Assets Held for Sale and Disposals

12 Months Ended

Dec. 31, 2017

Discontinued Operations And Disposal Groups [Abstract]

Note 4: Assets Held for Sale and Disposals

Assets Held for Sale

Hilton Durban

In December 2017, we executed an agreement to sell the Hilton Durban, a wholly owned hotel, for a sales price of $33 million, which is payable in cash at closing and is subject to customary pro rations and adjustments. The buyer provided a $3 million cash deposit, which was held in escrow as earnest money. For further discussion see Note 20: "Subsequent Events" in our consolidated financial statements.

Assets and liabilities held for sale related to the Hilton Durban were as follows as of December 31, 2017:

	(in millions)
Assets:
Property and equipment, net		31
Cash and cash equivalents		2
Accounts receivable		2
Prepaid expenses		2
Total Assets Held for Sale	$	37

Liabilities:
Liabilities related to assets held for sale⁽¹⁾	$	1
Total Liabilities Held for Sale	$	1

⁽¹⁾	Amounts included in Other liabilities in our consolidated balance sheet as of December 31, 2017.

Disposals

Waldorf Astoria New York

During the year ended December 31, 2015, we completed the sale of the Waldorf Astoria New York for a purchase price of $1.95 billion and we repaid in full the existing mortgage loan secured by our Waldorf Astoria New York property (“Waldorf Astoria Loan”) of approximately $525 million. As a result of the sale, we recognized a gain of $143 million included in gain on sale of assets, net in our consolidated statement of comprehensive income for the year ended December 31, 2015. The gain was net of transaction costs and a goodwill reduction of $185 million. The Waldorf Astoria New York was considered a business within our hotel ownership segment; therefore, we reduced the carrying amount of our goodwill by the amount representing the fair value of the business disposed relative to the fair value of the portion of our reporting unit goodwill that was retained. Additionally, we recognized a loss of $6 million in other loss, net in our consolidated statement of comprehensive income for the year ended December 31, 2015 related to the reduction of the Waldorf Astoria Loan’s remaining carrying amount of debt issuance costs.