Disposals and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2016

Held for sale, not considered a discontinued operation

Schedule of assets held for sale

The Company has classified the assets and liabilities related to the Fairmont Newport Beach as held for sale as follows (in thousands):

	December 31,
	2016
Accounts receivable, net	$	452
Inventories		126
Prepaid expenses		386
Investment in hotel property, net		77,971
Other assets, net		178
Assets held for sale, net	$	79,113
Accounts payable and accrued expenses	$	781
Accrued payroll and employee benefits		751
Other current liabilities		1,473
Other liabilities		148
Liabilities of assets held for sale	$	3,153

Sold, not considered a discontinued operation

Schedule of operating results for sold entities

The following table provides summary results of operations for the Sheraton Cerritos, BuyEfficient and the Doubletree Guest Suites Times Square, which are included in continuing operations (in thousands):

	2016		2015		2014
Total revenues	$	4,846	$	84,114	$	89,476
Income before income taxes and discontinued operations (1)	$	876	$	4,973	$	9,625
Gain on sale of assets	$	18,223	$	226,217	$	—

(1) Income before income taxes and discontinued operations for the year ended December 31, 2015 includes $1.6 million in severance costs related to the Company’s sale of BuyEfficient. These costs are included in other property-level expenses on the Company’s statement of operations. Income before income taxes and discontinued operations does not include the gain recognized on the sales of the Sheraton Cerritos, BuyEfficient and the Doubletree Guest Suites Times Square.

Sold, considered a discontinued operation

Schedule of operating results for sold entities

The following table sets forth the discontinued operations for the years ended December 31, 2016, 2015 and 2014 for the four-hotel, 1,222-room portfolio (the “Rochester Hotels”) and a commercial laundry facility (together with the Rochester Hotels, the “Rochester Portfolio”) in Rochester, Minnesota, which the Company sold in 2013, as well as the expense recognized in 2014 for the hotels sold in 2004, 2005, 2010 and 2013 (in thousands):

	2016		2015		2014
Operating expenses	$	—	$	—	$	(350)
Income tax provision		—		(105)		—
Gain on sale of hotels and other assets, net		—		16,000		5,199
Income from discontinued operations, net of tax	$	—	$	15,895	$	4,849