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

12 Months Ended

Dec. 31, 2019

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 three VIEs that own 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, 2019		December 31, 2018
	(in millions)
Property and equipment, net	$	221	$	223
Cash and cash equivalents		13		12
Restricted cash		1		1
Accounts receivable, net		5		4
Prepaid expenses		2		2
Debt		207		207
Accounts payable and accrued expenses		8		7
Due to hotel manager		2		2
Other liabilities		2		1

During the years ended December 31, 2019 and 2018, we did not provide any financial or other support to these VIEs that we were not previously contractually required to provide, nor do we intend to provide any such support in the future.

Unconsolidated Entities

Investments in affiliates were:

	Ownership %	December 31, 2019		December 31, 2018
		(in millions)
Hilton San Diego Bayfront	25%	$	18	$	19
All others (6 hotels)(1)	20% - 50%		17		31
		$	35	$	50

⁽¹⁾ In November 2019, we disposed of our ownership interest in the Conrad Dublin. Refer to Note 3: “Acquisitions, Dispositions and Assets Held for Sale” for additional information.

The affiliates in which we own investments accounted for under the equity method had total debt of approximately $943 million and $955 million as of December 31, 2019 and 2018, respectively. Substantially all the debt is secured solely by the affiliates’ assets or is guaranteed by other partners without recourse to us.