Revenue

On January 1, 2018, we adopted Topic 606 using the modified retrospective method. As the adoption of this standard did not have a material impact on our consolidated financial statements, no adjustments to opening retained earnings were made as of January 1, 2018. Results for reporting periods beginning after January 1, 2018, are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC Topic 605-Revenue Recognition.

Rooms revenue represents revenues from the occupancy of our hotel rooms and is driven by the occupancy and average daily rate charged. Rooms revenue includes revenue for guest no-shows, day use, and early/late departure fees. The contracts for room stays with customers are generally short in duration and revenues are recognized as services are provided over the course of the hotel stay.

Food & Beverage (“F&B”) revenue consists of revenue from the restaurants and lounges at our hotel properties, In-room dining and mini-bars revenue, and banquet/catering revenue from group and social functions. Other F&B revenue may include revenue from audio-visual equipment/services, rental of function rooms, and other F&B related revenues. Revenue is recognized as the services or products are provided. Our hotel properties may employ third parties to provide certain services at the property, for example, audio visual services. We evaluate each of these contracts to determine if the hotel is the principal or the agent in the transaction, and record the revenues as appropriate (i.e. gross vs. net).

Other revenue consists of ancillary revenue at the property, including attrition and cancellation fees, condo management fees, resort and destination fees, health center fees, spas, golf, telecommunications, parking, entertainment and other guest services, as well as rental revenue, primarily consisting of leased retail outlets at our hotel properties, and membership initiation fees and dues, primarily from club memberships. Attrition and cancellation fees are recognized for non-cancellable deposits when the customer provides notification of cancellation within established management policy time frames. Non-refundable membership initiation fees are recognized over the expected life of an active membership. For the three and six months ended June 30, 2018, the Company recorded $3.3 million of business interruption income for the Tampa Renaissance related to a settlement for lost profits from the BP Deepwater Horizon oil spill in the Gulf of Mexico in 2010.

Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due.

The following tables present our revenue disaggregated by geographical areas (in thousands):



	Three Months Ended June 30, 2018
Primary Geographical Market	Number of Hotels	Rooms		Food and Beverage		Other Hotel		Other		Total
California	4	$	23,535	$	5,649	$	2,379	$	—	$	31,563
Colorado	1	1,761		1,745		1,731		—		5,237
Florida	2	10,807		7,053		3,172		—		21,032
Illinois	1	7,783		2,569		371		—		10,723
Pennsylvania	1	8,351		1,719		303		—		10,373
Washington	1	9,050		1,701		361		—		11,112
Washington, D.C.	1	12,791		3,896		337		—		17,024
USVI	1	1,472		132		5,253		—		6,857
Sold hotel properties	1	2,889		929		3,379		—		7,197
Corporate entities	—	—		—		—		—		—
Total	13	$	78,439	$	25,393	$	17,286	$	—	$	121,118



	Three Months Ended June 30, 2017
Primary Geographical Market	Number of Hotels	Rooms		Food and Beverage		Other Hotel		Other		Total
California	4	$	19,655	$	5,435	$	2,764	$	—	$	27,854
Colorado	1	1,717		1,544		1,685		—		4,946
Florida	1	4,687		1,139		335		—		6,161
Illinois	1	7,824		2,377		185		—		10,386
Pennsylvania	1	7,781		1,298		346		—		9,425
Washington	1	8,761		2,614		293		—		11,668
Washington, D.C.	1	12,516		4,109		372		—		16,997
USVI	1	7,329		4,552		2,215		—		14,096
Sold hotel properties	2	9,179		4,912		431		—		14,522
Corporate entities	—	—		—		—		37		37
Total	13	$	79,449	$	27,980	$	8,626	$	37	$	116,092



	Six Months Ended June 30, 2018
Primary Geographical Market	Number of Hotels	Rooms		Food and Beverage		Other Hotel		Other		Total
California	4	$	42,639	$	12,954	$	5,854	$	—	$	61,447
Colorado	1	11,558		6,564		5,274		—		23,396
Florida	2	16,280		7,856		3,923		—		28,059
Illinois	1	11,202		3,820		581		—		15,603
Pennsylvania	1	14,504		2,892		600		—		17,996
Washington	1	14,552		3,365		626		—		18,543
Washington, D.C.	1	21,752		8,236		620		—		30,608
USVI	1	3,288		331		9,799		—		13,418
Sold hotel properties	1	8,171		2,875		3,491		—		14,537
Corporate entities	—	—		—		—		—		—
Total	13	$	143,946	$	48,893	$	30,768	$	—	$	223,607



	Six Months Ended June 30, 2017
Primary Geographical Market	Number of Hotels	Rooms		Food and Beverage		Other Hotel		Other		Total
California	4	$	36,579	$	11,452	$	4,164	$	—	$	52,195
Colorado	1	1,717		1,544		1,685		—		4,946
Florida	1	10,369		2,073		696		—		13,138
Illinois	1	11,297		3,590		285		—		15,172
Pennsylvania	1	12,741		2,277		529		—		15,547
Washington	1	14,174		4,443		549		—		19,166
Washington, D.C.	1	23,390		8,760		682		—		32,832
USVI	1	17,072		8,071		4,628		—		29,771
Sold hotel properties	2	19,528		10,243		773		—		30,544
Corporate entities	—	—		—		—		77		77
Total	13	$	146,867	$	52,453	$	13,991	$	77	$	213,388