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Disposal of Hotel Properties | 9 Months Ended
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Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract] |
Disposal of Hotel Properties | Disposal of Hotel Properties During the nine months ended September 30, 2014, the Company disposed of 14 hotel properties in four separate transactions for a total sale price of approximately $128.0 million. In conjunction with these transactions, the Company recorded a $1.0 million loss on disposal, which is included in the consolidated statement of operations. Additionally, the Company completed a legal defeasance of the mortgage indebtedness secured by three of the properties that were sold. The cost of the defeasance was approximately $0.8 million, which is included in interest expense in the accompanying consolidated statement of operations. The following table provides a list of properties that were disposed of during the nine months ended September 30, 2014:
Property Name |  | Location |  | Disposal Date |  | Rooms
Courtyard Denver Southwest Lakewood |  | Lakewood, CO |  | February 20, 2014 |  | 90 |
Residence Inn Denver Southwest Lakewood |  | Lakewood, CO |  | February 20, 2014 |  | 102 |
Hyatt House Colorado Springs |  | Colorado Springs, CO |  | February 20, 2014 |  | 125 |
SpringHill Suites Gainesville |  | Gainesville, FL |  | February 20, 2014 |  | 126 |
Residence Inn Indianapolis Airport |  | Indianapolis, IN |  | February 20, 2014 |  | 95 |
Fairfield Inn & Suites Indianapolis Airport |  | Indianapolis, IN |  | February 20, 2014 |  | 86 |
Courtyard Grand Rapids Airport |  | Kentwood, MI |  | February 20, 2014 |  | 84 |
Hampton Inn Suites Las Vegas Red Rock Summerlin |  | Las Vegas, NV |  | February 20, 2014 |  | 106 |
Courtyard Austin University Area |  | Austin, TX |  | February 20, 2014 |  | 198 |
Fairfield Inn & Suites Austin University Area |  | Austin, TX |  | February 20, 2014 |  | 63 |
Hyatt House Dallas Richardson |  | Richardson, TX |  | February 20, 2014 |  | 130 |
Hilton Garden Inn St. George |  | St. George, UT |  | February 25, 2014 |  | 150 |
Hilton Mystic |  | Mystic, CT |  | March 26, 2014 |  | 182 |
Holiday Inn Austin NW Arboretum Area |  | Austin, TX |  | June 18, 2014 |  | 194 |
|  |  |  | Total |  | 1,731 |
During 2013, the Company disposed of three properties in three separate transactions. The operating results for the nine months ended September 30, 2013 for these properties is included in discontinued operations in the accompanying consolidated statement of operations. The following table provides a list of properties that were disposed of during 2013:
Property Name |  | Location |  | Disposal Date |  | Rooms
SpringHill Suites Southfield |  | Southfield, MI |  | May 30, 2013 |  | 84 |
Courtyard Goshen |  | Goshen, IN |  | August 28, 2013 |  | 91 |
Fairfield Inn & Suites Memphis |  | Memphis, TN |  | November 18, 2013 |  | 63 |
|  |  |  | Total |  | 238 |
Operating results of discontinued operations were as follows (in thousands):
| For the three months ended September 30, 2013 |  | For the nine months ended September 30, 2013
Operating revenue | $ | 678 |  |  | $ | 2,800 |
Operating expense | (766 | ) |  | (2,780 | )
Operating income (loss) | (88 | ) |  | 20 |
Interest expense | (31 | ) |  | (373 | )
Loss from discontinued operations before gain on extinguishment of indebtedness | (119 | ) |  | (353 | )
Gain on extinguishment of indebtedness | 3,277 |  |  | 5,702 |
Net income from discontinued operations | $ | 3,158 |  |  | $ | 5,349 |

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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 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 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 Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: 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 5: 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 6: 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 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 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: 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 + Details
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