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Dispositions
12 Months Ended
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions Dispositions
We disposed of one hotel in 2023, four hotels in 2022, and six hotels in 2021, and recorded aggregate gains on sale of approximately $69 million, $18 million, and $305 million, respectively. The gain on sale of assets is included in other gains on the statement of operations.
In conjunction with the sale The Camby, Autograph Collection in 2023, we provided a $72 million loan to the buyer. The loan has an initial interest rate equal to Term SOFR plus 425 basis points and an initial scheduled maturity date of June 10, 2025, which date may be extended to March 10, 2026. Up to an additional $12 million in funding is available to the buyer under the loan for property improvement plan financing not to exceed a 65% loan to cost ratio. As of December 31, 2023, none of the additional funding has been borrowed. The outstanding loan is included in Notes Receivable on our balance sheets.
In connection with the sales of the Sheraton Boston Hotel and Sheraton New York Times Square Hotel in 2022, we provided loans to the buyers for $163 million and $250 million, respectively. These loans were repaid during 2023.