Discontinued Operations

6 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In the first quarter of 2014, the Company's management approved a plan to sell the three Company-owned hotels operated under the MainStay Suites brand and completed the disposal of these hotels at June 30, 2014. The Company determined that this disposal transaction met the definition of a discontinued operation since the operations and cash flows of this component has and will be eliminated from the on-going operations of the Company and the Company will not have significant continuing involvement in the operations of the hotels after the disposal transaction.

The operations related to these three Company-owned hotels were reported as a component of "Corporate and Other" for segment reporting purposes. The results of operations for the three and six months ended June 30, 2014 and the Company's financial position as of June 30, 2014 presented in these Consolidated Financial Statements reflect these three Company-owned hotels as discontinued operations. The results of operations for the three and six months ended June 30, 2013 presented in the Consolidated Financial Statements have been reclassified to account for these operations as discontinued. Summarized financial information related to the discontinued operations is as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014			2013
	(In thousands)
Revenues
Hotel operations	$	111		$	1,334	$	801		$	2,290
Total revenues	111			1,334		801			2,290
Expenses
Hotel operations	170			911		832			1,786
Depreciation and amortization	—			132		—			266
Total operating expenses	170			1,043		832			2,052
Operating income (loss)	(59		)	291		(31		)	238
Gain on disposal of discontinued operations	252			—		2,833			—
Income from discontinued operations before income taxes	193			291		2,802			238
Income taxes	72			108		1,040			88
Income from discontinued operations	$	121		$	183	$	1,762		$	150

	As of June 30, 2014			As of December 31, 2013
	(In thousands)
Cash	$	89		$	550
Receivables, net	8			106
Other current assets	109			223
Income taxes receivable	—			20
Total current assets	206			899
Property and equipment, at cost, net	—			8,816
Total assets	$	206		$	9,715
Accounts payable	$	9		$	425
Accrued expenses	10			10
Income taxes payable	1,040			—
Total liabilities	$	1,059		$	435
Net assets (liabilities) of discontinued operations	$	(853	)	$	9,280