Disposals and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2017

Disposals and Discontinued Operations

Schedule of amounts held for sale

The Company classified the assets and liabilities of the Fairmont Newport Beach as held for sale as of December 31, 2016 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

Schedule of operating results for sold entities

The following table provides summary results of operations for the Marriott Park City and the Fairmont Newport Beach, as well as the Sheraton Cerritos that was sold during 2016, all of which are included in continuing operations (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Revenues	$	—	$	11,210	$	9,980	$	38,650
Income before income taxes	$	—	$	1,332	$	2,466	$	4,981
Gain on sale of assets	$	—	$	—	$	45,474	$	18,223