Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 25, 2020 | Jun. 30, 2019 | |
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-14765 | ||
Entity Registrant Name | HERSHA HOSPITALITY TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 25-1811499 | ||
Entity Address, Address Line One | 44 Hersha Drive | ||
Entity Address, City or Town | Harrisburg | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 17102 | ||
City Area Code | 717 | ||
Local Phone Number | 236-4400 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 621.2 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement, to be filed with the Securities and Exchange Commission not later than 120 days after the end of the registrant’s last fiscal year pursuant to Regulation 14A, are incorporated herein by reference into Part II, Item 5 and Part III. | ||
Entity Central Index Key | 0001063344 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Class A Common Shares | |||
Title of 12(b) Security | Class A Common Shares of Beneficial Interest, par value $.01 per share | ||
Trading Symbol | HT | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 38,653,744 | ||
Series C Preferred Shares | |||
Title of 12(b) Security | 6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $.01 per share | ||
Trading Symbol | HT-PC | ||
Security Exchange Name | NYSE | ||
Series D Preferred Shares | |||
Title of 12(b) Security | 6.50% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $.01 per share | ||
Trading Symbol | HT-PD | ||
Security Exchange Name | NYSE | ||
Series E Preferred Shares | |||
Title of 12(b) Security | 6.50% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $.01 per share | ||
Trading Symbol | HT-PE | ||
Security Exchange Name | NYSE | ||
Class B Common Shares | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Investment in Hotel Properties, Net of Accumulated Depreciation | $ 1,975,973 | $ 2,026,659 |
Investment in Unconsolidated Joint Ventures | 8,446 | 4,004 |
Cash and Cash Equivalents | 27,012 | 32,598 |
Escrow Deposits | 9,973 | 8,185 |
Hotel Accounts Receivable, Net of Allowance for Doubtful Accounts of $0 and $188 | 9,213 | 10,241 |
Due from Related Parties | 6,113 | 3,294 |
Intangible Assets, Net of Accumulated Amortization of $6,545 and $7,308 | 2,137 | 13,644 |
Right of Use Assets | 45,384 | |
Other Assets | 38,177 | 40,005 |
Total Assets | 2,122,428 | 2,138,630 |
Liabilities and Equity: | ||
Line of Credit | 48,000 | 10,000 |
Unsecured Term Loans, Net of Unamortized Deferred Financing Costs (Note 5) | 697,183 | 698,202 |
Unsecured Notes Payable, Net of Unamortized Deferred Financing Costs (Note 5) | 50,736 | 50,684 |
Mortgages Payable, Net of Unamortized Premium and Unamortized Deferred Financing Costs | 332,280 | 334,145 |
Lease Liabilities | 54,548 | |
Accounts Payable, Accrued Expenses and Other Liabilities | 47,626 | 70,947 |
Dividends and Distributions Payable | 17,058 | 17,129 |
Total Liabilities | 1,247,431 | 1,181,107 |
Redeemable Noncontrolling Interests - Consolidated Joint Venture (Note 1) | 3,196 | 2,708 |
Shareholders' Equity: | ||
Preferred Shares: $.01 Par Value, 29,000,000 Shares Authorized, 3,000,000 Series C, 7,701,700 Series D and 4,001,514 Series E Shares Issued and Outstanding at December 31, 2019 and December 31, 2018, with Liquidation Preferences of $25 Per Share (Note 1) | 147 | 147 |
Accumulated Other Comprehensive Income | 1,010 | 4,227 |
Additional Paid-in Capital | 1,144,808 | 1,155,776 |
Distributions in Excess of Net Income | (338,695) | (267,740) |
Total Shareholders' Equity | 807,657 | 892,805 |
Noncontrolling Interests (Note 1): | 64,144 | 62,010 |
Total Equity | 871,801 | 954,815 |
Total Liabilities, Redeemable Noncontrolling Interests, and Equity | 2,122,428 | 2,138,630 |
Class A Common Shares | ||
Shareholders' Equity: | ||
Common Shares | 387 | 395 |
Class B Common Shares | ||
Shareholders' Equity: | ||
Common Shares | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Hotel accounts receivable, allowance for doubtful accounts | $ 0 | $ 188 |
Intangible assets, accumulated amortization | $ 6,545 | $ 7,308 |
Shareholders' Equity: | ||
Preferred Shares - Outstanding (in shares) | 14,703,214 | 14,703,214 |
Series C, D and E Preferred Shares [Member] | ||
Shareholders' Equity: | ||
Preferred Shares - Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Shares - Authorized (in shares) | 29,000,000 | 29,000,000 |
Preferred Shares - Liquidation Preference Value (in dollars per share) | $ 25 | $ 25 |
Series C Preferred Shares | ||
Shareholders' Equity: | ||
Preferred Shares - Issued (in shares) | 3,000,000 | 3,000,000 |
Preferred Shares - Outstanding (in shares) | 3,000,000 | 3,000,000 |
Series D Preferred Shares | ||
Shareholders' Equity: | ||
Preferred Shares - Par Value (in dollars per share) | $ 0.01 | |
Preferred Shares - Issued (in shares) | 7,701,700 | 7,701,700 |
Preferred Shares - Outstanding (in shares) | 7,701,700 | 7,701,700 |
Series E Preferred Shares | ||
Shareholders' Equity: | ||
Preferred Shares - Par Value (in dollars per share) | $ 0.01 | |
Preferred Shares - Issued (in shares) | 4,001,514 | 4,001,514 |
Preferred Shares - Outstanding (in shares) | 4,001,514 | 4,001,514 |
Class A Common Shares | ||
Shareholders' Equity: | ||
Common Shares - Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Shares - Authorized (in shares) | 104,000,000 | 104,000,000 |
Common Shares - Issued (in shares) | 38,652,650 | 39,458,626 |
Common Shares - Outstanding (in shares) | 38,652,650 | 39,458,626 |
Class B Common Shares | ||
Shareholders' Equity: | ||
Common Shares - Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Shares - Authorized (in shares) | 1,000,000 | 1,000,000 |
Common Shares - Issued (in shares) | 0 | 0 |
Common Shares - Outstanding (in shares) | 0 | 0 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Hotel Operating Revenues: | |||||
Other Revenues | $ 292 | $ 1,385 | $ 1,097 | ||
Total Revenues | 529,960 | 495,063 | 498,237 | ||
Hotel Operating Expenses: | |||||
Hotel Ground Rent | 4,581 | 4,228 | 3,460 | ||
Real Estate and Personal Property Taxes and Property Insurance | 38,601 | 35,194 | 32,300 | ||
General and Administrative (including Share Based Payments of $10,803, $11,436, and $9,286 for the years ended December 31, 2019, 2018, and 2017, respectively) | 26,431 | 26,881 | 23,553 | ||
Acquisition and Terminated Transaction Costs | 0 | 29 | 2,203 | ||
Loss on Impairment of Assets | 0 | 0 | 4,082 | ||
Depreciation and Amortization | 96,529 | 89,831 | 83,752 | ||
(Gains from) Property Losses in Excess of Insurance Recoveries | $ 4,268 | 12 | (12,649) | 4,268 | |
Total Operating Expenses | 483,590 | 442,363 | 448,668 | ||
Operating Income | 46,370 | 52,700 | 49,569 | ||
Interest Income | 253 | 114 | 271 | ||
Interest Expense | (52,205) | (48,491) | (42,662) | ||
Other Expense | (584) | (901) | (771) | ||
Gain on Disposition of Hotel Properties | 0 | 4,148 | 90,350 | ||
Lease Buyout | 0 | 0 | 268 | ||
Loss on Debt Extinguishment | (280) | (22) | (590) | ||
(Loss) Income Before Results from Unconsolidated Joint Venture Investments and Income Taxes | (6,446) | 7,548 | 96,435 | ||
Income (Loss) from Unconsolidated Joint Ventures | (2,473) | 691 | 1,084 | (2,473) | |
Gain from Remeasurement of Investment in Unconsolidated Joint Venture | 16,240 | 0 | 0 | 16,240 | |
Income from Unconsolidated Joint Venture Investments | 691 | 1,084 | 13,767 | ||
(Loss) Income Before Income Taxes | (5,755) | 8,632 | 110,202 | ||
Income Tax Expense | (92) | (267) | (5,262) | ||
Net (Loss) Income | 104,940 | (5,847) | 8,365 | 104,940 | |
Preferred Distributions | (24,169) | (24,174) | (24,174) | (24,169) | |
Extinguishment of Issuance Costs Upon Redemption of Preferred Shares | $ 0 | 0 | 0 | ||
Net (Loss) Income Applicable to Common Shareholders | $ (27,843) | $ (14,184) | 75,699 | ||
BASIC | |||||
(Loss) Income from Continuing Operations Applicable to Common Shareholders (in dollars per share) | $ 1.82 | $ (0.74) | $ (0.38) | ||
DILUTED | |||||
(Loss) Income from Continuing Operations Applicable to Common Shareholders (in dollars per share) | $ 1.79 | $ (0.74) | $ (0.38) | ||
Weighted Average Common Shares Outstanding: | |||||
Basic (in shares) | 41,423,804 | 38,907,894 | 39,383,763 | ||
Diluted (in shares) | [1] | 42,056,431 | 38,907,894 | 39,383,763 | |
Noncontrolling Interests Common Units And LTIP Units [Member] | |||||
Hotel Operating Expenses: | |||||
Net (Loss) Income | $ (2,366) | $ (916) | 5,072 | ||
Income Allocated to Noncontrolling Interests | 2,366 | 916 | (5,072) | ||
Joint Venture Partner [Member] | |||||
Hotel Operating Expenses: | |||||
Net (Loss) Income | (300) | (3,417) | |||
Income Allocated to Noncontrolling Interests | (188) | 709 | 0 | ||
Occupancy [Member] | |||||
Hotel Operating Revenues: | |||||
Hotel Operating Revenues | 424,698 | 397,907 | 411,149 | ||
Hotel Operating Expenses: | |||||
Hotel Operating Expenses | 93,488 | 88,663 | 90,716 | ||
Food and Beverage [Member] | |||||
Hotel Operating Revenues: | |||||
Hotel Operating Revenues | 65,379 | 64,546 | 58,491 | ||
Hotel Operating Expenses: | |||||
Hotel Operating Expenses | 52,820 | 52,122 | 47,906 | ||
Hotel, Other [Member] | |||||
Hotel Operating Revenues: | |||||
Hotel Operating Revenues | 39,591 | 31,225 | 27,500 | ||
Hotel Operating Expenses: | |||||
Hotel Operating Expenses | $ 171,128 | $ 158,064 | $ 156,428 | ||
[1] | Income allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the “Operating Partnership” or “HHLP”) has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership’s common units of limited partnership interest (“Common Units”) and the Operating Partnership’s vested LTIP units (“Vested LTIP Units”) have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income applicable to common shareholders. |
Consolidated Statements Of Op_2
Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator (in shares) | 2,778,293 | 4,482,199 | 4,027,511 |
Share based payments | $ 9,286 | $ 10,803 | $ 11,436 |
Common Units And Vested LTIP Units [Member] | |||
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator (in shares) | 2,778,293 | 3,363,169 | 3,141,981 |
Unvested Stock Awards and LTIP Units Outstanding [Member] | |||
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator (in shares) | 0 | 651,093 | 358,141 |
Contingently Issuable Shares [Member] | |||
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator (in shares) | 0 | 467,937 | 527,389 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net (Loss) Income | $ (5,847) | $ 8,365 | $ 104,940 |
Other Comprehensive Income (Loss) | |||
Change in Fair Value of Derivative Instruments | (4,502) | 3,343 | 3,130 |
Less: Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income | 1,007 | (2,827) | (594) |
Total Other Comprehensive (Loss) Income | (3,495) | 516 | 2,536 |
Comprehensive (Loss) Income | (9,342) | 8,881 | 107,476 |
Less: Preferred Distributions | (24,174) | (24,174) | (24,169) |
Comprehensive (Loss) Income Applicable to Common Shareholders | (31,060) | (13,706) | 78,075 |
Noncontrolling Interests Common Units And LTIP Units [Member] | |||
Net (Loss) Income | (2,366) | (916) | 5,072 |
Other Comprehensive Income (Loss) | |||
Less: Comprehensive Loss (Income) Applicable to Noncontrolling Interests | 2,644 | 878 | (5,232) |
Joint Venture Partner [Member] | |||
Net (Loss) Income | (300) | (3,417) | |
Other Comprehensive Income (Loss) | |||
Less: Comprehensive Loss (Income) Applicable to Noncontrolling Interests | $ (188) | $ 709 | $ 0 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Common Shares [Member] | Common Shares [Member]Class A Common Shares | Common Shares [Member]Class B Common Shares | Preferred Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions in Excess of Net Income [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests Common Units And LTIP Units [Member] | Total Equity Less Consolidated Joint Venture [Member] | Consolidated Joint Venture [Member] |
Beginning Balance (in shares) at Dec. 31, 2016 | 41,770,514 | 14,700,000 | 2,838,546 | |||||||||
Beginning Balance at Dec. 31, 2016 | $ 879,739 | $ 418 | $ 0 | $ 147 | $ 1,198,311 | $ 1,373 | $ (364,831) | $ 835,418 | $ 44,321 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Repurchase of Common Shares (in shares) | (1,991,573) | |||||||||||
Repurchase of Common Shares | (35,178) | (20) | (35,158) | (35,178) | ||||||||
Dividends and Distributions declared: | 0 | 0 | 392 | 392 | $ (392) | |||||||
Unit Conversion (in shares) | 23,964 | (23,964) | ||||||||||
Common Units Issued | 4,133 | $ 4,133 | ||||||||||
Common Units Issued (in shares) | 225,000 | |||||||||||
Common Units Issued | ||||||||||||
Preferred Shares | (219) | (219) | (219) | |||||||||
Preferred Shares ATM Issuance, Net of Costs (in shares) | 1,700 | |||||||||||
Common Units ($1.12 per share) | ||||||||||||
Common Shares | (46,241) | (46,241) | ||||||||||
Preferred Shares | (24,169) | (24,169) | (24,169) | |||||||||
Common Units | (2,270) | $ (2,270) | ||||||||||
LTIP Units | (1,452) | (1,452) | ||||||||||
Dividend Reinvestment Plan (in shares) | 4,425 | |||||||||||
Share Based Compensation: | 81 | 81 | 81 | |||||||||
Equity Contribution to Consolidated Joint Venture | ||||||||||||
Change in Fair Value of Derivative Instruments | 1 | 28 | 29 | $ 779 | $ 808 | |||||||
Grants (in shares) | 109,331 | 183,784 | ||||||||||
Adjustment to Record Noncontrolling Interest at Redemption Value | 1,511 | 1,511 | $ 3,935 | 5,446 | ||||||||
Balance at December 31, 2019 | 2,376 | 2,376 | 160 | 2,536 | ||||||||
Adjustment to Record Noncontrolling Interest at Redemption Value | 0 | |||||||||||
Net Income (Loss) | 104,940 | 99,868 | 99,868 | 5,072 | 104,940 | |||||||
Ending Balance at Dec. 31, 2017 | 888,154 | 399 | 0 | $ 147 | 1,164,946 | 3,749 | (335,373) | 833,868 | $ 54,286 | 888,154 | $ 0 | |
Ending Balance (in shares) at Dec. 31, 2017 | 39,916,661 | 14,701,700 | 3,223,366 | |||||||||
Cumulative Effect of Adoption of ASC 610-20 | $ 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Repurchase of Common Shares (in shares) | (635,590) | (635,590) | ||||||||||
Repurchase of Common Shares | (6) | (10,827) | (10,833) | (10,833) | ||||||||
Dividends and Distributions declared: | 1 | 1,172 | 1,173 | $ (1,173) | ||||||||
Unit Conversion (in shares) | 62,807 | 62,807 | (62,807) | |||||||||
Common Units Issued | ||||||||||||
Preferred Shares | (128) | (128) | (128) | |||||||||
Preferred Shares ATM Issuance, Net of Costs (in shares) | 1,514 | |||||||||||
Common Units ($1.12 per share) | ||||||||||||
Common Shares | (44,119) | (44,119) | (44,119) | |||||||||
Preferred Shares | (24,174) | (24,174) | (24,174) | |||||||||
Common Units | $ (2,331) | (2,331) | ||||||||||
LTIP Units | $ (1,980) | (1,980) | ||||||||||
Dividend Reinvestment Plan (in shares) | 4,132 | |||||||||||
Share Based Compensation: | $ 77 | 77 | 77 | 77 | ||||||||
Equity Contribution to Consolidated Joint Venture | ||||||||||||
Change in Fair Value of Derivative Instruments | 1 | 997 | 998 | 998 | ||||||||
Grants (in shares) | 110,616 | 589,106 | ||||||||||
Adjustment to Record Noncontrolling Interest at Redemption Value | 2,247 | 2,247 | $ 8,293 | 10,540 | ||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 3,417 | |||||||||||
Balance at December 31, 2019 | 516 | 478 | 478 | 38 | 516 | |||||||
Adjustment to Record Noncontrolling Interest at Redemption Value | (2,708) | (2,708) | (2,708) | (2,708) | 2,708 | |||||||
Net Income (Loss) | 8,365 | 12,698 | 12,698 | (916) | 11,782 | (3,417) | ||||||
Ending Balance at Dec. 31, 2018 | 954,815 | 395 | 0 | $ 147 | 1,155,776 | 4,227 | (267,740) | 892,805 | $ 62,010 | 954,815 | 2,708 | |
Ending Balance (in shares) at Dec. 31, 2018 | 39,458,626 | 14,703,214 | 3,749,665 | |||||||||
Cumulative Effect of Adoption of ASC 610-20 | $ 129,021 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Repurchase of Common Shares (in shares) | (933,436) | (933,436) | ||||||||||
Repurchase of Common Shares | (9) | (14,277) | (14,286) | (14,286) | ||||||||
Unit Conversion (in shares) | 0 | |||||||||||
Common Units ($1.12 per share) | ||||||||||||
Common Shares | (43,600) | (43,600) | (43,600) | |||||||||
Preferred Shares | (24,174) | (24,174) | (24,174) | |||||||||
Common Units | $ (2,314) | (2,314) | ||||||||||
LTIP Units | $ (2,601) | (2,601) | ||||||||||
Dividend Reinvestment Plan (in shares) | 3,760 | |||||||||||
Share Based Compensation: | $ 60 | 60 | 60 | 60 | ||||||||
Equity Contribution to Consolidated Joint Venture | ||||||||||||
Change in Fair Value of Derivative Instruments | 1 | 675 | 676 | 676 | ||||||||
Grants (in shares) | 123,700 | 530,281 | ||||||||||
Adjustment to Record Noncontrolling Interest at Redemption Value | 3,062 | 3,062 | $ 9,693 | 12,755 | ||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 300 | |||||||||||
Balance at December 31, 2019 | (3,495) | (3,217) | (3,217) | (278) | (3,495) | |||||||
Adjustment to Record Noncontrolling Interest at Redemption Value | (488) | (488) | (488) | (488) | 488 | |||||||
Net Income (Loss) | (5,847) | (3,181) | (3,181) | (2,366) | (5,547) | (300) | ||||||
Ending Balance at Dec. 31, 2019 | 871,801 | $ 387 | $ 0 | $ 147 | $ 1,144,808 | $ 1,010 | $ (338,695) | $ 807,657 | $ 64,144 | $ 871,801 | $ 3,196 | |
Ending Balance (in shares) at Dec. 31, 2019 | 38,652,650 | 14,703,214 | 4,279,946 | |||||||||
Cumulative Effect of Adoption of ASC 610-20 | $ 0 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends [Abstract] | |||
Common Stock, Dividends declared (in dollars per share) | $ 1.12 | $ 1.12 | $ 1.12 |
Common Units, Distributions declared (in dollars per share) | 1.12 | 1.12 | 1.12 |
LTIP Units, Distributions declared (in dollars per share) | $ 1.12 | $ 1.12 | $ 1.12 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities: | |||
Net (Loss) Income | $ 104,940 | $ (5,847) | $ 8,365 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Gain on Disposition of Hotel Properties, Net | (90,350) | 0 | (4,148) |
Gain from Remeasurement of Investment in Unconsolidated Joint Ventures | (16,240) | 0 | 0 |
Property Impairment | 4,082 | 0 | 0 |
(Gains from) Property Losses in Excess of Insurance Recoveries | 4,268 | 12 | (12,649) |
Lease Buyout | (294) | 0 | 0 |
Deferred Taxes | 5,262 | (312) | (144) |
Depreciation | 82,004 | 95,982 | 88,897 |
Amortization | 3,550 | 2,137 | 2,816 |
Loss on Debt Extinguishment | 590 | 280 | 22 |
Equity in (Income) Loss of Unconsolidated Joint Ventures | 2,473 | (691) | (1,084) |
Loss Recognized on Change in Fair Value of Derivative Instrument | 60 | 1,007 | 215 |
Share Based Compensation Expense | 9,286 | 10,803 | 11,436 |
Distributions from Unconsolidated Joint Ventures | 700 | 728 | 1,426 |
Proceeds Received for Business Interruption Insurance Claims, net | 0 | 0 | 8,440 |
(Increase) Decrease in: | |||
Hotel Accounts Receivable | (135) | 1,028 | 1,760 |
Other Assets | 1,072 | (1,476) | (2,556) |
Due from Related Parties | 13,010 | (2,819) | 1,307 |
(Decrease) Increase in: | |||
Accounts Payable, Accrued Expenses and Other Liabilities | (17,155) | 2,280 | 10,719 |
Net Cash Provided by Operating Activities | 107,123 | 103,112 | 114,822 |
Investing Activities: | |||
Purchase of Hotel Property Assets | (249,369) | 0 | (41,230) |
Deposits on Hotel Acquisitions | (1,000) | 0 | 0 |
Capital Expenditures | (51,916) | (48,936) | (65,629) |
Cash Paid for Hotel Development Projects | (7,637) | (152) | (38,754) |
Proceeds from Disposition of Hotel Properties | 196,635 | 0 | 64,880 |
Contributions to Unconsolidated Joint Ventures | 0 | (6,100) | (1,000) |
Proceeds from Insurance Claims | 0 | 0 | 15,806 |
Proceeds from the Sale of Joint Venture Interests | 11,624 | 0 | 0 |
Repayment of Notes Receivable | 2,000 | 0 | 0 |
Distributions from Unconsolidated Joint Ventures | 0 | 1,622 | 47,962 |
Net Cash Used in Investing Activities | (99,663) | (53,566) | (17,965) |
Financing Activities: | |||
(Repayment) Borrowings Under Line of Credit, Net | 16,100 | 38,000 | (6,100) |
Proceeds of Unsecured Term Loan Borrowing | 58,380 | 0 | 0 |
Repayment of Borrowings Under Unsecured Term Loan Borrowing | (6,100) | 0 | (18,000) |
Principal Repayment of Mortgages and Notes Payable | (122,782) | (57,418) | (1,611) |
Proceeds from Mortgages and Notes Payable | 0 | 56,469 | 28,000 |
Cash Paid for Deferred Financing Costs | (3,352) | (3,198) | (409) |
Cash Paid for Debt Extinguishment | (374) | (210) | 0 |
Proceeds from Issuance of Preferred Shares, Net | 43 | 0 | 0 |
Repurchase of Common Shares | (35,178) | (14,195) | (10,833) |
Dividends Paid on Common Shares | (55,034) | (43,760) | (44,176) |
Dividends Paid on Preferred Shares | (23,771) | (24,173) | (24,174) |
Distributions Paid on Common Units and LTIP Units | (4,181) | (4,768) | (4,164) |
Other Financing Activities | (262) | (91) | (193) |
Net Cash Used in Financing Activities | (176,511) | (53,344) | (81,660) |
Net Increase (Decrease) in Cash and Cash Equivalents | (169,051) | (3,798) | 15,197 |
Cash, Cash Equivalents, and Restricted Cash - Beginning of Period | 40,783 | 25,586 | |
Cash, Cash Equivalents, and Restricted Cash - End of Period | $ 25,586 | $ 36,985 | $ 40,783 |
Organization And Summary Of Sig
Organization And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Summary Of Significant Accounting Policies | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Hersha Hospitality Trust (“we” or the “Company”) was formed in May 1998 as a self-administered, Maryland real estate investment trust. We have elected to be taxed and expect to continue to elect to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. The Company owns a controlling general partnership interest in Hersha Hospitality Limited Partnership (“HHLP” or the “Partnership”), which owns a 99% limited partnership interest in various subsidiary partnerships. Hersha Hospitality, LLC (“HHLLC”), a Virginia limited liability company, owns a 1% general partnership interest in the subsidiary partnerships and the Partnership is the sole member of HHLLC. The Partnership owns a taxable REIT subsidiary (“TRS”), 44 New England Management Company (“44 New England” or “TRS Lessee”), which leases certain of the Company’s hotels. Hersha’s common shares of beneficial interest trade on the New York Stock Exchange (“the NYSE”) under the ticker symbol "HT", its 6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest trade on the NYSE under the ticker symbol “HT PRC”, its 6.500% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest trade on the NYSE under the ticker symbol “HT PRD”, and it’s 6.500% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest trade on the NYSE under the ticker symbol “HT PRE.” As of December 31, 2019 , the Company, through the Partnership and subsidiary partnerships, wholly owned 38 limited and full service hotels. All of the wholly owned hotel facilities are leased to the Company’s TRS, 44 New England. In addition to the wholly owned hotel properties, as of December 31, 2019 , the Company owned an unconsolidated joint venture interest in nine properties and a consolidated joint venture interest in one property. The properties owned by the joint ventures are leased to a TRS owned by the joint venture or to an entity owned by the joint venture partners and 44 New England. The following table lists the properties owned by these joint ventures: Joint Venture Ownership Interest Property Location Lessee/Sublessee Consolidated Joint Ventures Hersha Holding RC Owner, LLC 85% Ritz-Carlton Coconut Grove, FL Hersha Holding RC Lessee, LLC Unconsolidated Joint Ventures Cindat Hersha Owner JV, LLC 31.2% Hampton Inn Herald Square, New York, NY Cindat Hersha Lessee JV, LLC Hampton Inn Chelsea, New York, NY Cindat Hersha Lessee JV, LLC Hampton Inn Times Square, New York, NY Cindat Hersha Lessee JV, LLC Holiday Inn Express Times Square, New York, NY Cindat Hersha Lessee JV, LLC Candlewood Suites Times Square, New York, NY Cindat Hersha Lessee JV, LLC Holiday Inn Wall Street, New York, NY Cindat Hersha Lessee JV, LLC Holiday Inn Express Water Street, New York, NY Cindat Hersha Lessee JV, LLC SB Partners, LLC 50% Holiday Inn Express South Boston, MA South Bay Sandeep, LLC Hiren Boston, LLC 50% Courtyard South Boston, MA South Bay Boston, LLC SB Partners Three, LLC (1) 50% Home2 Suites South Boston, MA SB Partners Three Lessee, LLC (1) This property is currently under development by the venture, with the expected opening of the hotel being mid-year 2020. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The properties are managed by eligible independent management companies, including Hersha Hospitality Management, LP (“HHMLP”). HHMLP is owned in part by certain of our trustees and executive officers and other unaffiliated third party investors as defined by the Internal Revenue Code. Principles of Consolidation and Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and include all of our accounts as well as accounts of the Partnership, subsidiary partnerships and our wholly owned TRS Lessee. All significant inter-company amounts have been eliminated. Consolidated properties are either wholly owned or owned less than 100% by the Partnership and are controlled by the Company as general partner of the Partnership. Properties owned in joint ventures are also evaluated for consolidation. Entities are consolidated if the determination is made that we are the primary beneficiary in a variable interest entity ("VIE") or we maintain control of the asset through our voting interest or other rights in the operation of the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have a controlling financial interest in that VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a variable interest entity that most significantly impacts the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. Control can also be demonstrated by the ability of a member to manage day-to-day operations, refinance debt and sell the assets of the partnerships without the consent of the other member and the inability of the members to replace the managing member. Based on our examination, the following entities were determined to be VIE’s: HHLP; Cindat Hersha Lessee JV, LLC; South Bay Boston, LLC; SB Partners Three Lessee, LLC; Hersha Holding RC Owner, LLC; Hersha Statutory Trust I; and Hersha Statutory Trust II. As noted, HHLP meets the criteria as a VIE. The Company’s most significant asset is its investment in HHLP, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of HHLP. Cindat Hersha Lessee JV, LLC is a VIE that leases hotel property. The entity is consolidated by the lessors, the primary beneficiary. Our maximum exposure to losses due to our investment in Cindat Hersha Owner JV, LLC is limited to our investment in the joint venture which is $0 as of December 31, 2019 . Also, South Bay Boston, LLC and SB Partners Three Lessee, LLC, which lease hotel property are VIE's. The entities are consolidated by the respective lessors, the primary beneficiary. Hersha Holding RC Owner, LLC is the owner entity of the Ritz Carlton Coconut Grove and is a VIE. HHLP is considered the primary beneficiary of the VIE and consolidates the joint venture with the minority owner interest presented as part of noncontrolling interest within the Consolidated Balance Sheets as of December 31, 2019 and December 31, 2018. Hersha Statutory Trust I and Hersha Statutory Trust II are VIEs but HHLP is not the primary beneficiary in these entities. Accordingly, the accounts of Hersha Statutory Trust I and Hersha Statutory Trust II are not consolidated. Segment Reporting We allocate resources and assess operating performance based on individual hotels and consider each one of our hotels to be an operating segment. No operating segment, individually, meets the threshold for a reportable segment as defined within ASC Topic 280 – Segment Reporting, nor do they fully satisfy the requisite aggregation criteria therein. As a result, the Company does not present separate operating segment information within the Notes to the Consolidated Financial Statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Investment in Hotel Properties The Company records the value of hotel properties acquired based on the fair value of the acquired real estate, furniture, fixtures and equipment, and intangible assets and the fair value of liabilities assumed, including debt. The fair value allocations were determined using Level 3 inputs, which are typically unobservable and are based on our own assumptions, as there is little, if any, related market activity. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the following estimated useful lives: Building and Improvements 7 to 40 years Furniture, Fixtures and Equipment 2 to 7 years The Company periodically reviews the carrying value of each hotel to determine if circumstances indicate impairment to the carrying value of the investment in the hotel or that depreciation periods should be modified. If facts or circumstances indicate the possibility of impairment, the Company will prepare an estimate of the undiscounted future cash flows, without interest charges, of the specific hotel. Based on the property’s undiscounted future cash flows, the Company will determine if the investment in such hotel is recoverable. If impairment is indicated, an adjustment will be made to reduce the carrying value of the hotel to reflect its fair value. We consider a hotel to be held for sale when management and our independent trustees commit to a plan to sell the property, the property is available for sale, management engages in an active program to locate a buyer for the property and it is probable the sale will be completed within a year of the initiation of the plan to sell. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business offers guidance when evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect most of our hotel property acquisitions to qualify as asset acquisitions under the standard which requires capitalization of acquisition costs to the underlying assets. Acquisition-related cost, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the above acquired assets in the acquisition of a business. Investment in Unconsolidated Joint Ventures If it is determined that we do not have a controlling interest in a joint venture, either through our financial interest in a VIE or our voting interest in a voting interest entity, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, limited to the extent of our investment in, advances to and commitments for the investee. Pursuant to our joint venture agreements, allocations of profits and losses of some of our investments in unconsolidated joint ventures may be allocated disproportionately as compared to nominal ownership percentages due to specified preferred return rate thresholds. See Note 3 – Investment in Unconsolidated Joint Ventures for a more detailed explanation of the methodology used in determining the allocation of profits and losses within our joint ventures. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, we will estimate the fair value of the investment. Our estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and the impairment is considered other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of our investment in the unconsolidated joint venture. Cash and Cash Equivalents Cash and cash equivalents represent cash on hand and in banks plus short-term investments with an initial maturity of three months or less when purchased. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Escrow Deposits Escrow deposits include reserves for debt service, real estate taxes, and insurance and reserves for furniture, fixtures, and equipment replacements, as required by certain mortgage debt agreement restrictions and provisions. Hotel Accounts Receivable Hotel accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. The Company generally does not require collateral. Ongoing credit evaluations are performed and potential losses from uncollectible accounts are written off against revenue when they are estimated to be uncollectible. Deferred Financing Costs Deferred financing costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred financing costs associated with our line of credit are recorded within the Other Assets line item in our Consolidated Balance Sheets. Deferred financing costs associated with our term loans, mortgage debt, or subordinated notes are recorded as contra-liabilities within each respective line item on our Consolidated Balance Sheets. All amortization of deferred financing costs is presented with in the Interest Expense line on our Consolidated Statements of Operations. Due from/to Related Parties Due from/to Related Parties represents current receivables and payables resulting from transactions related to hotel management and project management with affiliated entities. Due from related parties results primarily from advances of shared costs incurred. Due to affiliates results primarily from hotel management and project management fees incurred. Both due to and due from related parties are generally settled within a period not to exceed one year . Intangible Assets and Liabilities Intangible assets consist of leasehold intangibles for in-place leases at the time of hotel acquisition and deferred franchise fees. The leasehold intangibles are amortized over the remaining lease term. Deferred franchise fees are amortized using the straight-line method over the life of the franchise agreement. Intangible liabilities consist of leasehold intangibles for in-place leases at the time of hotel acquisition. The leasehold intangibles are amortized over the remaining lease term. Intangible liabilities are included in the accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. Development Project Capitalization We have opportunistically engaged in the development and re-development of hotel assets. We capitalize expenditures related to hotel development projects and renovations, including indirect costs such as interest expense, real estate taxes and utilities related to hotel development projects and renovations. Noncontrolling Interest Noncontrolling interest in the Partnership represents the limited partner’s proportionate share of the equity of the Partnership. Income (loss) is allocated to noncontrolling interest in accordance with the weighted average percentage ownership of the Partnership during the period. At the end of each reporting period the appropriate adjustments to the income (loss) are made based upon the weighted average percentage ownership of the Partnership during the period. Our ownership interest in the Partnership as of December 31, 2019 , 2018 and 2017 was 90.0% , 91.3% , and 92.5% , respectively. We define a noncontrolling interest as the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Such noncontrolling interests are reported on the consolidated balance sheets within equity, but separately from the shareholders’ equity. Revenues, expenses and net income or loss attributable to both the Company and noncontrolling interests are reported on the consolidated statements of operations. