Asset Dispositions and Impairments	6 Months Ended
Jun. 30, 2013
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Asset Dispositions and Impairments	Note 4. Asset Dispositions and Impairments During the three months ended June 30, 2013, we sold one wholly-owned hotel for net cash proceeds of approximately $65 million. The hotel was sold subject to a management agreement, with an initial term of 20 years. The sale of the hotel resulted in a gain of approximately $3 million, which we deferred and will recognize into management fees, franchise fees and other income over the initial term of the management agreement. Additionally, during the six months ended June 30, 2013, we sold three wholly-owned hotels for net cash proceeds of approximately $61 million. Two of the hotels were sold subject to franchise agreements and the third hotel was sold subject to a management agreement, with initial terms of 20 years. The six months ended June 30, 2013 include a pre-tax loss of $8 million related to the sales of these hotels. During the six months ended June 30, 2012, we sold one wholly-owned hotel for net cash proceeds of approximately $11 million and recognized a pre-tax loss of $7 million related to the sale. The hotel was sold subject to a franchise agreement with an initial term of 20 years.

Note 4. Asset Dispositions and Impairments

During the three months ended June 30, 2013, we sold one wholly-owned hotel for net cash proceeds of approximately $65 million. The hotel was sold subject to a management agreement, with an initial term of 20 years. The sale of the hotel resulted in a gain of approximately $3 million, which we deferred and will recognize into management fees, franchise fees and other income over the initial term of the management agreement.

Additionally, during the six months ended June 30, 2013, we sold three wholly-owned hotels for net cash proceeds of approximately $61 million. Two of the hotels were sold subject to franchise agreements and the third hotel was sold subject to a management agreement, with initial terms of 20 years. The six months ended June 30, 2013 include a pre-tax loss of $8 million related to the sales of these hotels.

During the six months ended June 30, 2012, we sold one wholly-owned hotel for net cash proceeds of approximately $11 million and recognized a pre-tax loss of $7 million related to the sale. The hotel was sold subject to a franchise agreement with an initial term of 20 years.