Disposal

9 Months Ended

Sep. 30, 2023

Disposal, Not Including Discontinued Operations

Disposal

4. Disposal

The Company classified the Boston Park Plaza as held for sale at September 30, 2023, and subsequently sold the hotel in October 2023 (see Note 13). The sale did not represent a strategic shift that had a major impact on the Company’s business plan or its primary markets; therefore, the hotel did not qualify as a discontinued operation. The Company’s accounts payable and accrued expenses at September 30, 2023 includes a $10.0 million deposit of disposition-related earnest money received from the hotel’s buyer and held in escrow reserves pending completion of the hotel’s sale.

The Company classified the assets and liabilities of the Boston Park Plaza as held for sale at September 30, 2023 as follows (in thousands):

	September 30,
	2023
Investment in hotel properties, net	$	239,560
Accounts receivable, net		5,880
Prepaid expenses and other assets, net		2,336
Assets held for sale	$	247,776
Accounts payable and accrued expenses	$	8,843
Other liabilities		6,554
Liabilities of assets held for sale	$	15,397