Disposals and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2017

Sold, not considered a discontinued operation

Schedule of operating results for sold entities

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

	2017		2016		2015
Total revenues	$	9,981	$	48,116	$	125,920
Income before income taxes and discontinued operations (1)	$	2,466	$	5,087	$	8,702
Gain on sale of assets	$	45,474	$	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 Fairmont Newport Beach, the Marriott Park City, 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, 2017, 2016 and 2015 related to the Company’s 2013 sale of four hotels and a commercial laundry facility located in Rochester, Minnesota (the “Rochester Portfolio”) (in thousands):

	2017		2016		2015
Gain on sale of hotels and other assets, net	$	7,000	$	—	$	16,000
Income tax provision		—		—		(105)
Income from discontinued operations, net of tax	$	7,000	$	—	$	15,895

Marriott Philadelphia and Marriott Quincy | Held for sale, not considered a discontinued operation

Schedule of amounts held for sale

The Company has classified the assets and liabilities related to the Marriott Philadelphia and the Marriott Quincy as held for sale as of December 31, 2017 as follows (in thousands):

	December 31,
		2017
Accounts receivable	$	1,676
Prepaid expenses		193
Investment in hotel properties, net		120,916
Other assets		22
Assets held for sale, net	$	122,807
Accounts payable and accrued expenses	$	69
Other current liabilities		41
Other liabilities		79
Liabilities of assets held for sale	$	189

Fairmont Newport Beach | Held for sale, not considered a discontinued operation

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		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