Dispositions

6 Months Ended

Jun. 30, 2013

Dispositions

  8. Dispositions

During 2013, we disposed of (i) The Ritz-Carlton, San Francisco for approximately $161million in the second quarter and (ii) the Atlanta Marriott Marquis for $293million in the first quarter. During 2012, we disposed of three properties. 

The following table summarizes revenues, income before income taxes, and the gain on disposition of the hotels which have been included in discontinued operations for all periods presented (in millions):

	Quarter ended				Year-to-date ended
	June30, 2013		June15, 2012		June30, 2013		June15, 2012
Revenues	$	15	$	44	$	31	$	96
Income before income taxes		2		3		13		9
Gain on disposition		—		—		19		48

We have recorded a deferred gain on the sale of The Ritz-Carlton, San Francisco of approximately $25million, $14million of which will be recognized upon completion of certain post-closing conditions. The remainder of the deferred gain is subject to performance guarantees through which we have guaranteed certain annual net operating profit levels for the hotel through 2016, with a maximum payment of $4million per year, not to exceed $11million in total.