Dispositions

6 Months Ended

Jun. 30, 2014

Dispositions

7. Dispositions

Effective January 1, 2014, we adopted ASU 2014-08 Reporting for Discontinued Operations. As a result, operations of hotels sold subsequent to December 31, 2013 will continue to be reported in continuing operations, while gains on sales will be included in gain on sale of assets, within income from continuing operations. The results of properties sold in 2013, including the gain on sale, prior to adoption will continue to be reported in discontinued operations.

The following table provides summary results of operations for the five hotels sold in 2013 which have been included in discontinued operations (in millions):

	Quarter ended		Year-to-date ended
	June 30, 2013		June 30, 2013
Revenues	$	35	$	70
Income before income taxes		5		17
Gain on disposition, net of tax		—		19