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

3 Months Ended

Mar. 31, 2023

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

	March 31, 2023		December 31, 2022
	(in millions)
Property and equipment, net	$	208	$	208
Cash and cash equivalents		14		21
Restricted cash		2		2
Accounts receivable, net		5		4
Prepaid expenses		2		2
Debt		204		205
Accounts payable and accrued expenses		9		8
Due to hotel manager		1		2
Other liabilities		4		4

Unconsolidated Entities

Four of our hotels are owned by unconsolidated joint ventures in which we hold an interest, are accounted for under the equity method and had total debt of approximately $721 million as of both March 31, 2023 and December 31, 2022. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.