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Hotel Disposition
 6 Months Ended
Jun. 30, 2025
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 $88.1 million for the year ended December 31, 2024.
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 six months ended June 30, 2024. The following table includes the condensed consolidated financial information from this hotel property (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
20242024
Total hotel revenue$14,112 $25,852 
Total hotel operating expenses(8,374)(15,567)
Property taxes, insurance and other(766)(1,555)
Depreciation and amortization(1,059)(2,149)
Operating income (loss)3,913 6,581 
Interest income110 210 
Interest expense and amortization of loan costs(1,846)(3,538)
Write-off of loan costs and exit fees— (101)
Income (loss) before income taxes2,177 3,152 
Income from consolidated entities attributable to noncontrolling interests(1,021)(1,728)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership(93)(114)
Income (loss) before income taxes attributable to the Company$1,063 $1,310