Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Investments in Affiliates

Investments in affiliates consist of the following (in millions):

	As of December 31, 2012
	Ownership Interests			Our Investment		Our Portion 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 in Nashville, Tennessee
Total				$	347	$	461	$	1,414
	As of December 31, 2011
	Ownership Interests			Our Investment		Our Portion of Debt		Total Debt		Assets
Euro JV		32.1%—33.4	%	$	182	$	328	$	1,018	Thirteen hotels in Europe
Asia/Pacific JV		25	%		15		—		—	36% interest in the development of seven hotels in India
Total				$	197	$	328	$	1,018

Combined Summarized Balance Sheet Information

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

	As of December 31,
	2012		2011
Property and equipment, net	$	2,289	$	1,506
Other assets		312		205
Total assets	$	2,601	$	1,711
Debt	$	1,414	$	1,018
Other liabilities		164		109
Equity		1,023		584
Total liabilities and equity	$	2,601	$	1,711

Combined Summarized Operating Results For Affiliates

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

	Year ended December 31,
	2012			2011			2010
Total revenues	$	428		$	381		$	291
Operating expenses
Expenses		(346	)		(294	)		(218	)
Depreciation and amortization		(56	)		(46	)		(41	)
Operating profit		26			41			32
Interest expense		(43	)		(43	)		(44	)
Net loss	$	(17	)	$	(2	)	$	(12	)