Item 2. Properties

Hotel Properties

Owned or Controlled Hotels

As of December 31, 2015, we owned a majority or controlling financial interest in the following 56 hotels, representing 29,269 rooms.

Joint Venture Hotels

As of December 31, 2015, we had a minority or noncontrolling financial interest in and operated the following 17 properties, representing 8,186 rooms. We have a right of first refusal to purchase additional equity interests in certain of these joint ventures. We manage each of the hotels for the entity owning or leasing the hotel.

Leased Hotels

As of December 31, 2015, we leased the following 73 hotels, representing 22,008 rooms.

Corporate Headquarters and Regional Offices

Our corporate headquarters are located at 7930 Jones Branch Drive, McLean, Virginia 22102. These offices consist of approximately 180,464 square feet of leased space. The lease for this property initially expires on December 31, 2019, with options to renew and increase the rentable square footage. We also have corporate offices in Watford, England (Europe), Dubai, United Arab Emirates (Middle East and Africa) and Singapore (Asia Pacific). Additionally, to support our operations, we have our Hilton HHonors and other commercial services office in Addison, Texas, the Hilton Grand Vacations headquarters in Orlando, Florida and timeshare sales offices in the U.S. in Hawaii, Nevada, New York, Florida, South Carolina and Utah and in Japan and South Korea.

Other non-operating real estate holdings include a centralized operations center located in Memphis, Tennessee, and our Hilton Reservations and Customer Care office in Carrollton, Texas.

We believe that our existing office properties are in good condition and are sufficient and suitable for the conduct of our business. In the event we need to expand our operations, we believe that suitable space will be available on commercially reasonable terms.