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) In accordance with US GAAP, we classify securities that are redeemable for cash or other assets at the option of the holder, or not solely within the control of the issuer, outside of permanent equity in the consolidated balance sheet. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considers the guidance in US GAAP to evaluate whether the Company controls the actions or events necessary to issue the maximum number of common shares that could be required to be delivered at the time of settlement of the contract. We classify the noncontrolling interests of our common units of limited partnership interest in HHLP ("Common Units"), and Long Term Incentive Plan Units ("LTIP Units") as equity. LTIP Units are a seperate class of limited partnership interest in the Operating Partnership that are convertible into Common Units under certain circumstances. The noncontrolling interest of Common Units and LTIP Units totaled $64,144 as of December 31, 2019 and $62,010 as of December 31, 2018 . As of December 31, 2019 , there were 4,279,946 Common Units and LTIP Units collectively outstanding with a fair market value of $62,273 , based on the price per share of our common shares on the NYSE on such date. In accordance with the partnership agreement of the Partnership, holders of these units may redeem them for cash unless we, in our sole and absolute discretion, elect to issue common shares on a one-for-one basis in lieu of paying cash. On April 2, 2018, we entered into a joint venture with the party from which we acquired the Ritz-Carlton Coconut Grove, FL. By exercising an option provided to the seller in connection with our purchase of the property in 2017, our joint venture partner will have a noncontrolling equity interest of 15% in the property. Hersha Holding RC Owner, LLC, the owner entity of the Ritz-Carlton Coconut Grove joint venture ("Ritz Coconut Grove"), will distribute income based on cash available for distribution which will be distributed as follows: (1) to us until we receive a cumulative return on our contributed senior common equity interest, currently at 8% , and (2) then to the owner of the noncontrolling interest until they receive a cumulative return on their contributed junior common equity interest, currently at 8% , and (3) then 75% to us and 25% to the owner of the noncontrolling interest until we both receive a cumulative return on our contributed senior common equity interest, currently at 12% , and (4) finally, any remaining operating profit shall be distributed 70% to us and 30% to the owner of the noncontrolling interest. Additionally, the noncontrolling interest in the Ritz Coconut Grove has the right to put their ownership interest to us for cash consideration at any time during the life of the venture. The balance sheet and financial results of the Ritz Coconut Grove are included in our consolidated financial statements and book value of the noncontrolling interest in the Ritz Coconut Grove is classified as temporary equity within our Consolidated Balance Sheet. The noncontrolling interest in the Ritz Coconut Grove was initially measured at fair value upon formation of the joint venture and will be subsequently measured at the greater of historical cost or the put option redemption value. For the years ended December 31, 2019, 2018 and 2017, based on the income allocation methodology described above, the noncontrolling interest in this joint venture was allocated losses of $300 , $3,417 and $0 , respectively, and is recorded as part of the (Income) Loss Allocated to Noncontrolling Interests line item within the Consolidated Statements of Operations. We reclassified $488 and $2,708 from Additional Paid in Capital to Noncontrolling Joint Venture Interest to recognize interest at the put option redemption value of $3,196 and $2,708 , at December 31, 2019 and December 31, 2018, respectively. Net income or loss attributed to Common Units and LTIP Units, as well as the net income or loss related to the noncontrolling interests of our consolidated variable interest entity, is included in net income or loss in the consolidated statements of operations. Net income or loss attributed to the Common Units, LTIP Units, and the noncontrolling interests of our consolidated joint ventures is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Shareholders’ Equity As of December 31, 2019 , we have 14,703,214 Cumulative Redeemable Preferred Shares outstanding consisting of three separate Series issuances. Terms of the Series C, Series D and Series E Preferred Shares outstanding at December 31, 2019 and 2018 are summarized as follows: Dividend Per Share Shares Outstanding Year Ended December 31, Series December 31, 2019 December 31, 2018 Aggregate Liquidation Preference Distribution Rate 2019 2018 Series C 3,000,000 3,000,000 $ 75,000 6.875 % $ 1.7188 $ 1.7188 Series D 7,701,700 7,701,700 $ 192,543 6.500 % $ 1.6250 1.6250 Series E 4,001,514 4,001,514 $ 100,038 6.500 % $ 1.6250 1.6250 Total 14,703,214 14,703,214 In April 2017, we entered into Equity Distribution Agreements with four investment banks whereby we agreed to sell up to 8,000,000 Class A common shares, up to 1,000,000 Series D Cumulative Redeemable Preferred Shares, and up to 1,000,000 Series E Cumulative Redeemable Preferred Shares from time to time in an “at the market” offering. In conjunction with this transaction, the Company increased the number of authorized Class A common shares from 90,000,000 to 104,000,000 . For the year ended December 31, 2019 , we issued no shares through this program. For the year ended December 31, 2018 , we issued 1,514 Series E Preferred Shares through this program. In December 2017, our Board of Trustees authorized a new share repurchase program for up to $100,000 of common shares which commenced on January 1, 2018 and expired on December 31, 2018. For the year ended December 31, 2018 , we repurchased 635,590 common shares for an aggregate purchase price of $10,834 . Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. In December 2018, our Board of Trustees authorized a new share repurchase program for up to $50,000 of common shares which commenced on January 1, 2019 and expired on December 31, 2019. For the year ended December 31, 2019 , we repurchased 933,436 common shares for an aggregate purchase price of $14,194 . Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. Stock Based Compensation We measure the cost of employee service received in exchange for an award of equity instruments based on the grant-date fair value of the award. The compensation cost is amortized on a straight line basis over the period during which an employee is required to provide service in exchange for the award. The compensation cost related to performance awards that are contingent upon market-based criteria being met is recorded at the fair value of the award on the date of the grant and amortized over the performance period. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Derivatives and Hedging The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. Interest rate caps designated as cash flow hedges limit the Company’s exposure to increased cash payments due to increases in variable interest rates. Revenue Recognition We recognize revenue for all consolidated hotels as hotel operating revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from our guests. We participate in frequent guest programs sponsored by the brand owners of our hotels and we expense the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated on the face of the consolidated statement of operations into the categories of rooms revenue, food and beverage revenue, and other to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Room revenue is generated through contracts with customers whereby the customers agree to pay a daily rate for right to use a hotel room. The customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is generally secured at the end of the contract upon check-out by the customer from our hotel. The Company records advanced deposits when a customer or group of customers provides a deposit for a future stay at our hotels. Advanced deposits for room revenue are included in the balance of Accounts Payable, Accrued Expenses and Other Liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest's stay. The Company notes no significant judgements regarding the recognition of room revenue. Food and beverage revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or banquet services. The Company's contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the banquet facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at our hotels. Advanced deposits for food and beverage revenue are included in the balance of Accounts Payable, Accrued Expenses and Other Liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. The Company notes no significant judgements regarding the recognition of food and beverage revenue. Other revenues consist primarily of fees earned for asset management services provided to hotels we own through unconsolidated joint ventures. Fees are earned as a percentage of hotel revenue and are recorded in the period earned to the extent of the noncontrolling interest ownership. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Gains from the sales of ownership interests in real estate are accounted for in accordance with the provisions of Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , which the Company adopted effective January 1, 2018. Our evaluation over sales of real estate is impacted by the FASB definition of a business and in substance nonfinancial assets, which have been addressed through the issuance of ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, and ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) , respectively. Based on the provisions of ASU No. 2017-01 and ASU No. 2017-05, the Company expects any future sales of interests in hotel properties to likely meet the criteria for full gain recognition on sale. This treatment is not different from our historical position when selling our entire interest in hotel properties, however, this is different than the historical treatment in certain instances where the Company sold partial interests in hotel properties. In particular, during 2016 the Company sold partial interests in seven hotel properties to a third party (“Cindat Sale”) resulting in an approximate $81 million deferred gain based on prevailing GAAP at the time of the transaction. The Company chose to adopt the provisions of ASC 610-20 for contracts with noncustomers for all contracts and chose not to utilize any available practical expedients as it pertains to contracts with noncustomers. Accordingly, the Company's analysis included all contracts with noncustomers related to the sales, either full or partial, of our interest in hotel properties. The Company noted no changes to the recognition of gains on sales in instances whereby the Company sold 100% of our interest. The Company noted, however, that the Cindat Sale, under the provisions of ASC 610-20, would have resulted in full gain recognition at the time of the partial sale of our interest in the seven hotel properties. The impact of our adoption of the new standard resulted in a cumulative adjustment to decrease the opening balance to distributions in excess of net income, thereby increasing total shareholders' equity by $123,228 and increase the opening balance of noncontrolling interests of $5,793 . The table below shows the cumulative effect our adoption of ASC 610-20 had on the opening balances of on our balance sheet on Janauary 1, 2018. Balance as Reported at December 31, 2017 Cumulative Effect of the Adoption of ASC 610-20 Balance at January 1, 2018, as Adjusted Investment in Unconsolidated Joint Ventures $ 3,569 $ 47,738 $ 51,307 Deferred Gain on Disposition of Hotel Assets $ 81,284 $ (81,284 ) $ — Distributions in Excess of Net Income $ (335,373 ) $ 123,228 $ (212,145 ) Noncontrolling Interests $ 54,286 $ 5,793 $ 60,079 The quantitative impact of applying the prior accounting policies would have resulted in an increase of $129,021 in the deferred gain on disposition of hotel assets, an increase of $123,228 in distributions in excess of net income thereby decreasing shareholders' equity, and a decrease of $5,793 in noncontrolling interests at December 31, 2017. The adoption of ASC 610-20 did not materially impact the balances in the Company's consolidated statement of operations or its consolidated statement of cash flows. Income Taxes The Company has elected to be taxed as a REIT under applicable provisions of the Internal Revenue Code of 1986, as amended, or the Code, and intends to continue to qualify as a REIT. In general, under such provisions, a trust which has made the required election and, in the taxable year, meets certain requirements and distributes to its shareholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, will not be subject to federal income tax to the extent of the income which it distributes. Earnings and profits, which determine the taxability of dividends to shareholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation of hotel properties for federal income tax purposes. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Deferred income taxes relate primarily to the TRS Lessee and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of the TRS Lessee and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. The Company may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolutions of any rela |
Investment In Hotel Properties
Investment In Hotel Properties | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Investment In Hotel Properties | INVESTMENT IN HOTEL PROPERTIES Investment in hotel properties consists of the following at December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 Land $ 518,243 $ 518,243 Buildings and Improvements 1,710,621 1,688,459 Furniture, Fixtures and Equipment 294,527 278,098 Construction in Progress 10,202 3,804 2,533,593 2,488,604 Less Accumulated Depreciation (557,620 ) (461,945 ) Total Investment in Hotel Properties $ 1,975,973 $ 2,026,659 Depreciation expense on hotel properties was $95,673 , $88,598 and $81,632 for the years ended December 31, 2019 , 2018 and 2017 , respectively. During the year ended December 31, 2019 , we acquired no hotel properties. During the year ended December 31, 2018 we acquired the following wholly-owned hotel property: Hotel Acquisition Date Land Buildings and Improvements Furniture, Fixtures and Equipment Other Intangibles Total Purchase Price Assumption of Debt Annapolis Waterfront Hotel, MD 3/28/2018 $ — $ 43,251 $ 1,802 $ (3,199 ) * $ 41,854 $ — * Consists entirely of $3,199 of above market ground lease liability, which is recorded in the Right of Use Assets on the consolidated balance sheet as of December 31, 2019 . The above acquisition for the year ended December 31, 2018 is considered an asset acquisition under US GAAP. As such acquisition-related costs, such as due diligence, legal fees and other costs, have been capitalized and allocated to the assets acquired based on their relative fair values as of December 31, 2018 . Prior to January 1, 2018, acquisition-related costs, such as due diligence, legal and accounting fees, were considered part of a business acquisition under US GAAP. As such, they are not capitalized or applied in determining the fair value of the above acquired assets as of December 31, 2017. During the years ended December 31, 2019 , 2018 , and 2017 , we incurred $0 , $29 , and $2,203 in acquisition costs related to acquired assets and costs related to terminated transactions, respectively. NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) Prior to January 1, 2018, all hotel acquisitions were considered a business acquisition under U.S. GAAP. Included in the consolidated statement of operations for the year ended December 31, 2017 are total revenues of $62,147 and a total net income of $3,042 for hotels we have acquired and consolidated since the date of acquisition. These amounts represent the results of operations for these hotels since the date of acquisition as presented in the table below: Year Ended December 31, 2017 Hotel Revenue Net Income (Loss) Mystic Marriott Hotel & Spa, Groton, CT $ 21,247 $ 1,700 The Ritz-Carlton, Coconut Grove, FL 13,390 (693 ) The Pan Pacific Hotel, Seattle, WA 13,128 493 Philadelphia Westin, Philadelphia, PA 14,382 1,542 Total $ 62,147 $ 3,042 Property Damage from Natural Disaster During September 2017, all six of our hotels located in South Florida incurred property damage and an interruption of business operations as a result of Hurricane Irma. Two of our hotels, the Courtyard Cadillac Miami and the Parrot Key Hotel & Resort, incurred significant physical damage and were closed due to the disaster. The Courtyard Cadillac Miami opened for business in the third quarter of 2018, and the Parrot Key Hotel & Resort opened for business in the fourth quarter of 2018, respectively. The remaining four properties had resumed normal business activities as of December 31, 2017 . During the year ended December 31, 2018, we recorded a net gain in excess of estimated insurance recoveries of $12,649 . Hotel Dispositions During the year ended December 31, 2019 , we had no hotel dispositions. During the years ended December 31, 2018 , and 2017 , we had the following hotel dispositions: Hotel Acquisition Date Disposition Date Consideration Gain (Loss) on Disposition Hyatt House Gaithersburg, MD December 2006 February 2018 $ 19,000 $ 2,441 Hampton Inn Pearl Street, NY June 2014 March 2018 32,400 926 Residence Inn Tysons Corner, VA February 2006 October 2018 15,700 781 2018 Total $ 4,148 Residence Inn, Greenbelt, MD July 2004 January 2017 $ 35,000 $ 19,541 Courtyard Alexandria, VA September 2006 January 2017 27,000 (1,123 ) Hyatt House Scottsdale, AZ December 2006 June 2017 36,000 15,015 Hyatt House Pleasant Hill, CA December 2006 June 2017 45,000 22,406 Hyatt House Pleasanton, CA December 2006 June 2017 49,500 33,507 Holiday Inn Express, Chester, NY January 2007 December 2017 8,400 1,004 2017 Total $ 90,350 NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) Subsequent Events On January 20, 2020, we entered into a purchase and sale agreement to sell the Duane Street Hotel to an unrelated third party for a sales price of $20,000 . This transaction is anticipated to close in the second quarter of 2020. On February 21, 2020, we entered into a purchase and sale agreement to sell the Blue Moon Hotel to an unrelated third party for a sales price of $30,000 . This transaction is anticipated to close in the second quarter of 2020. |
Investment In Unconsolidated Jo
Investment In Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Unconsolidated Joint Ventures | INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2019 and December 31, 2018 our investment in unconsolidated joint ventures consisted of the following: Percent Joint Venture Hotel Properties Owned December 31, 2019 December 31, 2018 Cindat Hersha Owner JV, LLC Hilton and IHG branded hotels in NYC 31.2 % $ — $ — Hiren Boston, LLC Courtyard by Marriott, South Boston, MA 50.0 % 1,434 1,879 SB Partners, LLC Holiday Inn Express, South Boston, MA 50.0 % — 1,125 SB Partners Three, LLC Home2 Suites, South Boston, MA 50.0 % 7,012 1,000 $ 8,446 $ 4,004 On September 27, 2018, we entered into a joint venture agreement with JHM SB Three Member, LLC which will own a Home2 Suites located in South Boston, MA. Each partner will have a 50.0% interest of this asset, which is currently under development and is expected to open in 2020. At the onset of the agreement, each partner contributed $ 1,000 and any additional contributions will be made equally by each party. On February 6, 2018, Cindat Hersha Owner JV, LLC repaid in full outstanding mortgage debt from an existing senior loan and mezzanine loan, and simultaneously entered into a new senior loan agreement with new lenders. A portion of the net cash proceeds from the refinance was used to distribute $47,738 to the Company to fully redeem our recorded preferred equity interest in the venture. While this transaction fully redeemed our preferred equity interest in the venture, the Company continues to hold a common equity investment in this joint venture which has a balance of $0 at December 31, 2019. Effective January 1, 2018, the member allocations for distributions of net cash flow from operations, distributions from capital transactions and allocation of income and loss are based on these new common contributions and percentage interests. See the Income/Loss Allocation section below for a full explanation of how income and loss are allocated for Cindat Hersha Owner JV, LLC. On January 3, 2017, we redeemed our joint venture interest in Mystic Partners, LLC by acquiring a 100% ownership interest in the Mystic Marriott Hotel & Spa and transferring our minority ownership interests in the Hartford Marriott and Hartford Hilton to our joint venture partner. We received $11,623 in cash and assumed a mortgage on the Mystic Marriott Hotel & Spa of $41,333 as consideration for this redemption and transfer of our minority interest. Subsequent to the assumption of the mortgage, the Company fully paid off the outstanding balance of the debt and added the property to the borrowing base of our Credit Facility. As a result of the remeasurement of the consideration received to fair value, the Company recognized a gain of $16,240 in conjunction with this transaction. Income/Loss Allocation The Cindat Hersha Owner JV, LLC cash available for distribution will be distributed to (1) Cindat until they receive a return on their contributed $142,000 senior common equity interest, currently at 9.0% , and (2) then to us until we receive an 8% return on our contributed $64,357 junior common equity interest. Any cash available for distribution remaining will be split 31.2% to us and 68.8% to Cindat. Cindat’s senior common equity return is reduced by 0.5% annually for 4 years following the closing until it is set at a rate of 8% for the remainder of the life of the joint venture. As of December 31, 2019 and 2018, based on the income allocation methodology described above, the Company has absorbed cumulative losses equal to our accounting basis in the joint venture resulting in a $0 investment balance in the table above, however, we currently maintain a positive equity balance within the venture. This difference is due to difference in our basis inside the venture versus our basis outside of the venture. For SB Partners, LLC, Hiren Boston, LLC, and SB Partners Three, LLC, income or loss is allocated to us and our joint venture partners consistent with the allocation of cash distributions in accordance with the joint venture agreements. This results in an income allocation consistent with our percentage of ownership interests. Any difference between the carrying amount of any of our investments noted above and the underlying equity in net assets is amortized over the expected useful lives of the properties and other intangible assets. NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (CONTINUED) Income (loss) recognized during the years ended December 31, 2019 , 2018 and 2017 , for our investments in unconsolidated joint ventures is as follows: Year Ended December 31, 2019 2018 2017 Cindat Hersha Owner JV, LLC $ — $ — $ (3,717 ) Hiren Boston, LLC 155 866 750 SB Partners, LLC 626 218 494 SB Partners Three, LLC (90 ) — — Income (Loss) from Unconsolidated Joint Venture Investments $ 691 $ 1,084 $ (2,473 ) The following tables set forth the total assets, liabilities, equity and components of net income or loss, including the Company’s share, related to the unconsolidated joint ventures discussed above as of December 31, 2019 and December 31, 2018 and for the years ended December 31, 2019 , 2018 and 2017 . Balance Sheets December 31, 2019 December 31, 2018 Assets Investment in Hotel Properties, Net $ 579,287 $ 569,609 Other Assets 33,891 30,088 Total Assets $ 613,178 $ 599,697 Liabilities and Equity Mortgages and Notes Payable $ 430,282 $ 422,205 Other Liabilities 19,185 7,478 Equity: Hersha Hospitality Trust 9,588 15,554 Joint Venture Partners 154,998 155,053 Accumulated Other Comprehensive Loss (875 ) (593 ) Total Equity 163,711 170,014 Total Liabilities and Equity $ 613,178 $ 599,697 Statements of Operations Year Ended December 31, 2019 2018 2017 Room Revenue $ 94,384 $ 98,123 $ 93,254 Other Revenue 2,408 2,350 1,965 Operating Expenses (46,175 ) (46,319 ) (43,245 ) Lease Expense (693 ) (658 ) (691 ) Property Taxes and Insurance (12,477 ) (11,882 ) (11,274 ) General and Administrative (5,783 ) (5,489 ) (5,179 ) Depreciation and Amortization (14,947 ) (13,403 ) (12,331 ) Interest Expense (28,072 ) (26,289 ) (20,965 ) Loss on Debt Extinguishment — (7,270 ) — Net (Loss) Income $ (11,355 ) $ (10,837 ) $ 1,534 NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (CONTINUED) The following table is a reconciliation of our share in the unconsolidated joint ventures’ equity to our investment in the unconsolidated joint ventures as presented on our balance sheets as of December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 Our share of equity recorded on the joint ventures' financial statements $ 9,588 $ 15,554 Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures (1) (1,142 ) (11,550 ) Investment in Unconsolidated Joint Ventures $ 8,446 $ 4,004 (1) Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following: • the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements; • accumulated amortization of our equity in joint ventures that reflects the difference in our portion of the fair value of joint ventures' assets on the date of our investment when compared to the carrying value of the assets recorded on the joint ventures’ financial statements (this excess or deficit investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on our consolidated statement of operations); and • cumulative impairment of our investment in joint ventures not reflected on the joint ventures' financial statements, if any. Subsequent Event On January 3, 2020, we entered into an agreement for our joint venture partner to purchase our membership interests in Hiren Boston, LLC and SB Partners, LLC. Net proceeds from the sale of our interests are anticipated to be approximately $26,000 and this transaction is expected to close during the second quarter of 2020. |
Other Assets And Deposits On Ho
Other Assets And Deposits On Hotel Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets And Deposits On Hotel Acquisitions | OTHER ASSETS AND DEPOSITS ON HOTEL ACQUISITIONS Other Assets Other Assets consisted of the following at December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 Derivative Asset $ 2,514 $ 5,307 Deferred Financing Costs 1,330 1,845 Prepaid Expenses 11,279 10,695 Investment in Statutory Trusts 1,548 1,548 Investment in Non-Hotel Property and Inventories 2,987 3,349 Deposits with Unaffiliated Third Parties 2,577 2,866 Deferred Tax Asset, Net of Valuation Allowance of $497 11,390 11,078 Property Insurance Receivable 1,788 — Other 2,764 3,317 $ 38,177 $ 40,005 Derivative Asset - This category represents the Company’s gross asset fair value of interest rate swaps and interest rate caps. Any swaps and caps resulting in a liability to the Company are accounted for separately within Other Liabilities on the Balance Sheet. Deferred Financing Costs - This category represents financing costs paid by the Company to establish our Line of Credit. These costs have been capitalized and will amortize to interest expense over the life of the Line of Credit. Prepaid Expenses - Prepaid expenses include amounts paid for property tax, insurance and other expenditures that will be expensed in the next twelve months. Investment in Statutory Trusts - We have an investment in the common stock of Hersha Statutory Trust I and Hersha Statutory Trust II. Our investment is accounted for under the equity method. Investment in Non-Hotel Property and Inventories - This category represents the costs paid and capitalized by the Company for items such as office leasehold improvements, furniture and equipment, and property inventories. Deposits with Unaffiliated Third Parties - These deposits represent deposits made by the Company with unaffiliated third parties for items such as lease security deposits, utility deposits, and deposits with unaffiliated third party management companies. Deferred Tax Asset - We have approximately $11,390 of net deferred tax assets as of December 31, 2019 . We have considered various factors, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies in determining a valuation allowance for our deferred tax assets, and we believe that it is more likely than not that we will be able to realize the $11,390 of net deferred tax assets in the future. Property Insurance Receivable |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Mortgages Mortgages payable at December 31, 2019 and December 31, 2018 consisted of the following: December 31, 2019 December 31, 2018 Mortgage Indebtedness $ 333,948 $ 334,897 Net Unamortized Premium 821 1,304 Net Unamortized Deferred Financing Costs (2,489 ) (2,056 ) Mortgages Payable $ 332,280 $ 334,145 Net Unamortized Deferred Financing Costs associated with entering into mortgage indebtedness are deferred and amortized over the life of the mortgages. Net Unamortized Premiums are also amortized over the remaining life of the loans. Mortgage indebtedness balances are subject to fixed and variable interest rates, which ranged from 3.84% to 6.30% as of December 31, 2019 . Aggregate interest expense incurred under the mortgage loans payable totaled $15,804 , and $15,050 and $12,405 during the years ended December 31, 2019 , 2018 , and 2017 respectively. Our mortgage indebtedness contains various financial and non-financial covenants customarily found in secured, non-recourse financing arrangements. Our mortgage loans payable typically require that specified debt service coverage ratios be maintained with respect to the financed properties before we can exercise certain rights under the loan agreements relating to such properties. If the specified criteria are not satisfied, the lender may be able to escrow cash flow generated by the property securing the applicable mortgage loan. We have determined that all debt covenants contained in the loan agreements securing our hotel properties were met as of December 31, 2019 . As of December 31, 2019 , the maturity dates for the outstanding mortgage loans ranged from August 2021 to September 2025 . Subordinated Notes Payable We have two junior subordinated notes payable in the aggregate amount of $51,548 to the Hersha Statutory Trusts pursuant to indenture agreements which will mature on July 30, 2035 , but may be redeemed at our option, in whole or in part, prior to maturity in accordance with the provisions of the indenture agreements. The $25,774 notes issued to Hersha Statutory Trust I and Hersha Statutory Trust II, bear interest at a variable rate of LIBOR plus 3% per annum. This rate resets two business days prior to each quarterly payment. The face value of the notes payable is offset by $812 and $864 as of December 31, 2019 and 2018 , respectively, in net deferred financing costs incurred as a result of entering into these indentures. The deferred financing costs are amortized over the life of the notes payable. The weighted average interest rate on our two junior subordinated notes payable during the years ended December 31, 2019 , 2018 and 2017 was 5.50% , 5.23% and 4.24% , respectively. Interest expense incurred on notes payable totaled $2,837 , $2,695 and $2,358 for the years ended December 31, 2019 , 2018 and 2017 , respectively. NOTE 5 – DEBT (CONTINUED) Credit Facilities We maintain three unsecured credit agreements which aggregate to $950,900 with Citigroup Global Markets Inc., Wells Fargo Bank, Inc. and various other lenders. Our credit facility provides for a $457,000 senior unsecured credit facility (“Credit Facility”). The Credit Facility consists of a $250,000 senior unsecured revolving line of credit (“Line of Credit”), and a $207,000 senior unsecured term loan (“First Term Loan”). The Credit Facility expires on August 10, 2022 , and, provided no event of default has occurred, we may request that the lenders renew the credit facility for an additional one - year period. The Credit Facility is also expandable to $857,000 at our request, subject to the satisfaction of certain conditions. Our second credit agreement provides for a $300,000 senior unsecured term loan agreement (“Second Term Loan”) and expires on September 10, 2024 . Our third credit agreement provides for a $193,900 senior unsecured term loan agreement (“Third Term Loan”) and expires on August 2, 2021 . As of both December 31, 2019 and 2018 , the Company had an outstanding balance on the term loans of $700,900 and $700,900 , respectively. As of December 31, 2019 and 2018 , the Company had an outstanding balance on the line of credit of $48,000 and $10,000 . The amount that we can borrow at any given time under our Line of Credit, and the First, Second and Third Term Loan (each a “Term Loan” and together the “Term Loans”) is governed by certain operating metrics of designated unencumbered hotel properties known as borrowing base assets. As of December 31, 2019 , the following hotel properties were borrowing base assets: - Courtyard by Marriott Brookline, Brookline, MA - Hampton Inn, Washington, DC - Holiday Inn Express Cambridge, Cambridge, MA - Ritz-Carlton Georgetown, Washington, DC - The Envoy Boston Seaport, Boston, MA - Hilton Garden Inn, M Street, Washington, DC - The Boxer, Boston, MA - Residence Inn Miami Coconut Grove, Coconut Grove, FL - Hampton Inn Seaport, Seaport, New York, NY - The Winter Haven Hotel Miami Beach, Miami, FL - The Duane Street Hotel, New York, NY - The Blue Moon Hotel Miami Beach, Miami, FL - Holiday Inn Express Chelsea, 29th Street, New York, NY - Cadillac Hotel & Beach Club, Miami, FL - Gate Hotel JFK Airport, New York, NY - The Parrot Key Hotel & Villas, Key West, FL - Hilton Garden Inn JFK Airport, New York, NY - TownePlace Suites, Sunnyvale, CA - NU Hotel, Brooklyn, New York, NY - The Ambrose Hotel, Santa Monica, CA - Hyatt House White Plains, White Plains, NY - Courtyard by Marriott Downtown San Diego, San Diego, CA - Hampton Inn Center City/ Convention Center, Philadelphia, PA - The Pan Pacific Hotel Seattle, Seattle, WA - The Rittenhouse, Philadelphia, PA - Mystic Marriott Hotel & Spa, Groton, CT - Philadelphia Westin, Philadelphia, PA - Sheraton Wilmington South, New Castle, DE NOTE 5 – DEBT (CONTINUED) The interest rate for