Finite-Lived Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Management and Franchise Contracts

Management and franchise contracts, net were as follows:

	June 30, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
	(in millions)
Management contracts recorded at Merger(1)	$	296	$	(272)	$	24
Contract acquisition costs	920		(186)		734
Development commissions and other	144		(29)		115
	$	1,360	$	(487)	$	873

	December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
	(in millions)
Management contracts recorded at Merger(1)	$	310	$	(275)	$	35
Contract acquisition costs	780		(170)		610
Development commissions and other	140		(27)		113
	$	1,230	$	(472)	$	758

____________

(1)Represents intangible assets that were initially recorded at fair value as part of the 2007 transaction whereby we became a wholly owned subsidiary of affiliates of Blackstone Inc. (the "Merger").

Amortization of Finite-Lived Intangible Assets

Amortization of our finite-lived intangible assets was as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
	(in millions)
Recognized in depreciation and amortization expenses(1)	$	29	$	33	$	61	$	71
Recognized as a reduction of franchise and licensing fees and base and other management fees	10		7		18		14

____________

(1)Includes amortization expense associated with assets that were initially recorded at fair value at the time of the Merger of $11 million and $12 million for the three months ended June 30, 2022 and 2021, respectively, and $23 million and $24 million for the six months ended June 30, 2022 and 2021, respectively.