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PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended
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Dec. 31, 2022
Property, plant and equipment [abstract] |
Disclosure of detailed information about property, plant and equipment | The following table presents the useful lives of each hospitality asset by class:
Hospitality assets by class | Useful life (in years)
Building and building improvements | 2 to 50 +
Land improvements | 15
Furniture, fixtures and equipment | 1 to 20
The following table presents the change to the components of the partnership’s hospitality assets from the beginning of the year:
(US$ Millions) | Dec. 31, 2022 | Dec. 31, 2021
Cost: |  |
Balance, beginning of year | $ | 5,723 |  | $ | 5,575 |
Additions | 203 |  | 1,885 |
Disposals | (47) |  | (323) |
Foreign currency translation | (363) |  | (83) |
Manager Reorganization(1) | 3,298 |  | — |
Impact of deconsolidation due to loss of control and other(2) | 236 |  | (1,331) |
| 9,050 |  | 5,723 |
Accumulated fair value changes: |  |
Balance, beginning of year | 763 |  | 488 |
Revaluation gains (losses) gains, net | 727 |  | 930 |
Impact of deconsolidation due to loss of control and other(2) | 29 |  | (593) |
Disposals | (1) |  | (65) |
Provision for impairment | (93) |  | 7 |
Foreign currency translation | (49) |  | (4) |
| 1,376 |  | 763 |
Accumulated depreciation: |  |
Balance, beginning of year | (863) |  | (828) |
Depreciation | (279) |  | (294) |
Disposals | 44 |  | 84 |
Foreign currency translation | 76 |  | 13 |
Impact of deconsolidation due to loss of control and other(2) | (3) |  | 162 |
| (1,025) |  | (863) |
Total property, plant and equipment(2) | $ | 9,401 |  | $ | 5,623 |
(1)See Note 32, Related Parties for further information on the Manager Reorganization. (2)The current year reflects the reclassification of a mixed-use asset out of assets held for sale, and the reclassification of a student housing asset to held for sale. The prior year includes the reclassification of a hospitality portfolio to held for sale.. (3)Includes right-of-use assets of $393 million (December 31, 2021 - $204 million).
Disclosure of detailed information about business combinations | The following table summarizes the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed, in addition to the consideration paid in connection with this business combination:
(US$ Millions) | Hospitality Investors Trust
Cash and cash equivalents | $ | 50 |
Accounts receivable and other | 74 |
Equity accounted investments | 7 |
Property, plant and equipment | 1,727 |
Total assets | 1,858 |
Less: |
Debt obligations | (1,319) |
Accounts payable and other | (75) |
Net assets acquired | $ | 464 |
Consideration(1) | $ | 464 |
(1) Consideration includes $8 million of contingent consideration, with the balance related to the fair value of the partnership’s forfeited preferred equity interest.

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