Acquisition and Disposition of Hotel Properties

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisition and Disposition of Hotel Properties

Acquisition and Disposition of Hotel Properties

Acquisitions

There were no acquisitions of hotel properties during the six months ended June 30, 2023.

Dispositions

The following table summarizes disposition transactions during the six months ended June 30, 2023 and 2022 (in thousands):

Hotel Property Name	Location	Sale Date	Sale Price
The Heathman Hotel	Portland, OR	February 22, 2023	$	45,000
Retail at The Westin Michigan Avenue Chicago	Chicago, IL	March 17, 2023	27,300
Hotel Colonnade Coral Gables	Coral Gables, FL	March 28, 2023	63,000
Hotel Monaco Seattle	Seattle, WA	May 9, 2023	63,250
Hotel Vintage Seattle	Seattle, WA	May 24, 2023	33,700
2023 Total			$	232,250
The Marker San Francisco	San Francisco, CA	June 28, 2022	$	77,000
2022 Total			$	77,000

For the three and six months ended June 30, 2023, the accompanying consolidated statements of operations and comprehensive income included operating income (loss) of $(0.4) million and $(0.7) million, respectively, excluding impairment loss and gain on sale of hotel properties related to the hotel properties sold.

For the three and six months ended June 30, 2022, the accompanying consolidated statements of operations and comprehensive income included operating income (loss) of $1.2 million and $(3.7) million, respectively, excluding impairment loss and gain 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.