We own investments in joint ventures for which the equity method of accounting is used. The debt of our joint ventures, if any, is non-recourse to, and not guaranteed by, us, and a default of such debt does not trigger a default under any of our debt instruments. We carry our investments at historical cost which, due to debt restructurings or distributions, may result in a negative investment balance. However, a negative investment balance does not represent a funding obligation for us or for our partners. Investments in affiliates consist of the following (in millions):


	As of December 31, 2022
	Ownership Interests			Our Investment			Our Portion of Debt		Total Debt		Distributions received in 2022 ⁽¹⁾		Assets
Asia/Pacific JV		25	%	$	8		$	—	$	—	$	—	A 36% interest in seven hotels and an office building in India
Maui JV		67	%		38			16		24		11	131-unit vacation ownership project in Maui, HI
Hyatt Place JV		50	%		(15	)		30		60		5	One hotel in Nashville, TN
Harbor Beach JV		49.9	%		(39	)		75		150		8	One hotel in Fort Lauderdale, FL
Philadelphia Marriott Downtown JV		11	%		(6	)		21		195		—	One hotel in Philadelphia, PA
Noble JV	19 - 49%				107			63		329		3	Asset management and general partner of real estate fund; select-service and extended stay hotels in the United States
Fifth Wall Ventures					31			—		—		3	Real estate industry technology investment
Other investments					8			—		—		—
Total				$	132		$	205	$	758	$	30


	As of December 31, 2021
	Ownership Interests			Our Investment			Our Portion of Debt		Total Debt		Distributions received in 2021 ⁽¹⁾		Assets
Asia/Pacific JV		25	%	$	7		$	—	$	—	$	—	A 36% interest in seven hotels and an office building in India
Maui JV		67	%		44			17		25		10	131-unit vacation ownership project in Maui, HI
Hyatt Place JV		50	%		(11	)		30		60		—	One hotel in Nashville, TN
Harbor Beach JV		49.9	%		(39	)		75		150		6	One hotel in Fort Lauderdale, FL
Philadelphia Marriott Downtown JV		11	%		(7	)		22		201		—	One hotel in Philadelphia, PA
Fifth Wall Ventures					42			—		—		5	Real estate industry technology investment
Other investments					6			—		—		—
Total				$	42		$	144	$	436	$	21

___________

(1)

Distributions received were funded by cash from operations unless otherwise noted.

On January 20, 2022 we entered into definitive agreements with Noble Investment Group, LLC, and certain other entities and persons related to Noble Investment Group, LLC. We invested an aggregate of $35 million of cash and issued approximately $56 million of Host L.P. OP units to acquire a minority equity interest in Noble Management Holdings, LLC and Noble Investment Holdings, LLC representing 49% of (a) the net fee income of the Noble Investment Group business in respect of existing and future Noble Investment Group funds and other revenue-based activities, (b) 40% of the gross carried interest earned on the funds formed after closing, and (c) proceeds earned by the general partner on commitments to future funds. As part of our investment, we have made a $150 million capital commitment to the next Noble fund.

Upon certain triggers being met, we have the ability to acquire up to 100% of Noble Management Holdings, LLC and Noble Investment Holdings, LLC. To the extent certain triggers are met and we have not exercised our call right, Noble Investment Group, LLC has a one-time ability, but not the obligation, to exercise its put right to cause us to purchase up to an additional 26% of Noble Management Holdings, LLC and Noble Investment Holdings, LLC.