Acquisition and Disposition of Hotel Properties

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Acquisition and Disposition of Hotel Properties

Acquisition and Disposition of Hotel Properties

There were no acquisitions of hotel properties during the three and nine months ended September 30, 2020 and 2019.

The Company will report a disposed or held for sale hotel property or group of hotel properties in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on its operations and financial results. All other disposed hotel properties will have their operating results reflected within continuing operations on the Company's consolidated statements of operations and comprehensive income for all periods presented.

The following table sets forth information regarding the Company's disposition transactions during the nine months ended September 30, 2020 and 2019 (in thousands):

Hotel Property Name	Location	Sale Date	Sale Price
Sofitel Washington DC Lafayette Square and InterContinental Buckhead Atlanta	Washington, DC / Buckhead, GA	March 6, 2020	$	331,000
Union Station Hotel Nashville, Autograph Collection	Nashville, TN	July 29, 2020	56,000
2020 Total			$	387,000
The Liaison Capitol Hill	Washington, D.C.	February 14, 2019	$	111,000
Hotel Palomar Washington DC	Washington, D.C.	February 22, 2019	141,450
Onyx Hotel	Boston, MA	May 29, 2019	58,255
Hotel Amarano Burbank	Burbank, CA	July 16, 2019	72,866
Rouge Hotel	Washington, DC	September 12, 2019	42,000
Hotel Madera	Washington, DC	September 26, 2019	23,250
2019 Total			$	448,821

For the three and nine months ended September 30, 2020, the Company recognized a gain on its dispositions of zero and $117.4 million, respectively, which is included in (gain) loss on sale of hotel properties, in the accompanying consolidated statements of operations and comprehensive income. For the three and nine months ended September 30, 2019, the Company recognized no gain or loss on these dispositions. For the three and nine months ended September 30, 2020, the accompanying consolidated statements of operations and comprehensive income included operating income (loss) of $(0.1) million and $4.9

million, respectively, related to the hotel properties sold. For the three and nine months ended September 30, 2019, the accompanying consolidated statements of operations and comprehensive income included operating income (loss) of $9.3 million and $35.6 million, respectively, related to the hotel properties sold.

The sales of the hotel properties described above did not represent a strategic shift that had a major effect on the Company’s operations and financial results, and therefore, did not qualify as discontinued operations.