Discontinued Operations

3 Months Ended

Mar. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

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. At March 31, 2014, the Company had disposed of two of the three hotels and expects the third hotel to be sold during the year ended December 31, 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 months ended March 31, 2014 and the Company's financial position as of March 31, 2014 presented in these Consolidated Financial Statements reflect these three Company-owned hotels as discontinued operations. The results of operations for the three months ended March 31, 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 March 31,
	2014		2013
	(In thousands)
Revenues
Hotel operations	$	690	$	956
Total revenues	690		956
Expenses
Hotel operations	662		875
Depreciation and amortization	—		134
Total operating expenses	662		1,009
Operating income (loss)	28		(53		)
Gain on disposal of discontinued operations	2,581		—
Income (loss) from discontinued operations before income taxes	2,609		(53		)
Income tax (benefit)	968		(20		)
Income (loss) from discontinued operations	$	1,641	$	(33	)

	As of March 31, 2014		As of December 31, 2013
	(In thousands)
Cash	$	274	$	550
Receivables, net	67		106
Other current assets (includes assets held for sale totaling $2,723 at March 31, 2014)	2,870		223
Income taxes receivable	—		20
Total current assets	3,211		899
Property and equipment, at cost, net	—		8,816
Total assets	$	3,211	$	9,715
Accounts payable	$	225	$	425
Accrued expenses	10		10
Income taxes payable	968		—
Total liabilities	$	1,203	$	435
Net assets of discontinued operations	$	2,008	$	9,280