borrowings under the Line of Credit and Term Loans are based on a pricing grid with a range of one month U.S. LIBOR plus a spread. The following table summarizes the balances outstanding and interest rate spread for each borrowing: Outstanding Balance Borrowing Spread December 31, 2019 December 31, 2018 Line of Credit 1.50% to 2.25% $ 48,000 $ 10,000 Unsecured Term Loan: First Term Loan 1.45% to 2.20% 207,000 207,000 Second Term Loan 1.35% to 2.00% 300,000 300,000 Third Term Loan 1.45% to 2.20% 193,900 193,900 Deferred Loan Costs $ (3,717 ) (2,698 ) Total Unsecured Term Loan $ 697,183 $ 698,202 The Credit Facility and the Term Loans include certain financial covenants and require that we maintain: (1) a minimum tangible net worth (calculated as total assets, plus accumulated depreciation, less total liabilities, intangibles and other defined adjustments) of $1,119,500 , plus an amount equal to 75% of the net cash proceeds of all issuances and primary sales of equity interests of the parent guarantor or any of its subsidiaries consummated following the closing date; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following: • a fixed charge coverage ratio of not less than 1.50 to 1.00 , • a maximum leverage ratio of not more than 60% ; and • a maximum secured debt leverage ratio of 45% The Company is in compliance with each of the covenants listed above as of December 31, 2019 . The Company recorded interest expense of $33,563 , $31,189 and $24,066 related to borrowings drawn on each of the aforementioned credit facilities, for the years ended December 31, 2019 , 2018 and 2017 , respectively. The weighted average interest rate on our credit facilities was 4.11% , 3.83% and 3.36% for the years ended December 31, 2019 , 2018 and 2017 , respectively. Aggregate annual principal payments for the Company’s credit facility, unsecured term loan and mortgages and subordinated notes payable for the five years following December 31, 2019 and thereafter are as follows: Year Ending December 31, Amount 2020 $ 1,699 2021 325,756 2022 253,289 2023 77,990 2024 386,283 Thereafter 89,379 Net Unamortized Premium 821 $ 1,135,217 Capitalized Interest We utilize cash, mortgage debt and our unsecured credit facility to finance on-going capital improvement projects at our hotels. Interest incurred on mortgages and the revolving credit facility that relates to our capital improvement projects is capitalized through the date when the assets are placed in service. For the years ended December 31, 2019 , 2018 and 2017 , we capitalized $74 , $661 and $76 respectively, of interest expense related to these projects. NOTE 5 – DEBT (CONTINUED) Deferred Financing Costs As noted above, costs associated with entering into mortgages, notes payable, unsecured term loan and our credit facilities are deferred and amortized over the life of the debt instruments. The deferred costs related to mortgages, term loans and unsecured notes payable are presented as reduction in the respective debt balances. Amortization of deferred costs for the years ended December 31, 2019 , 2018 and 2017 was $2,241 , $2,278 and $2,264 respectively. New Debt/Refinance On December 4, 2019, we refinanced the outstanding mortgage debt with an original principal balance of $44,325 secured by the Hilton Garden Inn, 52nd Street, NY. The loan was due to mature on February 24, 2020, but will now mature on December 4, 2022. Contemporaneous with the mortgage refinance, we entered into an interest rate swap that matures December 4, 2022 that fixes the interest rate at 3.84% until maturity. On September 10, 2019, we refinanced our Second Term Loan. We maintained the $300,000 principal balance. The Second Term Loan was due to expire on August 10, 2020 but will now expire on September 10, 2024. The financial covenants on the new loan are substantially the same as the previous loan. Also during September 2019 we entered into new interest rate swap contracts for $700,900 of our Credit Facility and Term Loans. See "Note 8 - Fair Value Measurements and Derivative Instruments" for more information on the interest rate swaps. On July 25, 2019, we refinanced the outstanding mortgage debt with an original principal balance of $45,000 secured by the Hilton Garden Inn Tribeca, New York, NY. The loan was due to mature on November 13, 2019, but will now mature on July 25, 2024. Contemporaneous with the mortgage refinance, we entered into an interest rate swap that matures July 25, 2024 that fixes the interest rate at 4.02% until maturity. One June 7, 2019, we refinanced the outstanding mortgage debt with an original principal balance of $56,000 secured by the Hyatt Union Square, New York, NY. The loan was due to mature on June 9, 2019, but will now mature on June 7, 2023. Also on June 7, 2019, we entered into an interest rate swap that matures June 7, 2023. See "Note 8 - Fair Value Measurements and Derivative Instruments" for more information on the interest rate swap. On April 13, 2018, we entered into a mortgage debt with a principal balance of $28,000 secured by the Annapolis Waterfront Hotel, MD. The loan bears interest at a variable rate of one month U.S. dollar LIBOR plus 2.65% and matures in April 2024. Concurrently, we entered into an interest rate cap which effectively caps LIBOR at 3.35% , limiting the interest rate to not exceed 6.00% per annum until May 2021. On January 31, 2018, we refinanced the outstanding debt with an original principal balance of $25,000 secured by the Capitol Hill Hotel, Washington, D.C. The loan was due to mature on January 31, 2018, but will now mature on January 31, 2021. On August 10, 2017, we amended and restated our existing credit facility, which now consists of a $250,000 senior unsecured revolving line of credit and a $225,000 senior unsecured term loan referred to above as the First Term Loan. The Credit Facility was due to expire on February 28, 2018, but will now expire on August 10, 2021. In conjunction with this transaction we recognized $280 in debt extinguishment costs. On August 1, 2017, we refinanced the outstanding mortgage debt with an original principal balance of $35,000 secured by the Courtyard Culver City, Los Angeles, CA. The loan was due to mature on September 29, 2017, but will now mature on August 1, 2021. We incurred approximately $32 in expense in third party fees. On February 24, 2017, we refinanced the outstanding mortgage debt with an original principal balance of $45,000 secured by the Hilton Garden Inn, 52 nd Street, NY. The loan was due to mature in May 2017, but will now mature on February 24, 2020. We incurred approximately $94 in expense in third party fees. On February 1, 2017, we issued a note payable in the amount of $3,150 with the acquisition of the Ritz Carlton Coconut Grove. On January 31, 2017, we repaid in full outstanding mortgage debt with an original principal balance of $9,500 secured by the Duane Street Hotel, NY, which was schedule to mature on February 1, 2017 and we incurred approximately $12 in expense related to unamortized deferred financing costs and fees. NOTE 5 – DEBT (CONTINUED) On January 6, 2017, we repaid in full outstanding mortgage debt secured by the Hyatt House Scottsdale, AZ, the Hyatt House Pleasant Hill, CA, and the Hyatt House Pleasanton, which all matured on that date. These properties had a combined original principal balance of $51,428 and we incurred approximately $47 in expense related to unamortized deferred financing costs and fees. On January 3, 2017, we repaid in full outstanding mortgage debt with an original principal balance of $21,000 secured by the Hilton Garden Inn, JFK Airport, New York, NY. The loan was due to mature on March 7, 2017, and we incurred approximately $37 in expense related to unamortized deferred financing costs and fees. On January 3, 2017, we repaid in full outstanding mortgage debt with an original principal balance of $43,000 secured by the Mystic Marriott Hotel & Spa, Groton, CT. The loan was due to mature in August of 2018, and we incurred approximately $84 in expense related to unamortized deferred financing costs and fees. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which provides the principles for the recognition, measurement, presentation and disclosure of leases. The Company adopted the provisions of the update effective January 1, 2019. We elected the modified retrospective transition method upon adoption, which resulted in no cumulative-effect adjustment to the balance of opening retained earnings. As part of our adoption, we elected to utilize the package of practical expedients which allowed us to not reassess existing contracts for embedded leases and not reassess the classification of existing leases. As a result of our adoption, the Company recorded a lease liability and corresponding right of use asset of $55,515 at January 1, 2019 for leases where we are the lessee. Our most significant leases are land leases. We own five hotels within our consolidated portfolio of hotels where we do not own the land on which the hotels reside, rather we lease the land from an unrelated third-party lessor. All of our land leases are classified as operating leases and have initial terms, with extension options that range from May 2062 to October 2103. Based on the nature of these leases, the Company assumed that all extension options would be fully executed. For land leases that include variable payments, those include payments that are tied to an index such as the consumer price index or include rental payments based partially on the hotel revenues. Two additional office space leases are also factored into the lease liability and are classified as operating leases with terms ranging from January 2022 to December 2027. For office space leases that include variable payments, those include payments for the Company's proportionate share of the building's property taxes, insurance, and common area maintenance. The Company applied judgments related to the determination of the discount rates used to calculate the lease liability upon adoption at January 1, 2019. Since the discount rate implicit in the leases could not be readily determinable, we had to calculate our incremental borrowing rate as defined by ASC Topic 842. In order to calculate our incremental borrowing rate, the Company utilized judgments and estimates regarding the Company's market credit rating, comparable market bond yield curve, and adjustments to market yield curves to determine a securitized rate. We are also a lessor in certain office space and retail lease agreements related to our hotels and the adoption of this ASU did not have a material impact on our accounting for leases where we are the lessor. The adoption of this ASU did not impact revenue recognition policies for the Company. We record lease costs incurred from ground leases as expenses as presented within Hotel Ground Rent in the Consolidated Statements of Operations. Lease costs incurred from office leases are recorded to expense and presented within General and Administrative Expense in the Consolidated Statements of Operations. The components of lease costs for the year ended December 31, 2019 were as follows: Year Ended December 31, 2019 Ground Lease Office Lease Total Operating lease costs $ 4,195 $ 483 $ 4,678 Variable lease costs 386 308 694 Total lease costs $ 4,581 $ 791 $ 5,372 For the years ended December 31, 2018 and 2017 we incurred $4,228 and $3,460 , respectively, of rent expense payable pursuant to ground leases related to certain hotel properties. For the years ended December 31, 2018 and 2017 , we incurred $785 and $735 , respectively, of rent expense pursuant to office leases. Other information related to leases as of and for the year ended December 31, 2019 is as follows: December 31, 2019 Cash paid from operating cash flows for operating leases $ 4,851 Weighted average remaining lease term in years 64.2 Weighted average discount rate 7.86 % NOTE 6 – LEASES (CONTINUED) Minimum lease payments against lease liabilities are as follows: Amount 2020 $ 4,933 2021 5,001 2022 4,463 2023 4,445 2024 4,473 Thereafter 288,978 Total undiscounted lease payments 312,293 Less imputed interest (257,745 ) Total lease liability $ 54,548 Future minimum lease payments as of December 31, 2018 (without reflecting future applicable Consumer Price Index increases) under lease agreements are as follows: Year Ending December 31, Amount 2019 $ 4,585 2020 4,638 2021 4,705 2022 4,167 2023 4,149 Thereafter 270,978 $ 293,222 |
Leases | LEASES In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which provides the principles for the recognition, measurement, presentation and disclosure of leases. The Company adopted the provisions of the update effective January 1, 2019. We elected the modified retrospective transition method upon adoption, which resulted in no cumulative-effect adjustment to the balance of opening retained earnings. As part of our adoption, we elected to utilize the package of practical expedients which allowed us to not reassess existing contracts for embedded leases and not reassess the classification of existing leases. As a result of our adoption, the Company recorded a lease liability and corresponding right of use asset of $55,515 at January 1, 2019 for leases where we are the lessee. Our most significant leases are land leases. We own five hotels within our consolidated portfolio of hotels where we do not own the land on which the hotels reside, rather we lease the land from an unrelated third-party lessor. All of our land leases are classified as operating leases and have initial terms, with extension options that range from May 2062 to October 2103. Based on the nature of these leases, the Company assumed that all extension options would be fully executed. For land leases that include variable payments, those include payments that are tied to an index such as the consumer price index or include rental payments based partially on the hotel revenues. Two additional office space leases are also factored into the lease liability and are classified as operating leases with terms ranging from January 2022 to December 2027. For office space leases that include variable payments, those include payments for the Company's proportionate share of the building's property taxes, insurance, and common area maintenance. The Company applied judgments related to the determination of the discount rates used to calculate the lease liability upon adoption at January 1, 2019. Since the discount rate implicit in the leases could not be readily determinable, we had to calculate our incremental borrowing rate as defined by ASC Topic 842. In order to calculate our incremental borrowing rate, the Company utilized judgments and estimates regarding the Company's market credit rating, comparable market bond yield curve, and adjustments to market yield curves to determine a securitized rate. We are also a lessor in certain office space and retail lease agreements related to our hotels and the adoption of this ASU did not have a material impact on our accounting for leases where we are the lessor. The adoption of this ASU did not impact revenue recognition policies for the Company. We record lease costs incurred from ground leases as expenses as presented within Hotel Ground Rent in the Consolidated Statements of Operations. Lease costs incurred from office leases are recorded to expense and presented within General and Administrative Expense in the Consolidated Statements of Operations. The components of lease costs for the year ended December 31, 2019 were as follows: Year Ended December 31, 2019 Ground Lease Office Lease Total Operating lease costs $ 4,195 $ 483 $ 4,678 Variable lease costs 386 308 694 Total lease costs $ 4,581 $ 791 $ 5,372 For the years ended December 31, 2018 and 2017 we incurred $4,228 and $3,460 , respectively, of rent expense payable pursuant to ground leases related to certain hotel properties. For the years ended December 31, 2018 and 2017 , we incurred $785 and $735 , respectively, of rent expense pursuant to office leases. Other information related to leases as of and for the year ended December 31, 2019 is as follows: December 31, 2019 Cash paid from operating cash flows for operating leases $ 4,851 Weighted average remaining lease term in years 64.2 Weighted average discount rate 7.86 % NOTE 6 – LEASES (CONTINUED) Minimum lease payments against lease liabilities are as follows: Amount 2020 $ 4,933 2021 5,001 2022 4,463 2023 4,445 2024 4,473 Thereafter 288,978 Total undiscounted lease payments 312,293 Less imputed interest (257,745 ) Total lease liability $ 54,548 Future minimum lease payments as of December 31, 2018 (without reflecting future applicable Consumer Price Index increases) under lease agreements are as follows: Year Ending December 31, Amount 2019 $ 4,585 2020 4,638 2021 4,705 2022 4,167 2023 4,149 Thereafter 270,978 $ 293,222 |
Commitments And Contingencies A
Commitments And Contingencies And Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies And Related Party Transactions | COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS Management Agreements Our wholly-owned TRS, 44 New England Management Company, and certain of our joint venture entities engage eligible independent contractors in accordance with the requirements for qualification as a REIT under the Internal Revenue Code of 1986, as amended, including Hersha Hospitality Management Limited Partnership (“HHMLP”), as the property managers for hotels it leases from us pursuant to management agreements. HHMLP is owned, in part, by certain executives and trustees of the Company. Our management agreements with HHMLP provide for five -year terms and are subject to early termination upon the occurrence of defaults and certain other events described therein. As required under the REIT qualification rules, HHMLP must qualify as an “eligible independent contractor” during the term of the management agreements. Under the management agreements, HHMLP generally pays the operating expenses of our hotels. All operating expenses or other expenses incurred by HHMLP in performing its authorized duties are reimbursed or borne by our TRS to the extent the operating expenses or other expenses are incurred within the limits of the applicable approved hotel operating budget. HHMLP is not obligated to advance any of its own funds for operating expenses of a hotel or to incur any liability in connection with operating a hotel. Management agreements with other unaffiliated hotel management companies have similar terms. For its services, HHMLP receives a base management fee and, if a hotel exceeds certain thresholds, an incentive management fee. The base management fee for a hotel is due monthly and is equal to 3% of gross revenues associated with each hotel managed for the related month. The incentive management fee, if any, for a hotel is due annually in arrears on the ninetieth day following the end of each fiscal year and is based upon the financial performance of the hotels. For the years ended December 31, 2019 , 2018 and 2017 , base management fees incurred totaled $14,123 , $13,309 and $13,447 respectively, and are recorded as Other Hotel Operating Expenses. For the year ended December 31, 2019 , 2018 and 2017 , incentive management fees incurred totaled $161 , $98 and $0 respectively. Franchise Agreements Our branded hotel properties are operated under franchise agreements assumed by the hotel property lessee. The franchise agreements have 10 to 20 year terms, but may be terminated by either the franchisee or franchisor on certain anniversary dates specified in the agreements. The franchise agreements require annual payments for franchise royalties, reservation, and advertising services, and such payments are based upon percentages of gross room revenue. These payments are paid by the hotels and charged to expense as incurred. Franchise fee expenses for the years ended December 31, 2019 , 2018 and 2017 were $23,389 , $22,802 and $23,645 respectively, and are recorded in Other Hotel Operating Expenses. The initial fees incurred to enter into the franchise agreements are amortized over the life of the franchise agreements. Accounting and Information Technology Fees Each of the wholly-owned hotels and consolidated joint venture hotel properties managed by HHMLP incurs a monthly accounting and information technology fee. Monthly fees for accounting services are between $2 and $3 per property and monthly information technology fees range from $1 to $2 per property. For the years ended December 31, 2019 , 2018 and 2017 , the Company incurred accounting fees of $1,261 , $1,235 and $1,318 respectively. For the years ended December 31, 2019 , 2018 and 2017 , the Company incurred information technology fees of $402 , $402 and $434 respectively. Accounting fees and information technology fees are included in Other Hotel Operating Expenses. Capital Expenditure Fees HHMLP charges a 5% fee on certain capital expenditures and pending renovation projects at the properties as compensation for procurement services related to capital expenditures and for project management of renovation projects. For the years ended December 31, 2019 , 2018 and 2017 , we incurred fees of $2,525 , $2,511 and $1,125 respectively, which were capitalized with the cost of the related capital expenditures. NOTE 7 – COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS (CONTINUED) Acquisitions from Affiliates We have entered into an option agreement with certain of our officers and trustees such that we obtain a right of first refusal to purchase any hotel owned or developed in the future by these individuals or entities controlled by them at fair market value. This right of first refusal would apply to each party until one year after such party ceases to be an officer or trustee of the Company. Our Acquisition Committee of the Board of Trustees is comprised solely of independent trustees, and the purchase prices and all material terms of the purchase of hotels from related parties are approved by the Acquisition Committee. Hotel Supplies For the years ended December 31, 2019 , 2018 and 2017 , we incurred charges for hotel supplies of $307 , $470 and $215 respectively. For the years ended December 31, 2019 , 2018 and 2017 , we incurred charges for capital expenditure purchases of $12,721 , $2,258 and $2,099 respectively. These purchases were made from Hersha Purchasing and Design, a hotel supply company owned, in part, by certain executives and trustees of the Company. Hotel supplies are expensed and included in Hotel Operating Expenses on our consolidated statements of operations, and capital expenditure purchases are included in investment in hotel properties on our consolidated balance sheets. We incurred charges of $9 and approximately $0 in accounts payable at December 31, 2019 and December 31, 2018 , respectively. Insurance Services The Company utilizes the services of the Hersha Group, a risk management business owned, in part, by certain executives and trustees of the Company. The Hersha Group provides brokerage services to the Company related to the placement of property and casualty insurance, and general liability insurance for our hotel properties. The total costs of property insurance that we paid through the Hersha Group were $ 5,934 , $ 4,799 , and $ 3,884 for the years ended December 31, 2019 , 2018 and 2017 . These amounts paid to the Hersha Group include insurance premiums and brokerage fees as compensation for brokerage services. Restaurant Lease Agreements with Independent Restaurant Group The Company enters into lease agreements with a number of restaurant management companies for the lease of restaurants located within our hotels. During the year ended December 31, 2019 , the Company entered into lease agreements with Independent Restaurant Group (“IRG”) for restaurants at three of its hotel properties. Certain executive officers and/or trustees of the Company, collectively own a 70.0% interest in IRG. The Company’s restaurant lease agreements with IRG generally provide for a term of five years and the payment of base rents and percentage rents, which are based on IRG’s revenue in excess of defined thresholds. The base rents are due monthly and percentages rents owed, if any, are due quarterly. The restaurant leases are subject to early termination upon the occurrence of defaults and certain other events described therein. The total amount of revenue recognized from IRG was $323 , $0 , and $0 for the years ended December 31, 2019 , 2018 and 2017 . Due From Related Parties The due from related parties balance as of December 31, 2019 and December 31, 2018 was approximately $6,113 and $3,294 , respectively. The balances primarily consisted of working capital deposits made to HHMLP and other entities owned, in part, by certain executives and trustees of the Company. Due to Related Parties The balance due to related parties as of December 31, 2019 and December 31, 2018 was $0 . Litigation We are not presently subject to any material litigation nor, to our knowledge, is any other litigation threatened against us, other than routine actions for negligence or other claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance and all of which collectively are not expected to have a material adverse effect on our liquidity, results of operations or business or financial condition. |
Fair Value Measurements And Der
Fair Value Measurements And Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements And Derivative Instruments | FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS Fair Value Measurements Our determination of fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, we utilize a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liabilities, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. As of December 31, 2019 , the Company’s derivative instruments represented the only financial instruments measured at fair value. Currently, the Company uses derivative instruments, such as interest rate swaps and caps, to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and the counterparties. However, as of December 31, 2019 we have assessed the significance of the effect of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Derivative Instruments The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. Interest rate caps designated as cash flow hedges limit the Company’s exposure to increased cash payments due to increases in variable interest rates. The table on the following page presents our derivative instruments as of December 31, 2019 and 2018 . NOTE 8 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED) Estimated Fair Value Asset / (Liability) Balance Hedged Debt Type Strike Rate Index Effective Date Derivative Contract Maturity Date Notional Amount December 31, 2019 December 31, 2018 Term Loan Instruments: Unsecured Credit Facility Swap 1.011 % 1-Month LIBOR + 2.20% November 3, 2016 October 3, 2019 $ 150,000 $ — $ 1,741 Unsecured Credit Facility (1) Swap 1.694 % 1-Month LIBOR + 2.20% April 3, 2017 September 3, 2019 50,000 — 320 Unsecured Credit Facility (2) Swap 2.654 % 1-Month LIBOR + 2.20% January 10, 2019 September 3, 2019 103,500 — (314 ) Unsecured Credit Facility (3) Swap 2.654 % 1-Month LIBOR + 2.20% January 10, 2019 September 3, 2019 103,500 — (315 ) Unsecured Credit Facility (4) Swap 1.866 % 1-Month LIBOR + 2.25% August 10, 2017 September 10, 2019 300,000 — 2,287 Unsecured Credit Facility Swap 1.341 % 1-Month LIBOR + 2.20% October 3, 2019 August 2, 2021 150,000 539 — Unsecured Credit Facility (1) Swap 1.316 % 1-Month LIBOR + 2.20% September 3, 2019 August 2, 2021 43,900 175 — Unsecured Credit Facility (2) Swap 1.824 % 1-Month LIBOR + 2.20% September 3, 2019 August 10, 2022 103,500 (718 ) — Unsecured Credit Facility (3) Swap 1.824 % 1-Month LIBOR + 2.20% September 3, 2019 August 10, 2022 103,500 (718 ) — Unsecured Credit Facility (4) Swap 1.460 % 1-Month LIBOR + 2.00% September 10, 2019 September 10, 2024 300,000 1,776 — Mortgages: Hilton Garden Inn 52nd Street, New York, NY Swap 1.600 % 1-Month LIBOR + 2.90% February 24, 2017 February 24, 2020 44,325 — 479 Courtyard, LA Westside, Culver City, CA Swap 1.683 % 1-Month LIBOR + 2.75% August 1, 2017 August 1, 2020 35,000 (8 ) 458 Annapolis Waterfront Hotel, MD Cap 3.350 % 1-Month LIBOR + 2.65% May 1, 2018 May 1, 2021 28,000 — 22 Hyatt, Union Square, New York, NY Swap 1.870 % 1-Month LIBOR + 2.30% June 7, 2019 June 7, 2023 56,000 (556 ) — Hilton Garden Inn Tribeca, New York, NY Swap 1.768 % 1-Month LIBOR + 2.25% July 25, 2019 July 25, 2024 22,725 (169 ) — Hilton Garden Inn Tribeca, New York, NY Swap 1.768 % 1-Month LIBOR + 2.25% July 25, 2019 July 25, 2024 22,725 (169 ) — Hilton Garden Inn 52nd Street, New York, NY Swap 1.540 % 1-Month LIBOR + 2.30% December 4, 2019 December 4, 2022 44,325 23 — $ 175 $ 4,678 (1) On September 3, 2019, we entered into an accelerated termination agreement on the interest rate swap associated with $50,000 of our unsecured credit facility, which had an initial maturity of October 3, 2019. Also on September 3, 2019, we entered into a new interest rate swap associated with $43,900 of our unsecured credit facility, which will mature on August 2, 2021. As the initial swap was only one month from maturity, the balance in other comprehensive income was reclassified to interest expense. (2) On September 3, 2019, we entered into an accelerated termination agreement on the interest rate swap associated with $103,500 of our unsecured credit facility, which had an initial maturity of January 10, 2021. Also on September 3, 2019, we entered into a new interest rate swap associated with $103,500 of our unsecured credit facility, which will mature on August 10, 2022. The fair value of the old swap at the time of termination was a liability in the amount of $1,783 . Instead of settling this amount with cash consideration at termination, the rate and terms of the new swap were such that, the fair value at termination of the old swap would carry over as the fair value of the new swap at inception. The other NOTE 8 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED) comprehensive income related to the old swap will be reclassified to interest expense until the original maturity date of January 10, 2021. (3) On September 3, 2019, we entered into an accelerated termination agreement on the interest rate swap associated with $103,500 of our unsecured credit facility, which had an initial maturity of January 10, 2021. Also on September 3, 2019, we entered into a new interest rate swap associated with $103,500 of our unsecured credit facility, which will mature on August 10, 2022. The fair value of the old swap at the time of termination was a liability in the amount of $1,783 . Instead of settling this amount with cash consideration at termination, the rate and terms of the new swap were such that, the fair value at termination of the old swap would carry over as the fair value of the new swap at inception. The other comprehensive income related to the old swap will be reclassified to interest expense until the original maturity date of January 10, 2021. (4) On September 10, 2019, we entered into an accelerated termination agreement on the interest rate swap associated with $300,000 of our unsecured credit facility, which had an initial maturity of August 10, 2020. Also on September 10, 2019, we entered into a new interest rate swap associated with $300,000 of our unsecured credit facility, which will mature on September 10, 2024. The fair value of the old swap at the time of termination was a liability in the amount of $1,379 . Instead of settling this amount with cash consideration at termination, the rate and terms of the new swap were such that, the fair value at termination of the old swap would carry over as the fair value of the new swap at inception. The other comprehensive income related to the old swap will be reclassified to interest expense until the original maturity date of August 10, 2020. The fair value of certain swaps and our interest rate caps is included in other assets at December 31, 2019 and December 31, 2018 and the fair value of certain of our interest rate swaps is included in accounts payable, accrued expenses and other liabilities at December 31, 2019 and December 31, 2018 . The net change related to derivative instruments designated as cash flow hedges recognized as unrealized gains and losses reflected on our consolidated balance sheet in accumulated other comprehensive income was a loss of $3,495 , a gain of $516 , and a gain of $2,536 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate derivative. The change in net unrealized gains/losses on cash flow hedges reflects a reclassification of $3,105 of net unrealized gains/losses from accumulated other comprehensive income as a decrease to interest expense during 2019. During 2020, the Company estimates that an additional $3,918 will be reclassified as an increase to interest expense. Fair Value of Debt The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies. Credit spreads take into consideration general market conditions and maturity. The inputs utilized in estimating the fair value of debt are classified in Level 2 of the fair value hierarchy. As of December 31, 2019 , the carrying value and estimated fair value of the Company’s debt were $1,128,199 and $1,098,082 , respectively. As of December 31, 2018 , the carrying value and estimated fair value of the Company’s debt were $1,093,031 and $1,082,485 |
Share Based Payments
