additional common dividend amounts were required to meet the REIT federal income tax requirements for 2020. Accordingly, we do not expect to resume common stock dividends until after our Revolving Facility is retired.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2020
Revenues [Abstract]
Revenue	Revenue Revenues for the years ended December 31, 2020 and 2019 are comprised of the following components (in millions): For the Year Ended December 31, 2020 2019 Operating lease revenues: Rooms $ 401 $ 795 Other 4 6 Total lease revenues 405 801 Customer revenues 6 11 Total revenues $ 411 $ 812 Other operating lease revenues primarily include lease arrangements for restaurants, billboards and cell towers. Customer revenues, which are classified within other revenues in the accompanying consolidated statements of operations, generally relate to amounts generated by the incidental support of the hotel operations, including servi ce fees, parking and food. For each of the years ended December 31, 2020 and 2019, we had an insignificant amount of variable lease revenue. As of December 31, 2020, future minimum rental income to be received under non-cancelable operating leases, in excess of one year, is as follows (in millions): Year ending December 31, Operating 2021 $ 2 2022 1 2023 1 2024 1 2025 1 Thereafter 1 $ 7

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation Our 2018 Omnibus Incentive Plan (the “Plan”), authorizes the grant of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”), non-qualified and incentive stock options, dividend equivalents, and other stock-based awards to our employees and non-employee directors. A total of eight million shares of common stock has been authorized for issuance under the Plan and five million shares of common stock are available for issuance as of December 31, 2020. The RSAs and RSUs are time-based and are not subject to future performance targets. The RSAs generally vest over one one two e recognized $10 million and $11 million of equi ty-based compensation expense, respectively. The following table summarizes the activity of our RSAs, RSUs and PSUs during December 31, 2020 and 2019 which represent our equity-based compensation activity RSAs PSUs RSUs Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at January 1, 2019 884,068 $ 20.50 — $ — 14,624 $ 5.77 Granted 453,451 $ 11.02 447,527 $ 6.99 689 $ 11.97 Converted (616,912) $ 14.32 — $ — (10,241) $ 6.05 Forfeited (66,817) $ 15.20 (78,558) $ 6.99 — $ — Outstanding at December 31, 2019 653,790 $ 20.30 368,969 $ 6.99 5,072 $ 6.05 Granted 919,106 $ 3.88 979,482 $ 5.42 290,835 $ 4.52 Converted (541,414) $ 9.98 — $ — (5,464) $ 6.06 Outstanding at December 31, 2020 1,031,482 $ 11.09 1,348,451 $ 5.85 290,443 $ 4.52 As of December 31, 2020, no outstanding RSAs or PSUs were vested, and 87,089 outstanding RSUs were vested. As of December 31, 2019, no outstanding RSAs, PSUs or RSUs were vested. RSAs are included in amounts for issued and outstanding common stock but are excluded in the computation of basic earnings (loss) per share.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of our income tax expense (benefit) for the years ended December 31, 2020 and 2019 are as follows (in millions): For the Year Ended December 31, 2020 2019 Current expense (benefit): Federal $ (3) $ 3 State — 2 Total current expense (benefit) (3) 5 Deferred benefit: Federal (5) (1) State (1) — Total deferred benefit (6) (1) Income tax expense (benefit) $ (9) $ 4 The significant components of our deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in millions): December 31, 2020 December 31, 2019 Deferred Tax Assets Net operating losses $ 18 $ — Insurance loss claim accruals 3 3 Compensation accruals 2 — Allowance for doubtful accounts — 1 Total deferred tax assets 23 4 Less: Valuation allowance (16) — Total deferred tax assets, net of valuation allowance 7 4 Deferred Tax Liabilities Real estate, net (6) (7) Linens, uniforms and supplies — (2) Prepaid expenses (1) (1) Deferred tax liabilities (7) (10) Net deferred tax liabilities $ — $ (6) As of December 31, 2020, deferred tax assets includes a gross federal tax net operating loss (“NOL”) of $88 million, related to CorePoint TRS. The COVID-19 pandemic has resulted in tax losses to CorePoint TRS. To the extent these tax losses are not available to be realized in carry backs to prior years, these tax losses are carried forward as tax net operating losses and do not expire. The utilization of a NOL carryforward is limited by the amount of taxable income generated in subsequent years and other factors. Due to our recent operating losses and CorePoint TRS’s short operating history, we have concluded that we have not met the GAAP standards for realization and recognition of those NOLs. Accordingly, we have applied a valuation allowance of $16 million for the NOL. This assessment and the recognition of the NOLs may change based on our future operating performance. Our income tax expense (benefit) differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following items for the years ended December 31, 2020 and 2019 (in millions): For the Year Ended December 31, 2020 2019 Statutory U.S. federal income tax benefit $ (60) $ (44) State income tax, net of U.S. federal tax benefit (4) 1 REIT operating losses not subject to federal income tax 39 47 Valuation allowance 16 — Income tax expense (benefit) $ (9) $ 4

