Park Hotels & Resorts (PK) 10-Q2 May 222022 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	PK
Entity Registrant Name	Park Hotels & Resorts Inc.
Entity Central Index Key	0001617406
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		233,370,080
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-37795
Entity Tax Identification Number	36-2058176
Entity Address, Address Line One	1775 Tysons Boulevard
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Tysons
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	571
Local Phone Number	302-5757

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Property and equipment, net	$ 8,465	$ 8,511
Investments in affiliates	16	15
Intangibles, net	44	44
Cash and cash equivalents	639	688
Restricted cash	78	75
Accounts receivable, net of allowance for doubtful accounts of $2 and $2	106	96
Prepaid expenses	58	35
Other assets	65	69
Operating lease right-of-use assets	232	210
Total liabilities (variable interest entities - $219 and $219)	9,703	9,743
Liabilities
Debt	4,671	4,672
Accounts payable and accrued expenses	200	156
Due to hotel managers	113	111
Other liabilities	184	174
Operating lease liabilities	250	227
Total liabilities (variable interest entities - $219 and $219)	5,418	5,340
Commitments and contingencies - refer to Note 10
Stockholders' Equity
Common stock, par value $0.01 per share, 6,000,000,000 shares authorized, 233,835,899 shares issued and 233,324,391 shares outstanding as of March 31, 2022 and 236,888,804 shares issued and 236,483,990 shares outstanding as of December 31, 2021	2	2
Additional paid-in capital	4,473	4,533
Accumulated deficit	(142)	(83)
Total stockholders' equity	4,333	4,452
Noncontrolling interests	(48)	(49)
Total equity	4,285	4,403
TOTAL LIABILITIES AND EQUITY	$ 9,703	$ 9,743

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts receivable	$ 2	$ 2
Total assets	9,703	9,743
Total liabilities	$ 5,418	$ 5,340
Common stock, par value (per share)	$ 0.01	$ 0.01
Common stock, authorized shares	6,000,000,000	6,000,000,000
Common stock, issued shares	233,835,899	236,888,804
Common stock, outstanding shares	233,324,391	236,483,990
Consolidated VIEs [Member]
Total assets	$ 240	$ 237
Total liabilities	$ 219	$ 219

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenues		$ 479	$ 165
Operating expenses
Other property-level		50	48
Management fees		22	7
Depreciation and amortization		69	74
Corporate general and administrative		16	18
Other		16	7
Total expenses		478	288
Operating income (loss)		1	(123)
Interest expense		(62)	(63)
Equity in losses from investments in affiliates		0	(4)
Other gain, net		5	0
Loss before income taxes		(56)	(190)
Income tax expense		0	(1)
Net loss		(56)	(191)
Net (income) loss attributable to noncontrolling interests		(1)	1
Net loss attributable to stockholders		(57)	(190)
Other comprehensive income, net of tax expense:
Change in fair value of interest rate swap, net of tax expense of $0		0	1
Total other comprehensive income		0	1
Comprehensive loss		(56)	(190)
Comprehensive (income) loss attributable to noncontrolling interests		(1)	1
Comprehensive loss attributable to stockholders		$ (57)	$ (189)
Loss per share:
Loss per share - Basic	[1]	$ (0.24)	$ (0.81)
Loss per share - Diluted	[1]	$ (0.24)	$ (0.81)
Weighted average shares outstanding - Basic		235	235
Weighted average shares outstanding - Diluted		235	236
Rooms [Member]
Revenues
Total revenues		$ 292	$ 106
Operating expenses
Expenses		85	35
Food and Beverage [Member]
Revenues
Total revenues		110	22
Operating expenses
Expenses		87	21
Ancillary Hotel [Member]
Revenues
Total revenues		61	29
Other [Member]
Revenues
Total revenues		16	8
Other Departmental and Support [Member]
Operating expenses
Expenses		$ 133	$ 78

[1]	Per share amounts are calculated based on unrounded numbers.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Change in fair value of interest rate swap, tax	$ 0	$ 0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities:
Net loss	$ (56)	$ (191)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	69	74
Equity in losses from investments in affiliates	0	4
Other gain, net	(1)	0
Share-based compensation expense	4	6
Amortization of deferred financing costs	3	2
Changes in operating assets and liabilities	25	34
Net cash provided by (used in) operating activities	44	(71)
Investing Activities:
Capital expenditures for property and equipment	(21)	(5)
Contributions to unconsolidated affiliates	0	(2)
Insurance proceeds for property damage claims	0	4
Net cash used in investing activities	(21)	(3)
Financing Activities:
Repayments of mortgage debt	(2)	(1)
Debt issuance costs	(3)	0
Tax withholdings on share-based compensation	(3)	(6)
Repurchase of common stock	(61)	0
Net cash used in financing activities	(69)	(7)
Net decrease in cash and cash equivalents and restricted cash	(46)	(81)
Cash and cash equivalents and restricted cash, beginning of period	763	981
Cash and cash equivalents and restricted cash, end of period	717	900
Non-cash financing activities:
Dividends declared but unpaid	$ 2	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Non-Controlling Interests [Member]
Balance at Dec. 31, 2020	$ 4,843	$ 2	$ 4,519	$ 376	$ (4)	$ (50)
Balance (shares) at Dec. 31, 2020		236,000,000
Share-based compensation, net			1	(1)
Net loss	(191)			(190)		(1)
Other comprehensive income	1				1
Balance at Mar. 31, 2021	4,653	$ 2	4,520	185	$ (3)	(51)
Balance (shares) at Mar. 31, 2021		236,000,000
Balance at Dec. 31, 2021	$ 4,403	$ 2	4,533	(83)		(49)
Balance (shares) at Dec. 31, 2021	236,483,990	236,000,000
Share-based compensation, net	$ 1		1
Net loss	(56)			(57)		1
Other comprehensive income	0
Dividends and dividend equivalents	(2)			(2)
Repurchase of common stock	(61)		(61)
Repurchases of common stock (Shares)		(3,000,000)
Balance at Mar. 31, 2022	$ 4,285	$ 2	$ 4,473	$ (142)		$ (48)
Balance (shares) at Mar. 31, 2022	233,324,391	233,000,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Parenthetical)	3 Months Ended
Condensed Consolidated Statements of Equity (Parenthetical)	Mar. 31, 2022$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share	$ 0.01

