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Discontinued Operations | 12 Months Ended
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Dec. 31, 2012
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | On March 23, 2012, we sold 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. We recorded a gain on the sale of the portfolio of approximately $9.5 million. The operating results, as well as the gain on sale, are reported in discontinued operations for all periods presented on the accompanying consolidated statements of operations. The hotels are classified as held for sale in the consolidated balance sheet as of December 31, 2011. On October 3, 2012, we sold the Atlanta Westin North at Perimeter to an unaffiliated third party for a contractual price of $39.6 million. We recorded a loss on sale of the hotel of approximately $0.1 million. Prior to the sale, we recorded an impairment loss on the hotel of approximately $14.7 million. The operating results, as well as the impairment loss and gain on sale recorded during the year ended December 31, 2012, are reported in discontinued operations for all periods presented on the accompanying consolidated statements of operations. There are no assets held for sale and liabilities of assets held for sale at December 31, 2012. 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, 2012, 2011 and 2010 (in thousands):
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
Hotel revenues | $ | 32,895 |  |  | $ | 97,472 |  |  | $ | 100,477 |
Hotel operating expenses | (24,496 | ) |  | (73,911 | ) |  | (73,991 | )
Operating income | 8,399 |  |  | 23,561 |  |  | 26,486 |
Depreciation and amortization | (1,346 | ) |  | (13,849 | ) |  | (13,874 | )
Interest income | 1 |  |  | 12 |  |  | 14 |
Interest expense | (2,297 | ) |  | (10,101 | ) |  | (10,099 | )
Impairment charge | (14,690 | ) |  | — |  |  | — |
Gain on sale of hotel properties, net | 9,479 |  |  | — |  |  | — |
Income tax (expense) benefit | (112 | ) |  | 698 |  |  | (900 | )
(Loss) income from discontinued operations | $ | (566 | ) |  | $ | 321 |  |  | $ | 1,627 |
Basic and diluted (loss) income from discontinued operations per share | $ | (0.00 | ) |  | $ | 0.00 |  |  | $ | 0.01 |

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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 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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=8077374&loc=d3e2443-110228 Reference 8: 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 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 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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