Investments in Affiliates (Tables)

12 Months Ended

Dec. 31, 2016

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

We own investments in joint ventures that are accounted for under the equity method of accounting. The debt of the European, Hyatt Place, Harbor Beach and Philadelphia Marriott Downtown joint ventures is non-recourse to, and not guaranteed by, us, and a default of the debt does not trigger a default under any of our debt. As of December 31, 2016, 100% of the $9 million construction loan for the Maui JV is jointly and severally guaranteed by the partners of the joint venture. Investments in affiliates consist of the following (in millions):

	As of December 31, 2016
	Ownership Interests			Our Investment			Our Portion of Debt		Total Debt		Distributions received in 2016 ⁽¹⁾		Assets
Euro JV	32.1 - 33.4		%	$	227		$	236	$	744	$	18	Ten hotels in Europe
Asia/Pacific JV ⁽²⁾		25	%		17			—		—		9	A 36% interest in five operating hotels and two hotels in final stages of completion in India
Maui JV		67	%		81			27		41		—	131-unit vacation ownership project in Maui, HI
Hyatt Place JV ⁽³⁾		50	%		(12	)		30		60		17	One hotel in Nashville, TN
Harbor Beach JV		49.9	%		(24	)		75		149		6	One hotel in Fort Lauderdale, FL
Philadelphia Marriott Downtown JV		11	%		(6	)		24		221		2	One hotel in Philadelphia, PA
Fifth Wall Ventures					3			—		—		—	Real estate industry technology investment
Total				$	286		$	392	$	1,215	$	52

	As of December 31, 2015
	Ownership Interests			Our Investment			Our Portion of Debt		Total Debt		Distributions received in 2015 ⁽¹⁾		Assets
Euro JV ⁽⁴⁾	32.1 - 33.4		%	$	251		$	252	$	797	$	115	Ten hotels in Europe
Asia/Pacific JV		25	%		25			—		—		—	A 36% interest in five operating hotels and two hotels under development in India
Maui JV		67	%		72			45		68		—	131-unit vacation ownership project in Maui, HI
Hyatt Place JV		50	%		3			15		31		8	One hotel in Nashville, TN
Harbor Beach JV		49.9	%		(21	)		75		149		8	One hotel in Fort Lauderdale, FL
Philadelphia Marriott Downtown JV		11	%		(6	)		25		224		2	One hotel in Philadelphia, PA
Total				$	324		$	412	$	1,269	$	133
___________

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

(2)	Distributions received from the Asia/Pacific JV in 2016 were primarily related to the sale of the Four Points by Sheraton Perth in 2015.

(3)	Distributions received from the Hyatt Place JV include $14 million of loan refinancing proceeds.

(4)	Ninety-two percent of the 2015 distributions received from the Euro JV were funded by proceeds from the disposition of nine hotels, discussed below, while the remaining was funded with cash from operations.

Combined Summarized Balance Sheet Information

Combined Financial Information of Unconsolidated Investees

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

	As of December 31,
	2016		2015
Property and equipment, net	$	1,634	$	1,708
Timeshare inventory		137		157
Other assets		514		538
Total assets	$	2,285	$	2,403
Debt	$	1,215	$	1,269
Other liabilities		319		302
Equity		751		832
Total liabilities and equity	$	2,285	$	2,403

Combined Summarized Operating Results For Affiliates

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

	Year ended December 31,
	2016			2015			2014
Total revenues	$	599		$	769		$	810
Operating expenses
Expenses		(437	)		(558	)		(577	)
Depreciation and amortization		(73	)		(84	)		(99	)
Operating profit		89			127			134
Interest income		5			3			—
Interest expense		(57	)		(80	)		(86	)
Gain (loss) on dispositions		(2	)		141			12
Net income	$	35		$	191		$	60