host hotels & resorts , inc. , host hotels & resorts , l.p. , and subsidiaries notes to consolidated financial statements 1 . summary of significant accounting policies description of business host hotels & resorts , inc . operates as a self-managed and self-administered real estate investment trust , or reit , with its operations conducted solely through host hotels & resorts , l.p . host hotels & resorts , l.p. , a delaware limited partnership , operates through an umbrella partnership structure , with host hotels & resorts , inc. , a maryland corporation , as its sole general partner . in the notes to the consolidated financial statements , we use the terms 201cwe 201d or 201cour 201d to refer to host hotels & resorts , inc . and host hotels & resorts , l.p . together , unless the context indicates otherwise . we also use the term 201chost inc . 201d to refer specifically to host hotels & resorts , inc . and the term 201chost l.p . 201d to refer specifically to host hotels & resorts , l.p . in cases where it is important to distinguish between host inc . and host l.p . host inc . holds approximately 99% ( 99 % ) of host l.p . 2019s partnership interests , or op units . consolidated portfolio as of december 31 , 2018 , the hotels in our consolidated portfolio are in the following countries: .
as of december 31 , 2018what was the percent of the hotels in our consolidated portfolio in the us
basis of presentation and principles of consolidation the accompanying consolidated financial statements include the consolidated accounts of host inc. , host l.p . and their subsidiaries and controlled affiliates , including joint ventures and partnerships . we consolidate subsidiaries when we have the ability to control them . for the majority of our hotel and real estate investments , we consider those control rights to be ( i ) approval or amendment of developments plans , ( ii ) financing decisions , ( iii ) approval or amendments of operating budgets , and ( iv ) investment strategy decisions . we also evaluate our subsidiaries to determine if they are variable interest entities ( 201cvies 201d ) . if a subsidiary is a vie , it is subject to the consolidation framework specifically for vies . typically , the entity that has the power to direct the activities that most significantly impact economic performance consolidates the vie . we consider an entity to be a vie if equity investors own an interest therein that does not have the characteristics of a controlling financial interest or if such investors do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support . we review our subsidiaries and affiliates at least annually to determine if ( i ) they should be considered vies , and ( ii ) whether we should change our consolidation determination based on changes in the characteristics thereof . three partnerships are considered vie 2019s , as the general partner maintains control over the decisions that most significantly impact the partnerships . the first vie is the operating partnership , host l.p. , which is consolidated by host inc. , of which host inc . is the general partner and holds 99% ( 99 % ) of the limited partner interests . host inc . 2019s sole significant asset is its investment in host l.p . and substantially all of host inc . 2019s assets and liabilities represent assets and liabilities of host l.p . all of host inc . 2019s debt is an obligation of host l.p . and may be settled only with assets of host l.p . the consolidated partnership that owns the houston airport marriott at george bush intercontinental , of which we are the general partner and hold 85% ( 85 % ) of the partnership interests , also is a vie . the total assets of this vie at december 31 , 2018 are $ 48 million and consist primarily of cash and .