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Acquisition and Disposition of Hotel Properties
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisition and Disposition of Hotel Properties Acquisition and Disposition of Hotel Properties
Acquisitions
On July 22, 2021, the Company acquired the leasehold interest in the 200-room Jekyll Island Club Resort in Jekyll Island, Georgia for $94.0 million, excluding prorations and transaction costs, using cash on hand.
On September 23, 2021, the Company acquired the leasehold interest in the 369-room Margaritaville Hollywood Beach Resort in Hollywood, Florida for $270.0 million, excluding prorations and transaction costs, using cash on hand and the assumption of a $161.5 million mortgage loan.
On October 20, 2021, the Company acquired the 19-room Avalon Bed & Breakfast and the 12-room Duval Gardens in Key West, Florida for $20.0 million, excluding prorations and transaction costs, using cash on hand. Both properties were consolidated into the Company's Southernmost Beach Resort.
On December 1, 2021, the Company acquired the leasehold interest in the 210-room Estancia La Jolla Hotel & Spain La Jolla, California for $108.0 million, excluding prorations and transaction costs, using cash on hand and the assumption of a $61.7 million mortgage loan.
See Note 5, Debt, for additional information about the mortgage loans assumed and Note 11, Commitments and Contingencies, for additional information about the leasehold interests acquired.
Dispositions
The following table summarizes disposition transactions during the years ended December 31, 2021 and 2020 (in thousands):
Hotel Property NameLocationSale DateSale Price
Sir Francis DrakeSan Francisco, CAApril 1, 2021$157,625 
The Roger New YorkNew York, NYJune 10, 202119,000 
Villa Florence San Francisco on Union SquareSan Francisco, CASeptember 9, 202187,500 
2021 Total$264,125 
Sofitel Washington DC Lafayette Square and
InterContinental Buckhead Atlanta		Washington, DC /
Buckhead, GA		March 6, 2020$331,000 
Union Station Hotel Nashville, Autograph CollectionNashville, TNJuly 29, 202056,000 
2020 Total$387,000 
For the years ended December 31, 2021, 2020 and 2019, the accompanying consolidated statements of operations and comprehensive income included operating income (loss) of $(6.5) million, $(15.5) million and $33.8 million, respectively, excluding impairment loss and (gain) loss on sale of hotel properties, 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.