Assets Held for Sale

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

4.  Assets Held for Sale

In December 2016, the Company entered into a purchase and sale agreement for the sale of its 224-room Hilton hotel in Dallas, Texas for a gross sales price of approximately $56.1 million, as amended.  The hotel has been classified as held for sale at its historical cost (which is less than the contract price, net of costs to sell) in the Company’s consolidated balance sheets at March 31, 2017 and December 31, 2016.  On April 20, 2017, the Company completed the sale resulting in an estimated gain of approximately $16 million, which will be recognized in the second quarter of 2017.  The estimated gain is calculated as the total sales price, net of commissions and selling costs, less the carrying value totaling approximately $39.0 million as of March 31, 2017.  Under the contract, at closing, the mortgage loan secured by the Dallas, Texas Hilton hotel was assumed by the buyer with the buyer receiving a credit for the amount assumed.  As of March 31, 2017, the mortgage loan had an outstanding balance of approximately $27.1 million and was included in mortgage debt in the Company’s consolidated balance sheet.  The net proceeds from the sale were used to pay down borrowings on the Company’s revolving credit facility.  The Company’s consolidated statements of operations include operating income of approximately $1.1 million and $0.6 million for the three months ended March 31, 2017 and 2016, respectively, relating to the results of operations of the Dallas, Texas Hilton hotel.  The sale of this property does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, and therefore the operating results for the period of ownership of this property are included in income from continuing operations for the three months ended March 31, 2017 and 2016.