Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Debt balances and associated interest rates as of December 31, 2020 were:

			Principal balance as of
	Interest Rate at December 31, 2020	Maturity Date	December 31, 2020			December 31, 2019
			(in millions)
SF CMBS Loan	4.11%	November 2023	$	725		$	725
HHV CMBS Loan	4.20%	November 2026		1,275			1,275
Mortgage loans	Average rate of 4.17%	2021 to 2026(1)(2)		509			515
2016 Term Loan(3)	N/A	December 2021		—			700
2019 Term Facility(4)	L + 2.65%	August 2024		670			670
Revolver(4)	L + 3.00%	2021 to 2023(5)		601			—
2025 Senior Secured Notes	7.50%	June 2025		650			—
2028 Senior Secured Notes	5.88%	October 2028		725			—
Finance lease obligations	3.07%	2021 to 2022		1			1
				5,156			3,886
Add: unamortized premium				3			3
Less: unamortized deferred financing costs and discount				(38	)		(18	)
			$	5,121		$	3,871

^{(1) 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 beginning August 2022.}

^{(2) In December 2020, our joint venture executed a forbearance agreement for the $12 million loan secured by the Doubletree Spokane in which the lender agreed to forbear exercising its rights and remedies arising from the joint venture’s non-payment of the loan at maturity due to market conditions until October 6, 2021. Beginning April 2021, the interest rate on the loan will be accrued at the default rate of 6.55%.}

^{(3) In September 2020, the 2016 Term Loan was fully repaid.}

^{(4) In May 2020, we amended our credit and term loan facilities which added a LIBOR floor of 25 basis points.}

^{(5) In September 2020, we increased our aggregate commitments under the Revolver by $75 million to $1.075 billion and extended the maturity date with respect to $901 million of the aggregate commitments for two years to December 2023, including all $75 million of the increased Revolver commitments. The maturity date for the remaining $174 million of commitments under the Revolver is December 2021.}

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 December 31, 2020 were:

Year	(in millions)
2021(1)	$	147
2022		69
2023		1,331
2024		677
2025		657
Thereafter(2)		2,275
	$	5,156

^{(1) Represents $96 million of the current outstanding balance under the Revolver; however, we have sufficient capacity with extended undrawn commitments under the Revolver to effectively extend for two years.}

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