v3.26.1
Geographic and Business Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Geographic and Business Segment Information Geographic and Business Segment Information
Our chief operating decision maker ("CODM") is our chief executive officer. We consider each one of our hotels to be an operating segment, as we allocate resources and assess operating performance based on individual hotels. All of our hotels meet the aggregation criteria for segment reporting, and our other real estate investment activities (primarily our condominium sales, equity method investments, retail spaces and office buildings) are immaterial. As such, we report one segment: hotel ownership. Our consolidated foreign operations
consist of hotels in two countries as of June 30, 2026. There were no intersegment sales during the periods presented.
The following table presents total revenues and property and equipment, net, for each of the geographical areas in which we operate (in millions):
Total RevenuesProperty and Equipment, net
Quarter ended
June 30,		Year-to-date ended
June 30,		June 30,
2026		December 31,
2025
2026202520262025
United States$1,610 $1,557 $3,233 $3,133 $9,578 $10,575 
Brazil8 7 16 14 31 30 
Canada22 22 36 33 30 31 
Total $1,640 $1,586 $3,285 $3,180 $9,639 $10,636 
The CODM's primary measure of performance for our reportable segment is Earnings Before Interest Expense, Income Taxes, Depreciation and Amortization ("EBITDA"). The CODM uses EBITDA to analyze how profitable a hotel is, including reviewing how each department at the hotel performed, in comparison to budget and in comparison to prior year performance, when making capital allocation decisions. We do not allocate corporate level income and expenses to segments. Our CODM does not use asset book values in assessing performance or allocating resources for our operating segments, and therefore this information is not disclosed.
The following table presents revenues, significant expenses, and EBITDA for our reportable segment (in millions):
Quarter ended June 30, 2026Quarter ended June 30, 2025
Hotel OwnershipTotalHotel OwnershipTotal
Revenues
Rooms$954 $954 $949 $949 
Food and beverage484 484 478 478 
Other149 149 159 159 
Condominium sales53 53 — — 
Total revenues 1,640 1,640 1,586 1,586 
Expenses
Rooms231 231 233 233 
Food and beverage311 311 313 313 
Other departmental and support expenses371 371 375 375 
Management fees74 74 70 70 
Other property-level expenses94 94 107 107 
Cost of goods sold44 44 — — 
Other segment items (1)
— — (9)(9)
Segment EBITDA515 515 497 497 
Adjustments and reconciling items:
Depreciation and amortization(193)(195)
Corporate and other expenses(29)(25)
Interest income18 7 
Interest expense(58)(58)
Other gains (losses)(1)22 
Equity in earnings of affiliates7 4 
Provision for income taxes(18)(27)
Consolidated Net Income$241 $225 
_____________
(1)Other segment items consist of gain on business interruption proceeds for the second quarter of 2025. This amount, combined with net gain on property insurance settlements (if any), make up the amount of net gain on insurance settlements on our unaudited condensed consolidated statements of operations.
Year-to-date ended June 30, 2026Year-to-date ended June 30, 2025
Hotel OwnershipTotalHotel OwnershipTotal
Revenues
Rooms$1,897 $1,897 $1,887 $1,887 
Food and beverage1,001 1,001 981 981 
Other308 308 312 312 
Condominium sales79 79 — — 
Total revenues 3,285 3,285 3,180 3,180 
Expenses
Rooms455 455 458 458 
Food and beverage638 638 636 636 
Other departmental and support expenses744 744 739 739 
Management fees141 141 139 139 
Other property-level expenses197 197 218 218 
Cost of goods sold65 65 — — 
Other segment items (1)
(7)(7)(19)(19)
Segment EBITDA1,052 1,052 1,009 1,009 
Adjustments and reconciling items:
Depreciation and amortization(383)(391)
Corporate and other expenses(57)(56)
Interest income30 15 
Interest expense(117)(115)
Other gains241 26 
Equity in earnings of affiliates11 14 
Provision for income taxes(35)(26)
Consolidated Net Income$742 $476 
Capital Expenditures$243 $243 $298 $298 
_____________
(1)Other segment items consist of gain on business interruption proceeds for 2026 and 2025. This amount, combined with net gain on property insurance settlements (if any), make up the amount of net gain on insurance settlements on our unaudited condensed consolidated statements of operations.