Disposition of Hotel Properties

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposition of Hotel Properties

Disposition of Hotel Properties

On November 24, 2020, the Company sold the Residence Inn Mission Valley hotel in San Diego, CA for $67.0 million and recognized a gain on sale of the hotel property of $21.1 million. The balance of the mortgage loan of $26.7 million was repaid with proceeds from the sale. Additional proceeds were used to repay amounts outstanding on the Company's revolving credit facility. The sale did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results and did not qualify to be reported as discontinued operations.

During the three and six months ended June 30, 2021 and 2020, the Company's consolidated statements of operations included operating income related to the disposed hotel as follows (in thousands):

	For the three months ended				For the six months ended
	June 30,				June 30,
	2021		2020		2021		2020
Residence Inn Mission Valley, CA	$	—	$	395	$	—	$	1,147
Total	$	—	$	395	$	—	$	1,147