Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-32514 | ||
Entity Registrant Name | DIAMONDROCK HOSPITALITY CO | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-1180098 | ||
Entity Address, Address Line One | 2 Bethesda Metro Center, Suite 1400, | ||
Entity Address, City or Town | Bethesda, | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20814 | ||
City Area Code | 240 | ||
Local Phone Number | 744-1150 | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.1 | ||
Entity Common Stock, Shares Outstanding (in shares) | 210,073,514 | ||
Documents Incorporated by Reference | Portions of the registrant's Proxy Statement for its 2021 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2020, are incorporated by reference in Part III herein. | ||
Entity Central Index Key | 0001298946 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | DRH | ||
Security Exchange Name | NYSE | ||
8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 8.250% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share | ||
Trading Symbol | DRH Pr A | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Property and equipment, net | $ 2,817,356 | $ 3,026,769 |
Right-of-use assets | 96,673 | 98,145 |
Restricted cash | 23,050 | 57,268 |
Due from hotel managers | 69,495 | 91,207 |
Prepaid and other assets | 28,403 | 29,853 |
Cash and cash equivalents | 111,796 | 122,524 |
Total assets | 3,146,773 | 3,425,766 |
Liabilities: | ||
Mortgage and other debt, net of unamortized debt issuance costs | 595,149 | 616,329 |
Unsecured term loans, net of unamortized debt issuance costs | 398,550 | 398,770 |
Senior unsecured credit facility | 55,000 | 75,000 |
Total debt | 1,048,699 | 1,090,099 |
Deferred income related to key money, net | 10,946 | 11,342 |
Unfavorable contract liabilities, net | 64,796 | 67,422 |
Deferred rent | 56,344 | 52,012 |
Lease liabilities | 104,973 | 103,625 |
Due to hotel managers | 95,548 | 72,445 |
Distributions declared and unpaid | 138 | 25,815 |
Accounts payable and accrued expenses | 46,404 | 81,944 |
Total liabilities | 1,427,848 | 1,504,704 |
Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized: 8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 and no shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 48 | 0 |
Common stock, $0.01 par value; 400,000,000 shares authorized; 210,073,514 and 200,207,795 shares issued and outstanding at December 31, 2020 and 2019, respectively | 2,101 | 2,002 |
Additional paid-in capital | 2,285,491 | 2,089,349 |
Accumulated deficit | (576,531) | (178,861) |
Total stockholders' equity | 1,711,109 | 1,912,490 |
Noncontrolling interests | 7,816 | 8,572 |
Total equity | 1,718,925 | 1,921,062 |
Total liabilities and equity | $ 3,146,773 | $ 3,425,766 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, dividend rate | 8.25% | |
Liquidation preference per share (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares issued (in shares) | 4,760,000 | 0 |
Preferred stock, shares outstanding (in shares) | 4,760,000 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 210,073,514 | 200,207,795 |
Common stock, shares outstanding (in shares) | 210,073,514 | 200,207,795 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Total revenues | $ 299,488 | $ 938,091 | $ 863,704 |
Operating expenses: | |||
Depreciation and amortization | 114,716 | 118,110 | 104,524 |
Impairment losses | 174,120 | 0 | 0 |
Corporate expenses | 27,401 | 28,231 | 28,563 |
Business interruption insurance income | (2,208) | (8,822) | (19,379) |
Gain on property insurance settlement | 0 | (144,192) | (1,724) |
Total operating expenses, net | 668,363 | 684,092 | 733,643 |
Interest and other income, net | (391) | (1,197) | (1,806) |
Interest expense | 53,995 | 46,584 | 40,970 |
Loss on early extinguishment of debt | 0 | 2,373 | 0 |
Total other expenses, net | 53,604 | 47,760 | 39,164 |
(Loss) income before income taxes | (422,479) | 206,239 | 90,897 |
Income tax benefit (expense) | 26,452 | (22,028) | (3,101) |
Net (loss) income | (396,027) | 184,211 | 87,796 |
Less: Net loss (income) attributable to noncontrolling interests | 1,652 | (724) | (12) |
Net (loss) income attributable to the Company | (394,375) | 183,487 | 87,784 |
Distributions to preferred stockholders | (3,300) | 0 | 0 |
Net (loss) income attributable to common stockholders | $ (397,675) | $ 183,487 | $ 87,784 |
(Loss) earnings per share: | |||
Net (loss) income per share available to common stockholders—basic (in dollars per share) | $ (1.97) | $ 0.91 | $ 0.43 |
Net (loss) income per share available to common stockholders—diluted (in dollars per share) | $ (1.97) | $ 0.90 | $ 0.43 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 201,670,721 | 202,009,750 | 205,462,911 |