Organization and Recent Events

Organization and Recent Events	3 Months Ended
Organization and Recent Events	Mar. 31, 2022
Accounting Policies [Abstract]
Organization and Recent Events	Note 1 : Organization and Recent Events Organization Park Hotels & Resorts Inc. (“we,” “us,” “our” or the “Company” and, exclusive of any subsidiaries, "Park Parent") is a Delaware corporation that owns a portfolio of premium-branded hotels and resorts primarily located in prime city center and resort locations. On January 3, 2017, Hilton Worldwide Holdings Inc. (“Hilton”) completed the spin-off of a portfolio of hotels and resorts that established Park Hotels & Resorts Inc. as an independent, publicly traded company. On May 5, 2019, the Company, PK Domestic Property LLC, an indirect subsidiary of the Company (“PK Domestic”), and PK Domestic Sub LLC, a wholly-owned subsidiary of PK Domestic (“Merger Sub”) entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with Chesapeake Lodging Trust (“Chesapeake”). On September 18, 2019, pursuant to the terms and subject to the conditions set forth in the Merger Agreement, Chesapeake merged with and into Merger Sub (the “Merger”) and each of Chesapeake’s common shares of beneficial interest, $ 0.01 par value per share, was converted into $ 11.00 in cash and 0.628 of a share of our common stock. No fractional shares of our common stock were issued in the Merger. The value of any fractional interests to which a Chesapeake shareholder would otherwise have been entitled was paid in cash. We are a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. We have been organized and operated, and we expect to continue to be organized and operate, in a manner to qualify as a REIT. To qualify as a REIT, we must satisfy requirements related to, among other things, the real estate qualification of sources of our income, the real estate composition and values of our assets, the amounts we distribute to our stockholders annually and the diversity of ownership of our stock. From the date of our spin-off from Hilton, Park Intermediate Holdings LLC (our “Operating Company”), directly or indirectly, has held all our assets and has conducted all of our operations. Park Parent owned 100 % of the interests in our Operating Company until December 31, 2021 when the business undertook an internal reorganization transitioning our structure to a traditional umbrella partnership REIT structure ("UPREIT"). Effective January 1, 2022, Park Parent became the managing member of our Operating Company and PK Domestic REIT Inc., a direct subsidiary of Park Parent, became a member. We may, in the future, issue interests in (or from) our Operating Company in connection with acquiring hotels, financing, compensation or other purposes. COVID-19 Update The novel strain of coronavirus and the disease it causes (“COVID-19”) have had and continue to have an effect on the hospitality industry and our business. Beginning in March 2020, we experienced a significant decline in occupancy and Revenue per Available Room (“RevPAR”) associated with COVID-19 throughout our portfolio, which resulted in a decline in our operating cash flow. The increase in vaccination rates across the country and the easing or removal of government restrictions, quarantining and “social distancing” mandates resulted in increased travel and hospitality spending beginning in the second quarter of 2021. Although concerns over the spread of the Omicron variant reduced demand in the first six weeks of the quarter, we witnessed recovery beginning in mid-February 2022 as COVID-19 cases declined across the country and business travel accelerated, and saw the return of group demand. We expect positive momentum to continue for our leisure focused hotels and increased demand for both group and business transient travel during the remainder of the year.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2: Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation Principles of Consolidation The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All significant intercompany transactions and balances within the financial statements have been eliminated. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 18, 2022 . Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance. Reclassifications Certain line items on the condensed consolidated balance sheets as of December 31, 2021 have been reclassified to conform to the current period presentation. Summary of Significant Accounting Policies Our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 18, 2022, contains a discussion of the significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2021 .

Property and Equipment

Property and Equipment	3 Months Ended
Property and Equipment	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 3 : Property and Equipment Property and equipment were: March 31, 2022 December 31, 2021 (in millions) Land $ 3,336 $ 3,333 Buildings and leasehold improvements 6,616 6,606 Furniture and equipment 1,013 1,005 Construction-in-progress 82 82 11,047 11,026 Accumulated depreciation and amortization ( 2,582 ) ( 2,515 ) $ 8,465 $ 8,511 Depreciation of property and equipment was $ 68 million and $ 73 million during the three months ended March 31, 2022 and 2021 , respectively.

