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Assets Held for Sale
 6 Months Ended
Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held for Sale
Assets Held For Sale
On May 20, 2016, one of our subsidiaries entered into a definitive agreement to sell the Courtyard Seattle Downtown for $84.5 million in cash. At June 30, 2016, the Courtyard Seattle Downtown was classified as held for sale in the consolidated balance sheet based on methodologies discussed in note 2. Since the sale of the hotel property 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. Depreciation and amortization were ceased as of the date the assets were deemed held for sale. For the three and six months ended June 30, 2016, total revenue of $4.8 million and $8.0 million, respectively, and net income of $780,000 and $660,000, respectively, was included in our consolidated statements of operations. The sale closed on July 1, 2016.
The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheet at June 30, 2016 were as follows:
 
June 30, 2016
Assets
 
Investments in hotel properties, net
$
55,450

Cash and cash equivalents
30

Restricted cash
1,640

Accounts receivable
877

Prepaid expenses
35

Other assets
25

Due from related party, net
1,689

Assets held for sale
$
59,746

 
 
Liabilities
 
Indebtedness, net
$
56,523

Accounts payable and accrued expenses
1,239

Unfavorable management contract liability, net
97

Liabilities related to assets held for sale
$
57,859