Debt

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt

Note 5: Debt

Debt balances, including obligations for capital leases, and associated interest rates as of September 30, 2017, were:

			Principal balance as of
	Interest Rate at September 30, 2017	Maturity Date	September 30, 2017			December 31, 2016
			(in millions)
SF CMBS Loan(1)	4.11%	November 2023	$	725		$	725
HHV CMBS Loan(1)	4.20%	November 2026		1,275			1,275
Mortgage loans	Average rate of 4.03%	2020 to 2026(2)		207			207
Term loan	L + 1.45%	December 2021		750			750
Revolving credit facility(3)	L + 1.50%	December 2021(2)		—			—
Unsecured notes	7.50%	December 2017		55			55
Capital lease obligations	Average rate of 7.00%	2019 to 2094		15			14
				3,027			3,026
Less: unamortized deferred financing costs and    discount				(12	)		(14	)
			$	3,015		$	3,012

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

⁽²⁾ Assumes the exercise of all extensions that are exercisable solely at our option.

⁽³⁾ $1 billion available.

Mortgage Loans

We are required to deposit with the lender certain cash reserves for restricted uses. As of September 30, 2017 and December 31, 2016, our condensed combined consolidated balance sheets included $19 million and $13 million, respectively, of restricted cash related to our CMBS loans and mortgage loans.  

Debt Maturities

The contractual maturities of our debt as of September 30, 2017 were:

Year	(in millions)
2017	$	55
2018		—
2019		—
2020(1)		12
2021		750
Thereafter		2,210
	$	3,027

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