Park Hotels & Resorts Inc.
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Schedule III – Real Estate and Accumulated Deprecation
Real Estate and Accumulated Depreciation
| Initial Cost · Gross Amounts at Which Carried at Close of Period | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hotel Property · Encumbrances · Land · Building & Improvements · Furniture, Fixtures & Equipment · Costs Capitalized Subsequent to Acquisition · Land · Building & Improvements(1) · Furniture, Fixtures & Equipment · Total · Accumulated Depreciation · Date of Construction · Date Acquired(2) · Life UponWhichDepreciationis Computed | |||||||||||||||
| Caribe Hilton | $— | $38 | $56 | $7 | $86 | $40 | $112 | $35 | $187 | $(58) | 1949 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel Durango | — | — | — | 2 | 5 | — | 2 | 5 | 7 | (6) | 1985 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel Ontario Airport | 30 | 14 | 58 | 3 | 21 | 13 | 64 | 19 | 96 | (41) | 1974 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel San Diego – Mission Valley | — | — | — | 2 | 17 | — | 10 | 9 | 19 | (14) | 1989 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel San Jose | — | 15 | 67 | 5 | 26 | 15 | 82 | 15 | 112 | (47) | 1980 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel Seattle Airport | — | — | — | 11 | 30 | 1 | 13 | 27 | 41 | (34) | 1969 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel Sonoma Wine Country | — | — | — | 4 | 12 | — | 6 | 10 | 16 | (12) | 1977 | 10/24/2007 | 3 | - | 40 years |
| Embassy Suites Austin Downtown South Congress | — | — | 45 | 2 | 18 | — | 57 | 8 | 65 | (42) | 1983 | 10/24/2007 | 3 | - | 40 years |
| Hilton Boston Logan Airport | — | — | 108 | 6 | 31 | — | 130 | 15 | 145 | (61) | 1999 | 10/24/2007 | 3 | - | 40 years |
| Hilton Chicago | — | 69 | 233 | 12 | 193 | 71 | 377 | 60 | 508 | (188) | 1927 | 10/24/2007 | 3 | - | 40 years |
| Hilton Hawaiian Village Waikiki Beach Resort | 1,275 | 925 | 807 | 17 | 444 | 983 | 1,098 | 112 | 2,193 | (537) | 1961 | 10/24/2007 | 3 | - | 40 years |
| Hilton McLean Tysons Corner | — | 50 | 82 | 3 | (11) | 23 | 57 | 44 | 124 | (69) | 1987 | 10/24/2007 | 3 | - | 40 years |
| Hilton New Orleans Riverside | — | 89 | 217 | 3 | 113 | 90 | 274 | 58 | 422 | (152) | 1977 | 10/24/2007 | 3 | - | 40 years |
| Hilton Oakland Airport | — | — | 13 | 3 | 1 | — | 9 | 8 | 17 | (12) | 1970 | 10/24/2007 | 3 | - | 40 years |
| Hilton Salt Lake City Center | — | — | — | 10 | 20 | — | 8 | 22 | 30 | (25) | 2002 | 10/24/2007 | 3 | - | 40 years |
| Hilton Santa Barbara Beachfront Resort | 159 | 71 | 50 | 2 | 50 | 71 | 79 | 24 | 174 | (44) | 1986 | 10/24/2007 | 3 | - | 40 years |
| Hilton Seattle Airport & Conference Center | — | — | 70 | 3 | 16 | — | 81 | 8 | 89 | (44) | 1961 | 10/24/2007 | 3 | - | 40 years |
| Hilton Short Hills | — | 59 | 54 | 3 | (91) | 13 | 10 | 2 | 25 | (3) | 1988 | 10/24/2007 | 3 | - | 40 years |
| Hilton Waikoloa Village | — | 160 | 340 | 25 | (57) | 112 | 293 | 63 | 468 | (184) | 1988 | 10/24/2007 | 3 | - | 40 years |
| New York Hilton Midtown | — | 1,096 | 542 | 13 | 142 | 1,043 | 659 | 91 | 1,793 | (328) | 1963 | 10/24/2007 | 3 | - | 40 years |
| DoubleTree Hotel Washington DC – Crystal City | — | 43 | 95 | 2 | 51 | 43 | 128 | 20 | 191 | (73) | 1982 | 12/14/2007 | 3 | - | 40 years |
| DoubleTree Hotel Spokane City Center | 14 | 3 | 24 | 2 | 13 | 3 | 30 | 9 | 42 | (17) | 1986 | 1/1/2010 | 3 | - | 40 years |
| Hilton Orlando Lake Buena Vista | — | — | 137 | 10 | 41 | — | 157 | 31 | 188 | (80) | 1983 | 8/30/2010 | 3 | - | 40 years |
| Embassy Suites Kansas City – Plaza | — | — | 26 | 1 | 4 | — | 28 | 3 | 31 | (24) | 1973 | 7/25/2014 | 3 | - | 40 years |
| Signia by Hilton Orlando Bonnet Creek | — | 15 | 377 | 31 | 141 | 18 | 507 | 39 | 564 | (108) | 2009 | 2/12/2015 | 3 | - | 40 years |
| Waldorf Astoria Orlando | — | 34 | 274 | 29 | 63 | 36 | 322 | 42 | 400 | (106) | 2009 | 2/12/2015 | 3 | - | 40 years |
| Casa Marina Key West, Curio Collection | — | 164 | 174 | 9 | 40 | 164 | 221 | 2 | 387 | (35) | 1920 | 2/17/2015 | 3 | - | 40 years |
| The Reach Key West, Curio Collection | — | 57 | 67 | 3 | 19 | 57 | 80 | 9 | 146 | (23) | 1970 | 2/17/2015 | 3 | - | 40 years |