Share Based Payments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Payments | SHARE BASED PAYMENTS We measure the cost of employee service received in exchange for an award of equity instruments based on the grant-date fair value of the award. The compensation cost is amortized on a straight-line basis over the period during which an employee is required to provide service in exchange for the award. The compensation cost related to performance awards that are contingent upon market-based criteria being met is recorded at the fair value of the award on the date of the grant and amortized over the performance period. As discussed in Note 1 forfeitures of share-based awards are expensed as they occur. Our shareholders approved the Hersha Hospitality Trust 2012 Equity Incentive Plan, as amended, (the “2012 Plan”) for the purpose of attracting and retaining executive officers, employees, trustees and other persons and entities that provide services to the Company. Summary of Share Based Compensation Programs Executives The Compensation Committee of our Board of Trustees implements executive compensation strategies that align the interests of the Company’s executives with those of shareholders. It does so through a mix of base salary, the Short Term Incentive Program ("STIP"), and the Long-Term Incentive Program ("LTIP"). The STIP and LTIP are incentive compensation programs that align executive compensation with the performance of the Company. Prior to 2019, executives participated in our legacy incentive compensation programs, the Annual Cash Incentive Program ("ACIP"), the Annual Long Term Equity Incentive Program ("Annual EIP"), and the Multi-Year Long Term Equity Incentive Program ("Multi-Year EIP"). Equity may be awarded under any of these programs in the form of stock awards, LTIP Units, or performance share awards issuable pursuant to the 2012 Plan. • Short Term Incentive Program - On March 6, 2019, the Compensation Committee approved the 2019 STIP, pursuant to which the executive officers are eligible to earn cash and equity awards based on achieving a threshold, target or maximum level of defined performance objectives at the end of the performance period, December 31, 2019. Any amounts earned are satisfied 50% in cash and 50% in equity awards. The Compensation Committee provided the option to the executive officers to elect equity awards in lieu of cash payment for amounts earned under the 2019 STIP. For the 2019 STIP and the 2018 and 2017 ACIP, each executive elected to receive 100% of amounts earned under each program in equity. Equity issued under the 2019 STIP and the 2018 and 2017 ACIP vest on the two year anniversary following the end of the performance period. The Company accounts for grants earned under the STIP as performance awards for which the Company assesses the probability of achievement of the performance conditions at the end of each period. Estimates of amounts earned under the STIP are recorded in general and administrative expense on the consolidated statement of operations and a liability is recorded in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet. As of December 31, 2019, no shares or LTIP Units have been issued to the executive officers in settlement of 2019 STIP. • Long Term Incentive Program - On March 6, 2019, the Compensation Committee approved the 2019 LTIP pursuant to which the executive officers are eligible to earn equity awards based on achieving a threshold, target or maximum level of defined market and performance objectives at the end of the performance period, December 31, 2019. This program has a three-year performance period which commenced on January 1, 2019 and ends December 31, 2021. The shares or LTIP Units issuable under the LTIP or legacy long term incentive programs are based on the Company’s achievement of a certain level of (1) absolute total shareholder return ( 37.5% of the award), (2) relative total shareholder return as compared to the Company’s peer group ( 37.5% of the award), and (3) relative growth in revenue per available room (RevPar) compared to the Company’s peer group ( 25.0% of the award). The Company accounts for the total shareholder return components of these grants as market based awards where the Company estimates unearned compensation at the grant date fair value which is then amortized into compensation cost over the vesting period of each individual plan. The Company accounts for the RevPAR component of the grants as performance-based awards for which the Company assesses the probable achievement of the performance conditions at the end of the reporting period. As of December 31, 2019, no shares or LTIP Units have been issued to the executive officers in settlement of 2019 LTIP awards. NOTE 9 – SHARE BASED PAYMENTS (CONTINUED) Remaining unearned compensation for LTIP Units issued to executives in settlement of awards under the STIP, LTIP or the Company’s legacy incentive compensation programs is recorded in noncontrolling interests on the Company’s consolidated balance sheets and is amortized in general and administrative expense on the consolidated statement of operations over the remaining vesting period. Trustees To align the interests of the Company’s trustees with those of shareholders, our trustees receive equity as a component of the compensation for their service on our board of trustees. • Share Awards - Our trustees receive biennial share awards that vest immediately upon issuance. • Trustee Long Term Incentive Program - Trustees receive grants of restricted shares which vest over a three-year period subject to continued service to the Company’s board of trustees. • Board Fee Compensation Elected in Equity - Trustees may make a voluntary election to receive any portion of their board fee compensation in the form of common equity valued at a 25% premium to the cash that would have been received. Shares issued for board retainer elected in equity vest over the year of service covered by the retainer and shares issued for service as lead director, committee chair and committee membership vest immediately upon issuance. For shares issued that are subject to vesting, unearned compensation is recorded in additional paid in capital on the consolidated balance sheet and is amortized in general and administrative expense on the consolidated statement of operations over the vesting period. Share based compensation for shares issued that immediately vest is recorded in general and administrative expense on the consolidated statement of operations. Employees and Non-Employees Grants of restricted shares are issued to attract, retain and reward employees and non-employees that are critical to the Company’s success. These restricted shares typically vest over a period of between one and four years subject to continued service to the Company. NOTE 9 – SHARE BASED PAYMENTS (CONTINUED) Share Based Compensation Activity A summary of our share based compensation activity from January 1, 2017 to December 31, 2019 is as follows: LTIP Unit Awards Restricted Share Awards Share Awards Number of Units Weighted Average Grant Date Fair Value Number of Restricted Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested Balance as of January 1, 2017 210,209 $ 22.21 54,761 $ 21.10 — Granted 183,784 18.53 79,712 18.21 32,674 $ 18.16 Vested (286,776 ) 20.82 (44,585 ) 21.01 (32,674 ) 18.16 Forfeited — N/A (3,055 ) 18.49 — Unvested Balance as of December 31, 2017 107,217 19.63 86,833 18.58 — Granted 589,106 17.91 76,314 19.56 34,752 19.64 Vested (245,420 ) 18.59 (70,713 ) 18.38 (34,752 ) 19.64 Forfeited — N/A (575 ) 18.04 — Unvested Balance as of December 31, 2018 450,903 17.95 91,859 19.56 — Granted 530,281 18.00 83,805 16.40 42,533 16.01 Vested (539,983 ) 17.97 (80,924 ) 19.11 (42,533 ) 16.01 Forfeited — N/A (2,638 ) 19.78 — Unvested Balance as of December 31, 2019 441,201 17.99 92,102 17.07 — NOTE 9 – SHARE BASED PAYMENTS (CONTINUED) The following table summarizes share based compensation expense and unearned compensation for the years ended December 31, 2019, 2018, and 2017 and as of December 31, 2019 and 2018: Share Based Compensation Expense Unearned Compensation For the Year Ended As of 12/31/2019 12/31/2018 12/31/2017 12/31/2019 12/31/2018 Issued Awards LTIP Unit Awards 5,646 4,120 2,486 2,878 3,027 Restricted Share Awards 1,495 1,443 1,033 1,051 1,318 Share Awards 680 680 593 — — Unissued Awards Market Based 1,467 1,120 1,002 2,739 2,200 Performance Based 1,515 4,073 4,172 — — Total $ 10,803 $ 11,436 $ 9,286 $ 6,668 $ 6,545 The weighted-average period of which the unrecognized compensation expense will be recorded is approximately 21.9 months for LTIP Unit Awards and 17.6 months for Restricted Share Awards. The remaining unvested target units are expected to vest as follows: 2020 2021 2022 2023 LTIP Unit Awards 376,614 64,587 — — Restricted Share Awards 68,486 19,431 3,654 531 445,100 84,018 3,654 531 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table is a reconciliation of the income or loss (numerator) and the weighted average shares (denominator) used in the calculation of basic and diluted earnings per common share. The computation of basic and diluted earnings per share is presented below. Twelve Months Ended December 31, 2019 2018 2017 NUMERATOR: Basic and Diluted* Net (Loss) Income $ (5,847 ) $ 8,365 $ 104,940 Loss (Income) allocated to Noncontrolling Interests 2,178 1,625 (5,072 ) Distributions to Preferred Shareholders (24,174 ) (24,174 ) (24,169 ) Dividends Paid on Unvested Restricted Shares and LTIP Units (981 ) (740 ) (341 ) Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares — — — Net (Loss) Income from Continuing Operations attributable to Common Shareholders $ (28,824 ) $ (14,924 ) $ 75,358 DENOMINATOR: Weighted average number of common shares - basic 38,907,894 39,383,763 41,423,804 Effect of dilutive securities: Restricted Stock Awards and LTIP Units (unvested) — — 216,225 Contingently Issued Shares and Units — — 416,402 Weighted average number of common shares - diluted 38,907,894 39,383,763 42,056,431 * Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and Common Units and Vested LTIP Units have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) applicable to common shareholders. |
Cash Flow Disclosures And Non C
Cash Flow Disclosures And Non Cash Investing And Financing Activities | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Disclosures And Non Cash Investing And Financing Activities | CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES Interest paid during 2019 , 2018 and 2017 totaled $54,158 , $49,148 and $40,102 respectively. Cash paid for income taxes during 2019 , 2018 and 2017 were $53 , $1,140 and $747 , respectively. The following non-cash investing and financing activities occurred during 2019 , 2018 and 2017 : 2019 2018 2017 Common Shares issued as part of the Dividend Reinvestment Plan $ 60 $ 77 $ 81 Acquisition of hotel properties: Assets acquired through joint venture assignment and assumption — — 49,999 Debt assumed, including premium — — 44,483 Deposit paid in prior period towards acquisition which closed in current period — 1,000 — Conversion of note payable and accrued interest to Non-Controlling Interest — 3,387 — Conversion of Common Units to Common Shares — 1,173 392 Issuance of share based payments 12,924 13,661 9,572 Accrued payables for fixed assets placed into service 2,506 2,912 3,403 Cumulative Effect on Equity from the Adoption of ASC Subtopic 610-20 — 129,021 — Adjustment to Record Non-Controlling Interest at Redemption Value 488 2,708 — Adjustment to Record Right of Use Asset & Lease Liability 55,515 — — Amortization related to Right of Use Asset & Lease Liability 967 — — The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the year ended December 31, 2019 , 2018 and 2017 : 2019 2018 2017 Cash and cash equivalents $ 27,012 $ 32,598 $ 17,945 Escrowed cash 9,973 8,185 7,641 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 36,985 $ 40,783 $ 25,586 Amounts included in restricted cash represent those required to be set aside in escrow by contractual agreement with various lenders for the payment of specific items such as property insurance, property tax, and capital expenditures. |
Shareholders' Equity And Noncon
Shareholders' Equity And Noncontrolling Interests In Partnership | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity And Noncontrolling Interests In Partnership | SHAREHOLDERS’ EQUITY AND NONCONTROLLING INTERESTS IN PARTNERSHIP Common Shares The Company’s outstanding common shares have been duly authorized, and are fully paid and non-assessable. Common shareholders are entitled to receive dividends if and when authorized and declared by the Board of Trustees of the Company out of assets legally available and to share ratably in the assets of the Company legally available for distribution to its shareholders in the event of its liquidation, dissolution or winding up after payment of, or adequate provision for, all known debts and liabilities of the Company. Preferred Shares The Declaration of Trust authorizes our Board of Trustees to classify any unissued preferred shares and to reclassify any previously classified but unissued preferred shares of any series from time to time in one or more series, as authorized by the Board of Trustees. Prior to issuance of shares of each series, the Board of Trustees is required by Maryland REIT Law and our Declaration of Trust to set for each such series, subject to the provisions of our Declaration of Trust regarding the restriction on transfer of shares of beneficial interest, the terms, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each such series. Thus, our Board of Trustees could authorize the issuance of additional preferred shares with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control in us that might involve a premium price for holders of common shares or otherwise be in their best interest. Common Units Common Units are issued in connection with the acquisition of wholly owned hotels and joint venture interests in hotel properties. The total number of Common Units outstanding as of December 31, 2019 , 2018 and 2017 was 2,066,615 , 2,066,615 and 2,129,422 , respectively. These units can be redeemed for cash or converted to common shares, at the Company’s option, on a one-for-one basis. The number of common shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidation or similar pro rata share transactions, that otherwise would have the effect of diluting the ownership interest of the limited partners or our shareholders. During 2019 , 2018 and 2017 , 0 , 62,807 and 23,964 Common Units were converted to common shares, respectively. In addition, as noted in “Note 9 – Share Based Payments,” during 2019, the Company issued 530,281 LTIP Units. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company elected to be taxed as a REIT under Sections 856 through 860 of the Code commencing with its taxable year ended December 31, 1999. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gain, to its shareholders. It is the Company’s current intention to adhere to these requirements and maintain the Company’s qualification for taxation as a REIT. As a REIT, the Company generally will not be subject to federal corporate income tax on that portion of its net income that is currently distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax for taxable years prior to 2018) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. Taxable income from non-REIT activities managed through TRSs is subject to federal, state and local income taxes. As a TRS, 44 New England is subject to income taxes at the applicable federal, state and local tax rates. The provision for income taxes differs from the amount of income tax determined by applying the applicable statutory federal income tax rate (21% for 2019 and 2018 and 34% for 2017) to pretax income from continuing operations as a result of the following differences: For the year ended December 31, 2019 2018 2017 Statutory federal income tax provision $ (1,208 ) $ 1,813 $ 37,469 Adjustment for nontaxable income for Hersha Hospitality Trust 1,419 (1,269 ) (37,670 ) Remeasurement of net deferred tax asset - Tax Cuts & Jobs Act — — 4,601 State income taxes, net of federal income tax effect 456 32 338 Non-deductible expenses, tax credits, and other, net (575 ) (309 ) 524 Total income tax expense (benefit) $ 92 $ 267 $ 5,262 The Tax Cuts and Jobs Act was enacted on December 22, 2017 and instituted significant changes to the federal income tax law. Effective January 1, 2018, the U.S. statutory rate applicable to the Company decreased from 34% to 21% . As a result of the decrease in statutory rate, our deferred tax assets and liabilities that will apply to future periods were remeasured as of December 31, 2018 . We recognized a deferred tax expense of $4,601 during the year ended December 31, 2017 to reflect this change in the tax rate. NOTE 13 – INCOME TAXES (CONTINUED) The components of the Company’s income tax expense (benefit) from continuing operations for the years ended December 31, 2019 , 2018 and 2017 were as follows: For the year ended December 31, 2019 2018 2017 Income tax expense (benefit): Current: Federal $ (60 ) $ (119 ) $ — State 464 530 — Deferred: Federal (302 ) 467 4,750 State (10 ) (611 ) 512 Total $ 92 $ 267 $ 5,262 The components of consolidated TRS’s net deferred tax asset as of December 31, 2019 and 2018 were as follows: As of December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 9,871 $ 9,700 Accrued expenses and other 1,641 1,644 Tax credit carryforwards 415 475 Total gross deferred tax assets 11,927 11,819 Valuation allowance (497 ) (497 ) Total net deferred tax assets $ 11,430 $ 11,322 Deferred tax liabilities: Depreciation and amortization 40 244 Total Net deferred tax assets $ 11,390 $ 11,078 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based on limitations related to the utilization of certain tax attribute carryforwards, the Company recorded a valuation allowance of approximately $497 as these attributes are not more likely than not to be realized prior to their expiration. Based on the level of historical taxable income, tax planning strategies and projections for future taxable income over the periods in which the remaining deferred tax assets are deductible, Management believes it is more likely than not that the remaining deferred tax assets will be realized. As of December 31, 2019 , we have gross federal net operating loss carryforwards of $35,287 which expire over various periods from 2023 through 2039. As of December 31, 2019 , we have gross state net operating loss carryforwards of $39,723 which expire over various periods from 2020 to 2039. The Company has tax credits of $415 available which begin to expire in 2032. NOTE 13 – INCOME TAXES (CONTINUED) Earnings and profits, which will determine the taxability of distributions to shareholders, will differ from net income reported for financial reporting purposes due to the differences for federal tax purposes in the estimated useful lives and methods used to compute depreciation. The following table sets forth certain per share information regarding the Company’s common and preferred share distributions for the years ended December 31, 2019 , 2018 and 2017 . 2019 2018 2017 Preferred Shares - 6.875% Series C Ordinary income 100.00 % 100.00 % 100.00 % Return of Capital 0.00 % 0.00 % 0.00 % Capital Gain Distribution 0.00 % 0.00 % 0.00 % Preferred Shares - 6.5% Series D Ordinary income 100.00 % 100.00 % 100.00 % Return of Capital 0.00 % 0.00 % 0.00 % Capital Gain Distribution 0.00 % 0.00 % 0.00 % Preferred Shares - 6.5% Series E Ordinary income 100.00 % 100.00 % 100.00 % Return of Capital 0.00 % 0.00 % 0.00 % Capital Gain Distribution 0.00 % 0.00 % 0.00 % Common Shares - Class A Ordinary income 33.03 % 37.91 % 70.95 % Return of Capital 66.97 % 62.09 % 29.05 % Capital Gain Distribution 0.00 % 0.00 % 0.00 % |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Hotel Operating Revenues: Room $ 91,485 $ 118,980 $ 108,909 $ 105,324 Food & Beverage 14,228 18,253 15,870 17,028 Other 8,930 10,280 10,140 10,241 Other Revenues 274 46 142 124 Hotel Operating Expenses: Room 22,090 24,013 24,000 23,385 Food & Beverage 12,832 13,990 12,605 13,393 Other 40,189 44,607 43,476 42,856 Other Expenses 53,133 55,658 55,062 55,411 (Loss) Income from Unconsolidated Joint Ventures 181 299 38 173 Income (Loss) Before Income Taxes (13,146 ) 9,590 (44 ) (2,155 ) Income Tax (Expense) Benefit 5,264 (4,031 ) 551 (1,876 ) Net Income (7,882 ) 5,559 507 (4,031 ) Income (loss) Allocated to Noncontrolling Interests (1,063 ) (49 ) (442 ) (812 ) Income (loss) Allocated to Noncontrolling Interests - Consolidated Joint Venture 140 (292 ) 340 — Preferred Distributions 6,044 6,043 6,044 6,043 Net Income (Loss) applicable to Common Shareholders $ (13,003 ) $ (143 ) $ (5,435 ) $ (9,262 ) Earnings per share: Basic Net Income (Loss) applicable to Common Shareholders $ (0.34 ) $ (0.01 ) $ (0.15 ) $ (0.24 ) Diluted Net Income (Loss) applicable to Common Shareholders $ (0.34 ) $ (0.01 ) $ (0.15 ) $ (0.24 ) Weighted Average Common Shares Outstanding - Basic 39,115,390 39,127,385 38,878,818 38,516,879 Weighted Average Common Shares Outstanding - Diluted 39,115,390 39,127,385 38,878,818 38,516,879 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Hotel Operating Revenues: Room $ 79,048 $ 109,492 $ 103,958 $ 105,409 Food & Beverage 13,538 17,001 15,628 18,379 Other 6,929 7,269 8,143 8,884 Other Revenues 3,544 84 170 1,870 Hotel Operating Expenses: Room 19,356 22,945 23,615 22,747 Food & Beverage 11,851 13,331 12,475 14,465 Other 35,575 40,383 40,205 41,901 Other Expenses 47,879 44,717 46,514 53,839 (Loss) Income from Unconsolidated Joint Ventures (201 ) 537 582 166 (Loss) Income Before Income Taxes (11,803 ) 13,007 5,672 1,756 Income Tax Benefit 2,655 (1,170 ) (2,685 ) 933 Net (Loss) Income (9,148 ) 11,837 2,987 2,689 (Loss) Income Allocated to Noncontrolling Interests (1,104 ) 500 (72 ) (240 ) (Loss) Income Allocated to Noncontrolling Interests - Consolidated Joint Ventures — (1,200 ) 250 241 Preferred Distributions 6,044 6,043 6,044 6,043 Net (Loss) Income applicable to Common Shareholders $ (14,088 ) $ 6,494 $ (3,235 ) $ (3,355 ) Earnings per share: Basic Net (Loss) Income applicable to Common Shareholders $ (0.36 ) $ 0.16 $ (0.09 ) $ (0.09 ) Diluted Net (Loss) Income applicable to Common Shareholders $ (0.36 ) $ 0.16 $ (0.09 ) $ (0.09 ) Weighted Average Common Shares Outstanding - Basic 39,636,166 39,246,946 39,321,062 39,334,877 Weighted Average Common Shares Outstanding - Diluted 39,636,166 39,926,099 39,321,062 39,334,877 |
Schedule III - Real Estate And
Schedule III - Real Estate And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate And Accumulated Depreciation | SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2019 [IN THOUSANDS] Initial Costs Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at which Carried at Close of Period Accumulated Depreciation Net Book Value Description Encumbrances Land Buildings & Improvements Land Buildings & Improvements Land Buildings & Improvements Total Buildings & Improvements* Land, Buildings & Improvements Date of Acquisition Courtyard by Marriott Brookline, Brookline, MA — 47,414 — 4,916 — 52,330 52,330 (20,632 ) 31,698 06/16/05 Annapolis Waterfront Hotel, Annapolis, MD (28,000 ) — 43,251 — 650 — 43,901 43,901 (1,932 ) 41,969 03/28/18 Hilton Garden Inn JFK, JFK Airport, NY — 25,018 — 3,639 — 28,657 28,657 (11,459 ) 17,198 02/16/06 Holiday Inn Express Cambridge, Cambridge, MA 1,956 9,793 — 3,870 1,956 13,663 15,619 (5,835 ) 9,784 05/03/06 Hyatt House White Plains, White Plains, NY 8,823 30,273 — 11,306 8,823 41,579 50,402 (14,530 ) 35,872 12/28/06 Hampton Inn Seaport, Seaport, NY 7,816 19,040 — 1,544 7,816 20,584 28,400 (7,216 ) 21,184 02/01/07 Gate Hotel JFK Airport, JFK Airport, NY — 27,315 — 2,460 — 29,775 29,775 (9,756 ) 20,019 06/13/08 Hampton Inn Center City/ Convention Center, Philadelphia, PA 3,490 24,382 — 11,699 3,490 36,081 39,571 (16,850 ) 22,721 02/15/06 Duane Street Hotel, Tribeca, NY 8,213 12,869 — 2,305 8,213 15,174 23,387 (5,496 ) 17,891 01/04/08 NU Hotel Brooklyn, Brooklyn, NY — 22,042 — 1,876 — 23,918 23,918 (7,781 ) 16,137 01/14/08 Hilton Garden Inn Tribeca, Tribeca, NY (45,450 ) 21,077 42,955 — 1,211 21,077 44,166 65,243 (12,238 ) 53,005 05/01/09 HERSHA HOSPITALITY TRUST AND SUBSIDIARIES SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2019 (CONTINUED) [IN THOUSANDS] Initial Costs Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at which Carried at Close of Period Accumulated Depreciation Net Book Value Description Encumbrances Land Buildings & Improvements Land Buildings & Improvements Land Buildings & Improvements Total Buildings & Improvements* Land, Buildings & Improvements Date of Acquisition Hampton Inn Washington, D.C., Washington, DC 9,335 58,048 — 2,994 9,335 61,042 70,377 (14,930 ) 55,447 09/01/10 Sheraton Wilmington South, Wilmington South, DE 1,765 16,929 — 5,068 1,765 21,997 23,762 (7,528 ) 16,234 12/21/10 The Capitol Hill Hotel Washington, DC (25,000 ) 8,095 35,141 — 4,924 8,095 40,065 48,160 (11,508 ) 36,652 04/15/11 Courtyard by Marriott Los Angeles Westside, LA Westside, CA (35,000 ) 13,489 27,025 — 4,952 13,489 31,977 45,466 (9,912 ) 35,554 05/19/11 Cadillac Hotel & Beach Club, Miami, FL 35,700 55,805 — 44,315 35,700 100,120 135,820 (21,328 ) 114,492 11/16/11 The Rittenhouse Hotel, Philadelphia, PA 7,108 29,556 — 27,868 7,108 57,424 64,532 (22,271 ) 42,261 03/01/12 The Boxer Boston, Boston, MA 1,456 14,954 — 1,112 1,456 16,066 17,522 (4,314 ) 13,208 05/07/12 Holiday Inn Express Chelsea, Manhattan, NY 30,329 57,016 — 2,049 30,329 59,065 89,394 (11,860 ) 77,534 06/18/12 Hyatt Union Square, Union Square, NY (56,000 ) 32,940 79,300 — 4,028 32,940 83,328 116,268 (15,169 ) 101,099 04/09/13 Courtyard by Marriott Downtown San Diego, San Diego, CA 15,656 51,674 — 2,138 15,656 53,812 69,468 (9,797 ) 59,671 05/30/13 Residence Inn Miami Coconut Grove, Coconut Grove, FL 4,146 17,456 — 7,487 4,146 24,943 29,089 (8,161 ) 20,928 06/12/13 The Hotel Milo, Santa Barbara, CA (22,227 ) — 55,080 — 4,900 — 59,980 59,980 (10,318 ) 49,662 02/28/14 HERSHA HOSPITALITY TRUST AND SUBSIDIARIES SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2019 (CONTINUED) [IN THOUSANDS] Initial Costs Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at which Carried at Close of Period Accumulated Depreciation Net Book Value Description Encumbrances Land Buildings & Improvements Land Buildings & Improvements Land Buildings & Improvements Total Buildings & Improvements* Land, Buildings & Improvements Date of Acquisition Hilton Garden Inn Manhattan Midtown East, Midtown East, NY (44,325 ) 45,480 60,762 — 409 45,480 61,171 106,651 (8,676 ) 97,975 05/27/14 Parrot Key Hotel & Villas, Key West, FL 57,889 33,959 — 14,161 57,889 48,120 106,009 (7,641 ) 98,368 05/07/14 The Winter Haven Hotel Miami Beach, Miami Beach, FL 5,400 18,147 — 694 5,400 18,841 24,241 (3,139 ) 21,102 12/20/13 The Blue Moon Hotel Miami Beach, Miami Beach, FL 4,874 20,354 — 981 4,874 21,335 26,209 (3,579 ) 22,630 12/20/13 The St. Gregory Hotel, Dupont Circle, Washington D.C. (22,857 ) 23,764 33,005 — 7,470 23,764 40,475 64,239 (6,339 ) 57,900 06/16/15 TownePlace Suites Sunnyvale, Sunnyvale, CA — 18,999 — 666 — 19,665 19,665 (2,348 ) 17,317 08/25/15 The Ritz-Carlton Georgetown, Washington D.C. 17,825 29,584 — 3,963 17,825 33,547 51,372 (3,933 ) 47,439 12/29/15 The Sanctuary Beach Resort, Marina, CA (14,489 ) 20,278 17,319 — 6,725 20,278 24,044 44,322 (3,763 ) 40,559 01/28/16 Hilton Garden Inn M Street, Washington D.C. 30,793 67,420 — 179 30,793 67,599 98,392 (6,475 ) 91,917 03/09/16 The Envoy Boston Seaport, Boston, MA 25,264 75,979 — 3,725 25,264 79,704 104,968 (7,299 ) 97,669 07/21/16 Courtyard by Marriott Sunnyvale, Sunnyvale, CA (40,600 ) 17,694 53,272 — 59 17,694 53,331 71,025 (4,269 ) 66,756 10/20/16 Mystic Marriott Hotel & Spa, Groton, CT 1,420 40,440 — 9,646 1,420 50,086 51,506 (4,932 ) 46,574 01/03/17 The Ritz-Carlton Coconut Grove, Coconut Grove, FL 5,185 30,825 — 9,391 5,185 40,216 45,401 (3,983 ) 41,418 02/01/17 The Pan Pacific Hotel Seattle, Seattle, WA 13,079 59,255 — 308 13,079 59,563 72,642 (4,228 ) 68,414 02/21/17 Philadelphia Westin, Philadelphia, PA 19,154 103,406 — 1,467 19,154 104,873 124,027 (6,660 ) 117,367 06/29/17 The Ambrose Hotel, Santa Monica, CA 18,750 26,839 — 1,565 18,750 28,404 47,154 (2,414 ) 44,740 12/01/16 Total Investment in Real Estate $ (333,948 ) $ 518,243 $ 1,491,901 $ — $ 218,720 $ 518,243 $ 1,710,621 $ 2,228,864 $ (340,499 ) $ 1,888,365 HERSHA HOSPITALITY TRUST AND SUBSIDIARIES SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2019 (CONTINUED) [IN THOUSANDS] (1) Costs capitalized subsequent to acquisition include reductions of asset value due to impairment. * Assets are depreciated over a 7 to 40 year life, upon which the latest income statement is computed. The aggregate cost of land, buildings and improvements for Federal income tax purposes for the years ended December 31, 2019 , 2018 and 2017 is approximately $1,675,650 , $1,745,577 and $1,741,293 , respectively. Depreciation is computed for buildings and improvements using a useful life for these assets of 7 to 40 years . See Accompanying Report of Independent Registered Public Accounting Firm HERSHA HOSPITALITY TRUST AND SUBSIDIARIES SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2019 (CONTINUED) [IN THOUSANDS] 2019 2018 2017 Reconciliation of Real Estate Balance at beginning of year $ 2,206,701 $ 2,159,282 $ 2,010,621 Additions during the year 22,163 122,708 285,141 Dispositions/Deconsolidation of consolidated joint venture during the year — (75,289 ) (136,480 ) Total Real Estate $ 2,228,864 $ 2,206,701 $ 2,159,282 Reconciliation of Accumulated Depreciation Balance at beginning of year $ 277,580 $ 238,213 $ 222,512 Depreciation for year 62,919 55,496 50,111 Accumulated depreciation on assets sold — (16,129 ) (34,410 ) Balance at the end of year $ 340,499 $ 277,580 $ 238,213 |
Organization And Summary Of S_2
Organization And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborative Arrangement, Accounting Policy | Hersha Hospitality Trust (“we” or the “Company”) was formed in May 1998 as a self-administered, Maryland real estate investment trust. We have elected to be taxed and expect to continue to elect to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. The Company owns a controlling general partnership interest in Hersha Hospitality Limited Partnership (“HHLP” or the “Partnership”), which owns a 99% limited partnership interest in various subsidiary partnerships. Hersha Hospitality, LLC (“HHLLC”), a Virginia limited liability company, owns a 1% general partnership interest in the subsidiary partnerships and the Partnership is the sole member of HHLLC. The Partnership owns a taxable REIT subsidiary (“TRS”), 44 New England Management Company (“44 New England” or “TRS Lessee”), which leases certain of the Company’s hotels. Hersha’s common shares of beneficial interest trade on the New York Stock Exchange (“the NYSE”) under the ticker symbol "HT", its 6.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest trade on the NYSE under the ticker symbol “HT PRC”, its 6.500% Series D Cumulative Redeemable Preferred Shares of Beneficial Interest trade on the NYSE under the ticker symbol “HT PRD”, and it’s 6.500% Series E Cumulative Redeemable Preferred Shares of Beneficial Interest trade on the NYSE under the ticker symbol “HT PRE.” As of December 31, 2019 , the Company, through the Partnership and subsidiary partnerships, wholly owned 38 limited and full service hotels. All of the wholly owned hotel facilities are leased to the Company’s TRS, 44 New England. In addition to the wholly owned hotel properties, as of December 31, 2019 , the Company owned an unconsolidated joint venture interest in nine properties and a consolidated joint venture interest in one property. The properties owned by the joint ventures are leased to a TRS owned by the joint venture or to an entity owned by the joint venture partners and 44 New England. The following table lists the properties owned by these joint ventures: Joint Venture Ownership Interest Property Location Lessee/Sublessee Consolidated Joint Ventures Hersha Holding RC Owner, LLC 85% Ritz-Carlton Coconut Grove, FL Hersha Holding RC Lessee, LLC Unconsolidated Joint Ventures Cindat Hersha Owner JV, LLC 31.2% Hampton Inn Herald Square, New York, NY Cindat Hersha Lessee JV, LLC Hampton Inn Chelsea, New York, NY Cindat Hersha Lessee JV, LLC Hampton Inn Times Square, New York, NY Cindat Hersha Lessee JV, LLC Holiday Inn Express Times Square, New York, NY Cindat Hersha Lessee JV, LLC Candlewood Suites Times Square, New York, NY Cindat Hersha Lessee JV, LLC Holiday Inn Wall Street, New York, NY Cindat Hersha Lessee JV, LLC Holiday Inn Express Water Street, New York, NY Cindat Hersha Lessee JV, LLC SB Partners, LLC 50% Holiday Inn Express South Boston, MA South Bay Sandeep, LLC Hiren Boston, LLC 50% Courtyard South Boston, MA South Bay Boston, LLC SB Partners Three, LLC (1) 50% Home2 Suites South Boston, MA SB Partners Three Lessee, LLC (1) This property is currently under development by the venture, with the expected opening of the hotel being mid-year 2020. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The properties are managed by eligible independent management companies, including Hersha Hospitality Management, LP (“HHMLP”). HHMLP is owned in part by certain of our trustees and executive officers and other unaffiliated third party investors as defined by the Internal Revenue Code. |
Principles Of Consolidation And Presentation | Principles of Consolidation and Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and include all of our accounts as well as accounts of the Partnership, subsidiary partnerships and our wholly owned TRS Lessee. All significant inter-company amounts have been eliminated. Consolidated properties are either wholly owned or owned less than 100% by the Partnership and are controlled by the Company as general partner of the Partnership. Properties owned in joint ventures are also evaluated for consolidation. Entities are consolidated if the determination is made that we are the primary beneficiary in a variable interest entity ("VIE") or we maintain control of the asset through our voting interest or other rights in the operation of the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have a controlling financial interest in that VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a variable interest entity that most significantly impacts the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. Control can also be demonstrated by the ability of a member to manage day-to-day operations, refinance debt and sell the assets of the partnerships without the consent of the other member and the inability of the members to replace the managing member. Based on our examination, the following entities were determined to be VIE’s: HHLP; Cindat Hersha Lessee JV, LLC; South Bay Boston, LLC; SB Partners Three Lessee, LLC; Hersha Holding RC Owner, LLC; Hersha Statutory Trust I; and Hersha Statutory Trust II. As noted, HHLP meets the criteria as a VIE. The Company’s most significant asset is its investment in HHLP, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of HHLP. Cindat Hersha Lessee JV, LLC is a VIE that leases hotel property. The entity is consolidated by the lessors, the primary beneficiary. Our maximum exposure to losses due to our investment in Cindat Hersha Owner JV, LLC is limited to our investment in the joint venture which is $0 as of December 31, 2019 . Also, South Bay Boston, LLC and SB Partners Three Lessee, LLC, which lease hotel property are VIE's. The entities are consolidated by the respective lessors, the primary beneficiary. Hersha Holding RC Owner, LLC is the owner entity of the Ritz Carlton Coconut Grove and is a VIE. HHLP is considered the primary beneficiary of the VIE and consolidates the joint venture with the minority owner interest presented as part of noncontrolling interest within the Consolidated Balance Sheets as of December 31, 2019 and December 31, 2018. Hersha Statutory Trust I and Hersha Statutory Trust II are VIEs but HHLP is not the primary beneficiary in these entities. Accordingly, the accounts of Hersha Statutory Trust I and Hersha Statutory Trust II are not consolidated. Segment Reporting We allocate resources and assess operating performance based on individual hotels and consider each one of our hotels to be an operating segment. No operating segment, individually, meets the threshold for a reportable segment as defined within ASC Topic 280 – Segment Reporting, nor do they fully satisfy the requisite aggregation criteria therein. As a result, the Company does not present separate operating segment information within the Notes to the Consolidated Financial Statements. |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. |
