Equity Investments

We hold equity investments in entities that own or lease properties that we manage. The following tables summarize amounts included in our consolidated financial statements related to these management agreements:


	December 31,
	2016		2015
	(in millions)
Balance Sheets
Assets:
Accounts receivable, net	$	4	$	8
Management and franchise contracts, net		20		20
Liabilities:
Accounts payable, accrued expenses and other		1		2


	Year Ended December 31,
	2016		2015		2014
	(in millions)
Statements of Operations
Revenues:
Franchise fees	$	1	$	1	$	1
Base and other management fees		8		6		6
Incentive management fees		4		2		1
Other revenues from managed and franchised properties		21		31		32
Expenses:
Other expenses from managed and franchised properties		21		31		32
Statements of Cash Flows
Investing Activities:
Contract acquisition costs		—		4		—

The Blackstone Group

Blackstone directly and indirectly owns or controls hotels that we manage or franchise and for which we receive fees in connection with the management and franchise agreements. Our maximum exposure to loss related to these hotels is limited to the amounts discussed below; therefore, our involvement with these hotels does not expose us to additional variability or risk of loss. The following tables summarize amounts included in our consolidated financial statements related to these management and franchise agreements:


	December 31,
	2016		2015
	(in millions)
Balance Sheets
Assets:
Accounts receivable, net	$	18	$	21
Management and franchise contracts, net		13		16
Liabilities:
Accounts payable, accrued expenses and other		8		9


	Year Ended December 31,
	2016		2015		2014
	(in millions)
Statements of Operations
Revenues:
Franchise fees	$	29	$	34	$	33
Base and other management fees		10		11		23
Incentive management fees		3		3		4
Other revenues from managed and franchised properties		144		160		293
Expenses:
Depreciation and amortization		1		—		—
Other expenses from managed and franchised properties		144		160		293
Statements of Cash Flows
Investing Activities:
Contract acquisition costs		—		—		7