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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Total revenues $ 672 $ 686 $ 1,302 $ 1,325
Operating expenses        
Impairment and casualty loss 0 7 70 13
Depreciation and amortization 122 64 191 129
Corporate general and administrative 19 18 37 35
Other 23 20 44 41
Total expenses 624 580 1,263 1,141
Gain on sale of assets, net 1 0 1 0
Gain on derecognition of assets 16 15 32 29
Operating income 65 121 72 213
Interest income 2 5 5 10
Interest expense (53) (54) (105) (107)
Interest expense associated with hotels in receivership (16) (15) (32) (29)
Equity in earnings from investments in affiliates 2 1 2 1
Other (loss) gain, net (1) (3) 1 (3)
(Loss) income before income taxes (1) 55 (57) 85
Income tax (expense) benefit (1) 12 (2) 11
Net (loss) income (2) 67 (59) 96
Net income attributable to noncontrolling interests (3) (3) (3) (4)
Net (loss) income attributable to stockholders $ (5) $ 64 $ (62) $ 92
(Loss) earnings per share:        
Earnings (loss) per share – Basic (USD per share) $ (0.02) $ 0.31 $ (0.31) $ 0.44
Earnings (loss) per share – Diluted (USD per share) $ (0.02) $ 0.30 $ (0.31) $ 0.44
Weighted average shares outstanding - Basic (in shares) 199 209 199 209
Weighted average shares outstanding - Diluted (in shares) 199 211 199 211
Rooms        
Revenues        
Total revenues $ 401 $ 416 $ 764 $ 790
Operating expenses        
Cost of goods and services sold 105 105 205 207
Food and beverage        
Revenues        
Total revenues 180 182 362 364
Operating expenses        
Cost of goods and services sold 122 121 245 244
Ancillary hotel        
Revenues        
Total revenues 68 66 131 128
Other        
Revenues        
Total revenues 23 22 45 43
(Loss) earnings per share:        
Other property 50 57 107 109
Other departmental and support        
Operating expenses        
Cost of goods and services sold 152 155 303 300
Management fees        
Operating expenses        
Cost of goods and services sold $ 31 $ 33 $ 61 $ 63