Investment in Affiliates (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Investments in Affiliates

We own investments in joint ventures that are accounted for under the equity method of accounting. The debt of the Euro JV and Asia/Pacific JV is non-recourse to, and not guaranteed by, us. The debt of the Maui JV and Hyatt Place JV is jointly and severally guaranteed by the partners of the joint ventures. Investments in affiliates consist of the following (in millions):

	As of December 31, 2013
	Ownership			Our		Our Portion
	Interests			Investment		of Debt		Total Debt		Assets
Euro JV	32.1% - 33.4		%	$	374	$	444	$	1,363	Nineteen hotels in Europe
Asia/Pacific JV		25	%		20		10		39	One hotel in Australia and a 36% interest in two operating hotels and five hotels under development in India
Maui JV		67	%		16		34		50	131-unit vacation ownership project in Maui, Hawaii
Hyatt Place JV		50	%		5		12		24	One hotel in Nashville, Tennessee
Total				$	415	$	500	$	1,476

	As of December 31, 2012
	Ownership			Our		Our Portion
	Interests			Investment		of Debt		Total Debt		Assets
Euro JV	32.1% - 33.4		%	$	305	$	443	$	1,360	Nineteen hotels in Europe
Asia/Pacific JV		25	%		22		11		44	One hotel in Australia and a 36% interest in two operating hotels and five hotels under development in India
Maui JV		67	%		15		7		10	131-unit vacation ownership project in Maui, Hawaii
Hyatt Place JV		50	%		5		—		—	One hotel under development in Nashville, Tennessee
Total				$	347	$	461	$	1,414

Combined Summarized Balance Sheet Information

Combined Financial Information of Unconsolidated Investees

Combined summarized balance sheet information for our affiliates is as follows (in millions):

	As of December 31,
	2013		2012
Property and equipment, net	$	2,480	$	2,289
Other assets		376		312
Total assets	$	2,856	$	2,601
Debt	$	1,476	$	1,414
Other liabilities		135		164
Equity		1,245		1,023
Total liabilities and equity	$	2,856	$	2,601

Combined Summarized Operating Results For Affiliates

Combined summarized operating results for our affiliates is as follows (in millions):

	Year ended December 31,
	2013			2012			2011
Total revenues	$	617		$	428		$	381
Operating expenses
Expenses		(473	)		(346	)		(294	)
Depreciation and amortization		(112	)		(56	)		(46	)
Operating profit		32			26			41
Interest expense		(59	)		(43	)		(43	)
Gain on disposition		2			—			—
Net loss	$	(25	)	$	(17	)	$	(2	)