Investments in Affiliates

12 Months Ended

Dec. 31, 2019

Investments In And Advances To Affiliates Schedule Of Investments [Abstract]

Investments in Affiliates

4.Investments in Affiliates

We own investments in joint ventures for which the equity method of accounting is used. The debt of our joint ventures 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 balance. However, the negative balances do not represent funding obligations for us or our partners. Investments in affiliates consist of the following (in millions):

	As of December 31, 2019
	Ownership Interests			Our Investment			Our Portion of Debt		Total Debt		Distributions received in 2019 (1)		Assets
Asia/Pacific JV		25	%	$	12		$	—	$	—	$	—	A 36% interest in seven hotels and an office building in India
Maui JV		67	%		72			17		26		—	131-unit vacation ownership project in Maui, HI
Hyatt Place JV		50	%		(13	)		30		60		2	One hotel in Nashville, TN
Harbor Beach JV		49.9	%		(32	)		75		150		9	One hotel in Fort Lauderdale, FL
Philadelphia Marriott      Downtown JV		11	%		(6	)		23		209		1	One hotel in Philadelphia, PA
Other investments					23			—		—		—
Total				$	56		$	145	$	445	$	12

	As of December 31, 2018
	Ownership Interests			Our Investment			Our Portion of Debt		Total Debt		Distributions received in 2018 (1)		Assets
Asia/Pacific JV		25	%	$	14		$	—	$	—	$	—	A 36% interest in seven hotels and an office building in India
Maui JV		67	%		70			22		32		17	131-unit vacation ownership project in Maui, HI
Hyatt Place JV		50	%		(13	)		30		60		3	One hotel in Nashville, TN
Harbor Beach JV		49.9	%		(30	)		75		150		8	One hotel in Fort Lauderdale, FL
Philadelphia Marriott      Downtown JV		11	%		(6	)		23		213		2	One hotel in Philadelphia, PA
Other investments					13			—		—		—
Total				$	48		$	150	$	455	$	30
___________

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

European Joint Venture

On December 21, 2018 we sold our approximate one-third interest in the Euro JV to the existing partners thereof, APG Strategic Real Estate Pool NV, an affiliate of a Dutch Pension Fund, and Jasmine Hotels Pte Ltd, an affiliate of the real estate investment company of the Government of Singapore Investment Corporation Pte Ltd (“GIC RE”). We received net proceeds of approximately €435 million ($496 million) and recorded a gain on sale of approximately $238 million. A portion of the proceeds was used to repay the €207 million ($237 million) draw on the credit facility.