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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 150 $ 20
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 149 162
Amortization of share awards 45 46
Amortization of operating lease right-of-use assets 17 17
Deferred income taxes (49) (25)
Asset impairments 26 14
Contra revenue 40 35
(Gains) losses, net on marketable securities (1) (15)
Contingent consideration liabilities fair value adjustments (33) (8)
Payments for key money assets (77) (56)
Deferred revenue related to the loyalty program 194 136
Working capital changes and other (311) (240)
Net cash provided by operating activities 150 86
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities and short-term investments (323) (355)
Proceeds from marketable securities and short-term investments 244 623
Contributions to equity method and other investments (33) (53)
Return of equity method and other investments 7 10
Acquisitions, net of cash acquired (8) (1,267)
Capital expenditures (45) (74)
Proceeds from sales of real estate and other, net [1] (9) (9)
Issuance of financing receivables (33) (7)
Proceeds from financing receivables 26 5
Other investing activities 1 7
Net cash used in investing activities (173) (1,120)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from debt, net of issuance costs of $— and $15 for the six months ended June 30, 2026 and June 30, 2025, respectively 0 2,684
Repayments of debt (2) (1,527)
Repurchases of common stock (147) (149)
Dividends paid (28) (28)
Payment of withholding taxes for stock-based compensation (31) (23)
Payment of deferred consideration liability (21) 0
Other financing activities 1 (21)
Net cash provided by (used in) financing activities (228) 936
Effect of exchange rate changes on cash 1 (16)
Net decrease in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale (250) (114)
Change in cash, cash equivalents, and restricted cash classified within current assets held for sale 0 (50)
Net decrease in cash, cash equivalents, and restricted cash (250) (164)
Cash, cash equivalents, and restricted cash—Beginning of period 788 1,015
Cash, cash equivalents, and restricted cash—End of period 538 851
Supplemental disclosure of cash flow information:    
Cash and cash equivalents 537 846
Restricted cash included in prepaids and other assets 1 1
Restricted cash included in other assets 0 4
Total cash, cash equivalents, and restricted cash 538 851
Cash paid during the period for interest 117 105
Cash paid during the period for income taxes, net 134 163
Cash paid for amounts included in the measurement of operating lease liabilities 22 21
Non-cash investing and financing activities:    
Change in accrued capital expenditures (2) 4
Right-of-use assets obtained in exchange for operating lease liabilities 5 10
Contributions to equity method and other investments 4 0
Purchase consideration for the Playa Hotels Acquisition (Note 7) $ 0 $ 20
[1] (1) Primarily includes cash paid for transaction costs and proration adjustments.