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Dispositions, Impairment Charges and Assets Held For Sale (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Hotel Dispositions and Assets Held for Sale The following table includes condensed financial information from these hotel property dispositions that occurred for the years ended December 31, 2024, 2023 and 2022 (in thousands):
Year Ended December 31,
202420232022
Total hotel revenue
$41,158 $256,951 $247,474 
Total hotel operating expenses(31,187)(176,422)(169,716)
Property taxes, insurance and other(2,901)(14,641)(14,811)
Depreciation and amortization(3,937)(35,202)(39,988)
Total operating expenses(38,025)(226,265)(224,515)
Gain (loss) on consolidation of VIE and disposition of assets and hotel properties94,406 10,279 (1)
Gain (loss) on derecognition of assets
167,178 — — 
Operating income (loss)264,717 40,965 22,958 
Interest income43 227 52 
Interest expense and amortization of discounts and loan costs(5,993)(36,885)(25,460)
Interest expense associated with hotels in receivership
(45,592)(39,178)(19,079)
Write-off of premiums, loan costs and exit fees(838)(592)(272)
Gain (loss) on extinguishment of debt2,774 53,386 — 
Income (loss) before income taxes215,111 17,923 (21,801)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership(2,528)(206)173 
Net income (loss) attributable to the Company$212,583 $17,717 $(21,628)
The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheet at December 31, 2024 were as follows:
December 31, 2024
Assets
Investments in hotel properties, gross
$110,295 
Accumulated depreciation
(23,173)
Investments in hotel properties, net87,122 
Cash and cash equivalents15 
Restricted cash7,858 
Accounts receivable, net652 
Prepaid expenses290 
Other assets293 
Due from third-party hotel managers398 
Assets held for sale$96,628 
Liabilities
Indebtedness, net$97,368 
Accounts payable and accrued expenses1,389 
Accrued interest364 
Due to Ashford Inc., net18 
Liabilities related to assets held for sale$99,139 
Schedule of Hotel Fair Value as a Result of Impairment Charges
The following table presents our hotel property measured at fair value as a result of the aforementioned impairment charges aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at December 31, 2024, and the related impairment charge recorded (in thousands):
Fair Value as of December 31, 2024
Year Ended December 31, 2024
Level 1Level 2Level 3TotalImpairment Charges
Hilton Costa Mesa
$— $— $30,000 $30,000 $35,908 (1)
Embassy Suites Portland
$— $— $25,000 $25,000 $23,423 (1)
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(1)    The impairment charges were based on the estimated fair value of each applicable hotel property and were recorded during the year ended December 31, 2024.