Diluted (in shares) | 201,670,721 | 202,741,630 | 206,131,150 |
Rooms | |||
Revenues: | |||
Total revenues | $ 196,736 | $ 661,153 | $ 631,048 |
Operating expenses: | |||
Operating expenses | 68,603 | 166,937 | 158,078 |
Food and beverage | |||
Revenues: | |||
Total revenues | 68,566 | 215,261 | 184,097 |
Operating expenses: | |||
Operating expenses | 58,391 | 137,916 | 118,709 |
Other | |||
Revenues: | |||
Total revenues | 34,186 | 61,677 | 48,559 |
Operating expenses: | |||
Operating expenses | 213,631 | 333,505 | 296,535 |
Management fees | |||
Operating expenses: | |||
Operating expenses | 3,578 | 25,475 | 22,159 |
Franchise fees | |||
Operating expenses: | |||
Operating expenses | $ 10,131 | $ 26,932 | $ 26,178 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Cumulative effect of ASC 842 adoptions | Preferred Stock | Preferred StockPreferred Stock | Common Stock | Common StockCommon Stock | Additional Paid-In Capital | Additional Paid-In CapitalCommon Stock | Additional Paid-In CapitalPreferred Stock | Accumulated Deficit | Accumulated DeficitCumulative effect of ASC 842 adoptions | Total Stockholders' Equity | Total Stockholders' EquityCommon Stock | Total Stockholders' EquityPreferred Stock | Total Stockholders' EquityCumulative effect of ASC 842 adoptions | Noncontrolling interests |
Beginning balance (in shares) at Dec. 31, 2017 | 0 | 200,306,733 | ||||||||||||||||
Beginning balance at Dec. 31, 2017 | $ 1,833,645 | $ 0 | $ 2,003 | $ 2,061,451 | $ (229,809) | $ 1,833,645 | $ 0 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Distributions on common stock/units | (103,340) | 465 | (103,705) | (103,240) | (100) | |||||||||||||
Share-based compensation (in shares) | 141,165 | |||||||||||||||||
Share-based compensation | 4,642 | $ 1 | 4,531 | 110 | 4,642 | |||||||||||||
Issuance of common OP units | 7,784 | 7,784 | ||||||||||||||||
Sale of common stock (in shares) | 7,472,946 | |||||||||||||||||
Sale of common stock | 92,248 | $ 75 | 92,173 | 92,248 | ||||||||||||||
Common stock repurchased and retired (in shares) | (3,384,359) | |||||||||||||||||
Common stock repurchased and retired | (32,182) | $ (34) | (32,148) | (32,182) | ||||||||||||||
Net income | 87,796 | 87,784 | 87,784 | 12 | ||||||||||||||
Ending balance at Dec. 31, 2018 | 1,890,593 | $ (15,286) | $ 0 | $ 2,045 | 2,126,472 | (245,620) | $ (15,286) | 1,882,897 | $ (15,286) | 7,696 | ||||||||
Ending balance (in shares) at Dec. 31, 2018 | 0 | 204,536,485 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Distributions on common stock/units | (101,528) | 441 | (101,442) | (101,001) | (527) | |||||||||||||
Share-based compensation (in shares) | 95,704 | |||||||||||||||||
Share-based compensation | 5,900 | $ 1 | 5,176 | 5,177 | 723 | |||||||||||||
Common stock repurchased and retired (in shares) | (4,428,947) | |||||||||||||||||
Common stock repurchased and retired | $ (42,828) | $ (44) | (42,784) | (42,828) | ||||||||||||||
Redemption of OP units (in shares) | 4,553 | |||||||||||||||||
Redemption of common OP units | $ 0 | 44 | 44 | (44) | ||||||||||||||
Net income | 184,211 | 183,487 | 183,487 | 724 | ||||||||||||||
Ending balance at Dec. 31, 2019 | 1,921,062 | $ 0 | $ 2,002 | 2,089,349 | (178,861) | 1,912,490 | 8,572 | |||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 0 | 200,207,795 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Distributions on preferred stock ($0.694 per preferred share) | (3,300) | (3,300) | (3,300) | |||||||||||||||
Share-based compensation (in shares) | 304,301 | |||||||||||||||||
Share-based compensation | 6,091 | $ 3 | 5,001 | 5 | 5,009 | 1,082 | ||||||||||||
Sale of common stock (in shares) | 4,760,000 | 10,680,856 | ||||||||||||||||
Sale of common stock | $ 86,829 | $ 114,471 | $ 48 | $ 107 | $ 86,722 | $ 114,423 | $ 86,829 | $ 114,471 | ||||||||||
Common stock repurchased and retired (in shares) | (1,119,438) | |||||||||||||||||
Common stock repurchased and retired | (10,000) | $ (11) | (9,989) | (10,000) | ||||||||||||||
Redemption of common OP units | (201) | (15) | (15) | (186) | ||||||||||||||
Net income | (396,027) | (394,375) | (394,375) | (1,652) | ||||||||||||||
Ending balance at Dec. 31, 2020 | $ 1,718,925 | $ 48 | $ 2,101 | $ 2,285,491 | $ (576,531) | $ 1,711,109 | $ 7,816 | |||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 4,760,000 | 210,073,514 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Distributions per common share (in dollars per share) | $ 0.50 | $ 0.50 | |
Distributions per unit (in dollars per share) | $ 0.125 | ||
Accounting standards update | us-gaap:AccountingStandardsUpdate201602Member | ||
