Property and Equipment

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

Note 4: Property and Equipment

Property and equipment were:

	September 30, 2021			December 31, 2020
	(in millions)
Land	$	3,333		$	3,429
Buildings and leasehold improvements		6,600			6,951
Furniture and equipment		1,000			1,042
Construction-in-progress		63			52
		10,996			11,474
Accumulated depreciation and amortization		(2,447	)		(2,281	)
	$	8,549		$	9,193

Depreciation of property and equipment was $68 million and $75 million during the three months ended September 30, 2021 and 2020, respectively, and $212 million and $224 million during the nine months ended September 30, 2021 and 2020, respectively.

For the nine months ended September 30, 2021, we recognized $5 million of impairment losses related to one of our hotels, which was classified as held for sale as of June 30, 2021, and subsequently sold in July 2021, as the estimated selling costs were expected to reduce the gross proceeds below the net book value of the property.

For the nine months ended September 30, 2020, we recognized $90 million of impairment losses, primarily related to one of our hotels, and our inability to recover the carrying value of the asset because of COVID-19.