Consolidated Variable Interest Entities

9 Months Ended

Sep. 30, 2026

Consolidated Variable Interest Entities Disclosure [Abstract]

As of September 30, 2026 and December 31, 2025, we consolidated two variable interest entities ("VIEs") that each lease one hotel property, both of which are located in Japan, and for which the assets are only available to settle the obligations of the respective entities and the liabilities of the respective entities are non-recourse to us. We consolidated these VIEs since we are the primary beneficiary, having the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb losses and the right to receive benefits that could be significant to each of the VIEs individually.

Our condensed consolidated balance sheets include the assets and liabilities of these entities, including the effect of foreign currency translation, which primarily comprised the following:


	September 30,		December 31,
	2026		2025
	(in millions)
Cash and cash equivalents	$	47	$	63
Accounts receivable, net	12		17
Other current assets	2		1
Property and equipment, net	290		283
Deferred income tax assets	19		18
Other non-current assets	39		39
Accounts payable, accrued expenses and other	34		41
Long-term debt(1)	286		291

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(1)Represents finance lease liabilities; includes current maturities of $4 million as of September 30, 2026 and December 31, 2025.