Assets Held for Sale

12 Months Ended

Dec. 31, 2017

Discontinued Operations And Disposal Groups [Abstract]

NOTE 3. ASSETS HELD FOR SALE

Assets Held for Sale

During the third quarter of 2015, 24 of our hotels and one additional restaurant parcel were classified as assets held for sale. The sale of these assets does not represent a major strategic shift and does not qualify for discontinued operations reporting. During the fourth quarter of 2015, 11 of the hotels were sold for $34.1 million, net of transaction costs. During 2016, the remaining 13 of these hotels were sold for $34.4 million, net of transaction costs.

During 2016, six additional hotels were sold for $33.9 million, net of transaction costs, resulting in a net gain on sale of $4.9 million. Additionally, five hotels were classified as assets held for sale during 2016.

During 2017, four of the hotels placed in held for sale during 2016 were sold for $27.8 million, net of transaction costs, resulting in a gain on sale of $1.3 million. The restaurant parcel, placed in held for sale during 2015, sold for $1.4 million, net of transaction costs, resulting in a gain of on sale of $0.3 million. Additionally, three hotels were classified as assets held for sale during 2017, one of which was sold for $3.4 million, net of transaction costs, resulting in a gain on sale of $2.0 million. Subsequent to December 31, 2017, one hotel was sold for $4.4 million, net of transaction costs.

As of December 31, 2017 and 2016, the carrying amounts of the major classes of assets for the assets held for sale were as follows:

	December 31, 2017		December 31, 2016
	(in thousands)
Current assets	$	33	$	64
Property and equipment, net		8,611		29,383
Other non-current assets		62		97
Total assets held for sale	$	8,706	$	29,544