Investments in Affiliates

12 Months Ended

Dec. 31, 2023

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

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, 2023
	Ownership Interests		Our Investment		Our Portion of Debt		Total Debt		Distributions received in 2023 ⁽¹⁾		Assets
Asia/Pacific JV	25	%	$	9	$	—	$	—	$	—	A 36% interest in seven hotels and an office building in India
Maui JV	67	%	28		16		23		8		131-unit vacation ownership project in Maui, HI
Hyatt Place JV	50	%	(15)		30		60		2		One hotel in Nashville, TN
Harbor Beach JV	49.9	%	(45)		75		150		11		One hotel in Fort Lauderdale, FL
Philadelphia Marriott Downtown JV⁽²⁾	11	%	(8)		23		213		6		One hotel in Philadelphia, PA
Noble JV	21.15 - 49%		121		64		300		7		Asset management and general partner of real estate fund; select-service and extended stay hotels in the United States
Fifth Wall Ventures			28		—		—		2		Real estate industry technology investment
Other investments			8		—		—		—
Total			$	126	$	208	$	746	$	36


	As of December 31, 2022
	Ownership Interests		Our Investment		Our Portion of Debt		Total Debt		Distributions received in 2022 ⁽¹⁾		Assets
Asia/Pacific JV	25	%	$	8	$	—	$	—	$	—	A 36% interest in seven hotels and an office building in India
Maui JV	67	%	38		16		24		11		131-unit vacation ownership project in Maui, HI
Hyatt Place JV	50	%	(15)		30		60		5		One hotel in Nashville, TN
Harbor Beach JV	49.9	%	(39)		75		150		8		One hotel in Fort Lauderdale, FL
Philadelphia Marriott Downtown JV	11	%	(6)		21		195		—		One hotel in Philadelphia, PA
Noble JV	19 - 49%		107		63		329		3		Asset management and general partner of real estate fund; select-service and extended stay hotels in the United States
Fifth Wall Ventures			31		—		—		3		Real estate industry technology investment
Other investments			8		—		—		—
Total			$	132	$	205	$	758	$	30

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

(2)Distributions received from Philadelphia Marriott Downtown JV in 2023 include $5 million related to loan refinancing proceeds.

As part of our investment in the Noble JV, we have made a $211.5 million capital commitment to Noble Hospitality Fund V, L.P., which represents a 21.15% ownership interest in the fund. As of December 31, 2023, we have funded $33 million to this fund.