Dispositions and Assets Held for Sale

12 Months Ended

Dec. 31, 2018

Discontinued Operations And Disposal Groups [Abstract]

Dispositions and Assets Held for Sale

Note 3: Dispositions and Assets Held for Sale

Dispositions

During the year ended December 31, 2018, we sold our interests in the 12 consolidated hotels listed in the table below and received total gross proceeds of $379 million. We recognized a net gain of approximately $98 million on the 12 hotels, including the reclassification of a currency translation adjustment of $31 million from accumulated other comprehensive loss into earnings concurrent with the dispositions, which is included in gain on sales of assets, net in our consolidated statements of comprehensive income.

Additionally, in May 2018, we and the other owners of our unconsolidated affiliates that owned the Hilton Berlin hotel sold our interests for gross proceeds of approximately $375 million, before customary closing adjustments, of which our pro rata share was $151 million. We recognized a net gain of approximately $107 million, including the reclassification of a currency translation adjustment of $8 million from accumulated other comprehensive loss into earnings concurrent with the disposition, which is included in other gain (loss), net in our consolidated statements of comprehensive income.

Hotel	Location	Month Sold
Hilton Rotterdam	Rotterdam, Netherlands	January 2018
Embassy Suites Portfolio(1)		February 2018
Embassy Suites by Hilton Kansas City Overland Park	Overland Park, Kansas
Embassy Suites by Hilton San Rafael Marin County	San Rafael, California
Embassy Suites by Hilton Atlanta Perimeter Center	Atlanta, Georgia
UK Portfolio(1)		February 2018
Hilton Blackpool	Blackpool, United Kingdom
Hilton Belfast	Belfast, United Kingdom
Hilton London Angel Islington	London, United Kingdom
Hilton Edinburgh Grosvenor	Edinburgh, United Kingdom
Hilton Coylumbridge	Aviemore, United Kingdom
Hilton Bath City	Bath, United Kingdom
Hilton Milton Keynes	Milton Keynes, United Kingdom
Hilton Durban	Durban, South Africa	February 2018
Hilton Berlin(2)	Berlin, Germany	May 2018

⁽¹⁾ Hotels were sold as a portfolio.

⁽²⁾ Unconsolidated joint venture.

Assets Held for Sale

Hilton Durban

In December 2017, we executed an agreement to sell the Hilton Durban, a wholly owned hotel, for a sales price of $33 million, which was payable in cash at closing and was subject to customary pro rations and adjustments. We disposed of the Hilton Durban in February 2018.

Assets and liabilities held for sale related to the Hilton Durban were as follows as of December 31, 2017:

	(in millions)
Assets:
Property and equipment, net	$	31
Cash and cash equivalents		2
Accounts receivable		2
Prepaid expenses		2
Total Assets Held for Sale	$	37
Liabilities:
Liabilities related to assets held for sale(1)	$	1
Total Liabilities Held for Sale	$	1

⁽¹⁾ Amounts included in other liabilities in our consolidated balance sheet as of December 31, 2017.