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

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
	(in millions)
Property and equipment, net	$	208	$	209
Cash and cash equivalents		21		18
Restricted cash		2		6
Accounts receivable, net		4		3
Prepaid expenses		2		1
Debt		205		208
Accounts payable and accrued expenses		8		7
Due to hotel manager		2		1
Other liabilities		4		3

Unconsolidated Entities

Investments in affiliates were:

		December 31,
	Ownership %	2022		2021
		(in millions)
Hilton San Diego Bayfront(1)	25%		—		11
All others (4 and 5 hotels)(2)	20% - 50%		1		4
		$	1	$	15

(1) In June 2022, we sold our ownership interests in the joint ventures that own and operate the Hilton San Diego Bayfront. Refer to Note 3: "Dispositions and Acquisitions" for additional information.

(2) In October 2022, the joint ventures that own and operate the DoubleTree Hotel Las Vegas Airport sold the hotel. Refer to Note 3: "Dispositions and Acquisitions" for additional information.

The affiliates in which we own investments accounted for under the equity method had total debt of approximately $721 and $943 million as of December 31, 2022 and 2021, respectively. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.