Investments in Affiliates

12 Months Ended

Dec. 31, 2020

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

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 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, 2020
	Ownership Interests			Our Investment			Our Portion of Debt		Total Debt		Distributions received in 2020 ⁽¹⁾		Assets
Asia/Pacific JV		25	%	$	10		$	—	$	—	$	—	A 36% interest in seven hotels and an office building in India
Maui JV		67	%		46			18		27		10	131-unit vacation ownership project in Maui, HI
Hyatt Place JV		50	%		(13	)		30		60		—	One hotel in Nashville, TN
Harbor Beach JV		49.9	%		(39	)		75		150		—	One hotel in Fort Lauderdale, FL
Philadelphia Marriott Downtown JV		11	%		(7	)		22		205		—	One hotel in Philadelphia, PA
Other investments					24			—		—		—
Total				$	21		$	145	$	442	$	10

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

In 2020, our Maui timeshare joint venture recorded a $21 million impairment expense, of which our share was $14 million, on its inventory of timeshare units. This impairment expense is reflected through equity in (earnings) losses of affiliates on our consolidated statements of operations.