Consolidated Variable Interest

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	3 Months Ended
	Mar. 31, 2022
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates	Note 4 : Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates Consolidated VIEs We consolidate VIEs that own three hotels in the U.S. We are the primary beneficiary of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our VIEs are only available to settle the obligations of these entities. Our condensed consolidated balance sheets include the following assets and liabilities of these entities: March 31, 2022 December 31, 2021 (in millions) Property and equipment, net $ 208 $ 209 Cash and cash equivalents 19 18 Restricted cash 8 6 Accounts receivable, net 3 3 Prepaid expenses 2 1 Debt 206 208 Accounts payable and accrued expenses 8 7 Due to hotel manager 1 1 Other liabilities 4 3 Unconsolidated Entities Investments in affiliates were: Ownership % March 31, 2022 December 31, 2021 (in millions) Hilton San Diego Bayfront 25 % $ 12 $ 11 All others (5 hotels) 20 % - 50 % 4 4 $ 16 $ 15 The affiliates in which we own investments accounted for under the equity method had total debt of approximately $ 942 million and $ 943 million as of March 31, 2022 and December 31, 2021 , respectively. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Note 5 : Debt Debt balances and associated interest rates as of March 31, 2022 were: Principal balance as of Interest Rate Maturity Date March 31, 2022 December 31, 2021 (in millions) SF Mortgage Loan (1) 4.11 % November 2023 $ 725 $ 725 HHV Mortgage Loan (1) 4.20 % November 2026 1,275 1,275 Other mortgage loans Average rate of 4.22 % 2022 to 2027 (2) 501 503 2019 Term Facility (3) L + 2.65 % August 2024 78 78 Revolver (3) L + 3.00 % December 2023 — — 2025 Senior Secured Notes (4) 7.50 % June 2025 650 650 2028 Senior Secured Notes (4) 5.88 % October 2028 725 725 2029 Senior Secured Notes (4) 4.88 % May 2029 750 750 4,704 4,706 Add: unamortized premium 4 4 Less: unamortized deferred financing costs and ( 37 ) ( 38 ) $ 4,671 $ 4,672 (1) In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF Mortgage Loan”) and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”) . (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 March 31, 2022, Park had not received notice from the lender. Additionally, in April 2022, our joint venture refinanced the mortgage loan secured by the DoubleTree Hotel Ontario Airport, which extended the maturity date to May 2027. (3) In August 2019, the Company, our Operating Company and PK Domestic entered into a term loan facility (the “2019 Term Facility”). In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points . As of March 31, 2022 , we had $ 901 million of available capacity under our revolving credit facility ("Revolver"). (4) In May and September 2020, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 650 million of senior secured notes due 2025 (“2025 Senior Secured Notes”) and an aggregate of $ 725 million of senior secured notes due 2028 (“2028 Senior Secured Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 750 We are required to deposit with lenders certain cash reserves for restricted uses. As of March 31, 2022 and December 31, 2021, our condensed consolidated balance sheets i ncluded $ 63 million and $ 60 million of restricted cash, respectively, related to our mortgage loans. Credit Facilities Revolver and 2019 Term Facility In February 2022, we amended our credit and term loan facilities to extend the waiver period for the testing of the financial covenants to the date the financial statements are delivered for the quarter ended September 30, 2022 (except for the minimum fixed charge coverage ratio, which waiver period for such covenant will end as of the date the financial statements are delivered for the quarter ended June 30, 2022), in each case, unless we elect an earlier date, and to adjust the required ratio levels of particular financial covenants after such waiver periods. As part of the amendment process, we (i) extended the temporary periods for which calculation of certain financial covenants are annualized once quarterly testing of financial covenants resumes, (ii) extended the minimum liquidity covenant of $ 200 million through March 2023 , (iii) obtained the ability to repurchase up to $ 250 million of shares as long as the Revolver balance is $ 0 (with the amount of any such repurchases increasing the minimum liquidity covenant, dollar for dollar, resulting in a minimum liquidity covenant amount as of March 31, 2022 of $ 261 million) , (iv) increased the amount of non-recourse debt allowed to be incurred during the waiver period to $ 500 million from $ 350 million, (v) obtained the ability during the waiver period to voluntarily prepay certain mortgage debt maturing in 2022 and 2023 , (vi) removed the limitation applied during the waiver period on capital expenditures within the portfolio, (vii) increased the ability during the waiver period to acquire investments to $ 1 billion from $ 200 million, with an option to expand to $ 1.5 billion with a corresponding increase of the minimum liquidity covenant to $ 300 million, and (viii) removed any restrictions on asset sales that applied during the waiver period. In addition, we amended the mandatory prepayment requirements that apply during the waiver period to, among other things, only require mandatory repayments from specified events if and to the extent the Revolver balance exceeds $ 600 million (and no prepayment of the 2019 Term Facility being required). Debt Maturities The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of March 31, 2022 were: Year (in millions) 2022 $ 62 2023 833 2024 85 2025 657 2026 1,562 Thereafter (1) 1,505 $ 4,704 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6 : Fair Value Measurements We did not elect the fair value measurement option for our financial assets or liabilities. The fair values of our other financial instruments not included in the table below are estimated to be equal to their carrying amounts. The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: March 31, 2022 December 31, 2021 Hierarchy Carrying Fair Value Carrying Fair Value (in millions) Liabilities: SF Mortgage Loan 3 $ 725 $ 718 $ 725 $ 733 HHV Mortgage Loan 3 1,275 1,218 1,275 1,282 2019 Term Facility 3 78 76 78 76 2025 Senior Secured Notes 1 650 679 650 688 2028 Senior Secured Notes 1 725 727 725 761 2029 Senior Secured Notes 1 750 705 750 771 Other mortgage loans 3 501 481 503 491

