Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Debt balances and associated interest rates as of December 31, 2023 were:

			Principal balance as of
	Interest Rate at December 31, 2023	Maturity Date	December 31, 2023		December 31, 2022
			(in millions)
HHV Mortgage Loan	4.20%	November 2026	$	1,275	$	1,275
Other mortgage loans(1)	Average rate of 4.37%	2024 to 2027(2)	385		469
Revolver(3)	SOFR + 2.10%	December 2026	—		50
2025 Senior Notes	7.50%	June 2025	650		650
2028 Senior Notes	5.88%	October 2028	725		725
2029 Senior Notes	4.88%	May 2029	750		750
Finance lease obligations	7.66%	2024 to 2028	1		—
			3,786		3,919
Add: unamortized premium			1		3
Less: unamortized deferred financing costs and discount			(22)		(30)
			$	3,765	$	3,892

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(1)In June 2023, we fully repaid the $75 million mortgage loan secured by the W Chicago – City Center.

(2)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 with six months of notice. As of December 31, 2023, Park had not received notice from the lender.

(3)In February 2023, we fully repaid the $50 million outstanding balance under our amended and restated revolving credit facility ("Revolver"). The Revolver permits one or more standby letters of credit, up to a maximum aggregate outstanding balance of $50 million, to be issued on behalf of us. As of December 31, 2023, we had approximately $4 million outstanding on a standby letter of credit and $946 million of available capacity under our Revolver.

Schedule of Maturities of Long-Term Debt

The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of December 31, 2023 were:

Year	(in millions)
2024(1)	$	61
2025	657
2026	1,563
2027	30
2028	725
Thereafter(2)	750
	$	3,786

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(1)Excludes the SF Mortgage Loan.

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