Intangible assets consist of the following:

    During 2000, the Company conducted a review of each of its hotel’s performance and anticipated future performance and our expected future income from those hotels. As a result of this review, expected future performance of the hotels has been moderated. This process triggered an impairment review of certain of the Company’s long-lived intangible assets. The review included an analysis of the Company’s expected future undiscounted cash flows in comparison to the net book value of the long-lived intangible assets. This review indicated that the long-lived intangible assets were impaired. The Company estimated the fair value of the long-lived intangible assets using the discounted expected future cash flows generated by the underlying assets. Accordingly, the Company recorded an impairment loss of $21,658 to adjust goodwill from the purchase transaction with Winston.