Business Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

As of December 31, 2023, we have two operating segments, our consolidated hotels and unconsolidated hotels. Our unconsolidated hotels operating segment does not meet the definition of a reportable segment, thus our consolidated hotels is our only reportable segment. We evaluate our consolidated hotels primarily based on hotel adjusted earnings (loss) before interest expense, taxes and depreciation and amortization (“EBITDA”). Hotel Adjusted EBITDA, presented herein, is calculated as EBITDA from hotel operations, adjusted to exclude the following items that are not reflective of our ongoing operating performance or incurred in the normal course of business, and thus excluded from management's analysis in making day-to-day operating decisions and evaluations of our operating performance against other companies within our industry:

•Gains or losses on sales of assets for both consolidated and unconsolidated investments;

•Costs associated with hotel acquisitions or dispositions expensed during the period;

•Severance expense;

•Share-based compensation expense;

•Impairment losses and casualty gains or losses; and

•Other items that we believe are not representative of our current or future operating performance.

The following table presents revenues for our consolidated hotels reconciled to our consolidated amounts and net income (loss) to Hotel Adjusted EBITDA:

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Revenues:
Total consolidated hotel revenues	$	2,613	$	2,426	$	1,311
Other revenues	85		75		51
Total revenues	$	2,698	$	2,501	$	1,362
Net income (loss)	$	106	$	173	$	(452)
Other revenues	(85)		(75)		(51)
Depreciation and amortization expense	287		269		281
Corporate general and administrative expense	65		63		62
Impairment and casualty loss	204		6		9
Other operating expenses	83		72		49
(Gain) loss on sales of assets, net	(15)		(13)		5
Gain on derecognition of assets	(221)		—		—
Interest income	(38)		(13)		(1)
Interest expense	207		217		228
Interest expense associated with hotels in receivership	45		30		30
Equity in (earnings) losses from investments in affiliates	(11)		(15)		7
Income tax expense	38		—		2
Other (gain) loss, net	(4)		(96)		7
Other items	25		12		1
Hotel Adjusted EBITDA	$	686	$	630	$	177

The following table presents total assets for our consolidated hotels, reconciled to total assets:

	December 31,
	2023		2022
	(in millions)
Consolidated hotels	$	9,406	$	9,726
All other	13		5
Total assets	$	9,419	$	9,731