Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates

12 Months Ended

Dec. 31, 2021

Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]

Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates

Note 5: Consolidated Variable Interest Entities ("VIEs") and Investments in Affiliates

Consolidated VIEs

We consolidate VIEs that own three hotels in the U.S. We are the primary beneficiary of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. The assets of our VIEs are only available to settle the obligations of these entities. Our consolidated balance sheets include the following assets and liabilities of these entities:

	December 31,
	2021		2020
	(in millions)
Property and equipment, net	$	209	$	216
Cash and cash equivalents		18		8
Restricted cash		6		2
Accounts receivable, net		3		1
Prepaid expenses		1		1
Other assets		—		1
Debt		208		207
Accounts payable and accrued expenses		7		5
Due to hotel managers		1		—
Other liabilities		3		1

Unconsolidated Entities

Investments in affiliates were:

		December 31,
	Ownership %	2021		2020
		(in millions)
Hilton San Diego Bayfront	25%		11		11
All others (5 and 6 hotels)(1)	20% - 50%		4		3
		$	15	$	14

(1) The ground lease for the Embassy Suites Secaucus Meadowlands expired on October 31, 2021 and the property was turned over to the ground lessor on that date.

The affiliates in which we own investments accounted for under the equity method had total debt of approximately $943 million as of December 31, 2021 and 2020, respectively. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.