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Hotel Disposition | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Hotel Disposition | Hotel Disposition On July 17, 2024, the Company sold the Hilton La Jolla Torrey Pines for $165 million in cash, subject to customary pro-rations and adjustments. The Company owned an indirect 75% equity interest in the hotel property. Additionally, the Company repaid the $66.6 million mortgage loan secured by the hotel property. The sale resulted in a gain of approximately $88.2 million for the three and nine months ended September 30, 2024 and is included in “gain (loss) on disposition of assets and hotel property” in our condensed 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 condensed 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 condensed consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023, respectively. The following table includes the condensed consolidated financial information from this hotel property (in thousands):
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
| 2024 |  | 2023 |  |  |  | 2024 |  | 2023 |  |  |
Total hotel revenue | $ | 2,049 |  |  | $ | 13,688 |  |  |  |  | $ | 27,901 |  |  | $ | 37,969 |  |  |  |
Total hotel operating expenses | (1,563) |  |  | (7,959) |  |  |  |  | (17,130) |  |  | (22,939) |  |  |  |
Property taxes, insurance and other | (135) |  |  | (768) |  |  |  |  | (1,690) |  |  | (2,107) |  |  |  |
Depreciation and amortization | (179) |  |  | (1,052) |  |  |  |  | (2,328) |  |  | (3,123) |  |  |  |
Gain (loss) on disposition of assets and hotel property | 88,160 |  |  | — |  |  |  |  | 88,160 |  |  | — |  |  |  |
Operating income (loss) | 88,332 |  |  | 3,909 |  |  |  |  | 94,913 |  |  | 9,800 |  |  |  |
Interest income | 55 |  |  | 94 |  |  |  |  | 265 |  |  | 252 |  |  |  |
Interest expense and amortization of loan costs | (318) |  |  | (1,608) |  |  |  |  | (3,856) |  |  | (4,557) |  |  |  |
Write-off of loan costs and exit fees | — |  |  | — |  |  |  |  | (101) |  |  | — |  |  |  |
Income (loss) before income taxes | 88,069 |  |  | 2,395 |  |  |  |  | 91,221 |  |  | 5,495 |  |  |  |
Income from consolidated entities attributable to noncontrolling interests | (26,296) |  |  | (1,015) |  |  |  |  | (28,024) |  |  | (2,575) |  |  |  |
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership | (4,973) |  |  | (92) |  |  |  |  | (5,017) |  |  | (202) |  |  |  |
Income (loss) before income taxes attributable to the Company | $ | 56,800 |  |  | $ | 1,288 |  |  |  |  | $ | 58,180 |  |  | $ | 2,718 |  |  |  |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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