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DISCONTINUED OPERATIONS
 6 Months Ended
Jun. 30, 2013
DISCONTINUED OPERATIONS  
DISCONTINUED OPERATIONS

NOTE 12 -    DISCONTINUED OPERATIONS

 

We have adjusted our consolidated statement of operations for first six months 2013 and 2012 to reflect the operations of hotel properties sold or classified as held for sale in discontinued operations. Discontinued operations include the following hotel properties that have been sold:

 

·                  Hampton Inn, Holiday Inn Express, and AmericInn in Twin Falls, ID — sold May 2012;

·                  AmericInn in Missoula, MT — sold August 2012;

·                  Courtyard by Marriott in Missoula, MT — sold December 2012;

·                  AmericInn & Suites in Golden, CO — sold January 2013;

·                  Hampton Inn in Denver, CO — sold February 2013;

·                  Holiday Inn and Holiday Inn Express in Boise, ID — sold May 2013; and

·                  Courtyard by Marriott in Memphis, TN — sold May 2013.

 

In addition, discontinued operations also include the following hotel properties that were classified as held for sale at June 30, 2013:

 

·                  Hampton Inn and Fairfield Inn & Suites in Boise, ID and

·                  SpringHill Suites in Lithia Springs, GA.

 

Condensed results of operations for the hotel properties included in discontinued operations follow (in thousands):

 

 

 

Second Quarter

 

First Six Months

 

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

REVENUE

 

$

1,972

 

$

5,436

 

$

4,776

 

$

9,814

 

 

 

 

 

 

 

 

 

 

 

Hotel operating expenses

 

1,541

 

3,950

 

3,844

 

7,623

 

Depreciation and amortization

 

33

 

467

 

367

 

1,392

 

Loss on impairment of assets

 

—

 

1,166

 

1,500

 

2,098

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from hotel operations

 

398

 

(147

)

(935

)

(1,299

)

Interest expense

 

27

 

121

 

109

 

451

 

(Gain) loss on disposal of assets

 

(26

)

—

 

(1,660

)

—

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

 

397

 

(268

)

616

 

(1,750

)

 

 

 

 

 

 

 

 

 

 

Income tax (expense) benefit

 

(12

)

74

 

(54

)

210

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

$

385

 

$

(194

)

$

562

 

$

(1,540

)

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations attributable to noncontrolling interest

 

$

17

 

$

(28

)

$

26

 

$

(392

)

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations attributable to common stockholders

 

$

368

 

$

(166

)

$

536

 

$

(1,148

)