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Dispositions
 3 Months Ended
Mar. 23, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions
Dispositions

On March 23, 2012, we completed the sale of a three-hotel portfolio for a contractual sales price of $262.5 million to an unaffiliated third party. The portfolio consists of the Griffin Gate Marriott Resort and Spa, the Renaissance Waverly, and the Renaissance Austin. We received net cash proceeds of approximately $93 million from the sale and the buyer assumed $97 million of mortgage debt secured by the Renaissance Waverly and $83 million of mortgage debt secured by the Renaissance Austin. The proceeds included approximately $10 million for hotel working capital and cash previously held in restricted escrow accounts, net of closing costs.

We recorded a gain on the sale of the portfolio, net of tax, of approximately $10.0 million. The gain on sale is recorded in discontinued operations on the accompanying condensed consolidated statements of operations. The following table summarizes the components of discontinued operations in the condensed consolidated statements of operations for the periods presented (unaudited, in thousands):
 
Fiscal Quarter Ended
 
March 23, 2012
 
March 25, 2011
Hotel revenues
$
19,602

 
$
18,513

Hotel operating expenses
(14,415
)
 
(13,936
)
Operating income
5,187

 
4,577

Depreciation and amortization
—

 
(2,803
)
Interest income
1

 
6

Interest expense
(2,297
)
 
(2,325
)
Income tax (expense) benefit
(326
)
 
364

Gain on sale of hotel portfolio, net of tax
10,017

 
—

Income (loss) from discontinued operations
$
12,582

 
$
(181
)