RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

Equity Method Investments

We have equity method investments in entities that own or lease properties for which we provide management services and receive fees. In addition, in some cases we provide loans, preferred equity, or guarantees to these entities.

The following table presents Income Statement data resulting from transactions with these related parties. This table does not include our Financial Statement captions with insignificant related party activity.


($ in millions)	2022		2021		2020




Cost reimbursement revenue	$	104	$	104	$	107


Reimbursed expenses	(104)		(105)		(110)



Equity in earnings (losses)	18		(24)		(141)

The carrying amount of our equity method investments was $335 million at year-end 2022 and $387 million at year-end 2021. This value exceeded our share of the book value of the investees’ net assets by $238 million at year-end 2022 and $257 million at year-end 2021, primarily due to the value that we assigned to land, contracts, and buildings owned by the investees.

In 2020, we recorded impairment charges of $77 million in the “Equity in earnings (losses)” caption of our Income Statements to reduce the carrying amount of certain investments, primarily due to the impact of COVID-19, most of which we recorded in our U.S. & Canada business segment.

Other Related Parties

We earned management fees of approximately $11 million in 2022, $6 million in 2021, and $3 million in 2020, plus reimbursement of certain expenses, from our operation of properties in which JWM Family Enterprises, L.P., which is beneficially owned and controlled by J.W. Marriott, Jr., Deborah Marriott Harrison, David S. Marriott, and other members of the Marriott family, indirectly holds varying percentages of ownership. We earned gross fee revenues of approximately $4 million in 2022 and $1 million in 2021, plus reimbursement of certain expenses, and no revenues in 2020 from managed and franchised properties in which other members of the Marriott family hold varying interests.