Dispositions

9 Months Ended

Sep. 30, 2013

Dispositions

  9. 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 approximately $293million in the first quarter. During 2012, we disposed of three properties. Additionally, as of September30, 2013, the Portland Marriott Downtown Waterfront is consideredheld-for-sale and its operations have been reclassified to discontinued operations. On November1, 2013, we sold this hotel for approximately $87million.

The following table summarizes revenues, income before income taxes and 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
	September30, 2013		September7, 2012			September30, 2013			September7, 2012
Revenues	$	10		$	48		$	56		$	157
Income before income taxes		3			4			18			14
Gain on disposition		14			––			32			48

During the third quarter of 2013, we recognized $14million of the deferred gain related to the sale of The Ritz-Carlton, San Francisco upon satisfaction of certain closing conditions.