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis We use interest rate cap arrangements with financial institutions to manage our exposure to interest rate changes for our loans that utilize floating interest rates. As of December 31, 2020, we have two LIBOR interest rate caps with an aggregate notional value of $921 million that terminate in the second quarter of 2021. As of December 31, 2020, the fair value of these interest rate caps was less than $0.1 million. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We have recorded non-cash impairment losses related to the reduction in the fair value of certain of our real estate investments and long-lived assets. The impairment losses in 2020 related to lower valuation of certain of our properties due to the impact of the COVID-19 pandemic on the lodging industry and final disposal costs related to a property previously impaired in 2019. The impairment losses in 2019 related to changes in management’s estimate of the intended holding periods for certain of our hotels. Our process to estimate the fair value of an asset involves using the sales price of an executed sales agreement, which would be considered a Level 2 assumption within the fair value hierarchy. To the extent that this type of third-party information is unavailable, we estimate revenue multiples that we believe would be used by a third-party market participant in estimating the fair value of an asset. This is considered a Level 3 assumption within the fair value hierarchy. The following table summarizes the assets which were measured at fair value and impaired during 2020 and 2019 (in millions): Basis of Fair Value Measurements Fair Value of Assets at Impairment Quoted Prices in Active Market for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (1) Total For the year ended December 31, 2020 Real estate (2) $ 310 $ — $ 7 $ 303 $ 52 For the year ended December 31, 2019 Real estate $ 299 $ — $ 31 $ 268 $ 138 Right of use assets $ 22 $ — $ — $ 22 $ 3 ____________________ (1) The Level 3 unobservable inputs consist of internally developed cash flow models and fair value estimates that included projections of revenues, expenses and capital expenditures and market valuations based on multiples of revenue generally ranging from 2.0x to 3.0x. These assumptions were based on trends and comparable transactions in the lodging industry; our historical data and experience; our budgets, including those prepared by our third-party hotel manager; lodging industry valuation trends; projected closing costs; and micro- and macro-economic trends and projections. Our estimated fair values also considered factors related to our franchise and management agreements, requirements to meet certain brand standards and other potential costs to be incurred during our projected holding period. (2) The fair value of real estate assets was $310 million and $267 million as of the June 30, 2020 impairment date and as of December 31, 2020, respectively. The change in fair value from June 30, 2020 to December 31, 2020 relates to $14 million of depreciation expense and $29 million due to sales of assets subsequent to the impairment date. The December 31, 2020 fair value of impaired assets of $267 million includes all Level 3 measurements. Financial Instruments Not Reported at Fair Value For those financial instruments not carried at fair value, the carrying amount and estimated fair values of our financial assets and liabilities were as follows as of December 31, 2020 and 2019 (in millions): December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Debt - CMBS Facility (1)(2) $ 725 $ 705 $ 921 $ 921 Debt - Revolving Facility (1)(2) $ 85 $ 84 $ — $ — Mandatorily redeemable preferred shares (1) $ 15 $ 15 $ 15 $ 15 ____________________ (1) Classified as Level 3 under the fair value hierarchy. (2) Carrying amount excludes unamortized deferred debt issuance costs of $6 million as of December 31, 2019. We had no unamortized deferred debt costs as of December 31, 2020. We estimate the fair value of our debt and mandatorily redeemable preferred stock by using discounted cash flow analysis based on current market inputs for similar types of arrangements. For the fair values as of December 31, 2020, we also included market inputs related to the COVID-19 pandemic, primarily higher required interest rates and decreased discounted cash flow projections. Fluctuations in these assumptions, including changes in market assessments related to the COVID-19 financial effects, will result in different estimates of fair value. We believe the carrying amounts of our cash and cash equivalents, accounts receivable and lender and other escrows approximate fair value as of December 31, 2020 and 2019, due to their short-term nature.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions      As of December 31, 2020 and 2019, affiliates of The Blackstone Group Inc. (“Blackstone”) beneficially owned approximately 30% of our outstanding shares of common stock and held horizontal risk retention certificates issued by the trust that holds our CMBS Facility indebtedness (“Class HRR Certificates”). As of December 31, 2020 and 2019, the portion of our CMBS Facility outstanding balance that correlates to the Class HRR Certificates was $79 million and $88 million, respectively. Total interest payments made to Blackstone as a holder of such Class HRR Certificates for the years ended December 31, 2020 and 2019 were $4 million and $6 million, respectively.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information The following table presents the supplemental cash flow information for the years ended December 31, 2020 and 2019 (in millions): For the Year Ended December 31, 2020 2019 Supplemental cash flow information: Interest paid during the period $ 36 $ 52 Income taxes paid during the period, net of refunds $ 1 $ 1 Non-cash investing and financing activities: Capital expenditures included in accounts payable $ 3 $ 1 Casualty receivable related to real estate $ — $ 7 Dividends payable on common stock $ — $ 11 Recognition of right of use operating lease assets and operating lease liabilities $ — $ 28 Financing of insurance $ 12 $ 14

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to December 31, 2020, we sold, in separate transactions, eight operating hotels for a gross sales price of $38 million, recognizing an estimated gain on sales of approximately $9 million. As of December 31, 2020, none of these hotels were classified as assets held for sale because they did not meet the accounting criteria established for such classification. We used $33 million of the net sales proceeds to pay down the principal of the CMBS Facility.

