Disposals

9 Months Ended

Sep. 30, 2016

Disposals

Disposals

4. Disposals

In May 2016, the Company sold the 203-room Sheraton Cerritos located in Cerritos, California for net proceeds of $41.2 million. The Company recognized a net gain on the sale of $18.2 million. The sale did not represent a strategic shift that had a major impact on the Company’s business plan or its primary markets, and therefore, did not qualify as a discontinued operation.

The following table provides summary results of operations for the Sheraton Cerritos that was sold during 2016, as well as for the Doubletree Guest Suites Times Square and an electronic purchasing platform (“BuyEfficient”) that were sold during 2015, all of which are included in continuing operations (in thousands):

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenues	$	—	$	24,629	$	4,846	$	64,962
Income before income taxes	$	—	$	1,751	$	876	$	2,468
Gain on sale of assets	$	—	$	11,682	$	18,223	$	11,682