Investment In Hotel Properties | Investment in Hotel Properties The Company records the value of hotel properties acquired based on the fair value of the acquired real estate, furniture, fixtures and equipment, and intangible assets and the fair value of liabilities assumed, including debt. The fair value allocations were determined using Level 3 inputs, which are typically unobservable and are based on our own assumptions, as there is little, if any, related market activity. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the following estimated useful lives: Building and Improvements 7 to 40 years Furniture, Fixtures and Equipment 2 to 7 years The Company periodically reviews the carrying value of each hotel to determine if circumstances indicate impairment to the carrying value of the investment in the hotel or that depreciation periods should be modified. If facts or circumstances indicate the possibility of impairment, the Company will prepare an estimate of the undiscounted future cash flows, without interest charges, of the specific hotel. Based on the property’s undiscounted future cash flows, the Company will determine if the investment in such hotel is recoverable. If impairment is indicated, an adjustment will be made to reduce the carrying value of the hotel to reflect its fair value. We consider a hotel to be held for sale when management and our independent trustees commit to a plan to sell the property, the property is available for sale, management engages in an active program to locate a buyer for the property and it is probable the sale will be completed within a year of the initiation of the plan to sell. ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business offers guidance when evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect most of our hotel property acquisitions to qualify as asset acquisitions under the standard which requires capitalization of acquisition costs to the underlying assets. Acquisition-related cost, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the above acquired assets in the acquisition of a business. |
Investment In Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures If it is determined that we do not have a controlling interest in a joint venture, either through our financial interest in a VIE or our voting interest in a voting interest entity, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, limited to the extent of our investment in, advances to and commitments for the investee. Pursuant to our joint venture agreements, allocations of profits and losses of some of our investments in unconsolidated joint ventures may be allocated disproportionately as compared to nominal ownership percentages due to specified preferred return rate thresholds. See Note 3 – Investment in Unconsolidated Joint Ventures for a more detailed explanation of the methodology used in determining the allocation of profits and losses within our joint ventures. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, we will estimate the fair value of the investment. Our estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and the impairment is considered other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of our investment in the unconsolidated joint venture. |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash on hand and in banks plus short-term investments with an initial maturity of three months or less when purchased. |
Escrow Deposits | Escrow Deposits Escrow deposits include reserves for debt service, real estate taxes, and insurance and reserves for furniture, fixtures, and equipment replacements, as required by certain mortgage debt agreement restrictions and provisions. |
Hotel Accounts Receivable | Hotel Accounts Receivable Hotel accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. The Company generally does not require collateral. Ongoing credit evaluations are performed and potential losses from uncollectible accounts are written off against revenue when they are estimated to be uncollectible. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred financing costs associated with our line of credit are recorded within the Other Assets line item in our Consolidated Balance Sheets. Deferred financing costs associated with our term loans, mortgage debt, or subordinated notes are recorded as contra-liabilities within each respective line item on our Consolidated Balance Sheets. All amortization of deferred financing costs is presented with in the Interest Expense line on our Consolidated Statements of Operations. |
Due From/To Related Parties | Due from/to Related Parties Due from/to Related Parties represents current receivables and payables resulting from transactions related to hotel management and project management with affiliated entities. Due from related parties results primarily from advances of shared costs incurred. Due to affiliates results primarily from hotel management and project management fees incurred. Both due to and due from related parties are generally settled within a period not to exceed one year . |
Intangible Assets and Liabilities | Intangible Assets and Liabilities Intangible assets consist of leasehold intangibles for in-place leases at the time of hotel acquisition and deferred franchise fees. The leasehold intangibles are amortized over the remaining lease term. Deferred franchise fees are amortized using the straight-line method over the life of the franchise agreement. Intangible liabilities consist of leasehold intangibles for in-place leases at the time of hotel acquisition. The leasehold intangibles are amortized over the remaining lease term. Intangible liabilities are included in the accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. |
Development Project Capitalization | Development Project Capitalization We have opportunistically engaged in the development and re-development of hotel assets. We capitalize expenditures related to hotel development projects and renovations, including indirect costs such as interest expense, real estate taxes and utilities related to hotel development projects and renovations. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest in the Partnership represents the limited partner’s proportionate share of the equity of the Partnership. Income (loss) is allocated to noncontrolling interest in accordance with the weighted average percentage ownership of the Partnership during the period. At the end of each reporting period the appropriate adjustments to the income (loss) are made based upon the weighted average percentage ownership of the Partnership during the period. Our ownership interest in the Partnership as of December 31, 2019 , 2018 and 2017 was 90.0% , 91.3% , and 92.5% , respectively. We define a noncontrolling interest as the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Such noncontrolling interests are reported on the consolidated balance sheets within equity, but separately from the shareholders’ equity. Revenues, expenses and net income or loss attributable to both the Company and noncontrolling interests are reported on the consolidated statements of operations. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) In accordance with US GAAP, we classify securities that are redeemable for cash or other assets at the option of the holder, or not solely within the control of the issuer, outside of permanent equity in the consolidated balance sheet. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considers the guidance in US GAAP to evaluate whether the Company controls the actions or events necessary to issue the maximum number of common shares that could be required to be delivered at the time of settlement of the contract. Net income or loss attributed to Common Units and LTIP Units, as well as the net income or loss related to the noncontrolling interests of our consolidated variable interest entity, is included in net income or loss in the consolidated statements of operations. Net income or loss attributed to the Common Units, LTIP Units, and the noncontrolling interests of our consolidated joint ventures is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations. |
Shareholders' Equity | Shareholders’ Equity As of December 31, 2019 , we have 14,703,214 Cumulative Redeemable Preferred Shares outstanding consisting of three separate Series issuances. Terms of the Series C, Series D and Series E Preferred Shares outstanding at December 31, 2019 and 2018 are summarized as follows: Dividend Per Share Shares Outstanding Year Ended December 31, Series December 31, 2019 December 31, 2018 Aggregate Liquidation Preference Distribution Rate 2019 2018 Series C 3,000,000 3,000,000 $ 75,000 6.875 % $ 1.7188 $ 1.7188 Series D 7,701,700 7,701,700 $ 192,543 6.500 % $ 1.6250 1.6250 Series E 4,001,514 4,001,514 $ 100,038 6.500 % $ 1.6250 1.6250 Total 14,703,214 14,703,214 In April 2017, we entered into Equity Distribution Agreements with four investment banks whereby we agreed to sell up to 8,000,000 Class A common shares, up to 1,000,000 Series D Cumulative Redeemable Preferred Shares, and up to 1,000,000 Series E Cumulative Redeemable Preferred Shares from time to time in an “at the market” offering. In conjunction with this transaction, the Company increased the number of authorized Class A common shares from 90,000,000 to 104,000,000 . For the year ended December 31, 2019 , we issued no shares through this program. For the year ended December 31, 2018 , we issued 1,514 Series E Preferred Shares through this program. In December 2017, our Board of Trustees authorized a new share repurchase program for up to $100,000 |
Stock Based Compensation | Stock Based Compensation We measure the cost of employee service received in exchange for an award of equity instruments based on the grant-date fair value of the award. The compensation cost is amortized on a straight line basis over the period during which an employee is required to provide service in exchange for the award. The compensation cost related to performance awards that are contingent upon market-based criteria being met is recorded at the fair value of the award on the date of the grant and amortized over the performance period. |
Derivatives And Hedging | Derivatives and Hedging The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. Interest rate caps designated as cash flow hedges limit the Company’s exposure to increased cash payments due to increases in variable interest rates. |
Revenue Recognition | Revenue Recognition We recognize revenue for all consolidated hotels as hotel operating revenue when earned. Revenues are recorded net of any sales or occupancy tax collected from our guests. We participate in frequent guest programs sponsored by the brand owners of our hotels and we expense the charges associated with those programs, as incurred. Hotel operating revenues are disaggregated on the face of the consolidated statement of operations into the categories of rooms revenue, food and beverage revenue, and other to demonstrate how economic factors affect the nature, amount, timing, and uncertainty of revenue and cash flows. Room revenue is generated through contracts with customers whereby the customers agree to pay a daily rate for right to use a hotel room. The customer is provided the room and revenue is recognized daily at the contract rate. Payment from the customer is generally secured at the end of the contract upon check-out by the customer from our hotel. The Company records advanced deposits when a customer or group of customers provides a deposit for a future stay at our hotels. Advanced deposits for room revenue are included in the balance of Accounts Payable, Accrued Expenses and Other Liabilities on the consolidated balance sheet. Advanced deposits are recognized as revenue at the time of the guest's stay. The Company notes no significant judgements regarding the recognition of room revenue. Food and beverage revenue is generated through contracts with customers whereby the customer agrees to pay a contract rate for restaurant dining services or banquet services. The Company's contract performance obligations are fulfilled at the time that the meal is provided to the customer or when the banquet facilities and related dining amenities are provided to the customer. The Company recognizes food and beverage revenue upon the fulfillment of the contract with the customer. The Company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future banquet event at our hotels. Advanced deposits for food and beverage revenue are included in the balance of Accounts Payable, Accrued Expenses and Other Liabilities on the consolidated balance sheet. Advanced deposits for banquet services are recognized as revenue following the completion of the banquet services. The Company notes no significant judgements regarding the recognition of food and beverage revenue. Other revenues consist primarily of fees earned for asset management services provided to hotels we own through unconsolidated joint ventures. Fees are earned as a percentage of hotel revenue and are recorded in the period earned to the extent of the noncontrolling interest ownership. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Gains from the sales of ownership interests in real estate are accounted for in accordance with the provisions of Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , which the Company adopted effective January 1, 2018. Our evaluation over sales of real estate is impacted by the FASB definition of a business and in substance nonfinancial assets, which have been addressed through the issuance of ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, and ASU No. 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) , respectively. Based on the provisions of ASU No. 2017-01 and ASU No. 2017-05, the Company expects any future sales of interests in hotel properties to likely meet the criteria for full gain recognition on sale. This treatment is not different from our historical position when selling our entire interest in hotel properties, however, this is different than the historical treatment in certain instances where the Company sold partial interests in hotel properties. In particular, during 2016 the Company sold partial interests in seven hotel properties to a third party (“Cindat Sale”) resulting in an approximate $81 million deferred gain based on prevailing GAAP at the time of the transaction. The Company chose to adopt the provisions of ASC 610-20 for contracts with noncustomers for all contracts and chose not to utilize any available practical expedients as it pertains to contracts with noncustomers. Accordingly, the Company's analysis included all contracts with noncustomers related to the sales, either full or partial, of our interest in hotel properties. The Company noted no changes to the recognition of gains on sales in instances whereby the Company sold 100% of our interest. The Company noted, however, that the Cindat Sale, under the provisions of ASC 610-20, would have resulted in full gain recognition at the time of the partial sale of our interest in the seven hotel properties. The impact of our adoption of the new standard resulted in a cumulative adjustment to decrease the opening balance to distributions in excess of net income, thereby increasing total shareholders' equity by $123,228 and increase the opening balance of noncontrolling interests of $5,793 . The table below shows the cumulative effect our adoption of ASC 610-20 had on the opening balances of on our balance sheet on Janauary 1, 2018. Balance as Reported at December 31, 2017 Cumulative Effect of the Adoption of ASC 610-20 Balance at January 1, 2018, as Adjusted Investment in Unconsolidated Joint Ventures $ 3,569 $ 47,738 $ 51,307 Deferred Gain on Disposition of Hotel Assets $ 81,284 $ (81,284 ) $ — Distributions in Excess of Net Income $ (335,373 ) $ 123,228 $ (212,145 ) Noncontrolling Interests $ 54,286 $ 5,793 $ 60,079 The quantitative impact of applying the prior accounting policies would have resulted in an increase of $129,021 in the deferred gain on disposition of hotel assets, an increase of $123,228 in distributions in excess of net income thereby decreasing shareholders' equity, and a decrease of $5,793 in noncontrolling interests at December 31, 2017. The adoption of ASC 610-20 did not materially impact the balances in the Company's consolidated statement of operations or its consolidated statement of cash flows. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under applicable provisions of the Internal Revenue Code of 1986, as amended, or the Code, and intends to continue to qualify as a REIT. In general, under such provisions, a trust which has made the required election and, in the taxable year, meets certain requirements and distributes to its shareholders at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, will not be subject to federal income tax to the extent of the income which it distributes. Earnings and profits, which determine the taxability of dividends to shareholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation of hotel properties for federal income tax purposes. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Deferred income taxes relate primarily to the TRS Lessee and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of the TRS Lessee and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. The Company may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite the Company’s belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. The Company recognizes interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. The Company recognizes unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. For the years ended December 31, 2019 , 2018 and 2017, the Company did not record any uncertain tax positions. As of December 31, 2019 , with few exceptions, the Company is subject to tax examinations by federal, state, and local income tax authorities for years 2003 through 2019. |
Reclassification | Reclassification Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . The update will simplify several aspects of the accounting for nonemployee share-based payment transactions for acquiring goods and services from nonemployees. The amendments in this update affects all entities that enter into share-based payment transactions for acquiring goods and services from nonemployees. The provisions of the update are effective for the Company starting January 1, 2019. The adoption of this update did not have a material effect on our consolidated financial statements or the disclosures of share-based payments within Note 9 of these consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The update makes more financial and nonfinancial hedging strategies eligible for hedge accounting, changes how companies assess hedge effectiveness, and amends the presentation and disclosure requirements for hedging transactions. The Company adopted the provisions of this update effective January 1, 2019. The adoption of this update did not have a material effect on our consolidated financial statements or the disclosures related to fair value measurements with Note 8 of these consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business as it relates to acquisitions and business combinations. The update adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect most of our hotel property acquisitions to qualify as asset acquisitions under the standard which requires the capitalization of acquisition costs to the underlying assets. The Company expects the standard to have an impact on our financial statements in periods during which we complete significant hotel acquisitions. The Company has adopted ASU No. 2017-01 effective, January 1, 2018. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) In November 2016 the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) , which provides guidance on the presentation of restricted cash or restricted cash equivalents within the statement of cash flows. Accordingly, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard effective January 1, 2018. The adoption of ASU No. 2016-18 changed the presentation of the statement of cash flows for the Company and we utilized a retrospective transition method for each period presented within financial statements for periods subsequent to the date of adoption. Additionally, the Company provides a reconciliation within Note 11 of cash, cash equivalents, and restricted cash to their relative balance sheet captions. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), |
Organization And Summary Of S_3
Organization And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Joint Venture Properties | The following table lists the properties owned by these joint ventures: Joint Venture Ownership Interest Property Location Lessee/Sublessee Consolidated Joint Ventures Hersha Holding RC Owner, LLC 85% Ritz-Carlton Coconut Grove, FL Hersha Holding RC Lessee, LLC Unconsolidated Joint Ventures Cindat Hersha Owner JV, LLC 31.2% Hampton Inn Herald Square, New York, NY Cindat Hersha Lessee JV, LLC Hampton Inn Chelsea, New York, NY Cindat Hersha Lessee JV, LLC Hampton Inn Times Square, New York, NY Cindat Hersha Lessee JV, LLC Holiday Inn Express Times Square, New York, NY Cindat Hersha Lessee JV, LLC Candlewood Suites Times Square, New York, NY Cindat Hersha Lessee JV, LLC Holiday Inn Wall Street, New York, NY Cindat Hersha Lessee JV, LLC Holiday Inn Express Water Street, New York, NY Cindat Hersha Lessee JV, LLC SB Partners, LLC 50% Holiday Inn Express South Boston, MA South Bay Sandeep, LLC Hiren Boston, LLC 50% Courtyard South Boston, MA South Bay Boston, LLC SB Partners Three, LLC (1) 50% Home2 Suites South Boston, MA SB Partners Three Lessee, LLC (1) This property is currently under development by the venture, with the expected opening of the hotel being mid-year 2020. |
Schedule Of Major Asset Depreciation | The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the following estimated useful lives: Building and Improvements 7 to 40 years Furniture, Fixtures and Equipment 2 to 7 years |
Schedule Of Preferred Stock | Terms of the Series C, Series D and Series E Preferred Shares outstanding at December 31, 2019 and 2018 are summarized as follows: Dividend Per Share Shares Outstanding Year Ended December 31, Series December 31, 2019 December 31, 2018 Aggregate Liquidation Preference Distribution Rate 2019 2018 Series C 3,000,000 3,000,000 $ 75,000 6.875 % $ 1.7188 $ 1.7188 Series D 7,701,700 7,701,700 $ 192,543 6.500 % $ 1.6250 1.6250 Series E 4,001,514 4,001,514 $ 100,038 6.500 % $ 1.6250 1.6250 Total 14,703,214 14,703,214 |
Schedule of ASC 610-20 | The table below shows the cumulative effect our adoption of ASC 610-20 had on the opening balances of on our balance sheet on Janauary 1, 2018. Balance as Reported at December 31, 2017 Cumulative Effect of the Adoption of ASC 610-20 Balance at January 1, 2018, as Adjusted Investment in Unconsolidated Joint Ventures $ 3,569 $ 47,738 $ 51,307 Deferred Gain on Disposition of Hotel Assets $ 81,284 $ (81,284 ) $ — Distributions in Excess of Net Income $ (335,373 ) $ 123,228 $ (212,145 ) Noncontrolling Interests $ 54,286 $ 5,793 $ 60,079 |
Investment In Hotel Properties
Investment In Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investment In Hotel Properties | Investment in hotel properties consists of the following at December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 Land $ 518,243 $ 518,243 Buildings and Improvements 1,710,621 1,688,459 Furniture, Fixtures and Equipment 294,527 278,098 Construction in Progress 10,202 3,804 2,533,593 2,488,604 Less Accumulated Depreciation (557,620 ) (461,945 ) Total Investment in Hotel Properties $ 1,975,973 $ 2,026,659 |
Real Estate Assets Sold | During the year ended December 31, 2019 , we had no hotel dispositions. During the years ended December 31, 2018 , and 2017 , we had the following hotel dispositions: Hotel Acquisition Date Disposition Date Consideration Gain (Loss) on Disposition Hyatt House Gaithersburg, MD December 2006 February 2018 $ 19,000 $ 2,441 Hampton Inn Pearl Street, NY June 2014 March 2018 32,400 926 Residence Inn Tysons Corner, VA February 2006 October 2018 15,700 781 2018 Total $ 4,148 Residence Inn, Greenbelt, MD July 2004 January 2017 $ 35,000 $ 19,541 Courtyard Alexandria, VA September 2006 January 2017 27,000 (1,123 ) Hyatt House Scottsdale, AZ December 2006 June 2017 36,000 15,015 Hyatt House Pleasant Hill, CA December 2006 June 2017 45,000 22,406 Hyatt House Pleasanton, CA December 2006 June 2017 49,500 33,507 Holiday Inn Express, Chester, NY January 2007 December 2017 8,400 1,004 2017 Total $ 90,350 |
Aquisitions In 2018 [Member] | |
Wholly Owned Hotel Properties Acquired | During the year ended December 31, 2019 , we acquired no hotel properties. During the year ended December 31, 2018 we acquired the following wholly-owned hotel property: Hotel Acquisition Date Land Buildings and Improvements Furniture, Fixtures and Equipment Other Intangibles Total Purchase Price Assumption of Debt Annapolis Waterfront Hotel, MD 3/28/2018 $ — $ 43,251 $ 1,802 $ (3,199 ) * $ 41,854 $ — * Consists entirely of $3,199 of above market ground lease liability, which is recorded in the Right of Use Assets on the consolidated balance sheet as of December 31, 2019 . |
Aquisitions In 2017 [Member] | |
Results Of Operations For Hotels Acquired With 100% Interest | These amounts represent the results of operations for these hotels since the date of acquisition as presented in the table below: Year Ended December 31, 2017 Hotel Revenue Net Income (Loss) Mystic Marriott Hotel & Spa, Groton, CT $ 21,247 $ 1,700 The Ritz-Carlton, Coconut Grove, FL 13,390 (693 ) The Pan Pacific Hotel, Seattle, WA 13,128 493 Philadelphia Westin, Philadelphia, PA 14,382 1,542 Total $ 62,147 $ 3,042 |
Investment In Unconsolidated _2
Investment In Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Unconsolidated Joint Ventures | As of December 31, 2019 and December 31, 2018 our investment in unconsolidated joint ventures consisted of the following: Percent Joint Venture Hotel Properties Owned December 31, 2019 December 31, 2018 Cindat Hersha Owner JV, LLC Hilton and IHG branded hotels in NYC 31.2 % $ — $ — Hiren Boston, LLC Courtyard by Marriott, South Boston, MA 50.0 % 1,434 1,879 SB Partners, LLC Holiday Inn Express, South Boston, MA 50.0 % — 1,125 SB Partners Three, LLC Home2 Suites, South Boston, MA 50.0 % 7,012 1,000 $ 8,446 $ 4,004 |
Income Or Loss From Unconsolidated Joint Ventures | Income (loss) recognized during the years ended December 31, 2019 , 2018 and 2017 , for our investments in unconsolidated joint ventures is as follows: Year Ended December 31, 2019 2018 2017 Cindat Hersha Owner JV, LLC $ — $ — $ (3,717 ) Hiren Boston, LLC 155 866 750 SB Partners, LLC 626 218 494 SB Partners Three, LLC (90 ) — — Income (Loss) from Unconsolidated Joint Venture Investments $ 691 $ 1,084 $ (2,473 ) |
Summary Financial Information Related To Unconsolidated Joint Ventures | The following tables set forth the total assets, liabilities, equity and components of net income or loss, including the Company’s share, related to the unconsolidated joint ventures discussed above as of December 31, 2019 and December 31, 2018 and for the years ended December 31, 2019 , 2018 and 2017 . Balance Sheets December 31, 2019 December 31, 2018 Assets Investment in Hotel Properties, Net $ 579,287 $ 569,609 Other Assets 33,891 30,088 Total Assets $ 613,178 $ 599,697 Liabilities and Equity Mortgages and Notes Payable $ 430,282 $ 422,205 Other Liabilities 19,185 7,478 Equity: Hersha Hospitality Trust 9,588 15,554 Joint Venture Partners 154,998 155,053 Accumulated Other Comprehensive Loss (875 ) (593 ) Total Equity 163,711 170,014 Total Liabilities and Equity $ 613,178 $ 599,697 Statements of Operations Year Ended December 31, 2019 2018 2017 Room Revenue $ 94,384 $ 98,123 $ 93,254 Other Revenue 2,408 2,350 1,965 Operating Expenses (46,175 ) (46,319 ) (43,245 ) Lease Expense (693 ) (658 ) (691 ) Property Taxes and Insurance (12,477 ) (11,882 ) (11,274 ) General and Administrative (5,783 ) (5,489 ) (5,179 ) Depreciation and Amortization (14,947 ) (13,403 ) (12,331 ) Interest Expense (28,072 ) (26,289 ) (20,965 ) Loss on Debt Extinguishment — (7,270 ) — Net (Loss) Income $ (11,355 ) $ (10,837 ) $ 1,534 |
Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures | The following table is a reconciliation of our share in the unconsolidated joint ventures’ equity to our investment in the unconsolidated joint ventures as presented on our balance sheets as of December 31, 2019 and December 31, 2018 . December 31, 2019 December 31, 2018 Our share of equity recorded on the joint ventures' financial statements $ 9,588 $ 15,554 Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures (1) (1,142 ) (11,550 ) Investment in Unconsolidated Joint Ventures $ 8,446 $ 4,004 (1) Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following: • the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements; • accumulated amortization of our equity in joint ventures that reflects the difference in our portion of the fair value of joint ventures' assets on the date of our investment when compared to the carrying value of the assets recorded on the joint ventures’ financial statements (this excess or deficit investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on our consolidated statement of operations); and • cumulative impairment of our investment in joint ventures not reflected on the joint ventures' financial statements, if any. |
Other Assets And Deposits On _2
Other Assets And Deposits On Hotel Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | Other Assets consisted of the following at December 31, 2019 and December 31, 2018 : December 31, 2019 December 31, 2018 Derivative Asset $ 2,514 $ 5,307 Deferred Financing Costs 1,330 1,845 Prepaid Expenses 11,279 10,695 Investment in Statutory Trusts 1,548 1,548 Investment in Non-Hotel Property and Inventories 2,987 3,349 Deposits with Unaffiliated Third Parties 2,577 2,866 Deferred Tax Asset, Net of Valuation Allowance of $497 11,390 11,078 Property Insurance Receivable 1,788 — Other 2,764 3,317 $ 38,177 $ 40,005 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgages Payable | Mortgages payable at December 31, 2019 and December 31, 2018 consisted of the following: December 31, 2019 December 31, 2018 Mortgage Indebtedness $ 333,948 $ 334,897 Net Unamortized Premium 821 1,304 Net Unamortized Deferred Financing Costs (2,489 ) (2,056 ) Mortgages Payable $ 332,280 $ 334,145 |
Summary Of Borrowing Base Assets | As of December 31, 2019 , the following hotel properties were borrowing base assets: - Courtyard by Marriott Brookline, Brookline, MA - Hampton Inn, Washington, DC - Holiday Inn Express Cambridge, Cambridge, MA - Ritz-Carlton Georgetown, Washington, DC - The Envoy Boston Seaport, Boston, MA - Hilton Garden Inn, M Street, Washington, DC - The Boxer, Boston, MA - Residence Inn Miami Coconut Grove, Coconut Grove, FL - Hampton Inn Seaport, Seaport, New York, NY - The Winter Haven Hotel Miami Beach, Miami, FL - The Duane Street Hotel, New York, NY - The Blue Moon Hotel Miami Beach, Miami, FL - Holiday Inn Express Chelsea, 29th Street, New York, NY - Cadillac Hotel & Beach Club, Miami, FL - Gate Hotel JFK Airport, New York, NY - The Parrot Key Hotel & Villas, Key West, FL - Hilton Garden Inn JFK Airport, New York, NY - TownePlace Suites, Sunnyvale, CA - NU Hotel, Brooklyn, New York, NY - The Ambrose Hotel, Santa Monica, CA - Hyatt House White Plains, White Plains, NY - Courtyard by Marriott Downtown San Diego, San Diego, CA - Hampton Inn Center City/ Convention Center, Philadelphia, PA - The Pan Pacific Hotel Seattle, Seattle, WA - The Rittenhouse, Philadelphia, PA - Mystic Marriott Hotel & Spa, Groton, CT - Philadelphia Westin, Philadelphia, PA - Sheraton Wilmington South, New Castle, DE |
Summary Of Balances Outstanding And Interest Rate Spread | The following table summarizes the balances outstanding and interest rate spread for each borrowing: Outstanding Balance Borrowing Spread December 31, 2019 December 31, 2018 Line of Credit 1.50% to 2.25% $ 48,000 $ 10,000 Unsecured Term Loan: First Term Loan 1.45% to 2.20% 207,000 207,000 Second Term Loan 1.35% to 2.00% 300,000 300,000 Third Term Loan 1.45% to 2.20% 193,900 193,900 Deferred Loan Costs $ (3,717 ) (2,698 ) Total Unsecured Term Loan $ 697,183 $ 698,202 |
Aggregate Annual Principal Payments For Mortgages And Notes Payable | Aggregate annual principal payments for the Company’s credit facility, unsecured term loan and mortgages and subordinated notes payable for the five years following December 31, 2019 and thereafter are as follows: Year Ending December 31, Amount 2020 $ 1,699 2021 325,756 2022 253,289 2023 77,990 2024 386,283 Thereafter 89,379 Net Unamortized Premium 821 $ 1,135,217 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Costs | The components of lease costs for the year ended December 31, 2019 were as follows: Year Ended December 31, 2019 Ground Lease Office Lease Total Operating lease costs $ 4,195 $ 483 $ 4,678 Variable lease costs 386 308 694 Total lease costs $ 4,581 $ 791 $ 5,372 Other information related to leases as of and for the year ended December 31, 2019 is as follows: December 31, 2019 Cash paid from operating cash flows for operating leases $ 4,851 Weighted average remaining lease term in years 64.2 Weighted average discount rate 7.86 % |
Future Minimum Lease Payments | Minimum lease payments against lease liabilities are as follows: Amount 2020 $ 4,933 2021 5,001 2022 4,463 2023 4,445 2024 4,473 Thereafter 288,978 Total undiscounted lease payments 312,293 Less imputed interest (257,745 ) Total lease liability $ 54,548 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments as of December 31, 2018 (without reflecting future applicable Consumer Price Index increases) under lease agreements are as follows: Year Ending December 31, Amount 2019 $ 4,585 2020 4,638 2021 4,705 2022 4,167 2023 4,149 Thereafter 270,978 $ 293,222 |
Fair Value Measurements And D_2