Share-Based Compensation

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Note 7 : Share-Based Compensation We issue equity-based awards to our employees pursuant to the 2017 Omnibus Incentive Plan (“2017 Employee Plan”) and our non-employee directors pursuant to the 2017 Stock Plan for Non-Employee Directors (as amended and restated from time to time, the “2017 Director Plan”). The 2017 Employee Plan provides that a maximum of 8,000,000 shares of our common stock may be issued, and as of March 31, 2022, 2,315,323 shares of common stock remain available for future issuance. The 2017 Director Plan provides that a maximum of 950,000 shares of our common stock may be issued, and as of March 31, 2022, 484,583 shares of common stock remain available for future issuance. For the three months ended March 31, 2022 and 2021, we recognized $ 4 million and $ 6 million of share-based compensation expense, respectively . As of March 31, 2022, unrecognized compensation expense was $ 29 million, which is expected to be recognized over a weighted-average period of 2.0 years. The total fair value of shares vested (calculated as the number of shares multiplied by the vesting date share price) during the three months ended March 31, 2022 and 2021 was $ 6 million and $ 14 million, respectively. Restricted Stock Awards Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the three months ended March 31, 2022: Number of Shares Weighted-Average Unvested at January 1, 2022 789,322 $ 22.52 Granted 367,611 18.52 Vested ( 286,843 ) 23.73 Forfeited ( 10,567 ) 22.14 Unvested at March 31, 2022 859,523 $ 20.41 Performance Stock Units Performance Stock Units (“PSUs”) generally vest at the end of a three-year performance period and are subject to the achievement of a market condition based on a measure of our total shareholder return relative to the total shareholder return of the companies that comprise the FTSE Nareit Lodging Resorts Index (that have a market capitalization in excess of $ 1 billion as of the first day of the applicable performance period). The number of PSUs that may become vested ranges from zero to 200 % of the number of PSUs granted to an employee, based on the level of achievement of the foregoing performance measure. Additionally, in November 2020, we granted special awards with vesting of these awards subject to the achievement of eight increasing levels of our average closing sales price per share, from $ 11.00 to $ 25.00 , over a consecutive 20 trading day period (“Share Price Target”). One-eighth of PSUs will vest at each date a Share Price Target is achieved and any PSUs remaining after a four-year performance period will be forfeited. As of March 31, 2022 , six of the eight Share Price Targets were achieved and thus 75 % of the awards granted were vested. The following table provides a summary of PSUs for the three months ended March 31, 2022: Number of Shares Weighted-Average Unvested at January 1, 2022 972,074 22.59 Granted 391,845 21.93 Forfeited ( 153,968 ) 35.79 Unvested at March 31, 2022 1,209,951 $ 20.69 The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility 57.5 % Dividend yield (1) — Risk-free rate 1.7 % Expected term 3 years (1) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 8 : Earnings Per Share The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2022 2021 (in millions, except per share amounts) Numerator: Net loss attributable to stockholders, net of earnings $ ( 57 ) $ ( 190 ) Denominator: Weighted average shares outstanding – basic 235 235 Unvested restricted shares — 1 Weighted average shares outstanding – diluted 235 236 Loss per share - Basic (1) $ ( 0.24 ) $ ( 0.81 ) Loss per share - Diluted (1) $ ( 0.24 ) $ ( 0.81 ) (1) Per share amounts are calculated based on unrounded numbers. Certain of our outstanding equity awards were excluded from the above calculation of EPS for the three months ended March 31, 2022 and 2021 because their effect would have been anti-dilutive.

Business Segment Information

Business Segment Information	3 Months Ended
Business Segment Information	Mar. 31, 2022
Segment Reporting [Abstract]
Business Segment Information	Note 9 : Business Segment Information As of March 31, 2022 , 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 is calculated as EBITDA from hotel operations, adjusted to exclude: • 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 loss to Hotel Adjusted EBITDA: Three Months Ended March 31, 2022 2021 (in millions) Revenues: Total consolidated hotel revenues $ 463 $ 157 Other revenues 16 8 Total revenues $ 479 $ 165 Net loss $ ( 56 ) $ ( 191 ) Other revenues ( 16 ) ( 8 ) Depreciation and amortization expense 69 74 Corporate general and administrative expense 16 18 Other operating expenses 16 7 Interest expense 62 63 Equity in losses from investments in affiliates — 4 Income tax expense — 1 Other gain, net ( 5 ) — Other items 3 ( 4 ) Hotel Adjusted EBITDA $ 89 $ ( 36 ) The following table presents total assets for our consolidated hotels, reconciled to total assets: March 31, 2022 December 31, 2021 (in millions) Consolidated hotels $ 9,683 $ 9,724 All other 20 19 Total assets $ 9,703 $ 9,743

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 : Commitments and Contingencies As of March 31, 2022, we had outstanding commitments under third-party contracts of approximately $ 118 million for capital expenditures at our properties, of which $ 70 million relates to the expansion project at the Bonnet Creek complex. The Bonnet Creek expansion project includes additional meeting space for the Signia by Hilton Orlando Bonnet Creek and the Waldorf Astoria Orlando. Our contracts contain clauses that allow us to cancel all or some portion of the work. If cancellation of a contract occurred, our commitment would be any costs incurred up to the cancellation date, in addition to any costs associated with the discharge of the contract. We are involved in litigation arising from the normal course of business, some of which includes claims for substantial sums, and may make certain indemnifications or guarantees to select buyers of our hotels as part of a sale process. We are also involved in claims and litigation that is not in the ordinary course of business in connection with the spin-off from Hilton. The spin-off agreements indemnify us from certain of these claims as well as require us to indemnify Hilton for other claims. In addition, losses related to certain contingent liabilities could be apportioned to us under the spin-off agreements. In connection with our obligation to indemnify Hilton under the spin-off agreements, we have reserved approximately $ 8 million as of March 31, 2022 related to litigation with respect to an audit by the Australian Tax Office (“ATO”) of Hilton related to the sale of the Hilton Sydney in June 2015. This amount could change as the litigation of the ATO’s claim progresses.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 11 : Subsequent Events In April 2022, we sold the 131 -room Hampton Inn & Suites Memphis – Shady Grove for gross proceeds of $ 11.5 million or $ 88,000 per key.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All significant intercompany transactions and balances within the financial statements have been eliminated. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on February 18, 2022 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Interim results are not necessarily indicative of full year performance.
Reclassifications	Reclassifications Certain line items on the condensed consolidated balance sheets as of December 31, 2021 have been reclassified to conform to the current period presentation.

