Dispositions

3 Months Ended

Mar. 31, 2022

Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]

Dispositions

9. Dispositions

During the first quarter, we sold the Sheraton Boston Hotel for $233 million, including a $163 million bridge loan we provided to the buyer, and recorded a gain on sale of $12 million. The bridge loan, which is included in other assets on our condensed consolidated balance sheets, has an initial interest rate of 4.5% and an initial scheduled maturity date of August 1, 2022, which date may be extended by up to a year by the exercise of two 6-month extensions, each which is subject to an increase in interest rate. The gain on sale is included in other gains (losses) on the consolidated statement of operations.

Subsequent to quarter end, we sold the Sheraton New York Times Square Hotel for $373 million, including a $250 million bridge loan we provided to the buyer, and YVE Hotel Miami for $50 million, including $1 million of FF&E funds retained by us. As of March 31, 2022, these two hotels were classified as held for sale.