v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Property and equipment, net $ 6,908 $ 6,955
Assets held for sale, net 13 14
Intangibles, net 40 41
Cash and cash equivalents 264 232
Restricted cash 38 32
Accounts receivable, net of allowance for doubtful accounts of $2 and $2 151 116
Prepaid expenses 54 60
Other assets 78 80
Operating lease right-of-use assets 156 170
TOTAL ASSETS (variable interest entities – $199 and $207) 7,702 7,700
Liabilities    
Debt 3,915 3,838
Accounts payable and accrued expenses 226 198
Dividends payable 51 56
Due to hotel managers 106 134
Other liabilities 184 189
Operating lease liabilities 187 209
Total liabilities (variable interest entities – $194 and $198) 4,669 4,624
Commitments and contingencies – refer to Note 12
Stockholders’ Equity    
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 202,614,273 shares issued and 201,349,455 shares outstanding as of June 30, 2026 and 200,938,658 shares issued and 199,901,086 shares outstanding as of December 31, 2025 2 2
Additional paid-in capital 4,028 4,031
Accumulated deficit (940) (902)
Total stockholders’ equity 3,090 3,131
Noncontrolling interests (57) (55)
Total equity 3,033 3,076
TOTAL LIABILITIES AND EQUITY $ 7,702 $ 7,700