Discontinued Operations

3 Months Ended

Mar. 31, 2015

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 during 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 been 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, 2015 and 2014 and the Company's financial position as of March 31, 2015 and December 31, 2014 presented in these Consolidated Financial Statements reflect these three Company-owned hotels as discontinued operations. Summarized financial information related to the discontinued operations is as follows:

		Three Months Ended March 31,
		2015		2014
	(in thousands)
Revenues
Hotel operations		$	—	$	690
Total revenues		—		690
Expenses
Hotel operations		—		662
Total operating expenses		—		662
Operating income		—		28
Gain on disposal of discontinued operations		—		2,581
Income from discontinued operations before income taxes		—		2,609
Income taxes		—		968
Income from discontinued operations		$	—	$	1,641

	As of March 31, 2015		As of December 31, 2014
	(in thousands)
Total assets	$	—	$	—
Accounts payable	$	—	$	45
Income taxes payable	—		994
Total liabilities	$	—	$	1,039
Net assets (liabilities) of discontinued operations	$	—	$	(1,039	)