DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2015

Discontinued operations, held for sale or sold

Discontinued operations

DISCONTINUED OPERATIONS

NOTE 14 — DISCONTINUED OPERATIONS

We have adjusted our Consolidated Statements of Operations for 2014 and 2013 to reflect the operations of hotel properties that have been sold or are classified as held for sale in discontinued operations. No such adjustment was made in 2015 due to the adoption of ASU 2014-08. Discontinued operations include the following hotel properties that have been sold:

· AmericInn Hotel & 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;

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

· SpringHill Suites in Lithia Springs, GA — sold August 2013;

· Fairfield Inn in Lewisville, TX — sold August 2013;

· Fairfield Inn in Lakewood, CO — sold September 2013;

· Fairfield Inn in Emporia, KS — sold October 2013;

· SpringHill Suites in Little Rock, AR — sold November 2013;

· Fairfield Inn and AmericInn Hotel & Suites in Salina, KS — sold November 2013;

· Hampton Inn and Fairfield Inn & Suites in Boise, ID — sold November 2013;

· Holiday Inn Express in Emporia, KS — sold December 2013;

· AmericInn Hotel & Suites and Aspen Hotel & Suites in Fort Smith, AR - sold on January 17, 2014; and

· Hampton Inn in Fort Smith, AR — sold on September 9, 2014.

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

	2014		2013
Revenues	$	3,128	$	19,458
Hotel operating expenses	2,304		14,859
Depreciation and amortization	13		1,960
Loss on impairment of assets	400		7,675
Operating income (loss)	411		(5,036		)
Interest expense	—		(174		)
Gain on disposal of assets	55		3,945
Income (loss) before taxes	466		(1,265		)
Income tax benefit	26		537
Income (loss) from discontinued operations	$	492	$	(728	)
Income (loss) from discontinued operations attributable to non-controlling interest	$	6	$	(25	)
Income (loss) from discontinued operations attributable to common stockholders	$	486	$	(703	)