On July 17, 2024, the Company sold the Hilton La Jolla Torrey Pines for $165 million in cash, subject to customary pro-rations and adjustments. The Company owned an indirect 75% equity interest in the hotel property. Additionally, the Company

repaid the $66.6 million mortgage loan secured by the hotel property. The sale resulted in a gain of approximately $88.1 million for the year ended December 31, 2024.

We included the results of operations for this hotel property through the date of disposition in net income (loss) as shown in our condensed consolidated statements of operations for the three months ended March 31, 2024. The following table includes the condensed consolidated financial information from this hotel property (in thousands):


	Three Months Ended March 31, 2024

Total hotel revenue		$	11,740
Total hotel operating expenses		(7,193)
Property taxes, insurance and other		(789)
Depreciation and amortization		(1,090)


Operating income (loss)		2,668
Interest income		100
Interest expense and amortization of loan costs		(1,692)
Write-off of loan costs and exit fees		(101)
Income (loss) before income taxes		975

Income from consolidated entities attributable to noncontrolling interests		(707)
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership		(21)
Income (loss) before income taxes attributable to the Company		$	247