Dispositions

9 Months Ended

Sep. 30, 2014

Discontinued Operations And Disposal Groups [Abstract]

Dispositions

7. Dispositions

Effective January 1, 2014, we adopted ASU 2014-08 Reporting for Discontinued Operations. As a result, operations and any gain or loss on sale of hotels sold subsequent to December 31, 2013 will continue to be reported in 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.

On October 1, 2014, we sold the Tampa Marriott Waterside Hotel & Marina for approximately $199 million, which includes a $9 million FF&E replacement fund retained at the hotel. The hotel is classified as held for sale as of September 30, 2014. We will record a gain on sale of approximately $115 million in the fourth quarter. Additionally, during the first quarter of 2014, we sold an 89% controlling interest in the Philadelphia Marriott Downtown based on a gross sales price of $303 million and sold the Courtyard Nashua for approximately $10 million.

The following table provides summary results of operations for the hotel held for sale and two hotels sold in 2014, which are included in continuing operations (in millions):

	Quarter ended September 30,				Year-to-date ended September 30,
	2014		2013		2014		2013
Revenues	$	11	$	35	$	45	$	117
Income before income taxes		2		1		11		14
Gain on disposition		—		—		112		—

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

	Quarter ended		Year-to-date ended
	September 30, 2013		September 30, 2013
Revenues	$	21	$	91
Income before income taxes		3		20
Gain on disposition, net of tax		14		32