Significant Accounting Polici_2

Significant Accounting Policies and Recently Issued Accounting Standards (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These consolidated financial statements present our consolidated financial position as of December 31, 2020 and 2019 and results of operations for the two years ended December 31, 2020. The accompanying consolidated financial statements include our accounts, as well as our wholly owned subsidiaries and any consolidated variable interest entities (“VIEs”). We recognize noncontrolling interests for the proportionate share of operations for ownership interests not held by our stockholders. All intercompany transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. These estimates include such items related to the accounting for: income taxes; impairment of long-lived assets, including applicable cash flow projections and fair value evaluations; depreciation and amortization; and going concern evaluations. Actual results could differ from those estimates.
Investment in Real Estate	Investment in Real Estate Property and equipment and other investments in real estate are stated at cost less accumulated depreciation computed using a straight-line method. Buildings and improvements have an estimated useful life of five two two We capitalize expenditures that increase the overall value of an asset or extend an asset’s life, typically associated with hotel refurbishments, renovations, and major repairs. Such costs primarily include third-party contract labor, materials, professional design and other direct costs, and during the redevelopment and renovation period, interest, real estate taxes and insurance costs. The interest,
Impairment of Real Estate Related Assets	Impairment of Real Estate Related Assets For our investments in real estate, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable during the expected holding period. When such events or changes are present, we assess the property’s recoverability by comparing the carrying amount of the asset to our estimate of the aggregate undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Any such impairment is treated for accounting purposes similar to an asset acquisition at the estimated fair value, which includes establishing a new cost basis and the elimination of the asset’s accumulated depreciation and amortization.
Sales of Real Estate	Sales of Real Estate We classify hotels as held for sale when the criteria are met, in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Upon the disposition of a property, we recognize a gain or loss at a point in time when we determine control of the underlying asset has been transferred to the buyer. Our performance obligation is generally satisfied at the closing of the transaction. Any continuing involvement is analyzed as a separate performance obligation in the contract, and a portion of the sales price is allocated to each performance obligation. There is significant judgment applied to estimate the amount of any variable consideration identified within the sales price and assess its probability of occurrence based on current market information, historical transactions, and forecasted information that is reasonably available.
Cash and Cash Equivalents	Cash and Cash Equivalents We classify all cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair market value. As of December 31, 2020, our Revolver Credit Agreement, as amended, required us to maintain a minimum liquidity of $60 million of cash and cash equivalents, as defined, at all times. See Note 5 “Debt” for additional information. We classify cash and cash equivalents as restricted cash when contractual agreements or arrangements impose restrictions on our ability to freely access and utilize the cash and cash equivalent amounts.
Accounts Receivable	Accounts Receivable Accounts receivable primarily consists of receivables due from insurance settlements, our hotel manager, hotel guests, and credit card companies and are carried at estimated collectable amounts. We periodically evaluate our receivables for collectability based on expected losses incurred over the life of the receivable, considering our historical experience, the length of time receivables are past due and the financial condition of the debtor. Accounts receivable are written off when collection is not probable. We record uncollectible operating lease receipts as a direct offset to room revenues. Our insurance settlement receivables are recorded based
Debt and Deferred Debt Issuance Costs	Debt and Deferred Debt Issuance Costs Deferred debt issuance costs include costs incurred in connection with issuance of debt, including costs associated with the entry into our loan agreements and revolving credit facility, and are presented as a direct reduction from the carrying amount of debt. These debt issuance costs are deferred and amortized to expense on a straight-line basis over the term of the debt, which approximates the effective interest amortization method. This amortization expense is included as a component of interest expense. When debt is paid prior to its scheduled maturity date and the underlying terms are materially modified, the remaining carrying value of deferred debt issuance costs, along with certain other payments to lenders, is included in loss on extinguishment of debt.
Lessee Accounting	Lessee Accounting We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for ground leases and our corporate office lease, where the asset is classified within “right of use assets” and the operating lease liability is classified within “other liabilities” in our consolidated balance sheets. Right of use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right of use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Our variable lease payments consist of payments based on a rate or index established subsequent to the lease commencement date and non-lease services related to the ground lease, primarily real estate taxes. Variable lease payments are excluded from the right of use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate. Our incremental borrowing rate is based on information available at the commencement date using our actual borrowing rates commensurate with the lease terms and a fully levered borrowing. Extension options on our leases are included in our minimum lease terms when they are reasonably certain to be exercised. In our evaluation of the lease term, we consider other arrangements, primarily our debt and franchise agreements, which may have economic consequences related to failure to renew certain ground leases. For accounting purposes, such lease terms are not adjusted unless the contractual terms are modified. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. We have elected to treat rent concessions related to the novel coronavirus (“COVID-19”) pandemic as variable lease payments.
Fair Value Measurements	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels, which are as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations in this category are inherently less reliable than actively quoted market prices due to the degree of subjectivity involved in determining appropriate methodologies and the applicable underlying observable market assumptions. We consider contractual pricing from a hotel under contract for sale as a Level 2 input. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. These inputs cannot be validated by readily determinable market data and generally involve considerable judgment by management.
Derivative Instruments	Derivative Instruments We use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. We do not enter into derivative financial instruments for trading or speculative purposes.
Revenue Recognition	Revenue Recognition Our revenues primarily consist of operating lease revenues from room rentals, which are accounted for under GAAP in accordance with lease accounting standards. Room revenue is recognized as earned on a daily basis, net of customer incentive discounts, cash rebates, and refunds. Other lease revenues primarily include lease revenue from restaurants, billboards and cell towers, all of which are operating leases. Such leases are recognized on a straight-line basis over the term of the lease when collections are considered probable and as earned and collected when collections are not considered probable. Uncollectible lease amounts are recorded as a direct offset to revenues. As a lessor, our operating leases do not contain purchase options or require significant assumptions or judgments. Some of our operating leases contain extension options. For those with extension options we assess the likelihood such options will be exercised in determining the lease term.
Purchases of Common Stock	Purchase of Common Stock    Purchases of common stock are recorded on the trade date at cost, including commissions and other costs, through a removal of the stated par value with the excess recorded as additional paid-in-capital.
Equity-Based Compensation	Equity-Based Compensation We have a stock-based incentive award plan for our employees and directors, which primarily includes time-based and performance-based awards. We recognize the cost of services received in an equity-based payment transaction with an employee or director as services are received and record either a corresponding increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria. Measurement for these equity awards is the estimated fair value at the grant date of the equity instruments. The equity-based compensation expense is recognized for awards earned or expected to be earned. Accordingly, the compensation expense for all equity awards is recognized straight-line over the vesting period of the last separately identified vesting portion of the award. Forfeitures for time-based and market-based performance awards are recognized as they occur. Performance awards with targets other than market-based are assessed at each balance sheet date with respect to the expected achievement of the target. Equity-based compensation expense is classified in corporate general and administrative expenses. Dividend equivalent cash payments related to unvested employee and director awards are charged to corporate general and administrative expenses. Dividends awarded as additional stock grants are included in equity-based compensation expense.
Earnings Per Share	Earnings Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of our common stock outstanding plus other potentially dilutive securities, except when the effect would be anti-dilutive. Dilutive securities primarily include equity-based awards issued under long-term incentive plans. Dilutive securities are excluded from the calculation of earnings per share for all periods presented because the effect would be anti-dilutive. The earnings per share amounts are calculated using unrounded amounts and shares which may result in differences in rounding of the presented per share amounts.
Income Taxes	Income Taxes We are organized in conformity with and operate in a manner that allows us to be taxed as a REIT for U.S. federal income tax purposes. To the extent we continue to qualify 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 to our stockholders. Accordingly, no provision for U.S. federal income tax expense has been included in our consolidated financial statements for the years ended December 31, 2020 or 2019 related to our REIT operations; however, CorePoint TRS, our wholly owned taxable REIT subsidiary, is subject to U.S. federal, state and local income taxes and we may be subject to state and local taxes. We use the asset and liability method of accounting for income taxes. Under this method, current income tax expense represents the amounts expected to be reported on our income tax returns, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. In determining our tax expense or benefit for financial statement reporting purposes, we must evaluate our compliance with the Code, including the transfer pricing determinations used in establishing rental payments between the REIT and CorePoint TRS. Accounting for income taxes requires, among others, interpretation of the Code, estimated tax effects of transactions, and evaluation of probabilities of sustaining tax positions, including realization of tax benefits. We recognize a valuation allowance for income tax benefits if it is more likely than not that all or a portion of the benefit will not be realized. We recognize tax positions only after determining that the relevant tax authority would more likely than not sustain the position following the audit. The final resolution of those assessments may subject us to additional taxes. In addition, we may incur expenses defending our positions during Internal Revenue Service (“IRS”) tax examinations, even if we are able to eventually sustain our position with the tax authorities.
Concentrations of Credit Risk and Business Risk	Concentrations of Credit Risk and Business Risk We have cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. As of December 31, 2020, approximately 75% of our total cash and cash equivalents were held in accounts fully covered by FDIC insurance or money market accounts collateralized by U.S. treasuries. For our remaining cash and cash equivalent accounts, we utilize financial institutions that we consider to be of high credit quality and consider the risk of default to be minimal. We have diversified our accounts with several banking institutions in an attempt to minimize exposure to any one of these institutions. We also monitor the creditworthiness of our customers and financial institutions before extending credit or making investments.
Segment Reporting	Segment Reporting Our hotel investments have similar economic characteristics and our service offerings and delivery of services are provided in a similar manner, using the same types of facilities and similar technologies. Our chief operating decision maker reviews our financial information on an aggregated basis. As a result, we have concluded that we have one reportable business segment.
Principal Components of Expenses	Principal Components of Expenses As more fully explained in Note 8 “Commitments and Contingencies – Hotel Management and Franchising Agreements,” our third-party management company is responsible for the day to day operations of our hotels. For many expenses, the manager directly contracts for the services in the capacity as a principal, and we reimburse our manager in accordance with the agreements. We present the following expense components and only classify the fee portion of expense as management and royalty fees. We classify all amounts owed to our manager and franchisor in accounts payable and accrued expenses. Rooms — These expenses include hotel operating expenses of housekeeping, reservation systems (per our franchise agreements), room and breakfast supplies and front desk costs. Other departmental and support — These expenses include expenses that constitute non-room operating expenses, including parking, telecommunications, on-site administrative labor, sales and marketing, loyalty program, recurring repairs and maintenance and utility expenses. Property tax, insurance and other — These expenses consist primarily of real and personal property taxes, other local taxes, ground rent, equipment rent and insurance.
Newly Issued and Recently Adopted Accounting Standard	Newly Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ( “ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. We adopted this guidance on January 1, 2021, and it did not have a material impact on our consolidated financial position and results of operations. Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements. While some disclosures have been removed or modified, new disclosures have been added. We adopted this guidance on January 1, 2020, and it did not have a material impact on our consolidated financial position and results of operations.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Real Estate Properties	The following table sets forth the number of owned and joint venture hotels and approximate number of rooms as of December 31, 2020 and 2019, respectively: 2020 2019 Hotels Rooms Hotels Rooms Owned 208 27,600 270 34,800 Joint Venture 1 200 1 200 Totals 209 27,800 271 35,000