Fair Value Measurements And Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Of Interest Rate Swaps And Caps | The table on the following page presents our derivative instruments as of December 31, 2019 and 2018 . NOTE 8 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED) Estimated Fair Value Asset / (Liability) Balance Hedged Debt Type Strike Rate Index Effective Date Derivative Contract Maturity Date Notional Amount December 31, 2019 December 31, 2018 Term Loan Instruments: Unsecured Credit Facility Swap 1.011 % 1-Month LIBOR + 2.20% November 3, 2016 October 3, 2019 $ 150,000 $ — $ 1,741 Unsecured Credit Facility (1) Swap 1.694 % 1-Month LIBOR + 2.20% April 3, 2017 September 3, 2019 50,000 — 320 Unsecured Credit Facility (2) Swap 2.654 % 1-Month LIBOR + 2.20% January 10, 2019 September 3, 2019 103,500 — (314 ) Unsecured Credit Facility (3) Swap 2.654 % 1-Month LIBOR + 2.20% January 10, 2019 September 3, 2019 103,500 — (315 ) Unsecured Credit Facility (4) Swap 1.866 % 1-Month LIBOR + 2.25% August 10, 2017 September 10, 2019 300,000 — 2,287 Unsecured Credit Facility Swap 1.341 % 1-Month LIBOR + 2.20% October 3, 2019 August 2, 2021 150,000 539 — Unsecured Credit Facility (1) Swap 1.316 % 1-Month LIBOR + 2.20% September 3, 2019 August 2, 2021 43,900 175 — Unsecured Credit Facility (2) Swap 1.824 % 1-Month LIBOR + 2.20% September 3, 2019 August 10, 2022 103,500 (718 ) — Unsecured Credit Facility (3) Swap 1.824 % 1-Month LIBOR + 2.20% September 3, 2019 August 10, 2022 103,500 (718 ) — Unsecured Credit Facility (4) Swap 1.460 % 1-Month LIBOR + 2.00% September 10, 2019 September 10, 2024 300,000 1,776 — Mortgages: Hilton Garden Inn 52nd Street, New York, NY Swap 1.600 % 1-Month LIBOR + 2.90% February 24, 2017 February 24, 2020 44,325 — 479 Courtyard, LA Westside, Culver City, CA Swap 1.683 % 1-Month LIBOR + 2.75% August 1, 2017 August 1, 2020 35,000 (8 ) 458 Annapolis Waterfront Hotel, MD Cap 3.350 % 1-Month LIBOR + 2.65% May 1, 2018 May 1, 2021 28,000 — 22 Hyatt, Union Square, New York, NY Swap 1.870 % 1-Month LIBOR + 2.30% June 7, 2019 June 7, 2023 56,000 (556 ) — Hilton Garden Inn Tribeca, New York, NY Swap 1.768 % 1-Month LIBOR + 2.25% July 25, 2019 July 25, 2024 22,725 (169 ) — Hilton Garden Inn Tribeca, New York, NY Swap 1.768 % 1-Month LIBOR + 2.25% July 25, 2019 July 25, 2024 22,725 (169 ) — Hilton Garden Inn 52nd Street, New York, NY Swap 1.540 % 1-Month LIBOR + 2.30% December 4, 2019 December 4, 2022 44,325 23 — $ 175 $ 4,678 (1) On September 3, 2019, we entered into an accelerated termination agreement on the interest rate swap associated with $50,000 of our unsecured credit facility, which had an initial maturity of October 3, 2019. Also on September 3, 2019, we entered into a new interest rate swap associated with $43,900 of our unsecured credit facility, which will mature on August 2, 2021. As the initial swap was only one month from maturity, the balance in other comprehensive income was reclassified to interest expense. (2) On September 3, 2019, we entered into an accelerated termination agreement on the interest rate swap associated with $103,500 of our unsecured credit facility, which had an initial maturity of January 10, 2021. Also on September 3, 2019, we entered into a new interest rate swap associated with $103,500 of our unsecured credit facility, which will mature on August 10, 2022. The fair value of the old swap at the time of termination was a liability in the amount of $1,783 . Instead of settling this amount with cash consideration at termination, the rate and terms of the new swap were such that, the fair value at termination of the old swap would carry over as the fair value of the new swap at inception. The other NOTE 8 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED) comprehensive income related to the old swap will be reclassified to interest expense until the original maturity date of January 10, 2021. (3) On September 3, 2019, we entered into an accelerated termination agreement on the interest rate swap associated with $103,500 of our unsecured credit facility, which had an initial maturity of January 10, 2021. Also on September 3, 2019, we entered into a new interest rate swap associated with $103,500 of our unsecured credit facility, which will mature on August 10, 2022. The fair value of the old swap at the time of termination was a liability in the amount of $1,783 . Instead of settling this amount with cash consideration at termination, the rate and terms of the new swap were such that, the fair value at termination of the old swap would carry over as the fair value of the new swap at inception. The other comprehensive income related to the old swap will be reclassified to interest expense until the original maturity date of January 10, 2021. (4) On September 10, 2019, we entered into an accelerated termination agreement on the interest rate swap associated with $300,000 of our unsecured credit facility, which had an initial maturity of August 10, 2020. Also on September 10, 2019, we entered into a new interest rate swap associated with $300,000 of our unsecured credit facility, which will mature on September 10, 2024. The fair value of the old swap at the time of termination was a liability in the amount of $1,379 . Instead of settling this amount with cash consideration at termination, the rate and terms of the new swap were such that, the fair value at termination of the old swap would carry over as the fair value of the new swap at inception. The other comprehensive income related to the old swap will be reclassified to interest expense until the original maturity date of August 10, 2020. |
Share Based Payments (Tables)
Share Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Unvested Share Awards Issued To Executives | A summary of our share based compensation activity from January 1, 2017 to December 31, 2019 is as follows: LTIP Unit Awards Restricted Share Awards Share Awards Number of Units Weighted Average Grant Date Fair Value Number of Restricted Shares Weighted Average Grant Date Fair Value Number of Shares Weighted Average Grant Date Fair Value Unvested Balance as of January 1, 2017 210,209 $ 22.21 54,761 $ 21.10 — Granted 183,784 18.53 79,712 18.21 32,674 $ 18.16 Vested (286,776 ) 20.82 (44,585 ) 21.01 (32,674 ) 18.16 Forfeited — N/A (3,055 ) 18.49 — Unvested Balance as of December 31, 2017 107,217 19.63 86,833 18.58 — Granted 589,106 17.91 76,314 19.56 34,752 19.64 Vested (245,420 ) 18.59 (70,713 ) 18.38 (34,752 ) 19.64 Forfeited — N/A (575 ) 18.04 — Unvested Balance as of December 31, 2018 450,903 17.95 91,859 19.56 — Granted 530,281 18.00 83,805 16.40 42,533 16.01 Vested (539,983 ) 17.97 (80,924 ) 19.11 (42,533 ) 16.01 Forfeited — N/A (2,638 ) 19.78 — Unvested Balance as of December 31, 2019 441,201 17.99 92,102 17.07 — |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes share based compensation expense and unearned compensation for the years ended December 31, 2019, 2018, and 2017 and as of December 31, 2019 and 2018: Share Based Compensation Expense Unearned Compensation For the Year Ended As of 12/31/2019 12/31/2018 12/31/2017 12/31/2019 12/31/2018 Issued Awards LTIP Unit Awards 5,646 4,120 2,486 2,878 3,027 Restricted Share Awards 1,495 1,443 1,033 1,051 1,318 Share Awards 680 680 593 — — Unissued Awards Market Based 1,467 1,120 1,002 2,739 2,200 Performance Based 1,515 4,073 4,172 — — Total $ 10,803 $ 11,436 $ 9,286 $ 6,668 $ 6,545 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The remaining unvested target units are expected to vest as follows: 2020 2021 2022 2023 LTIP Unit Awards 376,614 64,587 — — Restricted Share Awards 68,486 19,431 3,654 531 445,100 84,018 3,654 531 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Earnings Per Share | The following table is a reconciliation of the income or loss (numerator) and the weighted average shares (denominator) used in the calculation of basic and diluted earnings per common share. The computation of basic and diluted earnings per share is presented below. Twelve Months Ended December 31, 2019 2018 2017 NUMERATOR: Basic and Diluted* Net (Loss) Income $ (5,847 ) $ 8,365 $ 104,940 Loss (Income) allocated to Noncontrolling Interests 2,178 1,625 (5,072 ) Distributions to Preferred Shareholders (24,174 ) (24,174 ) (24,169 ) Dividends Paid on Unvested Restricted Shares and LTIP Units (981 ) (740 ) (341 ) Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares — — — Net (Loss) Income from Continuing Operations attributable to Common Shareholders $ (28,824 ) $ (14,924 ) $ 75,358 DENOMINATOR: Weighted average number of common shares - basic 38,907,894 39,383,763 41,423,804 Effect of dilutive securities: Restricted Stock Awards and LTIP Units (unvested) — — 216,225 Contingently Issued Shares and Units — — 416,402 Weighted average number of common shares - diluted 38,907,894 39,383,763 42,056,431 * Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and Common Units and Vested LTIP Units have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) applicable to common shareholders. |
Cash Flow Disclosures And Non_2
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Non-cash Investing And Financing Activities | The following non-cash investing and financing activities occurred during 2019 , 2018 and 2017 : 2019 2018 2017 Common Shares issued as part of the Dividend Reinvestment Plan $ 60 $ 77 $ 81 Acquisition of hotel properties: Assets acquired through joint venture assignment and assumption — — 49,999 Debt assumed, including premium — — 44,483 Deposit paid in prior period towards acquisition which closed in current period — 1,000 — Conversion of note payable and accrued interest to Non-Controlling Interest — 3,387 — Conversion of Common Units to Common Shares — 1,173 392 Issuance of share based payments 12,924 13,661 9,572 Accrued payables for fixed assets placed into service 2,506 2,912 3,403 Cumulative Effect on Equity from the Adoption of ASC Subtopic 610-20 — 129,021 — Adjustment to Record Non-Controlling Interest at Redemption Value 488 2,708 — Adjustment to Record Right of Use Asset & Lease Liability 55,515 — — Amortization related to Right of Use Asset & Lease Liability 967 — — |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the year ended December 31, 2019 , 2018 and 2017 : 2019 2018 2017 Cash and cash equivalents $ 27,012 $ 32,598 $ 17,945 Escrowed cash 9,973 8,185 7,641 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 36,985 $ 40,783 $ 25,586 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the year ended December 31, 2019 , 2018 and 2017 : 2019 2018 2017 Cash and cash equivalents $ 27,012 $ 32,598 $ 17,945 Escrowed cash 9,973 8,185 7,641 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 36,985 $ 40,783 $ 25,586 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Reconciliation | The provision for income taxes differs from the amount of income tax determined by applying the applicable statutory federal income tax rate (21% for 2019 and 2018 and 34% for 2017) to pretax income from continuing operations as a result of the following differences: For the year ended December 31, 2019 2018 2017 Statutory federal income tax provision $ (1,208 ) $ 1,813 $ 37,469 Adjustment for nontaxable income for Hersha Hospitality Trust 1,419 (1,269 ) (37,670 ) Remeasurement of net deferred tax asset - Tax Cuts & Jobs Act — — 4,601 State income taxes, net of federal income tax effect 456 32 338 Non-deductible expenses, tax credits, and other, net (575 ) (309 ) 524 Total income tax expense (benefit) $ 92 $ 267 $ 5,262 |
Components Of The Company's Income Tax Expense (Benefit) | The components of the Company’s income tax expense (benefit) from continuing operations for the years ended December 31, 2019 , 2018 and 2017 were as follows: For the year ended December 31, 2019 2018 2017 Income tax expense (benefit): Current: Federal $ (60 ) $ (119 ) $ — State 464 530 — Deferred: Federal (302 ) 467 4,750 State (10 ) (611 ) 512 Total $ 92 $ 267 $ 5,262 |
Components Of Consolidated TRS's Deferred Tax Assets | The components of consolidated TRS’s net deferred tax asset as of December 31, 2019 and 2018 were as follows: As of December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 9,871 $ 9,700 Accrued expenses and other 1,641 1,644 Tax credit carryforwards 415 475 Total gross deferred tax assets 11,927 11,819 Valuation allowance (497 ) (497 ) Total net deferred tax assets $ 11,430 $ 11,322 Deferred tax liabilities: Depreciation and amortization 40 244 Total Net deferred tax assets $ 11,390 $ 11,078 |
Taxability Of Common And Preferred Share Distributions | The following table sets forth certain per share information regarding the Company’s common and preferred share distributions for the years ended December 31, 2019 , 2018 and 2017 . 2019 2018 2017 Preferred Shares - 6.875% Series C Ordinary income 100.00 % 100.00 % 100.00 % Return of Capital 0.00 % 0.00 % 0.00 % Capital Gain Distribution 0.00 % 0.00 % 0.00 % Preferred Shares - 6.5% Series D Ordinary income 100.00 % 100.00 % 100.00 % Return of Capital 0.00 % 0.00 % 0.00 % Capital Gain Distribution 0.00 % 0.00 % 0.00 % Preferred Shares - 6.5% Series E Ordinary income 100.00 % 100.00 % 100.00 % Return of Capital 0.00 % 0.00 % 0.00 % Capital Gain Distribution 0.00 % 0.00 % 0.00 % Common Shares - Class A Ordinary income 33.03 % 37.91 % 70.95 % Return of Capital 66.97 % 62.09 % 29.05 % Capital Gain Distribution 0.00 % 0.00 % 0.00 % |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Hotel Operating Revenues: Room $ 91,485 $ 118,980 $ 108,909 $ 105,324 Food & Beverage 14,228 18,253 15,870 17,028 Other 8,930 10,280 10,140 10,241 Other Revenues 274 46 142 124 Hotel Operating Expenses: Room 22,090 24,013 24,000 23,385 Food & Beverage 12,832 13,990 12,605 13,393 Other 40,189 44,607 43,476 42,856 Other Expenses 53,133 55,658 55,062 55,411 (Loss) Income from Unconsolidated Joint Ventures 181 299 38 173 Income (Loss) Before Income Taxes (13,146 ) 9,590 (44 ) (2,155 ) Income Tax (Expense) Benefit 5,264 (4,031 ) 551 (1,876 ) Net Income (7,882 ) 5,559 507 (4,031 ) Income (loss) Allocated to Noncontrolling Interests (1,063 ) (49 ) (442 ) (812 ) Income (loss) Allocated to Noncontrolling Interests - Consolidated Joint Venture 140 (292 ) 340 — Preferred Distributions 6,044 6,043 6,044 6,043 Net Income (Loss) applicable to Common Shareholders $ (13,003 ) $ (143 ) $ (5,435 ) $ (9,262 ) Earnings per share: Basic Net Income (Loss) applicable to Common Shareholders $ (0.34 ) $ (0.01 ) $ (0.15 ) $ (0.24 ) Diluted Net Income (Loss) applicable to Common Shareholders $ (0.34 ) $ (0.01 ) $ (0.15 ) $ (0.24 ) Weighted Average Common Shares Outstanding - Basic 39,115,390 39,127,385 38,878,818 38,516,879 Weighted Average Common Shares Outstanding - Diluted 39,115,390 39,127,385 38,878,818 38,516,879 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Hotel Operating Revenues: Room $ 79,048 $ 109,492 $ 103,958 $ 105,409 Food & Beverage 13,538 17,001 15,628 18,379 Other 6,929 7,269 8,143 8,884 Other Revenues 3,544 84 170 1,870 Hotel Operating Expenses: Room 19,356 22,945 23,615 22,747 Food & Beverage 11,851 13,331 12,475 14,465 Other 35,575 40,383 40,205 41,901 Other Expenses 47,879 44,717 46,514 53,839 (Loss) Income from Unconsolidated Joint Ventures (201 ) 537 582 166 (Loss) Income Before Income Taxes (11,803 ) 13,007 5,672 1,756 Income Tax Benefit 2,655 (1,170 ) (2,685 ) 933 Net (Loss) Income (9,148 ) 11,837 2,987 2,689 (Loss) Income Allocated to Noncontrolling Interests (1,104 ) 500 (72 ) (240 ) (Loss) Income Allocated to Noncontrolling Interests - Consolidated Joint Ventures — (1,200 ) 250 241 Preferred Distributions 6,044 6,043 6,044 6,043 Net (Loss) Income applicable to Common Shareholders $ (14,088 ) $ 6,494 $ (3,235 ) $ (3,355 ) Earnings per share: Basic Net (Loss) Income applicable to Common Shareholders $ (0.36 ) $ 0.16 $ (0.09 ) $ (0.09 ) Diluted Net (Loss) Income applicable to Common Shareholders $ (0.36 ) $ 0.16 $ (0.09 ) $ (0.09 ) Weighted Average Common Shares Outstanding - Basic 39,636,166 39,246,946 39,321,062 39,334,877 Weighted Average Common Shares Outstanding - Diluted 39,636,166 39,926,099 39,321,062 39,334,877 |
Organization And Summary Of S_4
Organization And Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||||||||
Dec. 31, 2019USD ($)propertyhotelshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | Apr. 02, 2018 | Jan. 01, 2018USD ($) | Apr. 30, 2017bankshares | Apr. 29, 2017shares | Dec. 31, 2016USD ($)hotel | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
General partnership interest (in hundredths) | 1.00% | ||||||||
Number of hotel properties (in hotels) | property | 38 | ||||||||
Number of hotels in each reporting segments | hotel | 1 | ||||||||
Related party dues, settlement, period | 1 year | ||||||||
Weighted average ownership percentage in the Partnership (in hundredths) | 90.00% | 91.30% | 92.50% | ||||||
Noncontrolling Interests | $ 64,144,000 | $ 62,010,000 | |||||||
Net income (loss) attributable to nonredeemable noncontrolling interest | (300,000) | (3,417,000) | $ 0 | ||||||
Increase to noncontrolling joint venture interest | (488,000) | (2,708,000) | 0 | ||||||
Stockholders' equity | $ 871,801,000 | $ 954,815,000 | 888,154,000 | $ 879,739,000 | |||||
Preferred shares outstanding (in shares) | shares | 14,703,214 | 14,703,214 | |||||||
Aggregate amount authorized to be repurchased | $ 50,000,000 | 100,000,000 | |||||||
Repurchase of common shares (in shares) | shares | 933,436 | 635,590 | |||||||
Repurchase of common shares | $ 14,194,000 | $ 10,834,000 | |||||||
Common shares - authorized (in shares) | shares | 90,000,000 | ||||||||
Uncertain tax positions | 0 | 0 | 0 | ||||||
Distributions in Excess of Net Income | 338,695,000 | 267,740,000 | |||||||
Right of Use Assets | 45,384,000 | ||||||||
Lease Liabilities | 54,548,000 | ||||||||
Decrease in intangible assets | (2,137,000) | (13,644,000) | |||||||
Decrease in accounts payable and accrued expenses | $ (47,626,000) | (70,947,000) | |||||||
Weighted average remaining lease term in years | 64 years 2 months 12 days | 64 years 2 months 12 days | |||||||
Joint Venture [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Number of hotel properties (in hotels) | property | 9 | ||||||||
Consolidated Joint Venture [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Number of hotel properties (in hotels) | property | 1 | ||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Number of real estate properties | hotel | 7 | ||||||||
Deferred gain on disposition of hotel assets | $ 81,000,000 | ||||||||
Accounting Standards Update 2017-05 [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Noncontrolling Interests | 54,286,000 | $ 60,079,000 | |||||||
Deferred gain on disposition of hotel assets | 81,284,000 | 0 | |||||||
Distributions in Excess of Net Income | (335,373,000) | (212,145,000) | |||||||
Accounting Standards Update 2016-02 [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Right of Use Assets | $ 55,515,000 | ||||||||
Lease Liabilities | 55,515,000 | ||||||||
Decrease in accounts payable and accrued expenses | 19,627,000 | ||||||||
Equity Distribution Agreements [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Number of investment banks | bank | 4 | ||||||||
Noncontrolling Interests Common Units And LTIP Units [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Nonredeemable common units outstanding (in shares) | shares | 4,279,946 | ||||||||
Fair market value of nonredeemable common units | $ 62,273,000 | ||||||||
Stockholders' equity | 64,144,000 | 62,010,000 | 54,286,000 | 44,321,000 | |||||
Joint Venture Partner [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Increase to noncontrolling joint venture interest | 488,000 | 2,708,000 | |||||||
Stockholders' equity | 3,196,000 | 2,708,000 | 0 | ||||||
Additional Paid-In Capital [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Increase to noncontrolling joint venture interest | (488,000) | (2,708,000) | |||||||
Stockholders' equity | $ 1,144,808,000 | $ 1,155,776,000 | $ 1,164,946,000 | $ 1,198,311,000 | |||||
Class A Common Shares | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Common shares - authorized (in shares) | shares | 104,000,000 | 104,000,000 | 104,000,000 | ||||||
Class A Common Shares | Equity Distribution Agreements [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Common shares - authorized (in shares) | shares | 8,000,000 | ||||||||
Series C Preferred Shares | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 6.875% | ||||||||
Preferred shares outstanding (in shares) | shares | 3,000,000 | 3,000,000 | |||||||
Series D Preferred Shares | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 6.50% | ||||||||
Preferred shares outstanding (in shares) | shares | 7,701,700 | 7,701,700 | |||||||
Series D Preferred Shares | Equity Distribution Agreements [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred shares - authorized (in shares) | shares | 1,000,000 | ||||||||
Series E Preferred Shares | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 6.50% | ||||||||
Preferred shares outstanding (in shares) | shares | 4,001,514 | 4,001,514 | |||||||
Shares issued in conjunction with Equity Distribution Agreement program (in shares) | shares | 0 | 1,514 | |||||||
Series E Preferred Shares | Equity Distribution Agreements [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred shares - authorized (in shares) | shares | 1,000,000 | ||||||||
Hersha Holding RC Owner, LLC [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Cumulative return on common equity interest | 70.00% | ||||||||
Joint Venture Partner [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Noncontrolling owners ownership percentage | 15.00% | ||||||||
Cumulative return on common equity interest | 30.00% | ||||||||
Hersha Hospitality Limited Partnership [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Various subsidiary limited partnership interest (in hundredths) | 99.00% | ||||||||
Cindat Hersha Owner JV, LLC [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Maximum exposure to losses due to investment in joint venture | $ 0 | ||||||||
Senior Common Equity Interest [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Common equity interest, return | 12.00% | ||||||||
Senior Common Equity Interest [Member] | Hersha Holding RC Owner, LLC [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Common equity interest, return | 8.00% | ||||||||
Cumulative return on common equity interest | 75.00% | ||||||||
Senior Common Equity Interest [Member] | Joint Venture Partner [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Cumulative return on common equity interest | 25.00% | ||||||||
Scenario, Plan [Member] | Junior Common Equity Interest [Member] | Joint Venture Partner [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Common equity interest, return | 8.00% | ||||||||
Pro Forma [Member] | Accounting Standards Update 2017-05 [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Deferred gain on disposition of hotel assets | $ 129,021,000 | ||||||||
Difference Between Guidance In Effect Before And After Topic 610 [Member] | Accounting Standards Update 2017-05 [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Noncontrolling Interests | 5,793,000 | ||||||||
Deferred gain on disposition of hotel assets | (81,284,000) | ||||||||
Distributions in Excess of Net Income | $ 123,228,000 | ||||||||
Market Rate Lease [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Decrease in intangible assets | $ 11,050,000 |
Organization And Summary Of S_5
Organization And Summary Of Significant Accounting Policies (Joint Venture Properties) (Details) - Hersha Hospitality Trust [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Hersha Holding RC Owner, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 85.00% |
Cindat Hersha Owner JV, LLC [Member] | Cindat Hersha Owner JV, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 31.20% |
SB Partners, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 50.00% |
Hiren Boston, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 50.00% |
SB Partners Three, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 50.00% |
Organization And Summary Of S_6
Organization And Summary Of Significant Accounting Policies (Schedule Of Major Asset Depreciation) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Maximum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Organization And Summary Of S_7
Organization And Summary Of Significant Accounting Policies (Schedule Of Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||
Preferred shares outstanding (in shares) | 14,703,214 | 14,703,214 |
Series C Preferred Shares | ||
Class of Stock [Line Items] | ||
Preferred shares outstanding (in shares) | 3,000,000 | 3,000,000 |
Aggregate Liquidation Preference | $ 75,000 | |
Distribution Rate | 6.875% | |
Dividend Per Share | $ 1.7188 | $ 1.7188 |
Series D Preferred Shares | ||
Class of Stock [Line Items] | ||
Preferred shares outstanding (in shares) | 7,701,700 | 7,701,700 |
Aggregate Liquidation Preference | $ 192,543 | |
Distribution Rate | 6.50% | |
Dividend Per Share | $ 1.6250 | $ 1.6250 |
Series E Preferred Shares | ||
Class of Stock [Line Items] | ||
Preferred shares outstanding (in shares) | 4,001,514 | 4,001,514 |
Aggregate Liquidation Preference | $ 100,038 | |
Distribution Rate | 6.50% | |
Dividend Per Share | $ 1.6250 | $ 1.6250 |
Organization And Summary Of S_8
Organization And Summary Of Significant Accounting Policies (Schedule of ASC 610-20) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Investment in Unconsolidated Joint Ventures | $ 8,446 | $ 4,004 | |
Distributions in Excess of Net Income | 338,695 | 267,740 | |
Noncontrolling Interests | $ 64,144 | 62,010 | |
Accounting Standards Update 2017-05 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Investment in Unconsolidated Joint Ventures | 3,569 | $ 51,307 | |
Deferred Gain on Disposition of Hotel Assets | 81,284 | 0 | |
Distributions in Excess of Net Income | (335,373) | (212,145) | |
Noncontrolling Interests | $ 54,286 | 60,079 | |
Difference Between Guidance In Effect Before And After Topic 610 [Member] | Accounting Standards Update 2017-05 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Investment in Unconsolidated Joint Ventures | 47,738 | ||
Deferred Gain on Disposition of Hotel Assets | (81,284) | ||
Distributions in Excess of Net Income | 123,228 | ||
Noncontrolling Interests | $ 5,793 |
Investment In Hotel Propertie_2
Investment In Hotel Properties (Investment In Hotel Properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | $ 2,533,593 | $ 2,488,604 |
Less Accumulated Depreciation | (557,620) | (461,945) |
Total Investment in Hotel Properties | 1,975,973 | 2,026,659 |
Land [Member] | ||
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | 518,243 | 518,243 |
Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | 1,710,621 | 1,688,459 |
Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | 294,527 | 278,098 |
Construction in Progress [Member] | ||
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | $ 10,202 | $ 3,804 |
Investment In Hotel Propertie_3
Investment In Hotel Properties (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)property | Feb. 21, 2020USD ($) | Jan. 20, 2020USD ($) | Sep. 30, 2017property | |
Business Acquisition [Line Items] | |||||||
Depreciation expense | $ 95,673 | $ 88,598 | $ 81,632 | ||||
Acquisition costs | 0 | 29 | 2,203 | ||||
(Gains from) Property Losses in Excess of Insurance Recoveries | $ 4,268 | $ 12 | (12,649) | $ 4,268 | |||
South Florida Properties [Member] | Hurricane Irma [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | property | 6 | ||||||
(Gains from) Property Losses in Excess of Insurance Recoveries | $ 12,649 | ||||||
Courtyard Cadillac Miami and the Parrot Key Hotel & Resort [Member] | Hurricane Irma [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | property | 2 | ||||||
South Florida Properties, With Less Than Significant Damage [Member] | Hurricane Irma [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of real estate properties | property | 4 | 4 | |||||
Aquisitions In 2017 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Revenue | $ 62,147 | ||||||
Net income | $ 3,042 | ||||||
Subsequent Event [Member] | Duane Street Hotel [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Disposal group, including discontinued operation, consideration | $ 20,000 | ||||||
Subsequent Event [Member] | Blue Moon Hotel [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Disposal group, including discontinued operation, consideration | $ 30,000 |
Investment In Hotel Propertie_4
Investment In Hotel Properties (Wholly Owned Hotel Properties Acquired) (Details) - Annapolis Waterfront Hotel, MD [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Business Acquisition [Line Items] | |
Acquisition Date | Mar. 28, 2018 |
Land | $ 0 |
Buildings and Improvements | 43,251 |
Furniture, Fixtures and Equipment | 1,802 |
Other Intangibles | (3,199) |
Total Purchase Price | 41,854 |
Assumption of Debt | 0 |
Intangible asset, above market lease liability | $ 3,199 |
Investment In Hotel Propertie_5
Investment In Hotel Properties (Results of Operations for Hotels Acquired With 100% Interest) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Mystic Marriott Hotel & Spa, Groton, CT [Member] | |
Business Acquisition [Line Items] | |
Revenue | $ 21,247 |
Net (Loss) Income | 1,700 |
Ritz-Carlton, Coconut Grove, FL [Member] | |
Business Acquisition [Line Items] | |
Revenue | 13,390 |
Net (Loss) Income | (693) |
The Pan Pacific Hotel, Seattle, WA [Member] | |
Business Acquisition [Line Items] | |
Revenue | 13,128 |
Net (Loss) Income | 493 |
Philadelphia Westin, Philadelphia, PA [Member] | |
Business Acquisition [Line Items] | |
Revenue | 14,382 |
Net (Loss) Income | 1,542 |
Aquisitions In 2017 [Member] | |
Business Acquisition [Line Items] | |
Revenue | 62,147 |
Net (Loss) Income | $ 3,042 |
Investment In Hotel Propertie_6
Investment In Hotel Properties (Real Estate Assets Sold) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition | $ 0 | $ 4,148 | $ 90,350 |
Hyatt House Gaithersburg, MD [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | 19,000 | ||
Gain (Loss) on Disposition | 2,441 | ||
Hampton Inn, Pearl Street, NY [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | 32,400 | ||
Gain (Loss) on Disposition | 926 | ||
Residence Inn Tyson S Corner Va [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | 15,700 | ||
Gain (Loss) on Disposition | $ 781 | ||
Residence Inn, Greenbelt, MD [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | 35,000 | ||
Gain (Loss) on Disposition | 19,541 | ||
Courtyard Inn, Alexandria, VA [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | 27,000 | ||
Gain (Loss) on Disposition | (1,123) | ||
Hyatt House Scottsdale, AZ [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | 36,000 | ||
Gain (Loss) on Disposition | 15,015 | ||
Hyatt House Pleasant Hill, CA [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | 45,000 | ||
Gain (Loss) on Disposition | 22,406 | ||
Hyatt House Pleasanton, CA [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | 49,500 | ||
Gain (Loss) on Disposition | 33,507 | ||
Holiday Inn Exp & Suites, Chester, NY [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consideration | 8,400 | ||
Gain (Loss) on Disposition | $ 1,004 |
Investment In Unconsolidated _3
Investment In Unconsolidated Joint Ventures (Investment In Unconsolidated Joint Ventures) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 27, 2018 |
Investments in Unconsolidated Joint Ventures [Line Items] | |||
Investment in unconsolidated joint ventures | $ 8,446,000 | $ 4,004,000 | |
Cindat Hersha Owner JV, LLC [Member] | |||
Investments in Unconsolidated Joint Ventures [Line Items] | |||
Percent Owned | 31.20% | ||
Cindat Hersha Owner JV, LLC [Member] | Hilton and IHG branded hotels in NYC [Member] | |||
Investments in Unconsolidated Joint Ventures [Line Items] | |||
Percent Owned | 31.20% | ||
Investment in unconsolidated joint ventures | $ 0 | 0 | |
Hiren Boston, LLC [Member] | Courtyard by Marriott, Boston, MA [Member] | |||
Investments in Unconsolidated Joint Ventures [Line Items] | |||
Percent Owned | 50.00% | ||
Investment in unconsolidated joint ventures | $ 1,434,000 | 1,879,000 | |
SB Partners, LLC [Member] | Holiday Inn Express, Boston, MA [Member] | |||
Investments in Unconsolidated Joint Ventures [Line Items] | |||
Percent Owned | 50.00% | ||
Investment in unconsolidated joint ventures | $ 0 | 1,125,000 | |
SB Partners Three, LLC [Member] | Home2 Suites, South Boston, MA [Member] | |||
Investments in Unconsolidated Joint Ventures [Line Items] | |||
Percent Owned | 50.00% | ||
Investment in unconsolidated joint ventures | $ 7,012,000 | $ 1,000,000 |
Investment In Unconsolidated _4
Investment In Unconsolidated Joint Ventures (Narrative) (Details) - USD ($) $ in Thousands | Feb. 06, 2018 | Jan. 03, 2017 | Jun. 30, 2020 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 27, 2018 |
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Investment in Unconsolidated Joint Ventures | $ 8,446 | $ 4,004 | ||||||
Distributions from Unconsolidated Joint Ventures | $ 0 | 1,622 | 47,962 | |||||
Gain from remeasurement of investment | 16,240 | 0 | 0 | $ 16,240 | ||||
Proceeds from the Sale of Joint Venture Interests | $ 11,624 | $ 0 | 0 | |||||
Subsequent Event [Member] | ||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Proceeds from the Sale of Joint Venture Interests | $ 26,000 | |||||||
Mystic Marriott Hotel & Spa [Member] | ||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Percent owned after transaction | 100.00% | |||||||
Proceeds of redemption and transfer of minority interest | $ 11,623 | |||||||
Business acquisition, mortgage debt assumed, principal balance | 41,333 | |||||||
Gain from remeasurement of investment | $ 16,240 | |||||||
Cindat Hersha Owner Jv Llc Preferred Equity Interest [Member] | ||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Distributions from Unconsolidated Joint Ventures | $ 47,738 | |||||||
Cindat Hersha Owner JV, LLC [Member] | ||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Percent owned (in hundredths) | 31.20% | |||||||
Cindat Hersha Owner JV, LLC [Member] | Hilton and IHG branded hotels in NYC [Member] | ||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Percent owned (in hundredths) | 31.20% | |||||||
Investment in Unconsolidated Joint Ventures | $ 0 | $ 0 | ||||||
Cindat Capital Management Limited [Member] | Cindat Hersha Owner JV, LLC [Member] | ||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Preferred joint venture partner, ownership percentage | 68.80% | |||||||
Common equity interest | $ 142,000 | |||||||
Common equity interest return | 8.00% | |||||||
Annual reduction rate | 0.50% | |||||||
Annual reduction term | 4 years | |||||||
