Discontinued Operations Discontinued Operations

12 Months Ended

Dec. 31, 2013

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. 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 years ended December 31 ,2013, 2012 and 2011 presented in these Consolidated Financial Statements reflect these three Company-owned hotels as discontinued operations. All prior period amounts have been recast as appropriate. Unless noted otherwise, discussion in the notes to the consolidated financial statements pertain to continuing operations. Summarized financial information related to the discontinued operations is as follows:

	For the Year Ended December 31,
	2013		2012		2011
	(in thousands)
Revenues
Hotel operations	$	4,774	$	4,573	$	4,356
Total revenues	4,774		4,573		4,356
Operating Expenses
Hotel operations	3,678		3,505		3,466
Depreciation and amortization	526		535		527
Total operating expenses	4,204		4,040		3,993
Income from discontinued operations before income taxes	570		533		363
Income taxes	211		198		135
Income from discontinued operations, net of income taxes	$	359	$	335	$	228

	As of December 31, 2013		As of December 31, 2012
	(In thousands)
Cash	$	550	$	387
Receivables, net	106		206
Other current assets	223		192
Income taxes receivable	20		—
Total current assets	899		785
Property and equipment, at cost, net	8,816		9,220
Total assets	9,715		10,005
Accounts payable	425		403
Accrued expenses	10		10
Income taxes payable	—		—
Total liabilities	435		413
Net assets of discontinued operations	$	9,280	$	9,592