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
Property and Equipment (Tables)	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment were: March 31, 2022 December 31, 2021 (in millions) Land $ 3,336 $ 3,333 Buildings and leasehold improvements 6,616 6,606 Furniture and equipment 1,013 1,005 Construction-in-progress 82 82 11,047 11,026 Accumulated depreciation and amortization ( 2,582 ) ( 2,515 ) $ 8,465 $ 8,511

Consolidated Variable Interes_2

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates (Tables)	3 Months Ended
	Mar. 31, 2022
Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets	Our condensed consolidated balance sheets include the following assets and liabilities of these entities: March 31, 2022 December 31, 2021 (in millions) Property and equipment, net $ 208 $ 209 Cash and cash equivalents 19 18 Restricted cash 8 6 Accounts receivable, net 3 3 Prepaid expenses 2 1 Debt 206 208 Accounts payable and accrued expenses 8 7 Due to hotel manager 1 1 Other liabilities 4 3
Schedule of Investment in Affiliates	Investments in affiliates were: Ownership % March 31, 2022 December 31, 2021 (in millions) Hilton San Diego Bayfront 25 % $ 12 $ 11 All others (5 hotels) 20 % - 50 % 4 4 $ 16 $ 15

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Debt balances and associated interest rates as of March 31, 2022 were: Principal balance as of Interest Rate Maturity Date March 31, 2022 December 31, 2021 (in millions) SF Mortgage Loan (1) 4.11 % November 2023 $ 725 $ 725 HHV Mortgage Loan (1) 4.20 % November 2026 1,275 1,275 Other mortgage loans Average rate of 4.22 % 2022 to 2027 (2) 501 503 2019 Term Facility (3) L + 2.65 % August 2024 78 78 Revolver (3) L + 3.00 % December 2023 — — 2025 Senior Secured Notes (4) 7.50 % June 2025 650 650 2028 Senior Secured Notes (4) 5.88 % October 2028 725 725 2029 Senior Secured Notes (4) 4.88 % May 2029 750 750 4,704 4,706 Add: unamortized premium 4 4 Less: unamortized deferred financing costs and ( 37 ) ( 38 ) $ 4,671 $ 4,672 (1) In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF Mortgage Loan”) and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”) . (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 March 31, 2022, Park had not received notice from the lender. Additionally, in April 2022, our joint venture refinanced the mortgage loan secured by the DoubleTree Hotel Ontario Airport, which extended the maturity date to May 2027. (3) In August 2019, the Company, our Operating Company and PK Domestic entered into a term loan facility (the “2019 Term Facility”). In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points . As of March 31, 2022 , we had $ 901 million of available capacity under our revolving credit facility ("Revolver"). (4) In May and September 2020, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 650 million of senior secured notes due 2025 (“2025 Senior Secured Notes”) and an aggregate of $ 725 million of senior secured notes due 2028 (“2028 Senior Secured Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 750
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 March 31, 2022 were: Year (in millions) 2022 $ 62 2023 833 2024 85 2025 657 2026 1,562 Thereafter (1) 1,505 $ 4,704 (1) Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values	The fair value of our debt and the hierarchy level we used to estimate fair values are shown below: March 31, 2022 December 31, 2021 Hierarchy Carrying Fair Value Carrying Fair Value (in millions) Liabilities: SF Mortgage Loan 3 $ 725 $ 718 $ 725 $ 733 HHV Mortgage Loan 3 1,275 1,218 1,275 1,282 2019 Term Facility 3 78 76 78 76 2025 Senior Secured Notes 1 650 679 650 688 2028 Senior Secured Notes 1 725 727 725 761 2029 Senior Secured Notes 1 750 705 750 771 Other mortgage loans 3 501 481 503 491

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
Share-Based Compensation (Tables)	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock Awards ("RSAs")	Restricted Stock Awards (“RSAs”) generally vest in annual installments between one and three years from each grant date. The following table provides a summary of RSAs for the three months ended March 31, 2022: Number of Shares Weighted-Average Unvested at January 1, 2022 789,322 $ 22.52 Granted 367,611 18.52 Vested ( 286,843 ) 23.73 Forfeited ( 10,567 ) 22.14 Unvested at March 31, 2022 859,523 $ 20.41
Schedule of Performance Stock Units ("PSUs")	The following table provides a summary of PSUs for the three months ended March 31, 2022: Number of Shares Weighted-Average Unvested at January 1, 2022 972,074 22.59 Granted 391,845 21.93 Forfeited ( 153,968 ) 35.79 Unvested at March 31, 2022 1,209,951 $ 20.69
Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model	The grant date fair values of the awards that are subject to the achievement of market conditions based on total shareholder return were determined using a Monte Carlo simulation valuation model with the following assumptions: Expected volatility 57.5 % Dividend yield (1) — Risk-free rate 1.7 % Expected term 3 years (1) Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following table presents the calculation of basic and diluted earnings per share (“EPS”): Three Months Ended March 31, 2022 2021 (in millions, except per share amounts) Numerator: Net loss attributable to stockholders, net of earnings $ ( 57 ) $ ( 190 ) Denominator: Weighted average shares outstanding – basic 235 235 Unvested restricted shares — 1 Weighted average shares outstanding – diluted 235 236 Loss per share - Basic (1) $ ( 0.24 ) $ ( 0.81 ) Loss per share - Diluted (1) $ ( 0.24 ) $ ( 0.81 ) (1) Per share amounts are calculated based on unrounded numbers.

