Subsequent Event

3 Months Ended

Mar. 31, 2013

Subsequent Event

12. Subsequent Event

On April 1, 2013, we sold approximately four acres of excess land adjacent to our Newport Beach Marriott Hotel & Spa for $24 million. The land, which previously was used for tennis courts, has been approved for the development and sale of 79 luxury condominiums. We will recognize a gain on sale of approximately $21 million in the second quarter.