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