Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt

Debt balances, including obligations for capital leases, and associated interest rates as of September 30, 2018, were:

			Principal balance as of
	Interest Rate at September 30, 2018	Maturity Date	September 30, 2018			December 31, 2017
			(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 4.18%	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)		—			—
Capital lease obligations(4)	3.07%	2021 to 2022		1			16
				2,958			2,973
Less: unamortized deferred financing costs and    discount				(10	)		(12	)
			$	2,948		$	2,961

⁽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.

⁽⁴⁾ Capital lease obligations of $15 million were disposed of in connection with the sale of our UK portfolio in February 2018.

Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option

The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of September 30, 2018 were:

Year	(in millions)
2018	$	—
2019		—
2020		13
2021		751
2022		32
Thereafter		2,162
	$	2,958