10.	Dispositions

Discontinued Operations

We disposed of five hotels in 2013, three hotels in 2012 and one hotel in 2011. The operations for these hotels are included in discontinued operations. The following table summarizes the revenues, income before taxes, and the gain on disposals, net of tax, of the hotels which have been reclassified to discontinued operations, which includes assets held for sale and the results of sold hotels prior to their disposition for the periods presented (in millions):

	Year ended December 31,
	2013		2012		2011
Revenues	$	104	$	264	$	288
Income before taxes		22		24		11
Gain on disposals, net of tax		97		48		—

Net income (loss) attributable to Host Inc. is allocated between continuing and discontinued operations as follows (in millions):

	Year ended December 31,
	2013		2012			2011
Continuing operations, net of tax	$	203	$	(10	)	$	(26	)
Discontinued operations, net of tax		114		71			11
Net income (loss) attributable to Host Inc.	$	317	$	61		$	(15	)

Net income (loss) attributable to Host L.P. is allocated between continuing and discontinued operations as follows (in millions):

	Year ended December 31,
	2013		2012			2011
Continuing operations, net of tax	$	206	$	(9	)	$	(26	)
Discontinued operations, net of tax		115		71			11
Net income (loss) attributable to Host L.P.	$	321	$	62		$	(15	)

Dispositions in 2013 included (i) the Dallas/Addison Marriot Quorum by the Galleria for $56 million, (ii) the Four Seasons Hotel Atlanta for $63 million, (iii) the Portland Marriott Downtown Waterfront for $87 million, (iv) The Ritz-Carlton, San Francisco for $161 million, and (v) the Atlanta Marriott Marquis for $293 million.

In connection with the sale of The Ritz-Carlton, San Francisco, we recorded a deferred gain of approximately $11 million, the recognition of which 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 $4 million per year, not to exceed $11 million in total.

In connection with the sale of the Atlanta Marriott Marquis, we recorded a gain on the sale of approximately $19 million, net of $5 million deferred for an environmental contingency.

Other Dispositions

During 2013 and 2012, we disposed of certain assets that do not result in reclassification of prior years’ operations to discontinued operations. These transactions included:

—	On April 1, 2013, we sold approximately four acres of land adjacent to our Newport Beach Marriott Hotel & Spa for $24 million and recognized a $21 million gain on the sale.

—	On November 9, 2012, in connection with the Maui JV, we sold land valued at $36 million to the joint venture and we recognized a gain of $8 million on the sale.

Subsequent to year end, on January 10, 2014, we sold an 89% controlling interest in the entity that owns the Philadelphia Marriott Downtown. As a result, the hotel no longer will be consolidated in our financial statements. Due to our remaining 11% interest in the hotel, the operations of the hotel recorded prior to the sale will not be reclassified to discontinued operations. Additionally, on February 12, 2014, we sold the Courtyard Nashua for $10 million.