Significant Accounting Polici_3

Significant Accounting Policies and Recently Issued Accounting Standards (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of Hotels, by Percentages of Total Hotels and Total Revenues	The number of hotels, percentages of total hotels and the percentages of our total revenues from these states as of and for the years ended December 31, 2020 and December 31, 2019 are as follows: December 31, 2020 December 31, 2019 Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Florida 44 21 % 20 % 45 17 % 16 % Texas 39 19 % 17 % 58 21 % 21 % California 18 9 % 12 % 21 8 % 12 % Total 101 49 % 49 % 124 46 % 49 %

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	The following table presents other assets as of December 31, 2020 and 2019 (in millions): 2020 2019 Lender and other escrows $ 35 $ 20 Prepaid expenses 8 10 Intangible assets, net 4 4 Federal and state tax receivables 5 — Other assets 3 9 Total other assets $ 55 $ 43

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following table presents the carrying amount of our debt as of December 31, 2020 and 2019 (in millions): 2020 2019 CMBS Facility $ 725 $ 921 Revolving Facility 85 — 810 921 Less: unamortized debt issuance costs — (6) Total debt, net $ 810 $ 915

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule Of Accrued Expenses And Other Liabilities	ccounts payable and accrued expenses and other liabilities as of December 31, 2020 and 2019 (in millions): 2020 2019 Due to hotel manager $ 7 $ 26 Real estate taxes 17 22 Sales and occupancy taxes 3 7 Other accounts payable and accrued expenses 21 27 Total accounts payable and accrued expenses $ 48 $ 82 Operating lease liabilities $ 20 $ 25 Below market leases, net 3 5 Insurance financing 2 2 Other liabilities 11 11 Total other liabilities $ 36 $ 43

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Liability	The contractual maturity analysis of all of our operating lease liabilities on an undiscounted basis as of December 31, 2020, is as follows (in millions): Year Amount 2021 $ 3 2022 3 2023 3 2024 3 2025 2 Thereafter 50 Total $ 64

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2020
Revenues [Abstract]
Schedule of Revenue Components	Revenues for the years ended December 31, 2020 and 2019 are comprised of the following components (in millions): For the Year Ended December 31, 2020 2019 Operating lease revenues: Rooms $ 401 $ 795 Other 4 6 Total lease revenues 405 801 Customer revenues 6 11 Total revenues $ 411 $ 812
Schedule of Rental Income	As of December 31, 2020, future minimum rental income to be received under non-cancelable operating leases, in excess of one year, is as follows (in millions): Year ending December 31, Operating 2021 $ 2 2022 1 2023 1 2024 1 2025 1 Thereafter 1 $ 7