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
Business Segment Information (Tables)	Mar. 31, 2022
Segment Reporting [Abstract]
Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Net Loss to Hotel Adjusted EBITDA	The following table presents revenues for our consolidated hotels reconciled to our consolidated amounts and net loss to Hotel Adjusted EBITDA: Three Months Ended March 31, 2022 2021 (in millions) Revenues: Total consolidated hotel revenues $ 463 $ 157 Other revenues 16 8 Total revenues $ 479 $ 165 Net loss $ ( 56 ) $ ( 191 ) Other revenues ( 16 ) ( 8 ) Depreciation and amortization expense 69 74 Corporate general and administrative expense 16 18 Other operating expenses 16 7 Interest expense 62 63 Equity in losses from investments in affiliates — 4 Income tax expense — 1 Other gain, net ( 5 ) — Other items 3 ( 4 ) Hotel Adjusted EBITDA $ 89 $ ( 36 )
Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets	The following table presents total assets for our consolidated hotels, reconciled to total assets: March 31, 2022 December 31, 2021 (in millions) Consolidated hotels $ 9,683 $ 9,724 All other 20 19 Total assets $ 9,703 $ 9,743

Organization and Recent Events

Organization and Recent Events - Additional Information (Detail) - $ / shares	May 05, 2019	Jan. 03, 2017
Park Intermediate Holdings LLC [Member]
Organization [Line Items]
Percentage of ownership interest		100.00%
Chesapeake Lodging Trust [Member]
Organization [Line Items]
Business acquisition,par value per common share	$ 0.01
Business acquisition, cash consideration transferred, per share	$ 11
Business acquisition, consideration transferred number of shares per share	0.628
Fractional shares of common stock to be issued in merger agreement	0

Dispositions and Acquisitions -

Dispositions and Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of Debt	$ 2	$ 1

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Land	$ 3,336	$ 3,333
Buildings and leasehold improvements	6,616	6,606
Furniture and equipment	1,013	1,005
Construction-in-progress	82	82
Property and equipment, gross	11,047	11,026
Accumulated depreciation and amortization	(2,582)	(2,515)
Property and equipment, net	$ 8,465	$ 8,511

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 68	$ 73

Consolidated Variable Interes_3

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Additional Information (Detail) $ in Millions	Mar. 31, 2022USD ($)Entity	Dec. 31, 2021USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of consolidated VIEs \| Entity	3
Debt of unconsolidated joint ventures \| $	$ 942	$ 943

Consolidated Variable Interes_4

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Property and equipment, net	$ 8,465	$ 8,511
Cash and cash equivalents	639	688
Restricted cash	78	75
Accounts receivable, net	106	96
Prepaid expenses	58	35
Other assets	65	69
Debt	4,671	4,672
Accounts payable and accrued expenses	200	156
Due to hotel managers	113	111
Other liabilities	184	174
Consolidated VIEs [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	208	209
Cash and cash equivalents	19	18
Restricted cash	8	6
Accounts receivable, net	3	3
Prepaid expenses	2	1
Debt	206	208
Accounts payable and accrued expenses	8	7
Due to hotel managers	1	1
Other liabilities	$ 4	$ 3

Consolidated Variable Interes_5

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates - Schedule of Investments in Affiliates (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	$ 16	$ 15
Hilton San Diego Bayfront [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	25.00%
Investments in affiliates	$ 12	11
All others (6 hotels) [Member]
Schedule Of Equity Method Investments [Line Items]
Investments in affiliates	$ 4	$ 4
All others (6 hotels) [Member] \| Minimum [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	20.00%
All others (6 hotels) [Member] \| Maximum [Member]
Schedule Of Equity Method Investments [Line Items]
Ownership Percentage	50.00%

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		3 Months Ended
Debt - Schedule of Debt (Detail) - USD ($) $ in Millions		Mar. 31, 2022		Dec. 31, 2021		Oct. 31, 2016
Debt Instrument [Line Items]
Debt and financing lease obligations, gross		$ 4,704		$ 4,706
Add: unamortized premium		4		4
Less: unamortized deferred financing costs and discount		(37)		(38)
Debt		4,671		4,672
SF Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 725	[1]	725	[1]	$ 725
Debt instrument, interest rate, stated percentage	[1]	4.11%
Maturity Date	[1]	2023-11
HHV Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt, gross		$ 1,275	[1]	1,275	[1]	$ 1,275
Debt instrument, interest rate, stated percentage	[1]	4.20%
Maturity Date	[1]	2026-11
Mortgage Loans [Member]
Debt Instrument [Line Items]
Debt, gross		$ 501		503
Debt instrument, weighted average interest rate		4.22%
Maturity Date, start year		2022
Maturity Date, end year	[2]	2027
2025 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[3]	$ 650		650
Debt instrument, interest rate, stated percentage	[3]	7.50%
Maturity Date	[3]	2025-06
2028 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[3]	$ 725		725
Debt instrument, interest rate, stated percentage	[3]	5.88%
Maturity Date	[3]	2028-10
2029 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes	[3]	$ 750		750
Debt instrument, interest rate, stated percentage	[3]	4.88%
Maturity Date	[3]	2029-05
2019 Term Facility [Member]
Debt Instrument [Line Items]
Debt, gross	[4]	$ 78		78
Maturity Date	[4]	2024-08
2019 Term Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	[4]	2.65%
Revolver [Member]
Debt Instrument [Line Items]
Debt, gross		$ 0		$ 0
Maturity Date	[4]	2023-12
Maturity Date, start year		2022
Maturity Date, end year		2023
Revolver [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	[4]	3.00%

