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Contingencies
3 Months Ended
Mar. 31, 2024
Loss Contingency [Abstract]  
Contingencies Contingencies
While the majority of our hotels in Florida were affected by Hurricane Ian, which made landfall on September 28, 2022, the most significant damage sustained during the storm occurred at The Ritz-Carlton, Naples and Hyatt Regency Coconut Point Resort and Spa. The Hyatt Regency Coconut Point reopened to guests in November 2022, with the final phase of reconstruction, the resort's waterpark, completed in June 2023. On July 6, 2023, The Ritz-Carlton, Naples reopened the guestrooms, suites and amenities, including the new tower expansion.
Our current estimate of the book value of the property and equipment written off and remediation costs is approximately $130 million, for which we recorded a corresponding insurance receivable. As of March 31, 2024, we have received $244 million of insurance proceeds related to these claims, of which $130 million reduced our receivable to zero and, during the first quarter, $10 million of these proceeds were recognized as a gain on business interruption and $21 million was recognized as a gain on property insurance, which are both included in gain on insurance settlements on our unaudited condensed consolidated statements of operations. Subsequent to quarter end, we received an additional $19 million of insurance proceeds.