v3.26.1
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates
 6 Months Ended
Jun. 30, 2026
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]  
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates Consolidated Variable Interest Entities (“VIEs”) and Investments in Affiliates
Consolidated VIEs
We consolidate VIEs that own two hotels. We are the primary beneficiary of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our VIEs are only available to settle the obligations of these entities. Our condensed consolidated balance sheets include the following assets and liabilities of these entities:
June 30, 2026December 31, 2025
(in millions)
Property and equipment, net$179 $182 
Cash and cash equivalents(1)
10 16 
Restricted cash4 3 
Accounts receivable, net4 3 
Prepaid expenses2 3 
Debt181 183 
Accounts payable and accrued expenses9 9 
Due to hotel manager— 2 
Other liabilities4 4 
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(1)As of December 31, 2025, included $7 million of cash held in a VIE related to a hotel sold in December 2024, which had not yet been distributed.
Unconsolidated Entities
One of our hotels is owned by an unconsolidated joint venture in which we hold an interest and is accounted for using the equity method. This hotel had total debt of approximately $525 million as of both June 30, 2026 and December 31, 2025. In May 2026, we sold our ownership interest in the unconsolidated joint venture that owns and operates the Embassy Suites by Hilton Alexandria Old Town, which had total debt of approximately $48 million as of December 31, 2025. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.