Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2011

Summary of Investments in Affiliates

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

	As of December 31, 2011
	Ownership Interests			Our Investment		Debt		Assets
Asia Pacific Hospitality Venture Pte. Ltd.		25.0	%	$	15	$	—	36% interest in the development of seven hotels in India
HHR Euro CV Fund I		32.1	%		141		899	Eleven hotels in Europe
HHR Euro CV Fund II		33.4	%		41		119	Two hotels in Europe
Total				$	197	$	1,018

	As of December 31, 2010
	Ownership Interests			Our Investment			Debt		Assets
Asia Pacific Hospitality Venture Pte. Ltd.		25.0	%	$	(1	)	$	—	None
HHR Euro CV		32.1	%		135			945	Eleven hotels located in Europe
Tiburon Golf Ventures, L.P.		49.0	%		14			—	36-hole golf club
Total				$	148		$	945

Combined Summarized Balance Sheet Information

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

	As of December 31,
	2011		2010
Property and equipment, net	$	1,506	$	1,376
Other assets		205		132
Total assets	$	1,711	$	1,508
Debt	$	1,018	$	945
Other liabilities		109		142
Equity		584		421
Total liabilities and equity	$	1,711	$	1,508

Combined Summarized Operating Results For Affiliates

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

	Year ended December 31,
	2011			2010			2009
Total revenues	$	381		$	291		$	360
Operating expenses
Expenses		(294	)		(218	)		(274	)
Depreciation and amortization		(46	)		(41	)		(39	)
Operating profit		41			32			47
Interest income		—			—			3
Interest expense		(43	)		(44	)		(53	)
Net loss	$	(2	)	$	(12	)	$	(3	)