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of Activity of RSAs and RSUs	The following table summarizes the activity of our RSAs, RSUs and PSUs during December 31, 2020 and 2019 which represent our equity-based compensation activity RSAs PSUs RSUs Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at January 1, 2019 884,068 $ 20.50 — $ — 14,624 $ 5.77 Granted 453,451 $ 11.02 447,527 $ 6.99 689 $ 11.97 Converted (616,912) $ 14.32 — $ — (10,241) $ 6.05 Forfeited (66,817) $ 15.20 (78,558) $ 6.99 — $ — Outstanding at December 31, 2019 653,790 $ 20.30 368,969 $ 6.99 5,072 $ 6.05 Granted 919,106 $ 3.88 979,482 $ 5.42 290,835 $ 4.52 Converted (541,414) $ 9.98 — $ — (5,464) $ 6.06 Outstanding at December 31, 2020 1,031,482 $ 11.09 1,348,451 $ 5.85 290,443 $ 4.52

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of our income tax expense (benefit) for the years ended December 31, 2020 and 2019 are as follows (in millions): For the Year Ended December 31, 2020 2019 Current expense (benefit): Federal $ (3) $ 3 State — 2 Total current expense (benefit) (3) 5 Deferred benefit: Federal (5) (1) State (1) — Total deferred benefit (6) (1) Income tax expense (benefit) $ (9) $ 4
Schedule of Deferred Tax Assets and Liabilities	The significant components of our deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in millions): December 31, 2020 December 31, 2019 Deferred Tax Assets Net operating losses $ 18 $ — Insurance loss claim accruals 3 3 Compensation accruals 2 — Allowance for doubtful accounts — 1 Total deferred tax assets 23 4 Less: Valuation allowance (16) — Total deferred tax assets, net of valuation allowance 7 4 Deferred Tax Liabilities Real estate, net (6) (7) Linens, uniforms and supplies — (2) Prepaid expenses (1) (1) Deferred tax liabilities (7) (10) Net deferred tax liabilities $ — $ (6)
Schedule of Effective Income Tax Rate Reconciliation	Our income tax expense (benefit) differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following items for the years ended December 31, 2020 and 2019 (in millions): For the Year Ended December 31, 2020 2019 Statutory U.S. federal income tax benefit $ (60) $ (44) State income tax, net of U.S. federal tax benefit (4) 1 REIT operating losses not subject to federal income tax 39 47 Valuation allowance 16 — Income tax expense (benefit) $ (9) $ 4

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	The following table summarizes the assets which were measured at fair value and impaired during 2020 and 2019 (in millions): Basis of Fair Value Measurements Fair Value of Assets at Impairment Quoted Prices in Active Market for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (1) Total For the year ended December 31, 2020 Real estate (2) $ 310 $ — $ 7 $ 303 $ 52 For the year ended December 31, 2019 Real estate $ 299 $ — $ 31 $ 268 $ 138 Right of use assets $ 22 $ — $ — $ 22 $ 3 ____________________ (1) The Level 3 unobservable inputs consist of internally developed cash flow models and fair value estimates that included projections of revenues, expenses and capital expenditures and market valuations based on multiples of revenue generally ranging from 2.0x to 3.0x. These assumptions were based on trends and comparable transactions in the lodging industry; our historical data and experience; our budgets, including those prepared by our third-party hotel manager; lodging industry valuation trends; projected closing costs; and micro- and macro-economic trends and projections. Our estimated fair values also considered factors related to our franchise and management agreements, requirements to meet certain brand standards and other potential costs to be incurred during our projected holding period.
Fair Value, by Balance Sheet Grouping	For those financial instruments not carried at fair value, the carrying amount and estimated fair values of our financial assets and liabilities were as follows as of December 31, 2020 and 2019 (in millions): December 31, 2020 December 31, 2019 Carrying Fair Carrying Fair Debt - CMBS Facility (1)(2) $ 725 $ 705 $ 921 $ 921 Debt - Revolving Facility (1)(2) $ 85 $ 84 $ — $ — Mandatorily redeemable preferred shares (1) $ 15 $ 15 $ 15 $ 15 ____________________ (1) Classified as Level 3 under the fair value hierarchy. (2) Carrying amount excludes unamortized deferred debt issuance costs of $6 million as of December 31, 2019. We had no unamortized deferred debt costs as of December 31, 2020.

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Summary of Supplemental Cash Flow Information	The following table presents the supplemental cash flow information for the years ended December 31, 2020 and 2019 (in millions): For the Year Ended December 31, 2020 2019 Supplemental cash flow information: Interest paid during the period $ 36 $ 52 Income taxes paid during the period, net of refunds $ 1 $ 1 Non-cash investing and financing activities: Capital expenditures included in accounts payable $ 3 $ 1 Casualty receivable related to real estate $ — $ 7 Dividends payable on common stock $ — $ 11 Recognition of right of use operating lease assets and operating lease liabilities $ — $ 28 Financing of insurance $ 12 $ 14

Organization and Basis of Pre_3

Organization and Basis of Presentation - Summary of Number of Owned and Joint Venture Hotels (Details)	Dec. 31, 2020hotelroom	Dec. 31, 2019hotelroom
Real Estate Properties [Line Items]
Number of hotels | hotel	209	271
Number of hotel rooms | room	27,800	35,000
Owned
Real Estate Properties [Line Items]
Number of hotels | hotel	208	270
Number of hotel rooms | room	27,600	34,800
Joint Venture
Real Estate Properties [Line Items]
Number of hotels | hotel	1	1
Number of hotel rooms | room	200	200

