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Dispositions
 6 Months Ended
Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions
Dispositions

On June 8, 2016, we sold the 485-room Orlando Airport Marriott to an unaffiliated third party for a contractual sales price of $63 million. We received net proceeds of approximately $65.5 million from the transaction, which included credit for the hotel's capital replacement reserve. We recognized a pre-tax gain on sale of the hotel of approximately $3.4 million.

On June 30, 2016, we sold the 821-room Hilton Minneapolis to an unaffiliated third party for a contractual sales price of $140 million. The buyer assumed the $89.5 million mortgage loan secured by the hotel. We received net proceeds of approximately $54.6 million from the transaction, which included credit for the hotel's working capital. We recognized a pre-tax gain on sale of the hotel of approximately $4.7 million.
  
Our condensed consolidated statements of operations include the following pre-tax income (loss) from the hotel properties sold during the six months ended June 30, 2016 (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
 
 
 
 
 
 
 
2016
 
2015
 
2016
 
2015
Orlando Airport Marriott
$
4,692

 
$
110

 
$
7,924

 
$
2,256

Hilton Minneapolis
6,962

 
687

 
4,666

 
(2,047
)
Total pre-tax income
$
11,654

 
$
797

 
$
12,590

 
$
209



Prior to June 30, 2016, we entered into an agreement to sell the Hilton Garden Inn Chelsea/New York City to an unaffiliated third party for a contractual sales price of $65 million. The hotel has been reclassified as held for sale in the condensed consolidated balance sheet as of June 30, 2016. The transaction closed on July 7, 2016.

The significant components of assets held for sale and liabilities of assets held for sale at June 30, 2016 consist of the following (in thousands):
Property and equipment
$
69,994

Less: accumulated depreciation
(10,251
)
 
59,743

Due from hotel manager
1,726

Prepaid and other assets
566

      Total assets held for sale
$
62,035

 
 
Due to hotel manager
1,137

      Total liabilities of assets held for sale
$
1,137