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Discontinued Operations
 9 Months Ended
Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations

We sold four hotels during 2012 in two separate transactions. In March 2012, we sold a three-hotel portfolio, which consisted of the Griffin Gate Marriott Resort and Spa, the Renaissance Waverly, and the Renaissance Austin and in October 2012 we sold the Atlanta Westin North at Perimeter. The operating results of these hotels and the gain (loss) on the sales are reported 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, except per share data):
 
 
Quarter Ended
 
Period from
 
 
September 7, 2012
 
January 1, 2012 to September 7, 2012
Hotel revenues
 
$
4,129

 
$
31,329

Hotel operating expenses
 
(2,890
)
 
(23,254
)
Operating income
 
1,239

 
8,075

Depreciation and amortization
 
(449
)
 
(1,346
)
Interest income
 
—

 
1

Interest expense
 
—

 
(2,297
)
Impairment loss
 
(14,690
)
 
(14,690
)
(Loss) gain on sale of hotel properties
 
(336
)
 
9,541

Income tax benefit (expense)
 
147

 
(189
)
Loss from discontinued operations
 
$
(14,089
)
 
$
(905
)
Basic and diluted loss from discontinued operations per share
 
$
(0.08
)
 
$
(0.00
)

We have entered into an agreement to sell the 487-room Torrance Marriott South Bay to an unaffiliated third party for a contractual sales price of $74 million. The sale is expected to close during the fourth quarter of 2013, subject to the satisfaction of customary closing conditions. As of September 30, 2013, the hotel was not classified as held for sale as the buyer was still in its due diligence period and its deposit was refundable. Accordingly, the hotel is reported in continuing operations for all periods presented. Subsequent to September 30, 2013, the buyer completed its due diligence and its deposit has become non-refundable.