Significant Accounting Polici_4

Significant Accounting Policies and Recently Issued Accounting Standards - Additional Details (Details)	12 Months Ended
	Dec. 31, 2020USD ($)Segment	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Line Items]
Minimum liquidity	$ 60,000,000
Insurance settlements	3,000,000	$ 12,000,000
Notes receivable	13,000,000	33,000,000
Provision for income tax	$ (9,000,000)	4,000,000
Percentage of total cash held in fully covered FDIC accounts	75.00%
Reportable business segments | Segment	1
Minimum | Building and improvements
Property, Plant and Equipment [Line Items]
Useful life	5 years
Minimum | Furniture Fixtures Machinery and Equipment
Property, Plant and Equipment [Line Items]
Useful life	2 years
Minimum | Leasehold Improvements
Property, Plant and Equipment [Line Items]
Useful life	2 years
Maximum | Building and improvements
Property, Plant and Equipment [Line Items]
Useful life	40 years
Maximum | Furniture Fixtures Machinery and Equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years
Maximum | Leasehold Improvements
Property, Plant and Equipment [Line Items]
Useful life	25 years
Receivable Related to Wyndham Settlement
Property, Plant and Equipment [Line Items]
Notes receivable	$ 3,000,000	9,000,000
Real Estate Investment Trusts
Property, Plant and Equipment [Line Items]
Provision for income tax	$ 0	$ 0

Significant Accounting Polici_5

Significant Accounting Policies and Recently Issued Accounting Standards - Summary Of The Number of Hotels, Percentages of Total Hotels And Total Revenues, Excluding Revenue from Discontinued Operations (Details) - hotel	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Number of Hotels	101	124
Percentage of Total Hotels	49.00%	46.00%
Percentage of Total Revenue	49.00%	49.00%
Florida
Concentration Risk [Line Items]
Number of Hotels	44	45
Percentage of Total Hotels	21.00%	17.00%
Percentage of Total Revenue	20.00%	16.00%
Texas
Concentration Risk [Line Items]
Number of Hotels	39	58
Percentage of Total Hotels	19.00%	21.00%
Percentage of Total Revenue	17.00%	21.00%
California
Concentration Risk [Line Items]
Number of Hotels	18	21
Percentage of Total Hotels	9.00%	8.00%
Percentage of Total Revenue	12.00%	12.00%

Investments In Real Estate - Ad

Investments In Real Estate - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)hotel	Dec. 31, 2019USD ($)hotel
Real Estate Investments, Net [Abstract]
Number of operating hotels | hotel	61	42
Gross proceeds from sales of hotels	$ 274	$ 173
Gain (loss) on sales of hotels	$ 71	32
Hotel disposals by returning to ground lessor at end of lease term | hotel	1
Impairment loss	$ 54	$ 141

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Lender and other escrows	$ 35	$ 20
Prepaid expenses	8	10
Intangible assets, net	4	4
Federal and state tax receivables	5	0
Other assets	3	9
Total other assets	$ 55	$ 43

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying Amount	$ 810	$ 921
Less: unamortized debt issuance costs	0	(6)
Debt, net	810	915
Core Point C M B S Facility
Debt Instrument [Line Items]
Carrying Amount	725	921
Secured Debt | Core Point C M B S Facility
Debt Instrument [Line Items]
Carrying Amount	725	921
Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Amount	$ 85	$ 0

Debt - Additional Details (Deta

Debt - Additional Details (Details)	May 30, 2018USD ($)	Aug. 31, 2021USD ($)	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	May 31, 2020	Dec. 31, 2020USD ($)	Aug. 31, 2021USD ($)	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2020USD ($)hotelExtension	Dec. 31, 2019USD ($)hotel	Jun. 30, 2023
Debt Instrument [Line Items]
Number of operating hotels | hotel											61	42
Carrying Amount							$ 810,000,000				$ 810,000,000	$ 921,000,000
Minimum liquidity											$ 60,000,000
Minimum liquidity amount, reduction, percentage											50.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Amount							85,000,000				$ 85,000,000	$ 0
Line of credit facility, remaining borrowing capacity							0				$ 0
Scheduled aggregate principal payments							$ 25,000,000
Revolving facility interest rate							5.19%				5.19%
Revolving Credit Facility | Forecast
Debt Instrument [Line Items]
Scheduled aggregate principal payments		$ 5,000,000	$ 5,000,000	$ 5,000,000				$ 20,000,000
Minimum
Debt Instrument [Line Items]
Basis spread on variable rate											2.29%
Maximum
Debt Instrument [Line Items]
Basis spread on variable rate											3.95%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
One-month LIBOR							0.14%				0.14%	1.76%
Core Point C M B S Facility
Debt Instrument [Line Items]
Basis spread on variable rate											2.82%	2.75%
Weighted average interest rate							2.96%				2.96%	4.51%
Debt instrument debt yield percentage under condition1											16.44%
Debt instrument debt yield percentage under condition2											16.94%
Net proceeds from sale of assets for repayment of debt											$ 196,000,000	$ 114,000,000
Revolving facility cash trap							$ 15,000,000				15,000,000
Debt instrument upfront reserve deposited for lender	$ 15,000,000				$ 6,000,000
Carrying Amount							725,000,000				725,000,000	921,000,000
Core Point C M B S Facility | Forecast
Debt Instrument [Line Items]
Increase in applicable margin									0.10%	0.15%
Debt instrument yield percentage										12.83%			12.33%
Core Point C M B S Facility | Secured Debt
Debt Instrument [Line Items]
Carrying Amount							725,000,000				725,000,000	$ 921,000,000
Core Point C M B S Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving facility cash trap							6,000,000				$ 6,000,000
Core Point Revolver Borrower | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%					5.00%
Core Point Revolver Borrower | Base Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%					4.00%
Core Point C M B S Borrower | Core Point C M B S Facility
Debt Instrument [Line Items]
Debt instrument debt premium percentage minimum											5.00%
Debt instrument debt premium percentage maximum											10.00%
Core Point C M B S Borrower | Commercial Mortgage Backed Securities | Core Point C M B S Facility | Secured Debt
Debt Instrument [Line Items]
Number of owned and ground leased hotels for which excess cash flow pledge is made | hotel											5
Debt instrument number of extension options | Extension											4
Debt instrument each extension option period											1 year
Core Point Borrower L L C | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding letter of credit							$ 2,000,000				$ 2,000,000

