Geographic and Business Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Business Segment Information

Note 14: Geographic and Business Segment Information

As of December 31, 2021, we have two operating segments, our consolidated hotels and unconsolidated hotels. Our unconsolidated hotels operating segment does not meet the definition of a reportable segment, thus our consolidated hotels is our only reportable segment. We evaluate our consolidated hotels primarily based on hotel adjusted earnings (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”). Hotel Adjusted EBITDA is calculated as EBITDA from hotel operations, adjusted to exclude:

•Gains or losses on sales of assets for both consolidated and unconsolidated investments;

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Impairment losses and casualty gains or losses; and

•Other items that we believe are not representative of our current or future operating performance.

The following table presents revenues for our consolidated hotels reconciled to our consolidated amounts and net loss to Hotel Adjusted EBITDA:

	Year Ended December 31,
	2021			2020			2019
	(in millions)
Revenues:
Total consolidated hotel revenue	$	1,311		$	823		$	2,767
Other revenues		51			29			77
Total revenues	$	1,362		$	852		$	2,844
Net (loss) income	$	(452	)	$	(1,444	)	$	316
Other revenues		(51	)		(29	)		(77	)
Impairment loss and casualty (gain) loss, net		9			696			(18	)
Depreciation and amortization expense		281			298			264
Corporate general and administrative expense(1)		62			61			61
Acquisition costs		—			10			70
Other operating expenses		49			36			78
Loss (gain) on sales of assets, net		5			(62	)		(19	)
Interest income		(1	)		(2	)		(6	)
Interest expense		258			213			140
Equity in losses (earnings) from investments in affiliates		7			22			(14	)
Income tax expense (benefit)		2			(6	)		35
Other loss (gain), net		7			15			(45	)
Severance expense		—			33			2
Other items		1			12			15
Hotel Adjusted EBITDA	$	177		$	(147	)	$	802

(1) Excludes severance expense.

The following table presents total assets for our consolidated hotels, reconciled to total assets:

	December 31,
	2021		2020
	(in millions)
Consolidated hotels	$	9,724	$	10,568
All other		19		19
Total assets	$	9,743	$	10,587

The following table presents total revenues and property and equipment, net for each of the geographical areas in which we operate:

	As of and for the Year Ended December 31,
	2021				2020				2019
	Revenues		Property and  Equipment, net		Revenues		Property and  Equipment, net		Revenues		Property and  Equipment, net(1)
	(in millions)
United States(2)	$	1,362	$	8,511	$	849	$	9,193	$	2,804	$	9,594
All other		—		—		3		—		40		—
	$	1,362	$	8,511	$	852	$	9,193	$	2,844	$	9,594

(1) Excludes $62 million of property and equipment, net classified as held for sale as of December 31, 2019.
 

(2) Includes revenues of $2 million and $11 million for the years ended December 31, 2020 and 2019 from our laundry operations, which was not part of our segment and was permanently closed as of December 31, 2020. Also includes property and equipment, net of $2 million, $2 million and $5 million as of December 31, 2021, 2020 and 2019, respectively, from our laundry operations.