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 condensed 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 nine months ended September 30, 2018, the Company recorded $0 and $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 September 30, 2018
Primary Geographical Market	Number of Hotels	Rooms		Food and Beverage		Other Hotel		Other		Total
California	4	$	26,368	$	5,209	$	2,404	$	—	$	33,981
Colorado	1	3,178		3,112		2,438		—		8,728
Florida	2	8,194		4,335		3,420		—		15,949
Illinois	1	8,157		2,280		327		—		10,764
Pennsylvania	1	7,137		1,422		267		—		8,826
Washington	1	11,035		1,799		380		—		13,214
Washington, D.C.	1	8,638		2,729		264		—		11,631
USVI	1	1,651		285		3,817		—		5,753
Total	12	$	74,358	$	21,171	$	13,317	$	—	$	108,846



	Three Months Ended September 30, 2017
Primary Geographical Market	Number of Hotels	Rooms		Food and Beverage		Other Hotel		Other		Total
California	4	$	24,578	$	5,160	$	2,228	$	—	$	31,966
Colorado	1	3,203		3,156		2,355		—		8,714
Florida	1	2,884		587		258		—		3,729
Illinois	1	7,144		2,014		221		—		9,379
Pennsylvania	1	6,341		1,095		159		—		7,595
Washington	1	10,850		1,710		323		—		12,883
Washington, D.C.	1	9,518		3,136		295		—		12,949
USVI	1	4,641		2,943		1,474		—		9,058
Sold hotel properties	2	8,177		3,346		284		—		11,807
Corporate entities	—	—		—		—		39		39
Total	13	$	77,336	$	23,147	$	7,597	$	39	$	108,119



	Nine Months Ended September 30, 2018
Primary Geographical Market	Number of Hotels	Rooms		Food and Beverage		Other Hotel		Other		Total
California	4	$	69,007	$	18,163	$	8,258	$	—	$	95,428
Colorado	1	14,736		9,676		7,712		—		32,124
Florida	2	24,474		12,191		7,343		—		44,008
Illinois	1	19,359		6,100		908		—		26,367
Pennsylvania	1	21,641		4,314		867		—		26,822
Washington	1	25,587		5,164		1,006		—		31,757
Washington, D.C.	1	30,390		10,965		884		—		42,239
USVI	1	4,939		616		13,616		—		19,171
Sold hotel properties	1	8,171		2,875		3,491		—		14,537
Total	13	$	218,304	$	70,064	$	44,085	$	—	$	332,453



	Nine Months Ended September 30, 2017
Primary Geographical Market	Number of Hotels	Rooms		Food and Beverage		Other Hotel		Other		Total
California	4	$	61,157	$	16,612	$	6,392	$	—	$	84,161
Colorado	1	4,920		4,700		4,040		—		13,660
Florida	1	13,253		2,660		954		—		16,867
Illinois	1	18,441		5,604		506		—		24,551
Pennsylvania	1	19,082		3,372		688		—		23,142
Washington	1	25,024		6,153		872		—		32,049
Washington, D.C.	1	32,908		11,896		977		—		45,781
USVI	1	21,713		11,014		6,102		—		38,829
Sold hotel properties	2	27,705		13,589		1,057		—		42,351
Corporate entities	—	—		—		—		116		116
Total	13	$	224,203	$	75,600	$	21,588	$	116	$	321,507