Dispositions

6 Months Ended

Jun. 30, 2022

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

Dispositions

7. Dispositions

During the second quarter, we sold the Sheraton New York Times Square Hotel for $373 million, including a $250 million bridge loan we provided to the buyer, and the YVE Hotel Miami for $50 million, including $1 million of FF&E funds retained by us. We recorded a gain on sale of $1 million during the second quarter. The gain on sale is included in other gains on the unaudited condensed consolidated statement of operations. The bridge loan for the Sheraton New York Times Square Hotel, which is included in notes receivable on our unaudited condensed consolidated balance sheets, has an initial interest rate of 5% and an initial scheduled maturity date of October 18, 2022, which date may be extended by up to 18 months by the exercise of three 6-month extensions, each of which provides for an increase to the interest rate.