Assets Held for Sale

6 Months Ended

Jun. 30, 2013

Property Plant And Equipment [Abstract]

Assets Held for Sale

Note 5. Assets Held for Sale

During the three months ended June 30, 2013, we entered into a purchase and sale agreement for the sale of a non-core asset. We received a non-refundable deposit during the second quarter, and the asset and estimated goodwill to be allocated to the asset were reclassified as assets held for sale as of June 30, 2013 and December 31, 2012. The sale of this asset is expected to be completed in the third quarter of 2013.

During the year ended December 31, 2012, we entered into a purchase and sale agreement for the sale of two wholly-owned hotels. We received a non-refundable deposit during the fourth quarter of 2012, and the hotels, along with estimated goodwill to be allocated to these assets, were reclassified as assets held for sale as of December 31, 2012. In connection with the anticipated sale, for the year ended December 31, 2012, we recognized an impairment charge of $4 million recorded to the gain (loss) on asset dispositions and impairments, net line item to reflect the fair market value of the properties based on the purchase price less costs to sell. The sale of these hotels, which were sold subject to franchise agreements, closed in January 2013 (see Note 4), and during the three months ended March 31, 2013, we recognized an additional loss of $1 million related to the sale of these hotels.