XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 14: Subsequent Events

 

In June 2021, we entered into an agreement to sell the Le Meridien San Francisco for a gross sales price of approximately $222 million, and in July 2021, the hotel was designated as held for sale when it met all held for sale criteria. The sale is expected to close during the third quarter of 2021, and the gross sales price will be payable in cash at closing, subject to customary pro rations and adjustments. Although the gross sales price exceeds the net book value of approximately $219 million, we expect to recognize a loss on sale of approximately $13 million to $14 million due to transaction costs.