XML 29 R17.htm IDEA: XBRL DOCUMENT v3.22.1
Business Segment Information
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Business Segment Information

Note 9: Business Segment Information

As of March 31, 2022, 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:

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

(in millions)

 

Revenues:

 

 

 

 

 

 

Total consolidated hotel revenues

 

$

463

 

 

$

157

 

Other revenues

 

 

16

 

 

 

8

 

Total revenues

 

$

479

 

 

$

165

 

 

 

 

 

 

 

 

Net loss

 

$

(56

)

 

$

(191

)

Other revenues

 

 

(16

)

 

 

(8

)

Depreciation and amortization expense

 

 

69

 

 

 

74

 

Corporate general and administrative expense

 

 

16

 

 

 

18

 

Other operating expenses

 

 

16

 

 

 

7

 

Interest expense

 

 

62

 

 

 

63

 

Equity in losses from investments in affiliates

 

 

 

 

 

4

 

Income tax expense

 

 

 

 

 

1

 

Other gain, net

 

 

(5

)

 

 

 

Other items

 

 

3

 

 

 

(4

)

Hotel Adjusted EBITDA

 

$

89

 

 

$

(36

)

 

 

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

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(in millions)

 

Consolidated hotels

 

$

9,683

 

 

$

9,724

 

All other

 

 

20

 

 

 

19

 

Total assets

 

$

9,703

 

 

$

9,743