v3.26.1
Property and Equipment
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment were:
June 30, 2026(1)
December 31, 2025(1)
(in millions)
Land$2,915 $2,918 
Buildings and leasehold improvements5,497 5,487 
Furniture and equipment996 931 
Construction-in-progress237 249 
9,645 9,585 
Accumulated depreciation(2,737)(2,630)
$6,908 $6,955 
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(1)Excludes $11 million and $13 million of property and equipment, net, classified as held for sale as of June 30, 2026 and December 31, 2025, respectively.
Depreciation of property and equipment was $65 million and $122 million during the three months ended June 30, 2026 and 2025, respectively, and $129 million and $191 million during the six months ended June 30, 2026 and 2025, respectively. Depreciation expense for the three and six months ended June 30, 2025 includes accelerated depreciation of approximately $56 million recognized in connection with the full-scale renovation at the Royal Palm South Beach Miami, a Tribute Portfolio Resort, which began in May 2025 and was completed in July 2026.