
	Year Ended December 31, 2024
	Management and franchising		Owned and leased		Distribution		Segment Total		Eliminations		Total
Base management fees	$	432	$	—	$	—	$	432	$	(33)	$	399
Incentive management fees	252		—		—		252		(10)		242
Franchise and other fees	465		—		—		465		(7)		458
Gross fees	1,149		—		—		1,149		(50)		1,099
Rooms and packages	—		777		—		777		(23)		754
Food and beverage	—		279		—		279		—		279
Other	—		141		—		141		—		141
Owned and leased	—		1,197		—		1,197		(23)		1,174
Distribution	—		—		1,023		1,023		—		1,023
Other revenues	42		—		26		68		1		69
Segment revenues	1,191		1,197		1,049		3,437		(72)		3,365
Contra revenue	(69)		—		—		(69)		—		(69)
Revenues for reimbursed costs	3,352		—		—		3,352		—		3,352
Total revenues	$	4,474	$	1,197	$	1,049	$	6,720	$	(72)	$	6,648

Intersegment revenues	$	49	$	23	$	—	$	72


	Year Ended December 31, 2023
	Management and franchising		Owned and leased		Distribution		Segment Total		Eliminations		Total
Base management fees	$	414	$	—	$	—	$	414	$	(40)	$	374
Incentive management fees	248		—		—		248		(16)		232
Franchise and other fees	371		—		—		371		(7)		364
Gross fees	1,033		—		—		1,033		(63)		970
Rooms and packages	—		874		—		874		(29)		845
Food and beverage	—		333		—		333		—		333
Other	—		161		—		161		—		161
Owned and leased	—		1,368		—		1,368		(29)		1,339
Distribution	—		—		1,047		1,047		—		1,047
Other revenues	110		—		189		299		1		300
Segment revenues	1,143		1,368		1,236		3,747		(91)		3,656
Contra revenue	(47)		—		—		(47)		—		(47)
Revenues for reimbursed costs	3,058		—		—		3,058		—		3,058
Total revenues	$	4,154	$	1,368	$	1,236	$	6,758	$	(91)	$	6,667

Intersegment revenues	$	62	$	29	$	—	$	91


	Year Ended December 31, 2022
	Management and franchising		Owned and leased		Distribution		Segment Total		Eliminations		Total
Base management fees	$	356	$	—	$	—	$	356	$	(37)	$	319
Incentive management fees	205		—		—		205		(13)		192
Franchise and other fees	307		—		—		307		(10)		297
Gross fees	868		—		—		868		(60)		808
Rooms and packages	—		800		—		800		(28)		772
Food and beverage	—		305		—		305		—		305
Other	—		158		—		158		—		158
Owned and leased	—		1,263		—		1,263		(28)		1,235
Distribution	—		—		986		986		—		986
Other revenues	134		—		137		271		2		273
Segment revenues	1,002		1,263		1,123		3,388		(86)		3,302
Contra revenue	(31)		—		—		(31)		—		(31)
Revenues for reimbursed costs	2,620		—		—		2,620		—		2,620
Total revenues	$	3,591	$	1,263	$	1,123	$	5,977	$	(86)	$	5,891

Intersegment revenues	$	58	$	28	$	—	$	86






















	Year Ended December 31, 2024
	Management and franchising		Owned and leased		Distribution		Segment Total
Segment revenues	$	1,191	$	1,197	$	1,049	$	3,437
Significant segment expenses:
Adjusted general and administrative expenses	(268)		(10)		(6)		(284)

Owned and leased expenses (1)	—		(991)		—		(991)
Distribution expenses (2)	—		—		(882)		(882)
Other segment items:
Other income (expenses) (3)	(69)		3		(21)		(87)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	—		62		—		62
Segment Adjusted EBITDA	$	854	$	261	$	140	$	1,255


(1) Includes intercompany management fee expenses paid to our management and franchising segment and promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card programs, which are eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.
(3) Primarily includes direct costs associated with our co-branded credit card programs and the paid membership program prior to the UVC Transaction recognized in other direct costs. Owned and leased includes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts.





















	Year Ended December 31, 2023
	Management and franchising		Owned and leased		Distribution		Segment Total
Segment revenues	$	1,143	$	1,368	$	1,236	$	3,747
Significant segment expenses:
Adjusted general and administrative expenses	(218)		(11)		(51)		(280)

Owned and leased expenses (1)	—		(1,107)		—		(1,107)
Distribution expenses (2)	—		—		(866)		(866)
Other segment items:
Other income (expenses) (3)	(143)		6		(190)		(327)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	—		64		—		64
Segment Adjusted EBITDA	$	782	$	320	$	129	$	1,231

(1) Includes intercompany management fee expenses paid to our management and franchising segment and promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card programs, which are eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.
(3) Primarily includes direct costs associated with our co-branded credit card programs, the Unlimited Vacation Club paid membership program, and the Destination Residential Management business prior to sale recognized in other direct costs. Owned and leased includes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts.





















	Year Ended December 31, 2022
	Management and franchising		Owned and leased		Distribution		Segment Total
Segment revenues	$	1,002	$	1,263	$	1,123	$	3,388
Significant segment expenses:
Adjusted general and administrative expenses	(216)		(11)		(45)		(272)

Owned and leased expenses (1)	—		(991)		—		(991)
Distribution expenses (2)	—		—		(785)		(785)
Other segment items:
Other income (expenses) (3)	(157)		(8)		(125)		(290)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	—		55		—		55
Segment Adjusted EBITDA	$	629	$	308	$	168	$	1,105

(1) Includes intercompany management fee expenses paid to our management and franchising segment and promotional award redemptions earned by our owned and leased hotels related to our co-branded credit card programs, which are eliminated in consolidation.
(2) Includes intercompany commission fee expenses paid to our management and franchising segment, which are eliminated in consolidation.
(3) Primarily includes direct costs associated with our co-branded credit card programs, the Unlimited Vacation Club paid membership program, and the Destination Residential Management business recognized in other direct costs. Owned and leased includes the change in market performance of the underlying invested assets recognized in net gains (losses) and interest income from marketable securities held to fund rabbi trusts.


	Year Ended December 31,
	2024		2023		2022

Segment Adjusted EBITDA	$	1,255	$	1,231	$	1,105
Unallocated overhead expenses	(160)		(177)		(170)
Eliminations	1		1		1
Contra revenue	(69)		(47)		(31)
Revenues for reimbursed costs	3,352		3,058		2,620
Stock-based compensation expense (Note 17) (1)	(62)		(75)		(60)
Transaction and integration costs	(42)		(42)		(35)
Depreciation and amortization	(333)		(397)		(426)
Reimbursed costs	(3,457)		(3,144)		(2,632)
Equity earnings (losses) from unconsolidated hospitality ventures	31		(1)		5
Interest expense	(180)		(145)		(150)
Gains (losses) on sales of real estate and other	1,245		18		263
Asset impairments	(213)		(30)		(38)
Other income (loss), net	257		124		(34)
Pro rata share of unconsolidated owned and leased hospitality ventures' Adjusted EBITDA	(62)		(64)		(55)
Income before income taxes	$	1,563	$	310	$	363
(1) Includes amounts recognized in general and administrative expenses and distribution expenses.