Acquisitions, Dispositions and Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2019

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Summary of Hotel Portfolio Properties Acquired

As a result of the Merger, we acquired a 100% ownership interest in the following 18 hotels:

Hotel	Location	Rooms
Hilton Denver City Center	Denver, CO		613
W Chicago – Lakeshore	Chicago, IL		520
Hyatt Regency Boston	Boston, MA		502
Hyatt Regency Mission Bay Spa and Marina	San Diego, CA		438
Boston Marriott Newton	Newton, MA		430
Le Meridien New Orleans(1)	New Orleans, LA		410
W Chicago – City Center	Chicago, IL		403
Royal Palm South Beach Miami, a Tribute Portfolio Resort	Miami Beach, FL		393
Le Meridien San Francisco	San Francisco, CA		360
JW Marriott San Francisco Union Square	San Francisco, CA		344
Hyatt Centric Fisherman’s Wharf	San Francisco, CA		316
Hotel Indigo San Diego Gaslamp Quarter	San Diego, CA		210
Courtyard Washington Capitol Hill/Navy Yard	Washington, DC		204
Homewood Suites by Hilton Seattle Convention Center Pike Street	Seattle, WA		195
Hilton Checkers Los Angeles	Los Angeles, CA		193
Ace Hotel Downtown Los Angeles(1)	Los Angeles, CA		182
Hotel Adagio, Autograph Collection	San Francisco, CA		171
W New Orleans – French Quarter	New Orleans, LA		97
			5,981

⁽¹⁾ Hotels were subsequently sold in December 2019.

Schedule of Preliminary Allocation of Assets Acquired and Liabilities Assumed

We preliminarily allocated the purchase price consisting of common stock issued of $978 million and cash of $1,013 million as follows:

	(in millions)
Investment in hotel properties, net	$	2,220
Intangibles, net		45
Cash and cash equivalents		62
Restricted cash		38
Accounts receivable, net		26
Prepaid expenses		9
Other assets		2
Operating lease right-of-use asset		65
Debt		(311	)
Accounts payable and accrued expenses		(47	)
Due to hotel managers		(15	)
Other liabilities		(15	)
Operating lease liability		(88	)
Total consideration	$	1,991

Schedule of Unaudited Condensed Pro-forma Financial Information

The unaudited condensed pro-forma financial information is as follows:

	For the year ended December 31,
	2019		2018
(unaudited)	(in millions)
Total revenues	$	3,250	$	3,297
Operating income		504		608
Net income		359		531

Summary of Assets and Liabilities Held for Sale and Dispositions

Hotel	Location	Month Sold
Pointe Hilton Squaw Peak Resort	Phoenix, Arizona	February 2019
Hilton Nuremberg	Nuremberg, Germany	March 2019
Hilton Atlanta Airport	Atlanta, Georgia	June 2019
Hilton New Orleans Airport(1)	New Orleans, Louisiana	June 2019
Embassy Suites Parsippany(1)	Parsippany, New Jersey	June 2019
Ace Hotel Downtown Los Angeles	Los Angeles, CA	December 2019
Le Meridien New Orleans	New Orleans, Louisiana	December 2019

⁽¹⁾ Hotels were sold as a portfolio in the same transaction.

Hilton São Paolo [Member]

Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]

Summary of Assets and Liabilities Held for Sale and Dispositions

Assets and liabilities held for sale related to the Hilton São Paolo were as follows as of December 31, 2019:

	(in millions)
Assets:
Property and equipment, net	$	62
Cash and cash equivalents		7
Accounts receivable		2
Prepaid expenses		—
Total Assets Held for Sale	$	71
Liabilities:
Liabilities related to assets held for sale(1)	$	6
Total Liabilities Held for Sale	$	6

⁽¹⁾ Amounts included in Other liabilities in our consolidated balance sheet as of December 31, 2019.