Hotel Disposition

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

On June 1, 2018, the Company sold the Tampa Renaissance hotel for $68.0 million in cash. The sale resulted in a gain of $15.7 million for the year ended December 31, 2018 and is included in “gain (loss) on insurance settlement, disposition of assets and sale of hotel property” in our consolidated statements of operations. Since the sale of the hotel property did 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 our consolidated financial statements.

We included the results of operations for this hotel property through the date of disposition in net income (loss) as shown in our consolidated statements of operations for the year ended December 31, 2018, respectively. The following table includes the condensed financial information from this hotel property (in thousands):


	Year Ended December 31, 2018

Total hotel revenue		$	14,611
Total hotel operating expenses		(7,431)
Property taxes, insurance and other		(529)
Depreciation and amortization		(1,294)
Impairment charges		(12)
Gain (loss) on insurance settlement, disposition of assets and sale of hotel property		15,738
Operating income (loss)		21,083
Interest expense and amortization of loan costs		(791)

Income (loss) before income taxes		20,292

(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership		(2,277)
Income (loss) before income taxes attributable to the Company		$	18,015