Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

Note 6: Debt

Debt balances and associated interest rates as of June 30, 2022 were:

			Principal balance as of
	Interest Rate at June 30, 2022	Maturity Date	June 30, 2022			December 31, 2021
			(in millions)
SF Mortgage Loan(1)	4.11%	November 2023	$	725		$	725
HHV Mortgage Loan(1)	4.20%	November 2026		1,275			1,275
Other mortgage loans	Average rate of 4.34%	2022 to 2027(2)		499			503
Revolver(3)	L + 3.00%	December 2023		—			—
2019 Term Facility(3)	L + 2.65%	August 2024		78			78
2025 Senior Secured Notes(4)	7.50%	June 2025		650			650
2028 Senior Secured Notes(4)	5.88%	October 2028		725			725
2029 Senior Secured Notes(4)	4.88%	May 2029		750			750
				4,702			4,706
Add: unamortized premium				4			4
Less: unamortized deferred financing costs and    discount				(35	)		(38	)
			$	4,671		$	4,672

(1) In October 2016, we entered into a $725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF Mortgage Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”).

(2) Assumes the exercise of all extensions that are exercisable solely at our option. The mortgage loan for Hilton Denver City Center matures in 2042 but is callable by the lender with six months of notice. As of June 30, 2022, Park had not received notice from the lender. Additionally, in April 2022, our joint venture refinanced the mortgage loan secured by the DoubleTree Hotel Ontario Airport, which extended the maturity date to May 2027.

(3) In August 2019, the Company, our Operating Company and PK Domestic entered into a term loan facility (the “2019 Term Facility”). In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points. As of June 30, 2022 , we had $901 million of available capacity under our revolving credit facility ("Revolver").

(4) In May and September 2020, our Operating Company, PK Domestic and PK Finance issued an aggregate of $650 million of senior secured notes due 2025 (“2025 Senior Secured Notes”) and an aggregate of $725 million of senior secured notes due 2028 (“2028 Senior Secured Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $750 million of senior secured notes due 2029 (“2029 Senior Secured Notes”).

We are required to deposit with lenders certain cash reserves for restricted uses. As of June 30, 2022 and December 31, 2021, our condensed consolidated balance sheets included $91 million and $60 million of restricted cash, respectively, related to our mortgage loans. We expect $83 million currently held by the lenders of the HHV Mortgage Loan and the mortgage loan secured by the Hilton Denver City Center will be released to us during the third quarter upon submission of the certificates reflecting compliance with financial ratios of these loans.

Debt Maturities

The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of June 30, 2022 were:

Year	(in millions)
2022	$	60
2023		833
2024		85
2025		657
2026		1,563
Thereafter(1)		1,504
	$	4,702

(1) Assumes the exercise of all extensions that are exercisable solely at our option.