Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and equipment were:


	December 31,
	2023		2022

	(in millions)
Land	$	2,990	$	3,317
Buildings and leasehold improvements	5,814		6,512
Furniture and equipment	947		994
Construction-in-progress	341		201
	10,092		11,024
Accumulated depreciation and amortization	(2,633)		(2,723)
	$	7,459	$	8,301

Depreciation of property and equipment was $286 million, $268 million and $281 million during the years ended December 31, 2023, 2022 and 2021, respectively.

For the year ended December 31, 2023, we recognized an impairment loss of approximately $202 million related to one of the hotels securing our $725 million SF Mortgage Loan as a result of a decision to cease making debt service payments. In October 2023, the Hilton San Francisco Hotels that secure the SF Mortgage Loan were placed into receivership. Refer to Note 7: "Debt" and Note 8: "Fair Value Measurements" for additional information.

For the year ended December 31, 2021, we recognized $5 million of impairment losses related to one of our hotels classified as held for sale as of June 30, 2021, which was subsequently sold in July 2021, as the estimated selling costs were expected to reduce the gross proceeds below the net book value of the property.