v3.26.1
Business Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Net Loss to Hotel Adjusted EBITDA
The following tables present our reportable segment expenses, Hotel Adjusted EBITDA reconciled to net income (loss) and reportable segment revenues reconciled to our consolidated amounts. Prior period amounts have been recast to reflect the change in our reportable segments:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
TotalCore HotelsNon-Core HotelsTotalCore HotelsNon-Core HotelsTotalCore HotelsNon-Core HotelsTotalCore HotelsNon-Core Hotels
(in millions)
Revenues:
Rooms$401 $335 $66 $401 $316 $85 $757 $634 $123 $764 $610 $154 
Food and beverage188 164 24 180 151 29 370 321 49 362 303 59 
Ancillary hotel67 61 6 68 58 10 127 115 12 131 114 17 
Total segment revenues656 560 96 649 525 124 1,254 1,070 184 1,257 1,027 230 
Less:
Rooms expense104 86 18 105 81 24 201 166 35 205 158 47 
Food and beverage expense125 108 17 122 101 21 247 214 33 245 203 42 
Other departmental and support expense149 120 29 152 114 38 294 237 57 303 229 74 
Management fees33 29 4 31 27 4 63 55 8 61 52 9 
Other property segment expenses(1)
37 35 2 48 36 12 90 75 15 101 75 26 
Total segment expenses448 378 70 458 359 99 895 747 148 915 717 198 
Hotel Adjusted EBITDA208 $182 $26 191 $166 $25 359 $323 $36 342 $310 $32 
Other revenues24 23 48 45 
Depreciation and amortization expense(66)(122)(130)(191)
Corporate general and administrative expense(20)(19)(38)(37)
Impairment and casualty loss(22)— (27)(70)
Other operating expenses(22)(23)(46)(44)
(Loss) gain on sales of assets, net(2)1 (3)1 
Gain on derecognition of assets— 16 — 32 
Interest income2 2 3 5 
Interest expense(52)(53)(103)(105)
Interest expense associated with hotels in receivership— (16)— (32)
Equity in earnings from investments in affiliates1 2 2 2 
Income tax expense(5)(1)(6)(2)
Other gain (loss), net9 (1)9 1 
Other items(5)(2)(6)(6)
Net income (loss)$50 $(2)$62 $(59)
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(1)Other property segment expenses primarily include real and personal property taxes, other local taxes, ground rent, equipment rent and property insurance incurred in the normal course of business.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
TotalCore HotelsNon-Core HotelsTotalCore HotelsNon-Core HotelsTotalCore HotelsNon-Core HotelsTotalCore HotelsNon-Core Hotels
(in millions)
Revenues:
Total revenues$680 $672 $1,302 $1,302 
Less: Other revenues(24)(23)(48)(45)
Total segment revenues$656 $560 $96 $649 $525 $124 $1,254 $1,070 $184 $1,257 $1,027 $230 
Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets
The following table presents total assets for our consolidated Core and Non-Core hotels, reconciled to total assets:
June 30, 2026December 31, 2025
(in millions)
Consolidated Core hotels$7,277 $7,194 
Consolidated Non-Core hotels387 461 
All other38 45 
Total assets$7,702 $7,700 
The following table presents total capital expenditures for property and equipment for our consolidated Core and Non-Core hotels, reconciled to total capital expenditures for property and equipment:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Consolidated Core hotels$61 $39 $141 $112 
Consolidated Non-Core hotels3 4 6 8 
Total capital expenditures for property and equipment$64 $43 $147 $120