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Hotel Disposition and Impairment Charges and Assets Held For Sale

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Hotel Disposition and Impairment Charges and Assets Held For Sale

Hotel Disposition and Impairment Charges and Assets Held For SaleHotel DispositionThe results of operations for disposed hotel properties are included in net income (loss) through the date of disposition. See note 2 for the fiscal year 2022 hotel property disposition. The following table includes condensed financial information from the hotel property disposition that occurred in 2022 for the three and six months ended June 30, 2022 (in thousands):

									Three Months Ended June 30,												Six Months Ended June 30,
									2022												2022
Total hotel revenue									$	2,089											$	3,456
Total hotel operating expenses									(1,624)												(2,976)
Property taxes, insurance and other									(150)												(299)
Depreciation and amortization									(593)												(1,203)
Operating income (loss)									(278)												(1,022)
Interest expense and amortization of discounts and loan costs									(394)												(748)
Income (loss) before income taxes									(672)												(1,770)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership									6												13
Net income (loss) before income taxes attributable to the Company									$	(666)											$	(1,757)

Impairment ChargesFor the three and six months ended June 30, 2023 and 2022, no impairment charges were recorded.

Assets Held For Sale

On April 17, 2023, the Company entered into a purchase and sale agreement for WorldQuest. As of June 30, 2023, WorldQuest was classified as held for sale. We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. Depreciation and amortization ceased as of the date the assets were deemed held for sale. Since the sale of WorldQuest does not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in the consolidated financial statements. See note 19.

The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheet at June 30, 2023 were as follows:

			June 30, 2023
Assets
Investments in hotel properties, net			$	7,961
Cash and cash equivalents			2,513
Accounts receivable, net			999
Inventories			49
Prepaid expenses			100
Other assets			29
Due from Ashford Inc., net			2
Assets held for sale			$	11,653
Liabilities
Accounts payable and accrued expenses			608
Liabilities related to assets held for sale			$	608

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- References

No definition available.

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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
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//205-20/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//360/tableOfContent

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