Mandatorily Redeemable Prefer_2

Mandatorily Redeemable Preferred Stock (Details) - Series A Preferred Stock $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Class of Stock [Line Items]
Preferred stock, liquidation preference, value | $	$ 15
Payment of cash dividend on preferred stock percentage per annum	13.00%
Preferred stock leverage ratio increase percentage	750.00%
Percentage of preferred stock cash dividend required to pay if special leverage ratio exceeded or an event of default occurs	15.00%
Percentage of preferred stock leverage ratio increase if specified leverage ratio is exceeded and an event of default occurs	16.50%
Wholly Owned Subsidiary Of La Quinta Holdings Parent
Class of Stock [Line Items]
Preferred stock outstanding (in shares) | shares	15,000
Preferred stock, par or stated value per share (in usd per share) | $ / shares	$ 0.01

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Due to hotel manager	$ 7	$ 26
Real estate taxes	17	22
Sales and occupancy taxes	3	7
Other accounts payable and accrued expenses	21	27
Total accounts payable and accrued expenses	48	82
Operating lease liabilities	20	25
Below market leases, net	3	5
Insurance financing	2	2
Other liabilities	11	11
Total other liabilities	$ 36	$ 43
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities	us-gaap:OtherLiabilities

Commitments and Contingencies -

Commitments and Contingencies - Additional Details (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2019USD ($)	Dec. 31, 2020USD ($)option	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Management fee expense		$ 20,000,000	$ 40,000,000
Management termination fees		12,000,000	7,000,000
Royalty expense		20,000,000	40,000,000
Escrow deposit		35,000,000	$ 20,000,000
Purchase commitment, remaining minimum amount committed		$ 17,000,000
Initial base terms for the leases		25 years
Weighted average remaining lease term		31 years	30 years
Weighted average discount rate		8.75%	8.70%
Undiscounted contractual payments		$ 64,000,000
Operating lease, liability		20,000,000	$ 25,000,000
Rent expense		3,000,000	5,000,000
Severance costs		0	$ 7,000,000
Other
Loss Contingencies [Line Items]
Severance costs		$ 1,000,000
La Quinta Management L L C
Loss Contingencies [Line Items]
Management and royalty fees (percentage)		5.00%
Number of hotel management agreement renewal options available | option		2
Hotel management agreements renewal period		5 years
La Quinta Franchising L L C
Loss Contingencies [Line Items]
Royalty fee (percentage)		5.00%
Number of franchise renewal options available | option		1
Franchise agreements renewal period		10 years
Reservation fee (percentage)		2.00%
Marketing fee (percentage)		2.50%
Loyalty program fee (percentage)		5.00%
Hotels eligible for capital expenditure (percentage)		58.00%
Escrow deposit		$ 15,000,000
La Quinta Franchising L L C | Minimum
Loss Contingencies [Line Items]
Range of capital expenditure per hotel room		$ 1,500
Period to meet brand standards set forth by franchisor by incurring certain capital expenditures per hotel room		2 years
Time period within capital expenditure requirements needs to be complied		2 years
La Quinta Franchising L L C | Maximum
Loss Contingencies [Line Items]
Range of capital expenditure per hotel room		$ 7,500
Period to meet brand standards set forth by franchisor by incurring certain capital expenditures per hotel room		11 years
Time period within capital expenditure requirements needs to be complied		9 years
Internal Revenue Service (IRS)
Loss Contingencies [Line Items]
IRS proposed adjustment in draft notice	$ 138,000,000
Operating loss carryforward adjustment	$ 31,000,000
Long-Term Hotel Service Contracts Payable
Loss Contingencies [Line Items]
Purchase commitment, remaining minimum amount committed		$ 14,000,000
Long-term purchase commitment, period		4 years
Accounts Payable and Accrued Liabilities
Loss Contingencies [Line Items]
Operating lease, liability		$ 20,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Rental Payments (Details) $ in Millions	Dec. 31, 2020USD ($)
Post Adoption
2021	$ 3
2022	3
2023	3
2024	3
2025	2
Thereafter	50
Total	$ 64

Equity - Additional Information

Equity - Additional Information (Details) - Share Repurchase Program - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Mar. 21, 2019
Class of Stock [Line Items]
Authorized amount, share repurchase program			$ 50,000,000
Purchase of common stock (in shares)	0	2,600,000
Stock repurchased during period, price per share (in usd per share)		$ 11.34

Revenue - Schedule of Revenue C

Revenue - Schedule of Revenue Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue [Line Items]
Total Revenues	$ 411	$ 812
Rooms
Revenue [Line Items]
Total Revenues	401	795
Other
Revenue [Line Items]
Total Revenues	4	6
Total lease revenues
Revenue [Line Items]
Total Revenues	405	801
Customer revenues
Revenue [Line Items]
Total Revenues	$ 6	$ 11

Revenue - Future Minimum Rental

Revenue - Future Minimum Rental Income to be Received (Details) $ in Millions	Dec. 31, 2020USD ($)
Revenues [Abstract]
2021	$ 2
2022	1
2023	1
2024	1
2025	1
Thereafter	1
Future rental income receivable	$ 7

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, vested (in shares)	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, vested (in shares)	87,089
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, vested (in shares)	0
RSAs, PSUs, RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other than options, vested (in shares)		0
Omnibus Incentive Plan | RSAs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Omnibus Incentive Plan | RSAs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Omnibus Incentive Plan | RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Omnibus Incentive Plan | RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Omnibus Incentive Plan | PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Omnibus Incentive Plan | PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Common Stock | Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	8,000,000
Shares issued (in shares)	5,000,000
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense recognized	$ 10	$ 11

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Activity of RSAs, RSUs and PSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
RSAs
Number of Shares
Beginning balance (in shares)	653,790	884,068
Granted (in shares)	919,106	453,451
Converted (in shares)	(541,414)	(616,912)
Forfeited (in shares)		(66,817)
Ending balance (in shares)	1,031,482	653,790
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 20.30	$ 20.50
Granted (in usd per share)	3.88	11.02
Converted (in usd per share)	9.98	14.32
Forfeited (in usd per share)		15.20
Ending balance (in usd per share)	$ 11.09	$ 20.30
PSUs
Number of Shares
Beginning balance (in shares)	368,969	0
Granted (in shares)	979,482	447,527
Converted (in shares)	0	0
Forfeited (in shares)		(78,558)
Ending balance (in shares)	1,348,451	368,969
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 6.99	$ 0
Granted (in usd per share)	5.42	6.99
Converted (in usd per share)	0	0
Forfeited (in usd per share)		6.99
Ending balance (in usd per share)	$ 5.85	$ 6.99
RSUs
Number of Shares
Beginning balance (in shares)	5,072	14,624
Granted (in shares)	290,835	689
Converted (in shares)	(5,464)	(10,241)
Forfeited (in shares)		0
Ending balance (in shares)	290,443	5,072
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 6.05	$ 5.77
Granted (in usd per share)	4.52	11.97
Converted (in usd per share)	6.06	6.05
Forfeited (in usd per share)		0
Ending balance (in usd per share)	$ 4.52	$ 6.05

