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Discontinued Operations
 9 Months Ended
Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations

We had two hotels held for sale at September 30, 2012. We consider a sale to be probable within the next twelve months and classify it as held for sale when a buyer completes its due diligence review, we have an executed contract for sale, and we have received a substantial non-refundable deposit.

Discontinued operations include results of operations for two hotels designated as held for sale at September 30, 2012, one hotel sold in August 2012, six hotels which were sold in May 2012 and eight hotels sold in 2011.  The following table summarizes the condensed financial information for those hotels (in thousands):

 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2012
 
2011
 
2012
 
2011
Hotel operating revenue
$
7,558

 
 
$
25,477

 
 
$
49,506

 
 
$
99,556

 
Operating expenses
(7,065
)
 
 
(25,684
)
(a) 
 
(40,831
)
 
 
(97,265
)
(a) 
Operating income (loss) from discontinued operations
493

 
 
(207
)
 
 
8,675

 
 
2,291

 
Interest expense, net
(239
)
 
 
(799
)
 
 
(1,991
)
 
 
(4,548
)
 
Debt extinguishment, net
(126
)
 
 
(334
)
 
 
(790
)
 
 
3,282

 
Loss on involuntary conversion, net
—

 
 
—

 
 
—

 
 
(12
)
 
Gain on sale of hotels, net
9,922

 
 
701

 
 
26,641

 
 
7,362

 
Income (loss) from discontinued operations
$
10,050

 
 
$
(639
)
 
 
$
32,535

 
 
$
8,375

 


(a)
Includes a $946,000 impairment charge for the three months ended September 30, 2011 and a $6.2 million impairment charge for the nine months ended September 30, 2011.