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Dispositions, Impairment Charges and Assets Held For Sale | 9 Months Ended
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Sep. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Dispositions, Impairment Charges and Assets Held For Sale | Dispositions, Impairment Charges and Assets Held For SaleDispositionsOn August 1, 2023, the Company sold the WorldQuest Resort in Orlando, Florida (“WorldQuest”) for $14.8 million in cash. The sale resulted in a gain of approximately $6.4 million for the three and nine months ended September 30, 2023, which was included in “gain (loss) on consolidation of VIE and disposition of assets” in the consolidated statements of operations.The 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 and 2023 dispositions. The following table includes condensed financial information for the three and nine months ended September 30, 2023 and 2022 f rom the Company’s dispositions (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Total hotel revenue | $ | 351 |  |  | $ | 3,455 |  |  | $ | 2,942 |  |  | $ | 10,064 |  |  |
Total hotel operating expenses | (1,570) |  |  | (2,498) |  |  | (3,872) |  |  | (7,800) |  |  |
Gain (loss) on disposition of assets and hotel properties | 6,389 |  |  | (29) |  |  | 6,389 |  |  | 244 |  |  |
Property taxes, insurance and other | (39) |  |  | (197) |  |  | (164) |  |  | (617) |  |  |
Depreciation and amortization | — |  |  | (122) |  |  | (163) |  |  | (1,580) |  |  |
Operating income (loss) | 5,131 |  |  | 609 |  |  | 5,132 |  |  | 311 |  |  |
Interest income | — |  |  | — |  |  | — |  |  | 1 |  |  |
Interest expense and amortization of discounts and loan costs | — |  |  | (207) |  |  | — |  |  | (955) |  |  |
Income (loss) before income taxes | 5,131 |  |  | 402 |  |  | 5,132 |  |  | (643) |  |  |
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership | (66) |  |  | (4) |  |  | (57) |  |  | 5 |  |  |
Net income (loss) before income taxes attributable to the Company | $ | 5,065 |  |  | $ | 398 |  |  | $ | 5,075 |  |  | $ | (638) |  |  |
Impairment ChargesFor the three and nine months ended September 30, 2023 and 2022, no impairment charges were recorded. Assets Held For Sale On August 4, 2023, the Company entered into a purchase and sale agreement for the Sheraton Bucks County hotel in Langhorne, Pennsylvania. As of September 30, 2023, the Sheraton Bucks County 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 the Sheraton Bucks County 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 September 30, 2023 were as follows:
| September 30, 2023 |
Assets |  |
Investments in hotel properties, net | $ | 9,458 |  |
Cash and cash equivalents | 556 |  |
Restricted cash | 286 |  |
Accounts receivable, net | 228 |  |
Inventories | 43 |  |
Deferred costs, net | 3 |  |
Prepaid expenses | 193 |  |
Other assets | 49 |  |
Due from related party, net | 57 |  |
Due from Ashford Inc., net | 9 |  |
Assets held for sale | $ | 10,882 |  |
Liabilities |  |
Indebtedness, net | $ | 9,247 |  |
Accounts payable and accrued expenses | 510 |  |
Accrued interest | 38 |  |
Liabilities related to assets held for sale | $ | 9,795 |  |

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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 + Details
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