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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,296 $ 220 $ 455
Adjustments to reconcile net income to net cash provided by operating activities:      
(Gains) losses on sales of real estate and other (1,245) (18) (263)
Depreciation and amortization 333 397 426
Amortization of share awards 64 75 61
Amortization of operating lease right-of-use assets 36 42 35
Deferred income taxes (123) (125) (259)
Asset impairments 213 30 38
Equity (earnings) losses from unconsolidated hospitality ventures (31) 1 (5)
Contra revenue 69 47 31
Unrealized (gains) losses, net (53) (36) 55
Contingent consideration liability fair value adjustment (39) 9 0
Payments for key money assets (153) (132) (165)
Other 78 87 98
Increase (decrease) in cash attributable to changes in assets and liabilities      
Receivables, net (15) 0 (209)
Prepaid income taxes 65 (24) 2
Prepaids and other assets (116) (66) (114)
Other long-term assets (6) (92) (110)
Accounts payable, accrued expenses, and other current liabilities 56 (29) 96
Contract liabilities 48 290 378
Deferred revenue related to the loyalty program 203 202 113
Operating lease liabilities (35) (43) (35)
Accrued compensation and benefits (6) (22) 46
Other long-term liabilities (6) (13) 0
Net cash provided by operating activities 633 800 674
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of marketable securities and short-term investments (1,775) (483) (952)
Proceeds from marketable securities and short-term investments 1,338 576 1,060
Contributions to equity method and other investments (88) (43) (8)
Return of equity method and other investments 62 7 54
Acquisitions, net of cash acquired (609) (175) (174)
Capital expenditures (170) (198) (201)
Issuance of financing receivables (136) (43) (25)
Proceeds from financing receivables 51 1 17
Proceeds from sales of real estate and other, net of cash disposed 1,421 (10) 625
Other investing activities (13) 3 20
Net cash provided by (used in) investing activities 81 (365) 416
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from debt, net of offering expenses of $14, $4, and $—, respectively 1,424 596 0
Repayments and repurchases of debt (750) (660) (711)
Repurchases of common stock (1,190) (453) (369)
Dividends paid (60) (47) 0
Payment of withholding taxes for stock-based compensation (43) (16) (15)
Other financing activities 1 2 (11)
Net cash used in financing activities (618) (578) (1,106)
Effect of exchange rate changes on cash (3) (2) 18
Net increase (decrease) in cash, cash equivalents, and restricted cash, including cash, cash equivalents, and restricted cash classified within current assets held for sale 93 (145) 2
Net increase (decrease) in cash, cash equivalents, and restricted cash classified within assets held for sale 3 (3) 0
Net increase (decrease) in cash, cash equivalents, and restricted cash 96 (148) 2
Cash, cash equivalents, and restricted cash—Beginning of year 919 1,067 1,065
Cash, cash equivalents, and restricted cash—End of year 1,015 919 1,067
Supplemental disclosure of cash flow information:      
Cash and cash equivalents 1,011 881 991
Restricted cash 1 34 39
Restricted cash included in other assets 3 4 37
Total cash, cash equivalents, and restricted cash 1,015 919 1,067
Cash paid during the period for interest 167 115 138
Cash paid during the period for income taxes, net 160 153 101
Cash paid for amounts included in the measurement of operating lease liabilities 45 54 47
Non-cash investing and financing activities are as follows:      
Change in accrued capital expenditures (4) 9 1
Non-cash contributions to equity method and other investments (Note 4, Note 7, Note 15) 223 4 0
Non-cash issuance of financing receivables (Note 4, Note 7) 185 0 0
Non-cash right-of-use assets obtained in exchange for operating lease liabilities 19 16 25
Non-cash legal defeasance of Series 2005 Bonds (Note 7) 0 0 166
Non-cash reduction in right-of-use assets and operating lease liabilities for lease reassessment 0 0 13
Non-cash held-to-maturity debt security received (Note 7) 0 0 19
Non-cash repurchases of common stock (Note 16) 0 0 9
Non-cash contingent consideration liability assumed in acquisition (Note 7) 141 107 0
Non-cash contingent consideration receivable recorded in disposition (Note 4, Note 7) 5 28 0
Non-cash deferred consideration liability assumed in acquisition (Note 7) 58 0 0
Non-cash redemption of HTM debt security in exchange for equity method investment (Note 4) 0 32 0
Non-cash redemption of financing receivables 0 20 0
Non-cash dividends declared (Note 16) $ 1 $ 1 $ 0