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

3 Months Ended

Mar. 31, 2022

Consolidated Variable Interest Entities And Investments In Affiliates [Abstract]

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

Note 4: 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 condensed consolidated balance sheets include the following assets and liabilities of these entities:

	March 31, 2022		December 31, 2021
	(in millions)
Property and equipment, net	$	208	$	209
Cash and cash equivalents		19		18
Restricted cash		8		6
Accounts receivable, net		3		3
Prepaid expenses		2		1
Debt		206		208
Accounts payable and accrued expenses		8		7
Due to hotel manager		1		1
Other liabilities		4		3

Unconsolidated Entities

Investments in affiliates were:

	Ownership %	March 31, 2022		December 31, 2021
		(in millions)
Hilton San Diego Bayfront	25%	$	12	$	11
All others (5 hotels)	20% - 50%		4		4
		$	16	$	15

The affiliates in which we own investments accounted for under the equity method had total debt of approximately $942 million and $943 million as of March 31, 2022 and December 31, 2021, respectively. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.