[1]	In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF Mortgage Loan”) and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”)
[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 March 31, 2022, Park had not received notice from the lender. Additionally, in April 2022, our joint venture refinanced the mortgage loan secured by the DoubleTree Hotel Ontario Airport, which extended the maturity date to May 2027.
[3]	In May and September 2020, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 650 million of senior secured notes due 2025 (“2025 Senior Secured Notes”) and an aggregate of $ 725 million of senior secured notes due 2028 (“2028 Senior Secured Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 750
[4]	In August 2019, the Company, our Operating Company and PK Domestic entered into a term loan facility (the “2019 Term Facility”). In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points . As of March 31, 2022 , we had $ 901 million of available capacity under our revolving credit facility ("Revolver").

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
		May 31, 2020	Mar. 31, 2022		Dec. 31, 2021		May 31, 2021	Sep. 30, 2020	Oct. 31, 2016
2019 Term Facility [Member]
Debt Instrument [Line Items]
Debt, gross	[1]		$ 78		$ 78
Revolver [Member]
Debt Instrument [Line Items]
Debt, gross			$ 0		0
Voluntary prepayment maturity date, end year			2023
Debt instrument description of interest rate		LIBOR floor of 25 basis points
Available credit capacity			$ 901
SF Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt, gross			725	[2]	725	[2]			$ 725
HHV Mortgage Loan [Member]
Debt Instrument [Line Items]
Debt, gross			$ 1,275	[2]	$ 1,275	[2]			$ 1,275
Hilton Denver City Center Mortgage Loan [Member]
Debt Instrument [Line Items]
Voluntary prepayment maturity date, end year			2042
PK Domestic and PK Finance Co-Issuer Inc [Member] \| 2025 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes		$ 650
PK Domestic and PK Finance Co-Issuer Inc [Member] \| 2028 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes								$ 725
PK Domestic and PK Finance Co-Issuer Inc [Member] \| 2029 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Senior Secured Notes							$ 750

[1]	In August 2019, the Company, our Operating Company and PK Domestic entered into a term loan facility (the “2019 Term Facility”). In May 2020, we amended our credit and term loan facilities to add a LIBOR floor of 25 basis points . As of March 31, 2022 , we had $ 901 million of available capacity under our revolving credit facility ("Revolver").
[2]	In October 2016, we entered into a $ 725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF Mortgage Loan”) and a $ 1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV Mortgage Loan”)

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions		1 Months Ended		3 Months Ended
		Feb. 28, 2022	Jan. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Restricted cash				$ 78		$ 75
Repayments of term loan				2	$ 1
Revolver [Member]
Debt Instrument [Line Items]
Debt instrument, covenant compliance description		In February 2022, we amended our credit and term loan facilities to extend the waiver period for the testing of the financial covenants to the date the financial statements are delivered for the quarter ended September 30, 2022 (except for the minimum fixed charge coverage ratio, which waiver period for such covenant will end as of the date the financial statements are delivered for the quarter ended June 30, 2022), in each case, unless we elect an earlier date, and to adjust the required ratio levels of particular financial covenants after such waiver periods.
Minimum liquidity covenant amount		$ 200
Potential Minimum Liquidity Covenant Amount				$ 261
Earliest date of minimum liquidity covenant				Mar. 31, 2023
Maximum shares repurchase authorized		250
Required revolver balance amount for maximum share repurchase		$ 0
Non-recourse debt		500	$ 350
Voluntary prepayment maturity date, start year				2022
Voluntary prepayment maturity date, end year				2023
Payments to acquire investments		1,000	$ 200
Optional line of credit facility, maximum borrowing capacity		1,500
Potential maximum liquidity covenant amount		300
Revolver [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Revolver balance requiring mandatory repayment		$ 600
CMBS and mortgage loans [Member]
Debt Instrument [Line Items]
Restricted cash				$ 63		$ 60
2029 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	[1]			4.88%

[1]	In May and September 2020, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 650 million of senior secured notes due 2025 (“2025 Senior Secured Notes”) and an aggregate of $ 725 million of senior secured notes due 2028 (“2028 Senior Secured Notes”), respectively. Additionally, in May 2021, our Operating Company, PK Domestic and PK Finance issued an aggregate of $ 750

Debt - Debt Maturities, Assumin

Debt - Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option (Detail) $ in Millions	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
2022	$ 62
2023	833
2024	85
2025	657
2026	1,562
Thereafter	1,505	[1]
Debt and capital lease obligations, gross	$ 4,704

[1]	Assumes the exercise of all extensions that are exercisable solely at our option.

