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Discontinued Operations | 9 Months Ended
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Sep. 07, 2012
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations 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 consisted of the Griffin Gate Marriott Resort and Spa, the Renaissance Waverly, and the Renaissance Austin. We received net cash proceeds of approximately $92 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 of approximately $9.5 million. The gain on sale is recorded in discontinued operations on the accompanying condensed consolidated statements of operations. During the fiscal quarter ended September 7, 2012, we entered into an agreement to sell the Atlanta Westin North at Perimeter to an unaffiliated third party for a contractual price of $39.6 million. The hotel has been reclassified as held for sale in the condensed consolidated balance sheet as of September 7, 2012 and the operating results are reported as discontinued operations for all periods presented in the condensed consolidated statements of operations. We recorded a $14.7 million impairment loss during the quarter ended September 7, 2012 to reduce the carrying value of the hotel assets to the estimated net sales proceeds. The impairment loss is included in discontinued operations on the accompanying condensed consolidated statements of operations. The sale of the hotel was completed on October 3, 2012. The significant components of assets held for sale and liabilities of assets held for sale at September 7, 2012 (unaudited) and December 31, 2011 consist of the following (in thousands):
| September 7, 2012 |  | December 31, 2011
Property and equipment | $ | 53,083 |  |  | $ | 311,819 |
Less: accumulated depreciation | (14,326 | ) |  | (61,994 | )
| 38,757 |  |  | 249,825 |
Restricted cash | 695 |  |  | 6,607 |
Due from hotel managers | 2,030 |  |  | 6,661 |
Prepaid and other assets | 337 |  |  | 48 |
Deferred financing costs, net | — |  |  | 258 |
Total assets held for sale | $ | 41,819 |  |  | $ | 263,399 |
Mortgage debt of assets held for sale | $ | — |  |  | $ | 180,000 |
Due to hotel managers | 1,434 |  |  | 3,101 |
Accounts payable and accrued liabilities | 301 |  |  | 704 |
Total liabilities of assets held for sale | $ | 1,735 |  |  | $ | 183,805 |
The following table summarizes the components of discontinued operations in the condensed consolidated statements of operations for the periods presented (unaudited; in thousands, except per share data):
| Fiscal Quarter Ended |  | Period from
| September 7, 2012 |  | September 9, 2011 |  | January 1, 2012 to September 7, 2012 |  | January 1, 2011 to September 9, 2011
Hotel revenues | $ | 4,129 |  |  | $ | 22,160 |  |  | $ | 31,329 |  |  | $ | 66,733 |
Hotel operating expenses | (2,890 | ) |  | (17,299 | ) |  | (23,254 | ) |  | (51,155 | )
Operating income | 1,239 |  |  | 4,861 |  |  | 8,075 |  |  | 15,578 |
Depreciation and amortization | (449 | ) |  | (3,224 | ) |  | (1,346 | ) |  | (9,665 | )
Interest income | — |  |  | — |  |  | 1 |  |  | 11 |
Interest expense | — |  |  | (2,325 | ) |  | (2,297 | ) |  | (6,974 | )
Impairment charge | (14,690 | ) |  | — |  |  | (14,690 | ) |  | — |
(Loss) gain on sale of hotel portfolio | (336 | ) |  | — |  |  | 9,541 |  |  | — |
Income tax benefit (expense) | 147 |  |  | 441 |  |  | (189 | ) |  | 851 |
Loss from discontinued operations | $ | (14,089 | ) |  | $ | (247 | ) |  | $ | (905 | ) |  | $ | (199 | )
Basic and diluted loss from discontinued operations per share | $ | (0.08 | ) |  | $ | (0.00 | ) |  | $ | (0.00 | ) |  | $ | (0.00 | )

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6390789&loc=d3e2443-110228 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 + Details
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