4. Asset Sale

On October 16, 2015, the Company sold the Hotel Phillips for a total purchase price of approximately $13,500,000. Net proceeds to the Company from the sale were approximately $13,100,000, net of transaction costs. The assets sold consisted primarily of land, building, equipment and other assets. Pursuant to the sale agreement, the Company also retained its rights to receive payments under a tax incremental financing (TIF) arrangement with the city of Kansas City, Missouri, which is recorded at its estimated net realizable value and included in accounts and notes receivable (current portion) and other (long-term assets) on the consolidated balance sheet at December 31, 2015. The result of the transaction was a loss on sale of approximately $70,000. Hotel Phillips revenues for the Transition Period, fiscal 2015, fiscal 2014 and fiscal 2013 were $3,925,000, $9,736,000, $7,888,000 and $7,349,000, respectively. Hotel Phillips operating income (loss) for the Transition Period, fiscal 2015, fiscal 2014 and fiscal 2013 was $291,000, $739,000, $(113,000) and $(185,000), respectively.