Other Assets

3 Months Ended

Mar. 31, 2019

Other Assets [Abstract]

Other Assets

NOTE 5. OTHER ASSETS

The following table presents other assets as of March 31, 2019 and December 31, 2018 (in millions):

	March 31, 2019		December 31, 2018
Lender and other escrows	$	19	$	20
Prepaid expenses		3		6
Intangible assets, net		5		5
Federal and state tax receivables		—		4
Assets held for sale		3		3
Other assets, primarily hotel supplies		14		16
Total other assets	$	44	$	54

Assets held for sale as of March 31, 2019 and December 31, 2018 represent one hotel.

As required by the CMBS Loan Agreement, we entered into an interest rate cap agreement on May 30, 2018 with a notional amount of $1.035 billion and a one-month London Interbank Offering Rate (“LIBOR”) interest rate cap of 3.25% that expires on July 15, 2020 (the “Interest Rate Cap Agreement”). The Interest Rate Cap Agreement is for a period equal to the existing term of the CMBS Facility (as defined in Note 6 “Debt”) and has a notional amount equal to or greater than the then outstanding principal balance of the CMBS Facility. The Company did not designate the interest rate cap as a hedge.  As of March 31, 2019 and December 31, 2018, the net carrying amount of the interest rate cap was less than $0.1 million and $0.2 million, respectively.