Other Current Liabilities and Other Liabilities

3 Months Ended

Mar. 31, 2015

Other Current Liabilities and Other Liabilities

Other Current Liabilities and Other Liabilities

7. Other Current Liabilities and Other Liabilities

Other current liabilities consisted of the following (in thousands):

	March 31,		December 31,
	2015		2014
	(unaudited)
Property, sales and use taxes payable	$	17,796	$	14,490
Income tax payable		463		295
Accrued interest		4,640		3,289
Advance deposits		14,388		10,742
Management fees payable		1,553		3,467
Other		5,319		4,183
Total other current liabilities	$	44,159	$	36,466

Other liabilities consisted of the following (in thousands):

	March 31,		December 31,
	2015		2014
	(unaudited)
Deferred gain on sale of asset	$	7,000	$	7,000
Accrued income tax		1,554		1,541
Deferred revenue		6,874		6,790
Deferred rent		15,781		15,075
Deferred incentive management fees		714		534
Other		2,747		2,667
Total other liabilities	$	34,670	$	33,607

In accordance with the Contingencies Topic of the FASB ASC, which requires a liability to be recorded based on the Company’s estimate of the probable cost of the resolution of a contingency,the Company accrued $0.3 million when it sold the Rochester Portfolio related to potential future costs for certain capital expenditures at one of the hotels in the Rochester Portfolio. During the second quarter of 2014, the Company determined that its total costs for these capital expenditures may range from $2.0 million to $3.0 million. As such, the Company accrued an additional $1.8 million during the second quarter of 2014 in accordance with the Contingencies Topic of the FASB ASC, bringing the total amount accrued for this contingency to $2.1 million. During 2014, the Company paid $1.3 million of the liability, reducing the accrued balance for this contingency to $0.8 million as of December 31, 2014. During the first quarter of 2015, the Company paid all remaining amounts due related to this contingency.