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Hotel Disposition and Impairment Charges | 9 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Hotel Disposition and Impairment Charges | Hotel Disposition and Impairment ChargesHotel Dispositions On September 1, 2022, the Company sold the Sheraton in Ann Arbor, MI (“Sheraton Ann Arbor”) for total consideration of approximately $35.7 million, which included cash of $34.5 million and an interest-free receivable with an estimated fair value of $1.2 million and a face value of $1.5 million. The payment of the $1.5 million is deferred until the last day of the twenty-fourth month following the closing date. The sale resulted in a loss of approximately $29,000 for the three and nine months ended September 30, 2022, which was included in “gain (loss) on sale of assets and hotel properties” in the consolidated statements of operations. The Company also repaid the $30.0 million mortgage loan secured by the hotel property. See note 7. The results of operations for disposed hotel properties are included in net income (loss) through the date of disposition. See note 2 for a list of fiscal year 2021 and 2022 hotel property dispositions. The following table includes condensed financial information from hotel property dispositions that occurred in 2021 and 2022 for the three and nine months ended September 30, 2022 and 2021 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |
Total hotel revenue | $ | 2,088 |  |  | $ | 2,092 |  |  | $ | 5,544 |  |  | $ | 4,345 |  |  |
Total hotel operating expenses | (1,285) |  |  | (1,326) |  |  | (4,261) |  |  | (4,114) |  |  |
Gain (loss) on disposition of assets and hotel properties | 4 |  |  | — |  |  | 4 |  |  | 237 |  |  |
Property taxes, insurance and other | (134) |  |  | (148) |  |  | (433) |  |  | (565) |  |  |
Depreciation and amortization | — |  |  | (590) |  |  | (1,203) |  |  | (2,030) |  |  |
Operating income (loss) | 673 |  |  | 28 |  |  | (349) |  |  | (2,127) |  |  |
Interest expense and amortization of discounts and loan costs | (207) |  |  | (359) |  |  | (955) |  |  | (1,691) |  |  |
Gain (loss) on extinguishment of debt | — |  |  | — |  |  | — |  |  | 10,604 |  |  |
Income (loss) before income taxes | 466 |  |  | (331) |  |  | (1,304) |  |  | 6,786 |  |  |
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership | (4) |  |  | 3 |  |  | 8 |  |  | (53) |  |  |
Net income (loss) before income taxes attributable to the Company | $ | 462 |  |  | $ | (328) |  |  | $ | (1,296) |  |  | $ | 6,733 |  |  |
Impairment ChargesFor the three and nine months ended September 30, 2022 and 2021, no impairment charges were recorded.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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