Other Assets

6 Months Ended

Jun. 30, 2019

Other Assets [Abstract]

Other Assets

NOTE 5. OTHER ASSETS

The following table presents other assets as of June 30, 2019 and December 31, 2018 (in millions):

	June 30, 2019		December 31, 2018
Lender and other escrows	$	27	$	20
Prepaid expenses		15		6
Intangible assets, net		4		5
Federal and state tax receivables		—		4
Assets held for sale		—		3
Other assets, primarily hotel supplies		14		16
Total other assets	$	60	$	54

Assets held for sale as of December 31, 2018 represents one hotel. This hotel was sold in the second quarter of 2019 for gross proceeds of $3 million with substantially no gain. No hotels were designated as assets held for sale as of June 30, 2019.  

As required by the CMBS Loan Agreement (as defined in Note 6 “Debt”), 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 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.  The net carrying amount of the interest rate cap was less than $0.1 million as of June 30, 2019, and less than $0.2 million as of December 31, 2018.