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Discontinued Operations
 12 Months Ended
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