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

3 Months Ended

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

	March 31, 2021		December 31, 2020
	(in millions)
Property and equipment, net	$	214	$	216
Cash and cash equivalents		9		8
Restricted cash		2		2
Accounts receivable, net		2		1
Prepaid expenses		1		1
Other assets		—		1
Debt		207		207
Accounts payable and accrued expenses		6		5
Other liabilities		2		1

Unconsolidated Entities

Investments in affiliates were:

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

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