Discontinued Operations

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In the first quarter of 2014, the Company's management approved a plan to sell the three Company-owned hotels operated under the MainStay Suites brand and completed the disposal of these hotels at June 30, 2014. The Company determined that this disposal transaction met the definition of a discontinued operation since the operations and cash flows of this component has been eliminated from the on-going operations of the Company and the Company will not have significant continuing involvement in the operations of the hotels after the disposal transaction.

The operations related to these three Company-owned hotels were reported as a component of "Corporate and Other" for segment reporting purposes. The results of operations for the three and nine months ended September 30, 2014 and the Company's financial position as of September 30, 2014 presented in these Consolidated Financial Statements reflect these three Company-owned hotels as discontinued operations. The results of operations for the three and nine months ended September 30, 2013 presented in the Consolidated Financial Statements have been reclassified to account for these operations as discontinued. Summarized financial information related to the discontinued operations is as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
	(in thousands)
Revenues
Hotel operations	$	—		$	1,310	$	801		$	3,600
Total revenues	—			1,310		801			3,600
Expenses
Hotel operations	52			956		884			2,742
Depreciation and amortization	—			127		—			393
Total operating expenses	52			1,083		884			3,135
Operating income (loss)	(52		)	227		(83		)	465
Gain (loss) on disposal of discontinued operations	(30		)	—		2,803			—
Income (loss) from discontinued operations before income taxes	(82		)	227		2,720			465
Income taxes	(31		)	84		1,009			172
Income (loss) from discontinued operations	$	(51	)	$	143	$	1,711		$	293

	As of September 30, 2014			As of December 31, 2013
	(in thousands)
Cash	$	44		$	550
Receivables, net	1			106
Other current assets	100			223
Income taxes receivable	—			20
Total current assets	145			899
Property and equipment, at cost, net	—			8,816
Total assets	$	145		$	9,715
Accounts payable	$	26		$	425
Accrued expenses	10			10
Income taxes payable	1,009			—
Total liabilities	$	1,045		$	435
Net assets (liabilities) of discontinued operations	$	(900	)	$	9,280