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Debt - Schedule of Debt (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Oct. 31, 2016
Debt Instrument [Line Items]      
Debt and financing lease obligations, gross $ 4,592 $ 4,644  
Add: unamortized premium 2 3  
Less: unamortized deferred financing costs and discount (28) (30)  
Debt 4,566 4,617  
SF CMBS 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 CMBS Loan [Member]      
Debt Instrument [Line Items]      
Debt, gross $ 1,275 [1] 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 $ 467 469  
Debt, weighted average interest rate 4.35%    
Maturity Date, start year [2] 2023    
Maturity Date, end year [2] 2027    
2025 Senior 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 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 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    
Revolver [Member]      
Debt Instrument [Line Items]      
Debt, gross [4] $ 0 $ 50  
Maturity Date [4] 2026-12    
Revolver [Member] | SOFR [Member]      
Debt Instrument [Line Items]      
Debt instrument, interest rate, stated percentage [4] 2.10%    
[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 March 31, 2023, Park had not received notice from the lender.
[3] In May and September 2020, our Operating Company, PK Domestic and PK Finance Co-Issuer Inc. ("PK Finance") issued an aggregate of $650 million of senior notes due 2025 (“2025 Senior Notes”) and an aggregate of $725 million of senior notes due 2028 (“2028 Senior Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $750 million of senior notes due 2029 (“2029 Senior Notes”).
[4] In February 2023, we fully repaid the $50 million outstanding balance under our revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. As of March 31, 2023, we had approximately $4 million outstanding on a standby letter of credit and $946 million of available capacity under our Revolver.