Annual report pursuant to Section 13 and 15(d)

Assets and Liabilities Held for Sale

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Assets and Liabilities Held for Sale
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Assets and Liabilities Held for Sale
6. ASSETS AND LIABILITIES HELD FOR SALE
During the fourth quarter of 2021, the Company’s Board approved a plan to sell its two owned hotels. As of December 31, 2021, the assets and liabilities of these owned hotels were reported in assets held for sale and liabilities held for sale on the Consolidated Balance Sheet. As a result of the Board approval, the Company evaluated the recoverability of its owned hotels’ long-lived assets by comparing their carrying values to the fair value determined using market data. As a result of this analysis, in the fourth quarter of 2021, the Company recorded a $6 million impairment charge within its hotel management segment which was reported within impairments, net on the Consolidated Statement of Income/(Loss).
The Company’s Consolidated Balance Sheet includes the following with respect to assets and liabilities held for sale as of December 31, 2021:
Assets:
Trade receivables, net
 $ 4 
Other current assets 4 
Property and equipment, net 146 
Total assets held for sale $ 154 
Liabilities:
Accrued expenses and other current liabilities $ 8 
Deferred revenues 6 
Other liabilities 3 
Total liabilities held for sale $ 17