Hotels Held for Sale

9 Months Ended

Sep. 30, 2018

5. Hotels Held for Sale

During the third quarter of 2018, the Company committed to a plan to sell one hotel and accordingly the hotel was classified as a hotel held for sale as of September 30, 2018. Hotel held for sale presented in the September 30, 2018 condensed consolidated balance sheet consists of the investment in real estate of the hotel, which was measured at September 30, 2018 at the lower of carrying value or fair value, less costs to sell. Mortgages payable related to assets of hotels held for sale presented in the September 30, 2018 condensed consolidated balance sheet represents the principal of the mortgage payable that the Company is contractually required to repay in connection with the sale of the hotel. There were no other captions of assets or liabilities related to hotel held for sale. The following is a summary of hotels held for sale as of September 30, 2018.


Hotel	Assets of Hotels Held for Sale
Residence Inn—Pittsburgh, Pennsylvania	$	9,368

The Company sold the hotel in the fourth quarter of 2018 as described in Note 2.

During the fourth quarter of 2017, the Company committed to a plan to sell two hotels and accordingly the hotels were classified as hotels held for sale as of December 31, 2017. Hotels held for sale presented in the December 31, 2017 condensed consolidated balance sheet consisted of the investment in real estate of each hotel, which was measured at December 31, 2017 at the lower of carrying value or fair value, less costs to sell. Mortgages payable related to assets of hotels held for sale presented in the December 31, 2017 condensed consolidated balance sheet represents the principal of the mortgage payable that the Company was contractually required to repay in connection with the sale of the hotels. There were no other major captions of assets or liabilities related to the hotels held for sale. The following is a summary of hotels held for sale as of December 31, 2017.


Hotel	Assets of Hotels Held for Sale
Residence Inn—Huntsville, Alabama	$	6,341
Marriott—Redmond, Washington		59,193

Total	$	65,534

The Company sold both hotels in the first quarter of 2018 as described in Note 4.

BRE Select Hotels Corp 10-Q