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, 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


	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
Fifth Wall Ventures					21			—		—		—	Real estate industry technology investment
Other investments					3			—		—		—
Total				$	21		$	145	$	442	$	10

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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.

Subsequent to year-end, 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 non-voting 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 beginning as of closing, and (c) proceeds received from general partner 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.