Cindat Capital Management Limited [Member] | Cindat Hersha Owner JV, LLC [Member] | Junior Common Equity Interest [Member] | ||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Common equity interest return | 9.00% | |||||||
Hersha Hospitality Limited Partnership [Member] | Cindat Hersha Owner JV, LLC [Member] | Junior Common Equity Interest [Member] | ||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Common equity interest | $ 64,357 | |||||||
Home2 Suites, South Boston, MA [Member] | ||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||
Investment in Unconsolidated Joint Ventures | $ 1,000 |
Investment In Unconsolidated _5
Investment In Unconsolidated Joint Ventures (Income Or Loss From Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | $ 173 | $ 38 | $ 299 | $ 181 | $ 166 | $ 582 | $ 537 | $ (201) | $ (2,473) | $ 691 | $ 1,084 | $ (2,473) |
SB Partners, LLC [Member] | ||||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | 626 | 218 | 494 | |||||||||
Hiren Boston, LLC [Member] | ||||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | 155 | 866 | 750 | |||||||||
SB Partners Three, LLC [Member] | ||||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | (90) | 0 | 0 | |||||||||
Cindat Hersha Owner JV, LLC [Member] | ||||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | $ 0 | $ 0 | $ (3,717) |
Investment In Unconsolidated _6
Investment In Unconsolidated Joint Ventures (Summary Financial Information Related To Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Investment in Hotel Properties, Net | $ 579,287 | $ 569,609 | |
Other Assets | 33,891 | 30,088 | |
Total Assets | 613,178 | 599,697 | |
Liabilities and Equity | |||
Mortgages and Notes Payable | 430,282 | 422,205 | |
Other Liabilities | 19,185 | 7,478 | |
Equity: | |||
Hersha Hospitality Trust | 9,588 | 15,554 | |
Joint Venture Partners | 154,998 | 155,053 | |
Accumulated Other Comprehensive Loss | (875) | (593) | |
Total Equity | 163,711 | 170,014 | |
Total Liabilities and Equity | 613,178 | 599,697 | |
Statements of Operations | |||
Room Revenue | 94,384 | 98,123 | $ 93,254 |
Other Revenue | 2,408 | 2,350 | 1,965 |
Operating Expenses | (46,175) | (46,319) | (43,245) |
Lease Expense | (693) | (658) | (691) |
Property Taxes and Insurance | (12,477) | (11,882) | (11,274) |
General and Administrative | (5,783) | (5,489) | (5,179) |
Depreciation and Amortization | (14,947) | (13,403) | (12,331) |
Interest Expense | (28,072) | (26,289) | (20,965) |
Loss on Debt Extinguishment | 0 | (7,270) | 0 |
Net (Loss) Income | $ (11,355) | $ (10,837) | $ 1,534 |
Investment In Unconsolidated _7
Investment In Unconsolidated Joint Ventures (Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Method Investments and Joint Ventures [Abstract] | ||
Our share of equity recorded on the joint ventures' financial statements | $ 9,588 | $ 15,554 |
Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1) | (1,142) | (11,550) |
Investment in Unconsolidated Joint Ventures | $ 8,446 | $ 4,004 |
Other Assets And Deposits On _3
Other Assets And Deposits On Hotel Acquisitions (Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Derivative Asset | $ 2,514 | $ 5,307 |
Deferred Financing Costs | 1,330 | 1,845 |
Prepaid Expenses | 11,279 | 10,695 |
Investment in Statutory Trusts | 1,548 | 1,548 |
Investment in Non-Hotel Property and Inventories | 2,987 | 3,349 |
Deposits with Unaffiliated Third Parties | 2,577 | 2,866 |
Deferred Tax Asset, Net of Valuation Allowance of $497 | 11,390 | 11,078 |
Valuation allowance | 497 | 497 |
Property Insurance Receivable | 1,788 | 0 |
Other | 2,764 | 3,317 |
Total Other Assets | $ 38,177 | $ 40,005 |
Other Assets And Deposits On _4
Other Assets And Deposits On Hotel Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Net deferred tax assets | $ 11,390 | $ 11,078 |
Debt (Mortgages Narrative) (Det
Debt (Mortgages Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Secured Debt [Abstract] | |||
Mortgage Indebtedness | $ 697,183 | $ 698,202 | |
Net Unamortized Premium | 821 | ||
Net Unamortized Deferred Financing Costs | (3,717) | (2,698) | |
Mortgages Payable | 1,135,217 | ||
Mortgages [Member] | |||
Secured Debt [Abstract] | |||
Mortgage Indebtedness | 333,948 | 334,897 | |
Net Unamortized Premium | 821 | 1,304 | |
Net Unamortized Deferred Financing Costs | (2,489) | (2,056) | |
Mortgages Payable | 332,280 | 334,145 | |
Interest expense | $ 12,405 | $ 15,804 | $ 15,050 |
Debt covenant compliance status | We have determined that all debt covenants contained in the loan agreements securing our hotel properties were met as of December 31, 2019. | ||
Minimum [Member] | Mortgages [Member] | |||
Secured Debt [Abstract] | |||
Effective interest rate | 3.84% | ||
Maximum [Member] | Mortgages [Member] | |||
Secured Debt [Abstract] | |||
Effective interest rate | 6.30% |
Debt (Subordinated Notes Payabl
Debt (Subordinated Notes Payable Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($) | |
Subordinated Debt [Abstract] | |||
Deferred costs, net of accumulated amortization | $ 3,717 | $ 2,698 | |
Junior Subordinated Debt [Member] | Hersha Statutory Trust I and Hersha Statutory Trust II [Member] | |||
Subordinated Debt [Abstract] | |||
Number of debt instruments | loan | 2 | ||
Subordinated notes payable | $ 51,548 | ||
Maturity date | Jul. 30, 2035 | ||
Number of business days prior to quarterly interest payments for resetting rates | 2 days | ||
Deferred costs, net of accumulated amortization | $ 812 | $ 864 | |
Debt instrument, interest rate during period (in hundredths) | 4.24% | 5.50% | 5.23% |
Interest expense | $ 2,358 | $ 2,837 | $ 2,695 |
Junior Subordinated Debt [Member] | Hersha Statutory Trust I [Member] | |||
Subordinated Debt [Abstract] | |||
Subordinated notes payable | $ 25,774 | ||
Debt instrument, description of variable rate basis | LIBOR | ||
Debt instrument, basis spread on variable rate (in hundredths) | 3.00% | ||
Junior Subordinated Debt [Member] | Hersha Statutory Trust II [Member] | |||
Subordinated Debt [Abstract] | |||
Subordinated notes payable | $ 25,774 | ||
Debt instrument, description of variable rate basis | LIBOR | ||
Debt instrument, basis spread on variable rate (in hundredths) | 3.00% |
Debt (Credit Facilities Narrati
Debt (Credit Facilities Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)agreement | Dec. 31, 2018USD ($) | Aug. 10, 2017USD ($) | Oct. 07, 2016USD ($) | |
Line of Credit Facility [Abstract] | |||||
Outstanding balance, term loans | $ 697,183,000 | $ 698,202,000 | |||
Line of Credit | 48,000,000 | 10,000,000 | |||
Deferred costs, net of accumulated amortization | 3,717,000 | 2,698,000 | |||
Line of credit facility covenant minimum tangible net worth | $ 1,119,500,000 | ||||
Line of credit facility covenant percentage of net cash proceeds of issuance and sales of equity interests (in hundredths) | 75.00% | ||||
Line of credit facility covenant maximum annual distributions (in hundredths) | 95.00% | ||||
Line of credit facility covenant maximum leverage ratio (in hundredths) | 60.00% | ||||
Line of credit facility covenant maximum secured debt leverage ratio (in hundredths) | 45.00% | ||||
Line of credit, financial covenant terms | The Credit Facility and the Term Loans include certain financial covenants and require that we maintain: (1) a minimum tangible net worth (calculated as total assets, plus accumulated depreciation, less total liabilities, intangibles and other defined adjustments) of $1,075,000, plus an amount equal to 75% of the net cash proceeds of all issuances and primary sales of equity interests of the parent guarantor or any of its subsidiaries consummated following the closing date; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following:· a fixed charge coverage ratio of not less than 1.50 to 1.00, · a maximum leverage ratio of not more than 60%; and· a maximum secured debt leverage ratio of 45% | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Number of unsecured credit agreements | agreement | 3 | ||||
Debt instrument, face amount | $ 950,900,000 | ||||
Interest expense on credit facilities | $ 24,066,000 | $ 33,563,000 | $ 31,189,000 | ||
Line of credit, weighted average interest rate (in hundredths) | 3.36% | 4.11% | 3.83% | ||
Minimum [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Line of credit facility covenant fixed charge coverage ratio | 1.50 | ||||
$475 Million Senior Unsecured Credit Facility ("Credit Facility") [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Line of credit, current borrowing capacity | $ 457,000,000 | ||||
Line of credit, expiration date | Aug. 10, 2022 | ||||
Renewal period of line of credit | 1 year | ||||
$250 Million Senior Unsecured Revolving Line Of Credit ("Line of Credit") [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Line of Credit | $ 48,000,000 | $ 10,000,000 | |||
$250 Million Senior Unsecured Revolving Line Of Credit ("Line of Credit") [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Revolving line of credit, maximum borrowing capacity | $ 250,000,000 | ||||
Line of credit, current borrowing capacity | 250,000,000 | ||||
$225 Million Senior Unsecured Term Loan ("First Term Loan") [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Outstanding balance, term loans | 207,000,000 | 207,000,000 | |||
$225 Million Senior Unsecured Term Loan ("First Term Loan") [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Debt instrument, face amount | 207,000,000 | $ 225,000,000 | |||
Expandable Senior Unsecured Credit Facility ("Credit Facility") [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Revolving line of credit, maximum borrowing capacity | 857,000,000 | ||||
$300 Million Senior Unsecured Term Loan ("Second Term Loan") [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Outstanding balance, term loans | 300,000,000 | 300,000,000 | |||
$300 Million Senior Unsecured Term Loan ("Second Term Loan") [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Debt instrument, face amount | $ 300,000,000 | ||||
Maturity date | Sep. 10, 2024 | ||||
$200 Million Senior Unsecured Term Loan ("Third Term Loan") [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Outstanding balance, term loans | $ 193,900,000 | 193,900,000 | |||
$200 Million Senior Unsecured Term Loan ("Third Term Loan") [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Debt instrument, face amount | $ 193,900,000 | ||||
Maturity date | Aug. 2, 2021 | ||||
Term Loans [Member] | |||||
Line of Credit Facility [Abstract] | |||||
Outstanding balance, term loans | $ 700,900,000 | $ 700,900,000 |
Debt (Summary Of The Balances O
Debt (Summary Of The Balances Outstanding And Interest Rate Spread) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit | $ 48,000 | $ 10,000 |
Outstanding balance, term loans | 697,183 | 698,202 |
Deferred Loan Costs | (3,717) | (2,698) |
$250 Million Senior Unsecured Revolving Line Of Credit ("Line of Credit") [Member] | ||
Line of Credit | 48,000 | 10,000 |
$225 Million Senior Unsecured Term Loan ("First Term Loan") [Member] | ||
Outstanding balance, term loans | 207,000 | 207,000 |
$300 Million Senior Unsecured Term Loan ("Second Term Loan") [Member] | ||
Outstanding balance, term loans | 300,000 | 300,000 |
$200 Million Senior Unsecured Term Loan ("Third Term Loan") [Member] | ||
Outstanding balance, term loans | $ 193,900 | $ 193,900 |
Minimum [Member] | $250 Million Senior Unsecured Revolving Line Of Credit ("Line of Credit") [Member] | ||
Basis spread on variable rate (in hundredths) | 1.50% | |
Minimum [Member] | $225 Million Senior Unsecured Term Loan ("First Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 1.45% | |
Minimum [Member] | $300 Million Senior Unsecured Term Loan ("Second Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 1.35% | |
Minimum [Member] | $200 Million Senior Unsecured Term Loan ("Third Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 1.45% | |
Maximum [Member] | $250 Million Senior Unsecured Revolving Line Of Credit ("Line of Credit") [Member] | ||
Basis spread on variable rate (in hundredths) | 2.25% | |
Maximum [Member] | $225 Million Senior Unsecured Term Loan ("First Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 2.20% | |
Maximum [Member] | $300 Million Senior Unsecured Term Loan ("Second Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 2.00% | |
Maximum [Member] | $200 Million Senior Unsecured Term Loan ("Third Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 2.20% |
Debt (Aggregate Annual Principa
Debt (Aggregate Annual Principal Payments For Mortgages And Notes Payable) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 1,699 |
2021 | 325,756 |
2022 | 253,289 |
2023 | 77,990 |
2024 | 386,283 |
Thereafter | 89,379 |
Net Unamortized Premium | 821 |
Mortgages Payable | $ 1,135,217 |
Debt (Capitalized Interest, Def
Debt (Capitalized Interest, Deferred Financing Costs and Debt Payoff Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Capitalized interest | $ 76 | $ 74 | $ 661 |
Amortization of deferred costs | $ 2,264 | $ 2,241 | $ 2,278 |
Debt (New Debt_Refinance Narrat
Debt (New Debt/Refinance Narrative) (Details) - USD ($) | Aug. 10, 2017 | Aug. 01, 2017 | Feb. 24, 2017 | Jan. 31, 2017 | Jan. 06, 2017 | Jan. 03, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 04, 2019 | Sep. 10, 2019 | Jul. 25, 2019 | Jun. 07, 2019 | Apr. 13, 2018 | Jan. 31, 2018 | Feb. 01, 2017 |
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Interest rate cap | 3.35% | |||||||||||||||
Unamortized deferred costs and defeasance premiums expensed | $ 280,000 | $ 22,000 | $ 590,000 | |||||||||||||
Annapolis Waterfront Hotel, MD [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, face amount | $ 28,000 | |||||||||||||||
Capitol Hill Hotel, Washington, D.C. [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, face amount | $ 25,000,000 | |||||||||||||||
$475 Million Senior Unsecured Credit Facility ("Credit Facility") [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Mortgage loan extinguishment | $ 280,000 | |||||||||||||||
Courtyard, LA Westside, Culver City, LA [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Mortgage loan extinguishment | $ 35,000,000 | |||||||||||||||
Unamortized deferred costs and defeasance premiums expensed | $ 32,000 | |||||||||||||||
Hilton Garden Inn 52nd Street, New York, NY [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Mortgage loan extinguishment | $ 45,000,000 | |||||||||||||||
Unamortized deferred costs and defeasance premiums expensed | $ 94,000 | |||||||||||||||
Ritz-Carlton, Coconut Grove, FL [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Assumption of Debt | $ 3,150,000 | |||||||||||||||
Duane Street Hotel, New York, NY [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Mortgage loan extinguishment | $ 9,500,000 | |||||||||||||||
Unamortized deferred costs and defeasance premiums expensed | $ 12,000 | |||||||||||||||
Hyatt House Scottsdale, AZ; Hyatt House Pleasant Hill, CA And Hyatt House Pleasanton, CA [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Mortgage loan extinguishment | $ 51,428,000 | |||||||||||||||
Unamortized deferred costs and defeasance premiums expensed | $ 47,000 | |||||||||||||||
Hilton Garden Inn, JFK Airport, NY [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Mortgage loan extinguishment | $ 21,000,000 | |||||||||||||||
Unamortized deferred costs and defeasance premiums expensed | 37,000 | |||||||||||||||
Mystic Marriott Hotel & Spa, Groton, CT [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Mortgage loan extinguishment | 43,000,000 | |||||||||||||||
Unamortized deferred costs and defeasance premiums expensed | $ 84,000 | |||||||||||||||
Hilton Garden Inn, 52nd Street, NY [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, face amount | $ 44,325,000 | |||||||||||||||
Effective interest rate | 3.84% | |||||||||||||||
Senior Unsecured Term Loan Agreement [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, face amount | $ 300,000,000 | |||||||||||||||
Credit Facility And Term Loans [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, face amount | 700,900,000 | |||||||||||||||
Hilton Garden Inn Tribeca, New York, NY [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, face amount | $ 45,000,000 | |||||||||||||||
Hyatt Union Square, New York, NY [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, face amount | $ 56,000,000 | |||||||||||||||
Interest Rate Swap [Member] | Hilton Garden Inn Tribeca, New York, NY [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Effective interest rate | 4.02% | |||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, face amount | 950,900,000 | |||||||||||||||
Revolving Credit Facility [Member] | $250 Million Senior Unsecured Revolving Line Of Credit ("Line of Credit") [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Revolving line of credit, maximum borrowing capacity | 250,000,000 | |||||||||||||||
Revolving Credit Facility [Member] | $225 Million Senior Unsecured Term Loan ("First Term Loan") [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, face amount | $ 225,000,000 | $ 207,000,000 | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 2.65% | |||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Annapolis Waterfront Hotel, MD [Member] | ||||||||||||||||
Extinguishment of Debt Disclosures [Abstract] | ||||||||||||||||
Interest rate cap | 6.00% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)lease | Jan. 01, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Right of Use Assets | $ 45,384 | ||||
Lease Liabilities | $ 54,548 | ||||
Land [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of leasing arrangement | lease | 5 | ||||
Rent expense | $ 4,228 | $ 3,460 | |||
Building [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of leasing arrangement | lease | 2 | ||||
Rent expense | $ 735 | $ 785 | |||
Accounting Standards Update 2016-02 [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Right of Use Assets | $ 55,515 | ||||
Lease Liabilities | $ 55,515 |
Leases (Components of Lease Cos
Leases (Components of Lease Costs) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating lease costs | $ 4,678 |
Variable lease costs | 694 |
Total lease costs | 5,372 |
Land [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease costs | 4,195 |
Variable lease costs | 386 |
Total lease costs | 4,581 |
Building [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease costs | 483 |
Variable lease costs | 308 |
Total lease costs | $ 791 |
Leases (Other information) (Det
Leases (Other information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||
Cash paid from operating cash flows for operating leases | $ 4,851 | |
Weighted average remaining lease term in years | 64 years 2 months 12 days | 64 years 2 months 12 days |
Weighted average discount rate | 7.86% |
Leases (Minimum lease payments
Leases (Minimum lease payments against lease liabilities) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 4,933 |
2021 | 5,001 |
2022 | 4,463 |
2023 | 4,445 |
2024 | 4,473 |
Thereafter | 288,978 |
Future minimum lease payments | 312,293 |
Less imputed interest | (257,745) |
Lease Liabilities | $ 54,548 |
Leases (Future minimum lease pa
Leases (Future minimum lease payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 4,585 |
2020 | 4,638 |
2021 | 4,705 |
2022 | 4,167 |
2023 | 4,149 |
Thereafter | 270,978 |
Operating leases, future minimum payments due | $ 293,222 |
Commitments And Contingencies_2
Commitments And Contingencies And Related Party Transactions (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)hotel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Management Agreements [Abstract] | ||||
Term of management agreements with HHMLP | 5 years | |||
Base management fee as percentage of gross revenues (in hundredths) | 3.00% | |||
Base management fees incurred | $ 13,447,000 | $ 14,123,000 | $ 13,309,000 | |
Incentive management fees incurred | 0 | $ 161,000 | 98,000 | |
Franchise Agreements [Abstract] | ||||
Terms of franchise agreements, minimum | 10 years | |||
Terms of franchise agreements, maximum | 20 years | |||
Accounting and Information Technology Fees [Abstract] | ||||
Monthly fees for accounting services per property for hotels managed by HHMLP, minimum | $ 2,000 | |||
Monthly fees for accounting services per property for hotels managed by HHMLP, maximum | 3,000 | |||
Monthly information technology fees per property for hotels managed by HHMLP, minimum | 1,000 | |||
Monthly information technology fees per property for hotels managed by HHMLP, maximum | 2,000 | |||
Accounting fees | 1,318,000 | 1,261,000 | 1,235,000 | |
Information technology fees | 434,000 | $ 402,000 | 402,000 | |
Capital Expenditure Fees [Abstract] | ||||
Fee on all capital expenditures and pending renovation projects at the properties (in hundredths) | 5.00% | |||
Fees incurred on capital expenditures | 1,125,000 | $ 2,525,000 | 2,511,000 | |
Acquisitions From Affiliates [Abstract] | ||||
Period of right of first refusal per option agreement with officers and affiliated trustees after termination | 1 year | |||
Hotel Supplies [Abstract] | ||||
Hotel supplies | 215,000 | $ 307,000 | 470,000 | |
Charges for capital expenditure purchases | 2,099,000 | 12,721,000 | 2,258,000 | |
Capital expenditures included in accounts payable | 9,000 | 0 | ||
Insurance Services [Abstract] | ||||
Property insurance | $ 5,934,000 | 4,799,000 | $ 3,884,000 | |
Lessee Disclosure [Abstract] | ||||
Number Of hotel properties | hotel | 3 | |||
Due from Related Parties, Unclassified [Abstract] | ||||
Due from related parties | $ 6,113,000 | 3,294,000 | ||
Due to Related Parties [Abstract] | ||||
Due to related parties | 0 | 0 | ||
Franchise [Member] | ||||
Franchise Agreements [Abstract] | ||||
Franchise fee expense | $ 23,645,000 | $ 23,389,000 | 22,802,000 | |
Executive Officer [Member] | ||||
Lessee Disclosure [Abstract] | ||||
Ownership percentage in related party | 70.00% | |||
Executive Officer [Member] | Lease Agreements [Member] | ||||
Lessee Disclosure [Abstract] | ||||
Term of lease | 5 years | |||
Revenue from related parties | $ 323,000 | $ 0 | $ 0 |
Fair Value Measurements And D_3
Fair Value Measurements And Derivative Instruments (Fair Value Of Interest Rate Swaps And Caps) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Sep. 03, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value | $ 175,000 | $ 4,678,000 | |
Interest Rate Cap [Member] | Hyatt Union Square, New York, NY [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Index: Basis spread on variable rate basis (in hundredths) | 2.30% | ||
Interest Rate Cap [Member] | Annapolis Waterfront Hotel, MD [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 3.35% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.65% | ||
Effective Date | May 1, 2018 | ||
Derivative Contract Maturity Date | May 1, 2021 | ||
Notional Amount | $ 28,000,000 | ||
Estimated Fair Value | $ 0 | 22,000 | |
Interest Rate Swap [Member] | Third Term Loan [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.011% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.20% | ||
Effective Date | Nov. 3, 2016 | ||
Derivative Contract Maturity Date | Oct. 3, 2019 | ||
Notional Amount | $ 150,000,000 | ||
Estimated Fair Value | $ 0 | 1,741,000 | |
Interest Rate Swap [Member] | Second Term Loan [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 2.654% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.25% | ||
Effective Date | Jan. 10, 2019 | ||
Derivative Contract Maturity Date | Sep. 3, 2019 | ||
Notional Amount | $ 103,500,000 | ||
Estimated Fair Value | $ 0 | (314,000) | |
Interest Rate Swap [Member] | Unsecured Debt [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 2.654% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.20% | ||
Effective Date | Jan. 10, 2019 | ||
Derivative Contract Maturity Date | Sep. 3, 2019 | ||
Notional Amount | $ 103,500,000 | ||
Estimated Fair Value | $ 0 | $ 1,783,000 | (315,000) |
Interest Rate Swap [Member] | Unsecured Credit Facility September 3, 2019 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.316% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.20% | ||
Effective Date | Sep. 3, 2019 | ||
Derivative Contract Maturity Date | Aug. 2, 2021 | ||
Notional Amount | $ 43,900,000 | ||
Estimated Fair Value | $ 175,000 | 0 | |
Interest Rate Swap [Member] | Hyatt Union Square, New York, NY [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.87% | ||
Effective Date | Jun. 7, 2019 | ||
Derivative Contract Maturity Date | Jun. 7, 2023 | ||
Notional Amount | $ 56,000,000 | ||
Estimated Fair Value | $ (556,000) | 0 | |
Interest Rate Swap [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.60% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.90% | ||
Effective Date | Feb. 24, 2017 | ||
Derivative Contract Maturity Date | Feb. 24, 2020 | ||
Notional Amount | $ 44,325,000 | ||
Estimated Fair Value | $ 0 | 479,000 | |
Interest Rate Swap [Member] | Courtyard, LA Westside, Culver City, LA [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.683% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.75% | ||
Effective Date | Aug. 1, 2017 | ||
Derivative Contract Maturity Date | Aug. 1, 2020 | ||
Notional Amount | $ 35,000,000 | ||
Estimated Fair Value | $ (8,000) | 458,000 | |
Interest Rate Swap [Member] | Hilton Garden Inn Tribeca, New York, NY [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.768% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.25% | ||
Effective Date | Jul. 25, 2019 | ||
Derivative Contract Maturity Date | Jul. 25, 2024 | ||
Notional Amount | $ 22,725,000 | ||
Estimated Fair Value | $ (169,000) | 0 | |
Interest Rate Swap Three [Member] | Unsecured Credit Facility September 3, 2019 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.824% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.20% | ||
Effective Date | Sep. 3, 2019 | ||
Derivative Contract Maturity Date | Aug. 10, 2022 | ||
Notional Amount | $ 103,500,000 | ||
Estimated Fair Value | $ (718,000) | 0 | |
Interest Rate Swap Four [Member] | Unsecured Credit Facility September 3, 2019 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.824% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.20% | ||
Effective Date | Sep. 3, 2019 | ||
Derivative Contract Maturity Date | Aug. 10, 2022 | ||
Notional Amount | $ 103,500,000 | ||
Estimated Fair Value | $ (718,000) | 0 | |
Interest Rate Swap II [Member] | Third Term Loan [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.694% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.20% | ||
Effective Date | Apr. 3, 2017 | ||
Derivative Contract Maturity Date | Sep. 3, 2019 | ||
Notional Amount | $ 50,000,000 | ||
Estimated Fair Value | $ 0 | 320,000 | |
Interest Rate Swap II [Member] | Unsecured Debt [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.866% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.20% | ||
Effective Date | Aug. 10, 2017 | ||
Derivative Contract Maturity Date | Sep. 10, 2019 | ||
Notional Amount | $ 300,000,000 | ||
Estimated Fair Value | $ 0 | $ 1,783,000 | 2,287,000 |
Interest Rate Swap II [Member] | Unsecured Credit Facility October 3, 2019 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.341% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.20% | ||
Effective Date | Oct. 3, 2019 | ||
Derivative Contract Maturity Date | Aug. 2, 2021 | ||
Notional Amount | $ 150,000,000 | ||
Estimated Fair Value | $ 539,000 | 0 | |
Interest Rate Swap II [Member] | Unsecured Credit Facility September 10, 2019 [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.46% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.00% | ||
Effective Date | Sep. 10, 2019 | ||
Derivative Contract Maturity Date | Sep. 10, 2024 | ||
Notional Amount | $ 300,000,000 | ||
Estimated Fair Value | $ 1,776,000 | 0 | |
Interest Rate Swap II [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.54% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.30% | ||
Effective Date | Dec. 4, 2019 | ||
Derivative Contract Maturity Date | Dec. 4, 2022 | ||
Notional Amount | $ 44,325,000 | ||
Estimated Fair Value | $ 23,000 | 0 | |
Interest Rate Swap II [Member] | Hilton Garden Inn Tribeca, New York, NY [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.768% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.25% | ||
Effective Date | Jul. 25, 2019 | ||
Derivative Contract Maturity Date | Jul. 25, 2024 | ||
Notional Amount | $ 22,725,000 | ||
Estimated Fair Value | $ (169,000) | $ 0 |
Fair Value Measurements And D_4
Fair Value Measurements And Derivative Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 10, 2019 | Sep. 03, 2019 | |
Derivatives, Fair Value [Line Items] | |||||
Estimated Fair Value | $ 175,000 | $ 4,678,000 | |||
Balance at December 31, 2019 | $ 2,536,000 | (3,495,000) | 516,000 | ||
Unrealized gain (loss) reclassified from accumulated other comprehensive income to interest expense | 3,105,000 | ||||
Loss to be reclassified to interest expense during next 12 months | 3,918,000 | ||||
Estimate of Fair Value Measurement [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Estimated fair value of debt | 1,098,082,000 | 1,082,485,000 | |||
Reported Value Measurement [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Estimated fair value of debt | 1,128,199,000 | 1,093,031,000 | |||
Interest Rate Swap II [Member] | Third Term Loan [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 50,000,000 | ||||
Estimated Fair Value | 0 | 320,000 | |||
Interest Rate Swap II [Member] | Unsecured Debt [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 300,000,000 | ||||
Estimated Fair Value | 0 | 2,287,000 | $ 1,783,000 | ||
Interest Rate Swap II [Member] | Unsecured Credit Facility September 10, 2019 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 300,000,000 | ||||
Estimated Fair Value | 1,776,000 | 0 | |||
Interest Rate Swap [Member] | Third Term Loan [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 150,000,000 | ||||
Estimated Fair Value | 0 | 1,741,000 | |||
Interest Rate Swap [Member] | Unsecured Credit Facility September 3, 2019 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 43,900,000 | ||||
Estimated Fair Value | 175,000 | 0 | |||
Interest Rate Swap [Member] | Unsecured Debt [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 103,500,000 | ||||
Estimated Fair Value | 0 | (315,000) | $ 1,783,000 | ||
Interest Rate Swap [Member] | Second Term Loan [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 103,500,000 | ||||
Estimated Fair Value | 0 | (314,000) | |||
Interest Rate Swap [Member] | Unsecured Credit Facility August 10, 2017 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Estimated Fair Value | $ 1,379,000 | ||||
Interest Rate Swap Four [Member] | Unsecured Credit Facility September 3, 2019 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 103,500,000 | ||||
Estimated Fair Value | (718,000) | 0 | |||
Interest Rate Swap Three [Member] | Unsecured Credit Facility September 3, 2019 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 103,500,000 | ||||
Estimated Fair Value | $ (718,000) | $ 0 |
Share Based Payments (Narrative
Share Based Payments (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Mar. 06, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
LTIP unit issuance (in shares) | 530,281 | |
LTIP Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense period | 21 months 28 days | |
Restricted Share Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense period | 17 months 19 days | |
Short Term Incentive Program [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards earned, percent in cash | 50.00% | |
Awards earned, percent in equity awards | 50.00% | |
LTIP unit issuance (in shares) | 0 | |
Multi-Year LTIP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shareholders return as percentage of award for achievement level one (in hundredths) | 37.50% | |
Shareholders return as percentage of award for achievement level two (in hundredths) | 37.50% | |
Shareholders return as percentage of award for achievement level three (in hundredths) | 25.00% |
Share Based Payments (Summary O
Share Based Payments (Summary Of Share Based Compensation Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested balance at beginning of the period (in shares) | 450,903 | 107,217 | 210,209 |
Granted (in shares) | 530,281 | 589,106 | 183,784 |
Vested (in shares) | (539,983) | (245,420) | (286,776) |
Forfeited (in shares) | 0 | 0 | 0 |
Unvested balance at end of the period (in shares) | 441,201 | 450,903 | 107,217 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, unvested balance at the beginning of the period (in dollars per share) | $ 17.95 | $ 19.63 | $ 22.21 |
Weighted average grant date fair value, unvested balance, granted (in dollars per share) | 18 | 17.91 | 18.53 |
Weighted average grant date fair value, unvested balance, vested (in dollars per share) | (17.97) | (18.59) | (20.82) |
Weighted average grant date fair value, unvested balance at the end of the period (in dollars per share) | $ 17.99 | $ 17.95 | $ 19.63 |
Restricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested balance at beginning of the period (in shares) | 91,859 | 86,833 | 54,761 |
Granted (in shares) | 83,805 | 76,314 | 79,712 |
Vested (in shares) | (80,924) | (70,713) | (44,585) |
Forfeited (in shares) | (2,638) | (575) | (3,055) |
Unvested balance at end of the period (in shares) | 92,102 | 91,859 | 86,833 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, unvested balance at the beginning of the period (in dollars per share) | $ 19.56 | $ 18.58 | $ 21.10 |
Weighted average grant date fair value, unvested balance, granted (in dollars per share) | 16.40 | 19.56 | 18.21 |
Weighted average grant date fair value, unvested balance, vested (in dollars per share) | (19.11) | (18.38) | (21.01) |
Weighted average grant date fair value, unvested balance, forfeited (in dollars per share) | 19.78 | 18.04 | 18.49 |
Weighted average grant date fair value, unvested balance at the end of the period (in dollars per share) | $ 17.07 | $ 19.56 | $ 18.58 |
Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested balance at beginning of the period (in shares) | 0 | 0 | 0 |
Granted (in shares) | 42,533 | 34,752 | 32,674 |
Vested (in shares) | (42,533) | (34,752) | (32,674) |
Forfeited (in shares) | 0 | 0 | |
Unvested balance at end of the period (in shares) | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted average grant date fair value, unvested balance, granted (in dollars per share) | $ 16.01 | $ 19.64 | $ 18.16 |
Weighted average grant date fair value, unvested balance, vested (in dollars per share) | $ (16.01) | $ (19.64) | $ (18.16) |
Share Based Payments (Summary_2
Share Based Payments (Summary of share based compensation expense and unearned compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Expense | $ 9,286 | $ 10,803 | $ 11,436 | $ 9,286 |
Unearned Compensation | 6,668 | 6,545 | ||
LTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Expense | 5,646 | 4,120 | 2,486 | |
