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Assets Held for Sale and Discontinued Operations
 12 Months Ended
Dec. 31, 2011
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale and Discontinued Operations
Assets Held for Sale and Discontinued Operations

During 2011, we entered into an agreement to sell a portfolio of three hotels for a sales price of $262.5 million. The hotels have been reclassified as held for sale in the consolidated balance sheet as of December 31, 2011 and the operating results are reported as discontinued operations for all periods presented in the consolidated statements of operations. We expect the transaction to close during the first quarter of 2012, subject to the satisfaction of customary closing conditions, including the receipt of lender consents.

The significant components of assets held for sale and liabilities of assets held for sale at December 31, 2011 consist of the following (in thousands):

Property and equipment
$
311,819

Less: accumulated depreciation
(61,994
)
 
249,825

Restricted cash
6,607

Due from hotel managers
6,661

Prepaid and other assets
48

Deferred financing costs, net
258

      Total assets held for sale
$
263,399

 
 
Mortgage debt of assets held for sale
$
180,000

Due to hotel managers
3,101

Accounts payable and accrued liabilities
704

      Total liabilities of assets held for sale
$
183,805



The following is a summary of the results of income (loss) from discontinued operations for the years ended December 31, 2011, 2010 and 2009 (in thousands):
 
Year Ended December 31,
 
2011
 
2010
 
2009
Hotel revenues
$
81,417

 
$
85,049

 
$
82,039

Hotel operating expenses
(60,331
)
 
(60,630
)
 
(61,174
)
Operating income
21,086

 
24,419

 
20,865

Depreciation and amortization
(11,966
)
 
(12,000
)
 
(11,712
)
Interest income
12

 
14

 
26

Interest expense
(10,101
)
 
(10,099
)
 
(11,209
)
Pre-tax (loss) income
(969
)
 
2,334

 
(2,030
)
Income tax benefit (expense)
1,031

 
(647
)
 
605

Income (loss) from discontinued operations
$
62

 
$
1,687

 
$
(1,425
)