| Juniper Hotel Cupertino, Curio Collection | — | 40 | 64 | 8 | 2 | 40 | 66 | 8 | 114 | (21) | 1973 | 6/2/2015 | 3 | - | 40 years |
| Boston Marriott Newton | — | 24 | 74 | 15 | 3 | 24 | 76 | 16 | 116 | (20) | 1969 | 9/18/2019 | 3 | - | 40 years |
Real Estate and Accumulated Depreciation
| Initial Cost · Gross Amounts at Which Carried at Close of Period | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hotel Property · Encumbrances · Land · Building & Improvements · Furniture, Fixtures & Equipment · Costs Capitalized Subsequent to Acquisition · Land · Building & Improvements(1) · Furniture, Fixtures & Equipment · Total · Accumulated Depreciation · Date of Construction · Date Acquired(2) · Life UponWhichDepreciationis Computed | |||||||||||||||
| Hilton Checkers Los Angeles | $— | $19 | $44 | $7 | $2 | $19 | $46 | $7 | $72 | $(9) | 1927 | 9/18/2019 | 3 | - | 40 years |
| Hilton Denver City Center | 54 | 14 | 163 | 21 | 2 | 14 | 164 | 22 | 200 | (33) | 1982 | 9/18/2019 | 3 | - | 40 years |
| Hyatt Centric Fisherman’s Wharf | — | 33 | 122 | 11 | 4 | 33 | 125 | 12 | 170 | (24) | 1990 | 9/18/2019 | 3 | - | 40 years |
| Hyatt Regency Boston | 128 | — | 177 | 14 | 1 | — | 179 | 14 | 193 | (32) | 1985 | 9/18/2019 | 3 | - | 40 years |
| Hyatt Regency Mission Bay Spa and Marina | — | 5 | 118 | 15 | 5 | 6 | 121 | 16 | 143 | (26) | 1961 | 9/18/2019 | 3 | - | 40 years |
| JW Marriott San Francisco Union Square | — | — | 191 | 13 | 5 | — | 196 | 13 | 209 | (30) | 1987 | 9/18/2019 | 3 | - | 40 years |
| Royal Palm South Beach Miami, a Tribute Portfolio Resort | — | 16 | 139 | 12 | 8 | 16 | 146 | 13 | 175 | (26) | 1926 | 9/18/2019 | 3 | - | 40 years |
| W Chicago – City Center | — | 20 | 76 | 14 | 2 | 20 | 78 | 14 | 112 | (17) | 1928 | 9/18/2019 | 3 | - | 40 years |
| W Chicago – Lakeshore | — | 22 | 58 | 8 | 3 | 22 | 60 | 9 | 91 | (15) | 1965 | 9/18/2019 | 3 | - | 40 years |
| Total | $1,660 | $3,095 | $5,142 | $361 | $1,475 | $2,990 | $6,151 | $934 | $10,075 | $(2,620) | |||||
(1)Includes amounts classified as construction-in-progress.
(2)On October 24, 2007, a predecessor to our Parent became a wholly owned subsidiary of an affiliate of The Blackstone Group L.P. following the completion of the Blackstone Merger.
Real Estate and Accumulated Depreciation—(continued)
Notes:
(A)The change in total cost of properties for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions) | |||
| Balance at beginning of period | $11,008 | $11,010 | $11,376 |
| Additions during period: | |||
| Capital expenditures | 307 | 188 | 62 |
| Transfer to real estate assets(1) | — | — | 83 |
| Deductions during period: | |||
| Dispositions, including casualty losses and impairment loss on planned dispositions | (199) | (190) | (511) |
| Derecognition of assets(2) | (1,041) | — | — |
| Balance at end of period | $10,075 | $11,008 | $11,010 |
(1)During 2021, four of our hotels that were previously managed by us were transitioned to a third-party hotel management company.
(2)For the year ended December 31, 2023, represents the derecognition of the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels.
(B)The change in accumulated depreciation for the fiscal years ended December 31, 2023, 2022 and 2021 is as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions) | |||
| Balance at beginning of period | $2,712 | $2,504 | $2,241 |
| Additions during period: | |||
| Depreciation expense | 254 | 267 | 280 |
| Transfer to real estate assets(1) | — | — | 30 |
| Deductions during period: | |||
| Dispositions, including casualty losses and impairment loss on planned dispositions | (68) | (59) | (47) |
| Derecognition of assets(2) | (278) | — | — |
| Balance at end of period | $2,620 | $2,712 | $2,504 |
(1)During 2021, four of our hotels that were previously managed by us were transitioned to a third-party hotel management company.
(2)For the year ended December 31, 2023, represents the derecognition of the Hilton San Francisco Hotels from our consolidated balance sheet in October 2023, when the receiver took control of the hotels.
(C)The aggregate cost of real estate for U.S. federal income tax purposes is approximately $5.662 billion as of December 31, 2023.
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