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Debt - Schedule of Debt (Detail) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Sep. 30, 2022
Dec. 31, 2021
Oct. 31, 2016
Debt Instrument [Line Items]        
Debt and financing lease obligations, gross $ 4,702   $ 4,706  
Add: unamortized premium 4   4  
Less: unamortized deferred financing costs and discount (35)   (38)  
Debt 4,671   4,672  
SF Mortgage Loan [Member]        
Debt Instrument [Line Items]        
Debt, gross $ 725 [1]   725 [1] $ 725
Debt instrument, interest rate, stated percentage [1] 4.11%      
Maturity Date [1] 2023-11      
HHV Mortgage Loan [Member]        
Debt Instrument [Line Items]        
Debt, gross $ 1,275 [1] $ 83 1,275 [1] $ 1,275
Debt instrument, interest rate, stated percentage [1] 4.20%      
Maturity Date [1] 2026-11      
Mortgage Loans [Member]        
Debt Instrument [Line Items]        
Debt, gross $ 499   503  
Debt, weighted average interest rate 4.34%      
Maturity Date, start year [2] 2022      
Maturity Date, end year [2] 2027      
2025 Senior Secured Notes [Member]        
Debt Instrument [Line Items]        
Senior Secured Notes [3] $ 650   650  
Debt instrument, interest rate, stated percentage [3] 7.50%      
Maturity Date [3] 2025-06      
2028 Senior Secured Notes [Member]        
Debt Instrument [Line Items]        
Senior Secured Notes [3] $ 725   725  
Debt instrument, interest rate, stated percentage [3] 5.88%      
Maturity Date [3] 2028-10      
2029 Senior Secured Notes [Member]        
Debt Instrument [Line Items]        
Senior Secured Notes [3] $ 750   750  
Debt instrument, interest rate, stated percentage [3] 4.88%      
Maturity Date [3] 2029-05      
2019 Term Facility [Member]        
Debt Instrument [Line Items]        
Debt, gross [4] $ 78   78  
Maturity Date [4] 2024-08      
2019 Term Facility [Member] | LIBOR [Member]        
Debt Instrument [Line Items]        
Debt instrument, interest rate [4] 2.65%      
Revolver [Member]        
Debt Instrument [Line Items]        
Debt, gross [4] $ 0   $ 0  
Maturity Date [4] 2023-12      
Revolver [Member] | LIBOR [Member]        
Debt Instrument [Line Items]        
Debt instrument, interest rate [4] 3.00%      
[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 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”).
[4] 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").