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Debt and Hierarchy Level Used to Estimate Fair Values (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Carrying amount [Member] \| SF Mortgage Loan [Member] \| Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 725	$ 725
Carrying amount [Member] \| HHV Mortgage Loan [Member] \| Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,275	1,275
Carrying amount [Member] \| 2019 Term Facility [Member] \| Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	78	78
Carrying amount [Member] \| 2025 Senior Secured Notes [Member] \| Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	650	650
Carrying amount [Member] \| 2028 Senior Secured Notes [Member] \| Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	725	725
Carrying amount [Member] \| 2029 Senior Secured Notes [Member] \| Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	750	750
Carrying amount [Member] \| Mortgage Loans [Member] \| Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	501	503
Fair Value [Member] \| SF Mortgage Loan [Member] \| Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	718	733
Fair Value [Member] \| HHV Mortgage Loan [Member] \| Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	1,218	1,282
Fair Value [Member] \| 2019 Term Facility [Member] \| Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	76	76
Fair Value [Member] \| 2025 Senior Secured Notes [Member] \| Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	679	688
Fair Value [Member] \| 2028 Senior Secured Notes [Member] \| Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	727	761
Fair Value [Member] \| 2029 Senior Secured Notes [Member] \| Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	705	771
Fair Value [Member] \| Mortgage Loans [Member] \| Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	$ 481	$ 491

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Nov. 30, 2020d$ / shares	Mar. 31, 2022USD ($)Targetshares	Mar. 31, 2021USD ($)	Dec. 31, 2021shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares		6,000,000,000		6,000,000,000
Compensation expense \| $		$ 4	$ 6
Unrecognized compensation costs related to unvested awards \| $		$ 29
Unrecognized compensation costs related to unvested awards, weighted-average period		2 years
Total fair value of shares vested \| $		$ 6	$ 14
2017 Employee Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		2,315,323
2017 Employee Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares		8,000,000
2017 Director Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance		484,583
2017 Director Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, authorized shares		950,000
Performance Stock Units ("PSUs") [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award performance period		3 years
Market capitalization \| $		$ 1,000
Vesting rights		zero to 200
Performance Stock Units ("PSUs") [Member] \| Special Awards [Member] \| Eight Share Price Targets [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights	One-eighth
Consecutive trading day period \| d	20
PSUs remaining performance period forfeited	4 years
Share price target achieved \| Target		6
Total share price targets \| Target		8
Percentage of awards granted vested		75.00%
Performance Stock Units ("PSUs") [Member] \| Maximum [Member] \| Special Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting rights		200
Average closing sales price per share, \| $ / shares	$ 25
Performance Stock Units ("PSUs") [Member] \| Minimum [Member] \| Special Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Average closing sales price per share, \| $ / shares	$ 11

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Restricted Stock Awards ("RSAs") (Detail) - Restricted stock awards (RSAs) [Member]	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance \| shares	789,322
Number of Shares, Granted \| shares	367,611
Number of Shares, Vested \| shares	(286,843)
Number of Shares, Forfeited \| shares	(10,567)
Number of Shares, Ending balance \| shares	859,523
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 22.52
Weighted Average Grant Date Fair Value, Granted \| $ / shares	18.52
Weighted Average Grant Date Fair Value, Vested \| $ / shares	23.73
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	22.14
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 20.41

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units ("PSUs") (Detail) - Performance Stock Units ("PSUs") [Member]	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Beginning balance \| shares	972,074
Number of Shares, Granted \| shares	391,845
Number of Shares, Forfeited \| shares	(153,968)
Number of Shares, Ending balance \| shares	1,209,951
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 22.59
Weighted Average Grant Date Fair Value, Granted \| $ / shares	21.93
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	35.79
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 20.69

Share-Based Compensation - Sc_3

Share-Based Compensation - Schedule of Grant Date Fair Values of Awards Using Monte Carlo Simulation Valuation Model (Detail)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Expected volatility	57.50%
Dividend yield	0.00%	[1]
Risk-free rate	1.70%
Expected term	3 years

[1]	Dividends are assumed to be reinvested in shares of our common stock and dividends will not be paid unless shares vest.

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss attributable to stockholders, net of earnings allocated to participating securities		$ (57)	$ (190)
Denominator:
Weighted average shares outstanding – basic		235,000,000	235,000,000
Unvested restricted shares		0	1,000,000
Weighted average shares outstanding – diluted		235,000,000	236,000,000
Loss per share - Basic	[1]	$ (0.24)	$ (0.81)
Loss per share - Diluted	[1]	$ (0.24)	$ (0.81)

[1]	Per share amounts are calculated based on unrounded numbers.

Business Segment Information -

Business Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2022Segment
Segment Reporting [Abstract]
Number of operating business segments	2
Number of reportable segment	1

Business Segment Information _2

Business Segment Information - Reconciliation of Revenues from Consolidated Hotels to Condensed Combined Consolidated Amounts and Net Loss to Hotel Adjusted EBITDA (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 479	$ 165
Net loss	(56)	(191)
Depreciation and amortization expense	69	74
Corporate general and administrative expense	16	18
Other operating expenses	16	7
Interest expense	62	63
Equity in losses from investments in affiliates	0	4
Income tax expense	0	1
Other gain, net	(5)	0
Other items	3	(4)
Hotel Adjusted EBITDA	89	(36)
Total consolidated hotel revenue [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	463	157
Other [Member]
Reconciliation of Revenue and Adjusted EBITDA from Segments to Consolidated Amounts [Line Items]
Total revenues	$ 16	$ 8

Business Segment Information _3

Business Segment Information - Schedule of Total Assets by Consolidated Hotels, Reconciled to Total Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 9,703	$ 9,743
Consolidated Hotels [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	9,683	9,724
All Other [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Total assets	$ 20	$ 19

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2022USD ($)
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	$ 118
Bonnet Creek Complex [Member]
Other Commitments [Line Items]
Purchase commitment, remaining minimum amount committed	70
Spin-off Agreements [Member] \| Hilton Sydney [Member]
Other Commitments [Line Items]
Reserve for ongoing claims	$ 8

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Hampton Inn	1 Months Ended
	Apr. 30, 2022USD ($)Room
Subsequent Event [Line Items]
Gross proceeds on sale of hotel portfolio properties	$ 11,500,000
Proceeds from divestiture per key	$ 88,000
Number Of hotel rooms \| Room	131