Income Taxes - Components of In

Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current expense (benefit):
Federal	$ (3)	$ 3
State	0	2
Total current expense (benefit)	(3)	5
Deferred benefit:
Federal	(5)	(1)
State	(1)	0
Total deferred benefit	(6)	(1)
Income tax expense (benefit)	$ (9)	$ 4

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets
Net operating losses	$ 18	$ 0
Insurance loss claim accruals	3	3
Compensation accruals	2	0
Allowance for doubtful accounts	0	1
Total deferred tax assets	23	4
Less: Valuation allowance	(16)	0
Total deferred tax assets, net of valuation allowance	7	4
Deferred Tax Liabilities
Real estate, net	(6)	(7)
Linens, uniforms and supplies	0	(2)
Prepaid expenses	(1)	(1)
Deferred tax liabilities	(7)	(10)
Net deferred tax liabilities	$ 0	$ (6)

Income Taxes - Additional Detai

Income Taxes - Additional Details (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Net operating loss	$ 88
Valuation allowance	$ 16	$ 0

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax benefit	$ (60)	$ (44)
State income tax, net of U.S. federal tax benefit	(4)	1
REIT operating losses not subject to federal income tax	39	47
Valuation allowance	16	0
Income tax expense (benefit)	$ (9)	$ 4

Fair Value Measurements - Addit

Fair Value Measurements - Additional Details (Details) - Interest Rate Cap $ in Millions	Dec. 31, 2020USD ($)instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of derivative instruments held | instrument	2
Notional value	$ 921
Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets fair value	$ 0.1

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value Real Estate and Assets Held for Sale and Impairment Charges of Financial Assets and Liabilities (Details) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Losses		$ 52	$ 138
Total Losses			3
Depreciation	$ 14
Sale of real estate assets	29
Fair Value of Assets at Impairment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate	267	267	299	$ 310
Right of use assets			22
Fair Value of Assets at Impairment | Quoted Prices in Active Market for Identical Items (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate			0	0
Right of use assets			0
Fair Value of Assets at Impairment | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate			31	7
Right of use assets			0
Fair Value of Assets at Impairment | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate	$ 267	$ 267	268	$ 303
Right of use assets			$ 22
Valuation Technique, Discounted Cash Flow | Measurement Input, Revenue Multiple | Minimum | Significant Unobservable Inputs (Level 3) | Hotels Encumbered With Ground Lease
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate investment, measurement input		2
Valuation Technique, Discounted Cash Flow | Measurement Input, Revenue Multiple | Maximum | Significant Unobservable Inputs (Level 3) | Hotels Encumbered With Ground Lease
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Real estate investment, measurement input		3

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	$ 810	$ 921
Debt issuance costs, net	0	6
Core Point C M B S Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	725	921
Fair Value	705	921
Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	85	0
Fair Value	84	0
Core Point C M B S Facility and Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt issuance costs, net	0	6
Mandatorily Redeemable Preferred Stock
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Amount	15	15
Fair Value	$ 15	$ 15

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Interest paid during the period	$ 36	$ 52
CMBS Credit Facility | Blackstone
Related Party Transaction [Line Items]
Credit facility outstanding balance	79	88
Interest paid during the period	$ 4	$ 6
Blackstone
Related Party Transaction [Line Items]
Ownership percentage, noncontrolling interest	30.00%	30.00%

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Interest paid during the period	$ 36	$ 52
Income taxes paid during the period, net of refunds	1	1
Non-cash investing and financing activities:
Capital expenditures included in accounts payable	3	1
Casualty receivable related to real estate	0	7
Dividends payable on common stock	0	11
Recognition of right of use operating lease assets and operating lease liabilities	0	28
Financing of insurance	$ 12	$ 14

Subsequent Events (Details)

Subsequent Events (Details)	Mar. 08, 2021USD ($)	Aug. 31, 2021USD ($)	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 11, 2021USD ($)hotel	Dec. 31, 2020USD ($)	Aug. 31, 2021USD ($)	Dec. 31, 2020USD ($)hotel	Dec. 31, 2019USD ($)hotel
Subsequent Event [Line Items]
Number of operating hotels | hotel								61	42
Gain (loss) on sales of hotels								$ 71,000,000	$ 32,000,000
Carrying Amount						$ 810,000,000		810,000,000	921,000,000
Minimum liquidity								60,000,000
Revolving Credit Facility
Subsequent Event [Line Items]
Repayment of credit line						25,000,000
Carrying Amount						85,000,000		85,000,000	0
Revolving Credit Facility | Forecast
Subsequent Event [Line Items]
Repayment of credit line		$ 5,000,000	$ 5,000,000	$ 5,000,000			$ 20,000,000
Subsequent Event
Subsequent Event [Line Items]
Number of operating hotels | hotel					8
Proceeds from sale of hotels					$ 38,000,000
Gain (loss) on sales of hotels					9,000,000
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Repayment of credit line	$ 5,000,000
Minimum liquidity	$ 85,000,000
Dollar for dollar reduction, required monthly repayments, percentage	100.00%
Dollar for dollar reduction, repayments other than required monthly repayments, percentage	50.00%
Interest rate margin increase	1.00%
Core Point C M B S Facility
Subsequent Event [Line Items]
Carrying Amount						$ 725,000,000		$ 725,000,000	$ 921,000,000
Core Point C M B S Facility | Subsequent Event
Subsequent Event [Line Items]
Repayments of secured debt					$ 33,000,000