Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
InPoint Commercial Real Estate Income, Inc. announced a impairment with charges of impairment charge of approximately $7 million related to the Renaissance Chicago O’Hare Suites Hotel affecting Renaissance Chicago O’Hare Suites Hotel.
- Type
- impairment
- Charge
- impairment charge of approximately $7 million related to the Renaissance Chicago O’Hare Suites Hotel
- Affected area
- Renaissance Chicago O’Hare Suites Hotel
Exact text from the filing
On May 31, 2023, officers of InPoint Commercial Real Estate Income, Inc. (the “Company”) determined that (i) the entry into a contract for sale by the Company of the Renaissance Chicago O’Hare Suites Hotel (the “Renaissance O’Hare”) for a purchase price of $12 million and (ii) receipt of the deposit from the buyer pursuant to that contract, which deposit is generally non-refundable, subject to certain exceptions such as the failure of closing conditions under certain specified circumstances, resulted in this asset meeting the criteria under generally accepted accounting principles to be classified as “held-for-sale.” As a result of this classification, the Company determined that it will be required to record the asset at fair value, less estimated sales costs and, therefore, recognize an impairment charge of approximately $7 million in the second quarter of 2023.
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