Unearned Compensation | 2,878 | 3,027 | ||
Restricted Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Expense | 1,495 | 1,443 | 1,033 | |
Unearned Compensation | 1,051 | 1,318 | ||
Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Expense | 680 | 680 | 593 | |
Unearned Compensation | 0 | 0 | ||
Market Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Expense | 1,467 | 1,120 | 1,002 | |
Unearned Compensation | 2,739 | 2,200 | ||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Expense | 1,515 | 4,073 | $ 4,172 | |
Unearned Compensation | $ 0 | $ 0 |
Share Based Payments (Remaining
Share Based Payments (Remaining unvested target units expected to vest) (Details) | Dec. 31, 2019shares |
2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 445,100 |
2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 84,018 |
2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 3,654 |
2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 531 |
LTIP Units [Member] | 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 376,614 |
LTIP Units [Member] | 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 64,587 |
LTIP Units [Member] | 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 0 |
LTIP Units [Member] | 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 0 |
Restricted Share Awards [Member] | 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 68,486 |
Restricted Share Awards [Member] | 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 19,431 |
Restricted Share Awards [Member] | 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 3,654 |
Restricted Share Awards [Member] | 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Remaining unvested target units, expected to vest | 531 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Earnings Per Share) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Basic and Diluted | |||||||||||||||
Net (Loss) Income | $ 104,940 | $ (5,847) | $ 8,365 | ||||||||||||
Loss (Income) allocated to Noncontrolling Interests | (5,072) | 2,178 | 1,625 | ||||||||||||
Distributions to Preferred Shareholders | $ (6,043) | $ (6,044) | $ (6,043) | $ (6,044) | $ (6,043) | $ (6,044) | $ (6,043) | $ (6,044) | (24,169) | (24,174) | (24,174) | $ (24,169) | |||
Dividends Paid on Unvested Restricted Shares and LTIP Units | (341) | (981) | (740) | ||||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares | 0 | 0 | 0 | ||||||||||||
Net (Loss) Income from Continuing Operations attributable to Common Shareholders | $ 75,358 | $ (28,824) | $ (14,924) | ||||||||||||
DENOMINATOR: | |||||||||||||||
Weighted average number of common shares - basic (in shares) | 38,516,879 | 38,878,818 | 39,127,385 | 39,115,390 | 39,334,877 | 39,321,062 | 39,246,946 | 39,636,166 | 41,423,804 | 38,907,894 | 39,383,763 | ||||
Effect of dilutive securities: | |||||||||||||||
Restricted Stock Awards and LTIP Units (unvested) (in shares) | 216,225 | 0 | 0 | ||||||||||||
Contingently Issued Shares (in shares) | 416,402 | 0 | 0 | ||||||||||||
Weighted average number of common shares - diluted (in shares) | 38,516,879 | 38,878,818 | 39,127,385 | 39,115,390 | 39,334,877 | 39,321,062 | 39,926,099 | 39,636,166 | 42,056,431 | [1] | 38,907,894 | [1] | 39,383,763 | [1] | |
[1] | Income allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the “Operating Partnership” or “HHLP”) has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership’s common units of limited partnership interest (“Common Units”) and the Operating Partnership’s vested LTIP units (“Vested LTIP Units”) have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income applicable to common shareholders. |
Cash Flow Disclosures And Non_3
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 40,102 | $ 54,158 | $ 49,148 |
Cash paid for income taxes | $ 747 | $ 53 | $ 1,140 |
Cash Flow Disclosures And Non_4
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Non-cash Investing And Financing Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-cash Investing and Financing Activities | |||
Common Shares issued as part of the Dividend Reinvestment Plan | $ 60 | $ 77 | $ 81 |
Acquisition of hotel properties: | |||
Assets acquired through joint venture assignment and assumption | 0 | 0 | 49,999 |
Debt assumed, including premium | 0 | 0 | 44,483 |
Deposit paid in prior period towards acquisition which closed in current period | 0 | 1,000 | 0 |
Conversion of note payable and accrued interest to Non-Controlling Interest | 0 | 3,387 | 0 |
Conversion of Common Units to Common Shares | 0 | 1,173 | 392 |
Issuance of share based payments | 12,924 | 13,661 | 9,572 |
Accrued payables for fixed assets placed into service | 2,506 | 2,912 | 3,403 |
Cumulative Effect of Adoption of ASC 610-20 | 0 | 129,021 | 0 |
Adjustment to Record Non-Controlling Interest at Redemption Value | 488 | 2,708 | 0 |
Adjustment to Record Right of Use Asset & Lease Liability | 55,515 | 0 | 0 |
Amortization related to Right of Use Asset & Lease Liability | $ 967 | $ 0 | $ 0 |
Cash Flow Disclosures And Non_5
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Reconciliation of Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 27,012 | $ 32,598 | $ 17,945 | |
Escrowed cash | 9,973 | 8,185 | 7,641 | |
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $ 36,985 | $ 40,783 | $ 25,586 | $ 194,637 |
Shareholders' Equity And Nonc_2
Shareholders' Equity And Noncontrolling Interests In Partnership (Details) - shares | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |||
Total number of Common Units outstanding (in shares) | 2,129,422 | 2,066,615 | 2,066,615 |
Common units converted to Class A Common Shares (in shares) | 23,964 | 0 | 62,807 |
LTIP unit issuance (in shares) | 530,281 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Remeasurement of net deferred tax asset - Tax Cuts & Jobs Act | $ 0 | $ 0 | $ 4,601 |
Valuation allowance | 497 | $ 497 | |
Tax credits | 415 | ||
Federal [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating loss carryforwards | 35,287 | ||
State [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating loss carryforwards | $ 39,723 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Statutory federal income tax provision | $ (1,208) | $ 1,813 | $ 37,469 | ||||||||
Adjustment for nontaxable income for Hersha Hospitality Trust | 1,419 | (1,269) | (37,670) | ||||||||
Remeasurement of net deferred tax asset - Tax Cuts & Jobs Act | 0 | 0 | 4,601 | ||||||||
State income taxes, net of federal income tax effect | 456 | 32 | 338 | ||||||||
Non-deductible expenses, tax credits, and other, net | (575) | (309) | 524 | ||||||||
Total income tax expense (benefit) | $ 1,876 | $ (551) | $ 4,031 | $ (5,264) | $ (933) | $ 2,685 | $ 1,170 | $ (2,655) | $ 92 | $ 267 | $ 5,262 |
Income Taxes (Components Of The
Income Taxes (Components Of The Company's Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||
Federal | $ (60) | $ (119) | $ 0 | ||||||||
State | 464 | 530 | 0 | ||||||||
Deferred: | |||||||||||
Federal | (302) | 467 | 4,750 | ||||||||
State | (10) | (611) | 512 | ||||||||
Total income tax expense (benefit) | $ 1,876 | $ (551) | $ 4,031 | $ (5,264) | $ (933) | $ 2,685 | $ 1,170 | $ (2,655) | $ 92 | $ 267 | $ 5,262 |
Income Taxes (Components Of Con
Income Taxes (Components Of Consolidated TRS's Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 9,871 | $ 9,700 |
Accrued expenses and other | 1,641 | 1,644 |
Tax credit carryforwards | 415 | 475 |
Total gross deferred tax assets | 11,927 | 11,819 |
Valuation allowance | (497) | (497) |
Total net deferred tax assets | 11,430 | 11,322 |
Deferred tax liabilities: | ||
Depreciation and amortization | 40 | 244 |
Total Net deferred tax assets | $ 11,390 | $ 11,078 |
Income Taxes (Taxability Of Com
Income Taxes (Taxability Of Common And Preferred Share Distributions) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Series C Preferred Shares | |||
Ordinary income (in hundredths) | 100.00% | 100.00% | 100.00% |
Return of Capital (in hundredths) | 0.00% | 0.00% | 0.00% |
Capital Gain Distribution (in hundredths) | 0.00% | 0.00% | 0.00% |
Series D Preferred Shares | |||
Ordinary income (in hundredths) | 100.00% | 100.00% | 100.00% |
Return of Capital (in hundredths) | 0.00% | 0.00% | 0.00% |
Capital Gain Distribution (in hundredths) | 0.00% | 0.00% | 0.00% |
Series E Preferred Shares | |||
Ordinary income (in hundredths) | 100.00% | 100.00% | 100.00% |
Return of Capital (in hundredths) | 0.00% | 0.00% | 0.00% |
Capital Gain Distribution (in hundredths) | 0.00% | 0.00% | 0.00% |
Class A Common Shares | |||
Ordinary income (in hundredths) | 33.03% | 37.91% | 70.95% |
Return of Capital (in hundredths) | 66.97% | 62.09% | 29.05% |
Capital Gain Distribution (in hundredths) | 0.00% | 0.00% | 0.00% |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Hotel Operating Revenues: | |||||||||||||||
Other Revenues | $ 124 | $ 142 | $ 46 | $ 274 | $ 1,870 | $ 170 | $ 84 | $ 3,544 | $ 292 | $ 1,385 | $ 1,097 | ||||
Hotel Operating Expenses: | |||||||||||||||
Other Expenses | 55,411 | 55,062 | 55,658 | 53,133 | 53,839 | 46,514 | 44,717 | 47,879 | |||||||
Income (Loss) from Unconsolidated Joint Ventures | 173 | 38 | 299 | 181 | 166 | 582 | 537 | (201) | $ (2,473) | 691 | 1,084 | (2,473) | |||
(Loss) Income Before Income Taxes | (2,155) | (44) | 9,590 | (13,146) | 1,756 | 5,672 | 13,007 | (11,803) | (5,755) | 8,632 | 110,202 | ||||
Income Tax Expense | (1,876) | 551 | (4,031) | 5,264 | 933 | (2,685) | (1,170) | 2,655 | (92) | (267) | (5,262) | ||||
Net (Loss) Income | (4,031) | 507 | 5,559 | (7,882) | 2,689 | 2,987 | 11,837 | (9,148) | 104,940 | (5,847) | 8,365 | 104,940 | |||
Income (loss) Allocated to Noncontrolling Interests | (240) | (72) | 500 | (1,104) | |||||||||||
(Loss) Income Allocated to Noncontrolling Interests - Consolidated Joint Ventures | 241 | 250 | (1,200) | 0 | |||||||||||
Preferred Distributions | 6,043 | 6,044 | 6,043 | 6,044 | 6,043 | 6,044 | 6,043 | 6,044 | $ 24,169 | 24,174 | 24,174 | 24,169 | |||
Net (Loss) Income Applicable to Common Shareholders | $ (9,262) | $ (5,435) | $ (143) | $ (13,003) | $ (3,355) | $ (3,235) | $ 6,494 | $ (14,088) | $ (27,843) | $ (14,184) | 75,699 | ||||
Earnings per share: | |||||||||||||||
Basic Net (Loss) Income applicable to Common Shareholders (in dollars per share) | $ (0.24) | $ (0.15) | $ (0.01) | $ (0.34) | $ (0.09) | $ (0.09) | $ 0.16 | $ (0.36) | |||||||
Diluted Net (Loss) Income applicable to Common Shareholders (in dollars per share) | $ (0.24) | $ (0.15) | $ (0.01) | $ (0.34) | $ (0.09) | $ (0.09) | $ 0.16 | $ (0.36) | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||
Basic (in shares) | 38,516,879 | 38,878,818 | 39,127,385 | 39,115,390 | 39,334,877 | 39,321,062 | 39,246,946 | 39,636,166 | 41,423,804 | 38,907,894 | 39,383,763 | ||||
Diluted (in shares) | 38,516,879 | 38,878,818 | 39,127,385 | 39,115,390 | 39,334,877 | 39,321,062 | 39,926,099 | 39,636,166 | 42,056,431 | [1] | 38,907,894 | [1] | 39,383,763 | [1] | |
Occupancy [Member] | |||||||||||||||
Hotel Operating Revenues: | |||||||||||||||
Hotel Operating Revenues | $ 105,324 | $ 108,909 | $ 118,980 | $ 91,485 | $ 105,409 | $ 103,958 | $ 109,492 | $ 79,048 | $ 424,698 | $ 397,907 | 411,149 | ||||
Hotel Operating Expenses: | |||||||||||||||
Hotel Operating Expenses | 23,385 | 24,000 | 24,013 | 22,090 | 22,747 | 23,615 | 22,945 | 19,356 | 93,488 | 88,663 | 90,716 | ||||
Food and Beverage [Member] | |||||||||||||||
Hotel Operating Revenues: | |||||||||||||||
Hotel Operating Revenues | 17,028 | 15,870 | 18,253 | 14,228 | 18,379 | 15,628 | 17,001 | 13,538 | 65,379 | 64,546 | 58,491 | ||||
Hotel Operating Expenses: | |||||||||||||||
Hotel Operating Expenses | 13,393 | 12,605 | 13,990 | 12,832 | 14,465 | 12,475 | 13,331 | 11,851 | 52,820 | 52,122 | 47,906 | ||||
Hotel, Other [Member] | |||||||||||||||
Hotel Operating Revenues: | |||||||||||||||
Hotel Operating Revenues | 10,241 | 10,140 | 10,280 | 8,930 | 8,884 | 8,143 | 7,269 | 6,929 | 39,591 | 31,225 | 27,500 | ||||
Hotel Operating Expenses: | |||||||||||||||
Hotel Operating Expenses | 42,856 | 43,476 | 44,607 | 40,189 | $ 41,901 | $ 40,205 | $ 40,383 | $ 35,575 | 171,128 | 158,064 | 156,428 | ||||
Noncontrolling Interests Common Units And LTIP Units [Member] | |||||||||||||||
Hotel Operating Expenses: | |||||||||||||||
Net (Loss) Income | (2,366) | (916) | 5,072 | ||||||||||||
Income (loss) Allocated to Noncontrolling Interests | (812) | (442) | (49) | (1,063) | (2,366) | (916) | 5,072 | ||||||||
Joint Venture Partner [Member] | |||||||||||||||
Hotel Operating Expenses: | |||||||||||||||
Net (Loss) Income | (300) | (3,417) | |||||||||||||
Income (loss) Allocated to Noncontrolling Interests | $ 0 | $ 340 | $ (292) | $ 140 | $ 188 | $ (709) | $ 0 | ||||||||
[1] | Income allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the “Operating Partnership” or “HHLP”) has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership’s common units of limited partnership interest (“Common Units”) and the Operating Partnership’s vested LTIP units (“Vested LTIP Units”) have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income applicable to common shareholders. |
Schedule III - Real Estate An_2
Schedule III - Real Estate And Accumulated Depreciation (Real Estate And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gross Amounts at which Carried at Close of Period | ||||
Total | $ 2,228,864 | $ 2,206,701 | $ 2,159,282 | $ 2,010,621 |
Accumulated Depreciation | (340,499) | $ (277,580) | $ (238,213) | $ (222,512) |
Real Estate Investment [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (333,948) | |||
Initial Costs | ||||
Land | 518,243 | |||
Buildings & Improvements | 1,491,901 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 218,720 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 518,243 | |||
Buildings & Improvements | 1,710,621 | |||
Total | 2,228,864 | |||
Accumulated Depreciation | (340,499) | |||
Net Book Value | 1,888,365 | |||
Courtyard by Marriot Brookline, Brookline, MA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | 0 | |||
Buildings & Improvements | 47,414 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 4,916 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings & Improvements | 52,330 | |||
Total | 52,330 | |||
Accumulated Depreciation | (20,632) | |||
Net Book Value | $ 31,698 | |||
Date of Acquisition | Jun. 16, 2005 | |||
Annapolis Waterfront Hotel, Annapolis, MD [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (28,000) | |||
Initial Costs | ||||
Land | 0 | |||
Buildings & Improvements | 43,251 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 650 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings & Improvements | 43,901 | |||
Total | 43,901 | |||
Accumulated Depreciation | (1,932) | |||
Net Book Value | $ 41,969 | |||
Date of Acquisition | Mar. 28, 2018 | |||
Hilton Garden Inn JFK, JFK Airport, NY [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 0 | |||
Buildings & Improvements | 25,018 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 3,639 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings & Improvements | 28,657 | |||
Total | 28,657 | |||
Accumulated Depreciation | (11,459) | |||
Net Book Value | $ 17,198 | |||
Date of Acquisition | Feb. 16, 2006 | |||
Holiday Inn Express Cambridge, Cambridge, MA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 1,956 | |||
Buildings & Improvements | 9,793 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 3,870 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 1,956 | |||
Buildings & Improvements | 13,663 | |||
Total | 15,619 | |||
Accumulated Depreciation | (5,835) | |||
Net Book Value | $ 9,784 | |||
Date of Acquisition | May 3, 2006 | |||
Hyatt House White Plains, White Plains, NY [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 8,823 | |||
Buildings & Improvements | 30,273 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 11,306 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 8,823 | |||
Buildings & Improvements | 41,579 | |||
Total | 50,402 | |||
Accumulated Depreciation | (14,530) | |||
Net Book Value | $ 35,872 | |||
Date of Acquisition | Dec. 28, 2006 | |||
Hampton Inn Seaport, Seaport, NY [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 7,816 | |||
Buildings & Improvements | 19,040 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,544 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 7,816 | |||
Buildings & Improvements | 20,584 | |||
Total | 28,400 | |||
Accumulated Depreciation | (7,216) | |||
Net Book Value | $ 21,184 | |||
Date of Acquisition | Feb. 1, 2007 | |||
Gate Hotel JFK Airport, JFK Airport, NY [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 0 | |||
Buildings & Improvements | 27,315 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,460 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings & Improvements | 29,775 | |||
Total | 29,775 | |||
Accumulated Depreciation | (9,756) | |||
Net Book Value | $ 20,019 | |||
Date of Acquisition | Jun. 13, 2008 | |||
Hampton Inn Center City/Convention Center, Philadelphia, PA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 3,490 | |||
Buildings & Improvements | 24,382 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 11,699 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 3,490 | |||
Buildings & Improvements | 36,081 | |||
Total | 39,571 | |||
Accumulated Depreciation | (16,850) | |||
Net Book Value | $ 22,721 | |||
Date of Acquisition | Feb. 15, 2006 | |||
Duane Street Hotel, Tribeca, NY [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 8,213 | |||
Buildings & Improvements | 12,869 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,305 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 8,213 | |||
Buildings & Improvements | 15,174 | |||
Total | 23,387 | |||
Accumulated Depreciation | (5,496) | |||
Net Book Value | $ 17,891 | |||
Date of Acquisition | Jan. 4, 2008 | |||
NU Hotel Brooklyn, Brooklyn, NY [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 0 | |||
Buildings & Improvements | 22,042 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,876 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings & Improvements | 23,918 | |||
Total | 23,918 | |||
Accumulated Depreciation | (7,781) | |||
Net Book Value | $ 16,137 | |||
Date of Acquisition | Jan. 14, 2008 | |||
Hilton Garden Inn Tribeca, Tribeca, NY [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (45,450) | |||
Initial Costs | ||||
Land | 21,077 | |||
Buildings & Improvements | 42,955 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,211 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 21,077 | |||
Buildings & Improvements | 44,166 | |||
Total | 65,243 | |||
Accumulated Depreciation | (12,238) | |||
Net Book Value | $ 53,005 | |||
Date of Acquisition | May 1, 2009 | |||
Hampton Inn Washington, D.C., Washington, DC [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 9,335 | |||
Buildings & Improvements | 58,048 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,994 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 9,335 | |||
Buildings & Improvements | 61,042 | |||
Total | 70,377 | |||
Accumulated Depreciation | (14,930) | |||
Net Book Value | $ 55,447 | |||
Date of Acquisition | Sep. 1, 2010 | |||
Sheraton Wilmington South, Wilmington South, DE [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 1,765 | |||
Buildings & Improvements | 16,929 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 5,068 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 1,765 | |||
Buildings & Improvements | 21,997 | |||
Total | 23,762 | |||
Accumulated Depreciation | (7,528) | |||
Net Book Value | $ 16,234 | |||
Date of Acquisition | Dec. 21, 2010 | |||
The Capitol Hill Hotel, Washington, DC [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (25,000) | |||
Initial Costs | ||||
Land | 8,095 | |||
Buildings & Improvements | 35,141 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 4,924 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 8,095 | |||
Buildings & Improvements | 40,065 | |||
Total | 48,160 | |||
Accumulated Depreciation | (11,508) | |||
Net Book Value | $ 36,652 | |||
Date of Acquisition | Apr. 15, 2011 | |||
Courtyard by Marriott Los Angeles Westside, LA Westside, CA [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (35,000) | |||
Initial Costs | ||||
Land | 13,489 | |||
Buildings & Improvements | 27,025 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 4,952 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 13,489 | |||
Buildings & Improvements | 31,977 | |||
Total | 45,466 | |||
Accumulated Depreciation | (9,912) | |||
Net Book Value | $ 35,554 | |||
Date of Acquisition | May 19, 2011 | |||
Cadillac Hotel & Beach Club, Miami, FL [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 35,700 | |||
Buildings & Improvements | 55,805 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 44,315 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 35,700 | |||
Buildings & Improvements | 100,120 | |||
Total | 135,820 | |||
Accumulated Depreciation | (21,328) | |||
Net Book Value | $ 114,492 | |||
Date of Acquisition | Nov. 16, 2011 | |||
The Rittenhouse Hotel, Philadelphia, PA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 7,108 | |||
Buildings & Improvements | 29,556 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 27,868 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 7,108 | |||
Buildings & Improvements | 57,424 | |||
Total | 64,532 | |||
Accumulated Depreciation | (22,271) | |||
Net Book Value | $ 42,261 | |||
Date of Acquisition | Mar. 1, 2012 | |||
The Boxer Boston, Boston, MA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 1,456 | |||
Buildings & Improvements | 14,954 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,112 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 1,456 | |||
Buildings & Improvements | 16,066 | |||
Total | 17,522 | |||
Accumulated Depreciation | (4,314) | |||
Net Book Value | $ 13,208 | |||
Date of Acquisition | May 7, 2012 | |||
Holiday Inn Express Chelsea, Manhattan, NY [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 30,329 | |||
Buildings & Improvements | 57,016 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,049 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 30,329 | |||
Buildings & Improvements | 59,065 | |||
Total | 89,394 | |||
Accumulated Depreciation | (11,860) | |||
Net Book Value | $ 77,534 | |||
Date of Acquisition | Jun. 18, 2012 | |||
Hyatt Union Square, Union Square, New York, NY [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (56,000) | |||
Initial Costs | ||||
Land | 32,940 | |||
Buildings & Improvements | 79,300 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 4,028 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 32,940 | |||
Buildings & Improvements | 83,328 | |||
Total | 116,268 | |||
Accumulated Depreciation | (15,169) | |||
Net Book Value | $ 101,099 | |||
Date of Acquisition | Apr. 9, 2013 | |||
Courtyard By Marriott Downtown San Diego, San Deigo, CA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 15,656 | |||
Buildings & Improvements | 51,674 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,138 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 15,656 | |||
Buildings & Improvements | 53,812 | |||
Total | 69,468 | |||
Accumulated Depreciation | (9,797) | |||
Net Book Value | $ 59,671 | |||
Date of Acquisition | May 30, 2013 | |||
Residence Inn Miami Coconut Grove, Coconut Grove, FL [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 4,146 | |||
Buildings & Improvements | 17,456 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 7,487 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 4,146 | |||
Buildings & Improvements | 24,943 | |||
Total | 29,089 | |||
Accumulated Depreciation | (8,161) | |||
Net Book Value | $ 20,928 | |||
Date of Acquisition | Jun. 12, 2013 | |||
The Hotel Milo, Santa Barbara, CA [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (22,227) | |||
Initial Costs | ||||
Land | 0 | |||
Buildings & Improvements | 55,080 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 4,900 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings & Improvements | 59,980 | |||
Total | 59,980 | |||
Accumulated Depreciation | (10,318) | |||
Net Book Value | $ 49,662 | |||
Date of Acquisition | Feb. 28, 2014 | |||
Hilton Garden Inn Manhattan Midtown East, Midtown East, NY [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (44,325) | |||
Initial Costs | ||||
Land | 45,480 | |||
Buildings & Improvements | 60,762 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 409 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 45,480 | |||
Buildings & Improvements | 61,171 | |||
Total | 106,651 | |||
Accumulated Depreciation | (8,676) | |||
Net Book Value | $ 97,975 | |||
Date of Acquisition | May 27, 2014 | |||
Parrot Key Hotel & Villas, Key West, FL [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 57,889 | |||
Buildings & Improvements | 33,959 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 14,161 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 57,889 | |||
Buildings & Improvements | 48,120 | |||
Total | 106,009 | |||
Accumulated Depreciation | (7,641) | |||
Net Book Value | $ 98,368 | |||
Date of Acquisition | May 7, 2014 | |||
The Winter Haven Hotel Miami Beach, Miami Beach, FL [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 5,400 | |||
Buildings & Improvements | 18,147 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 694 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 5,400 | |||
Buildings & Improvements | 18,841 | |||
Total | 24,241 | |||
Accumulated Depreciation | (3,139) | |||
Net Book Value | $ 21,102 | |||
Date of Acquisition | Dec. 20, 2013 | |||
The Blue Moon Hotel Miami Beach, Miami Beach, FL [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 4,874 | |||
Buildings & Improvements | 20,354 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 981 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 4,874 | |||
Buildings & Improvements | 21,335 | |||
Total | 26,209 | |||
Accumulated Depreciation | (3,579) | |||
Net Book Value | $ 22,630 | |||
Date of Acquisition | Dec. 20, 2013 | |||
The St. Gregory Hotel, Dupont Circle, Washington D.C. [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (22,857) | |||
Initial Costs | ||||
Land | 23,764 | |||
Buildings & Improvements | 33,005 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 7,470 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 23,764 | |||
Buildings & Improvements | 40,475 | |||
Total | 64,239 | |||
Accumulated Depreciation | (6,339) | |||
Net Book Value | $ 57,900 | |||
Date of Acquisition | Jun. 16, 2015 | |||
TownePlace Suites Sunnyvale, Sunnyvale, CA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 0 | |||
Buildings & Improvements | 18,999 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 666 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 0 | |||
Buildings & Improvements | 19,665 | |||
Total | 19,665 | |||
Accumulated Depreciation | (2,348) | |||
Net Book Value | $ 17,317 | |||
Date of Acquisition | Aug. 25, 2015 | |||
The Ritz-Carlton Georgetown, Washington D.C. [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 17,825 | |||
Buildings & Improvements | 29,584 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 3,963 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 17,825 | |||
Buildings & Improvements | 33,547 | |||
Total | 51,372 | |||
Accumulated Depreciation | (3,933) | |||
Net Book Value | $ 47,439 | |||
Date of Acquisition | Dec. 29, 2015 | |||
The Sanctuary Beach Resort, Marina, CA [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (14,489) | |||
Initial Costs | ||||
Land | 20,278 | |||
Buildings & Improvements | 17,319 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 6,725 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 20,278 | |||
Buildings & Improvements | 24,044 | |||
Total | 44,322 | |||
Accumulated Depreciation | (3,763) | |||
Net Book Value | $ 40,559 | |||
Date of Acquisition | Jan. 28, 2016 | |||
Hilton Garden Inn M Street, Washington, DC [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 30,793 | |||
Buildings & Improvements | 67,420 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 179 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 30,793 | |||
Buildings & Improvements | 67,599 | |||
Total | 98,392 | |||
Accumulated Depreciation | (6,475) | |||
Net Book Value | $ 91,917 | |||
Date of Acquisition | Mar. 9, 2016 | |||
The Envoy Boston Seaport, Boston, MA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 25,264 | |||
Buildings & Improvements | 75,979 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 3,725 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 25,264 | |||
Buildings & Improvements | 79,704 | |||
Total | 104,968 | |||
Accumulated Depreciation | (7,299) | |||
Net Book Value | $ 97,669 | |||
Date of Acquisition | Jul. 21, 2016 | |||
Courtyard by Marriott Sunnyvale, Sunnyvale, CA [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (40,600) | |||
Initial Costs | ||||
Land | 17,694 | |||
Buildings & Improvements | 53,272 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 59 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 17,694 | |||
Buildings & Improvements | 53,331 | |||
Total | 71,025 | |||
Accumulated Depreciation | (4,269) | |||
Net Book Value | $ 66,756 | |||
Date of Acquisition | Oct. 20, 2016 | |||
Mystic Marriott Hotel & Spa, Groton, CT [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 1,420 | |||
Buildings & Improvements | 40,440 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 9,646 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 1,420 | |||
Buildings & Improvements | 50,086 | |||
Total | 51,506 | |||
Accumulated Depreciation | (4,932) | |||
Net Book Value | $ 46,574 | |||
Date of Acquisition | Jan. 3, 2017 | |||
The Ritz-Carlton Coconut Grove, Coconut Grove, FL [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 5,185 | |||
Buildings & Improvements | 30,825 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 9,391 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 5,185 | |||
Buildings & Improvements | 40,216 | |||
Total | 45,401 | |||
Accumulated Depreciation | (3,983) | |||
Net Book Value | $ 41,418 | |||
Date of Acquisition | Feb. 1, 2017 | |||
The Pan Pacific Hotel Seattle, Seattle, WA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 13,079 | |||
Buildings & Improvements | 59,255 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 308 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 13,079 | |||
Buildings & Improvements | 59,563 | |||
Total | 72,642 | |||
Accumulated Depreciation | (4,228) | |||
Net Book Value | $ 68,414 | |||
Date of Acquisition | Feb. 21, 2017 | |||
Philadelphia Westin, Philadelphia, PA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 19,154 | |||
Buildings & Improvements | 103,406 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,467 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 19,154 | |||
Buildings & Improvements | 104,873 | |||
Total | 124,027 | |||
Accumulated Depreciation | (6,660) | |||
Net Book Value | $ 117,367 | |||
Date of Acquisition | Jun. 29, 2017 | |||
The Ambrose Hotel, Santa Monica, CA [Member] | Hotel [Member] | ||||
Initial Costs | ||||
Land | $ 18,750 | |||
Buildings & Improvements | 26,839 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,565 | |||
Gross Amounts at which Carried at Close of Period | ||||
Land | 18,750 | |||
Buildings & Improvements | 28,404 | |||
Total | 47,154 | |||
Accumulated Depreciation | (2,414) | |||
Net Book Value | $ 44,740 | |||
Date of Acquisition | Dec. 1, 2016 | |||
Minimum [Member] | Building and Improvements [Member] | ||||
Gross Amounts at which Carried at Close of Period | ||||
Useful life of buildings and improvements | 7 years | |||
Maximum [Member] | Building and Improvements [Member] | ||||
Gross Amounts at which Carried at Close of Period | ||||
Useful life of buildings and improvements | 40 years |
Schedule III - Real Estate An_3
Schedule III - Real Estate And Accumulated Depreciation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Aggregate cost of land, buildings and improvements | $ 1,675,650 | $ 1,745,577 | $ 1,741,293 |
Building and Improvements [Member] | Minimum [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life of buildings and improvements | 7 years | ||
Building and Improvements [Member] | Maximum [Member] | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life of buildings and improvements | 40 years |
Schedule III - Real Estate An_4
Schedule III - Real Estate And Accumulated Depreciation (Reconciliation Of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Real Estate | |||
Balance at beginning of year | $ 2,206,701 | $ 2,159,282 | |
Additions during the year | $ 285,141 | 22,163 | 122,708 |
Dispositions/Deconsolidation of consolidated joint venture during the year | (136,480) | 0 | (75,289) |
Total Real Estate | 2,159,282 | 2,228,864 | 2,206,701 |
Reconciliation of Accumulated Depreciation | |||
Balance at beginning of year | 277,580 | 238,213 | |
Depreciation for year | 50,111 | 62,919 | 55,496 |
Accumulated depreciation on assets sold | (34,410) | 0 | (16,129) |
Balance at the end of year | $ 238,213 | $ 340,499 | $ 277,580 |
Uncategorized Items - ht1231201
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 3,749,000 |
Accumulated Distributions in Excess of Net Income [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (212,145,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 123,228,000 |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable To Noncontrolling Interest, Shares, Adjusted Balance | ht_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestSharesAdjustedBalance | 39,916,661 |
Preferred Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 147,000 |
Stockholders' Equity, Including Portion Attributable To Noncontrolling Interest, Shares, Adjusted Balance | ht_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestSharesAdjustedBalance | 14,701,700 |
Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 957,096,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 123,228,000 |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,164,946,000 |
Total Equity Less Consolidated Joint Venture [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 1,017,175,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 129,021,000 |
Noncontrolling Interests Common Units And Ltip Units [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 60,079,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 5,793,000 |
Stockholders' Equity, Including Portion Attributable To Noncontrolling Interest, Shares, Adjusted Balance | ht_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestSharesAdjustedBalance | 3,223,366 |
Joint Venture Partner [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 0 |
Common Class A [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 399,000 |
Common Class B [Member] | Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 0 |