Distributions per preferred share (in dollars per share) | $ 0.694 | ||
Preferred Stock | |||
Placement fees and expenses | $ 4,529 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (396,027) | $ 184,211 | $ 87,796 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 114,716 | 118,110 | 104,524 |
Corporate asset depreciation as corporate expenses | 233 | 229 | 216 |
Loss on early extinguishment of debt | 0 | 2,373 | 0 |
Gain on property insurance settlement | 0 | (144,192) | (1,724) |
Non-cash lease expense and other amortization | 5,480 | 7,011 | 5,336 |
Non-cash interest rate swap fair value adjustment | 10,072 | 2,545 | 0 |
Amortization of debt issuance costs | 2,024 | 1,885 | 1,862 |
Impairment losses | 174,120 | 0 | 0 |
Amortization of deferred income related to key money | (396) | (396) | (2,568) |
Share-based compensation | 7,225 | 6,385 | 5,573 |
Deferred income tax expense | (26,538) | 21,018 | 1,591 |
Changes in assets and liabilities: | |||
Prepaid expenses and other assets | (5,412) | (6,674) | 28,657 |
Due to/from hotel managers | 44,526 | (5,082) | (5,686) |
Accounts payable and accrued expenses | (13,709) | 5,866 | (7,997) |
Net cash (used in) provided by operating activities | (83,686) | 193,289 | 217,580 |
Cash flows from investing activities: | |||
Hotel acquisitions | 0 | 0 | (259,883) |
Acquisition of interest in the land underlying the Kimpton Shorebreak Resort | (1,585) | 0 | 0 |
Proceeds from property insurance | 10,663 | 133,529 | 32,466 |
Net cash used in investing activities | (78,973) | (65,730) | (342,588) |
Cash flows from financing activities: | |||
Scheduled mortgage debt principal payments | (14,406) | (14,195) | (13,612) |
Repurchase of common stock | (10,000) | (42,828) | (32,182) |
Proceeds from sale of common stock, net | 86,829 | 0 | 92,679 |
Proceeds from sale of preferred stock, net | 114,471 | 0 | 0 |
Proceeds from mortgage debt | 48,000 | 0 | 0 |
Repayments of mortgage debt | (55,460) | 0 | 0 |
Proceeds from unsecured term loan | 0 | 350,000 | 50,000 |
Repayments of unsecured term loans | 0 | (300,000) | 0 |
Draws on senior unsecured credit facility | 400,000 | 150,000 | 85,000 |
Repayments of senior unsecured credit facility | (420,000) | (75,000) | (85,000) |
Payment of financing costs | (1,410) | (4,805) | (412) |
Distributions on common stock and units | (25,557) | (102,052) | (102,709) |
Distributions on preferred stock | (3,300) | 0 | 0 |
Redemption of Operating Partnership units | (201) | 0 | 0 |
Shares redeemed to satisfy tax withholdings on vested share-based compensation | (1,253) | (485) | (931) |
Net cash provided by (used in) financing activities | 117,713 | (39,365) | (7,167) |
Net (decrease) increase in cash and cash equivalents, and restricted cash | (44,946) | 88,194 | (132,175) |
Cash, cash equivalents, and restricted cash beginning of year | 179,792 | 91,598 | 223,773 |
Cash, cash equivalents, and restricted cash, end of year | 134,846 | 179,792 | 91,598 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid for interest | 43,734 | 43,742 | 38,548 |
Cash (refunded) paid for income taxes | (11) | 1,470 | 2,208 |
Capitalized interest | 2,136 | 1,944 | 0 |
Non-cash cumulative effect of ASC 842 accounting standard adoption | 0 | 15,286 | 0 |
Non-cash Investing and Financing Activities: | |||
Loan assumed in hotel acquisition | 0 | 0 | 2,943 |
Issuance of Operating Partnership units in connection with acquisition of hotel property | 0 | 0 | 7,784 |
Redemption of Operating Partnership units for common stock | 0 | 44 | 0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||
Total cash, cash equivalents, and restricted cash | 134,846 | 91,598 | 91,598 |
Operating Hotels | |||
Cash flows from investing activities: | |||
Capital expenditures for operating hotels | (47,115) | (102,660) | (109,447) |
Frenchman's Reef | |||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Gain on property insurance settlement | (144,200) | ||
Cash flows from investing activities: | |||
Capital expenditures for operating hotels | $ (40,936) | $ (96,599) | $ (5,724) |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. Our hotels are concentrated in key gateway cities and in destination resort locations and many of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”) or Hilton Worldwide (“Hilton”)). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers and hotel brands, which are based on the revenues and profitability of the hotels. As of December 31, 2020, we owned 31 hotels with 10,102 rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Lauderdale, Florida; Fort Worth, Texas; Huntington Beach, California; Key West, Florida (2); New York, New York (4); Phoenix, Arizona; Salt Lake City, Utah; San Diego, California; San Francisco, California (2); Sedona, Arizona (2); Sonoma, California; South Lake Tahoe, California; Washington D.C. (2); St. Thomas, U.S. Virgin Islands; and Vail, Colorado. As of December 31, 2020, the Frenchman's Reef & Morning Star Marriott Beach Resort (“Frenchman's Reef”) is currently closed as a result of damage incurred from Hurricanes Irma and Maria in September 2017. We conduct our business through a traditional umbrella partnership real estate investment trust, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and owns either directly or indirectly 99.6% of the limited partnership units (“common OP units”) of our operating partnership. The remaining 0.4% of the common OP units are held by third parties and executive officers of the Company. See Note 5 for additional disclosures related to common OP units. COVID-19 Pandemic and Management's Response In March 2020, the World Health Organization declared the novel coronavirus (COVID-19) a global pandemic. Since then, the virus has spread throughout the United States and globally. As a result of the pandemic, government mandates and health official recommendations, the demand for lodging has materially decreased. Throughout March and April 2020, we suspended operations at 20 of our 30 previously operating hotels. As of December 31, 2020, we had reopened 17 of those hotels, leaving three of our previously operating hotels unopened. Subsequent to December 31, 2020, one of our hotels closed again and currently remains closed. The hotels that remained open and the hotels that have reopened are operating at historically low occupancy levels. As a result, the COVID-19 pandemic has had a material adverse impact on our operations and financial results for the year ended December 31, 2020. The duration and severity of the COVID-19 pandemic cannot be reasonably estimated at this time, but we expect it will continue to have a material adverse impact on our results of operations, financial position and cash flow into 2021. We have taken steps in order to mitigate the ongoing operational and financial impacts on our business. We drew down funds on our $400 million senior unsecured credit facility, suspended our quarterly common dividend, canceled or deferred a significant portion of our capital expenditures planned for 2020, paused the reconstruction of Frenchman's Reef and reduced corporate expenses through decreases in executive compensation, employee headcount and other expenses. Additionally, in coordination with our hotel operators, we developed and implemented action plans to significantly reduce operating costs at each of our hotels. On June 9, 2020, we executed amendments to the credit agreements for our $400 million senior unsecured credit facility and $400 million of unsecured term loans. The amendments provided a waiver of the quarterly tested financial covenants beginning with the second quarter of 2020 through the first quarter of 2021 and certain other modifications to the covenants thereafter through the fourth quarter of 2021. On January 20, 2021, we executed additional amendments to the credit agreements for our senior unsecured credit facility and unsecured term loans. These additional amendments extended the existing waiver of the quarterly tested financial covenants through the fourth quarter of 2021 and certain other modifications to the covenants thereafter through the first quarter of 2023. See Note 8 for more information about these amendments. Our future compliance with our covenants following the waiver and modification periods is dependent on a recovery in the lodging industry in our hotel markets. Therefore, there can be no assurance that we will meet our financial covenants in the future or that we will be able to obtain additional waivers from our lenders, if needed. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. Our operating partnership meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we consolidate our operating partnership. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. Currently, one of the most significant risks and uncertainties is the potential length and severity of the ongoing COVID-19 pandemic. The COVID-19 pandemic has reduced travel and adversely affected the hospitality industry in general. We believe that the actual and threatened spread of COVID-19 globally or in the regions in which we operate, or the future widespread outbreak of infectious or contagious disease, has impeded and will continue to impede national and international travel in general compared to pre-pandemic levels. The extent to which our business will continue to be affected by COVID-19 will largely depend on future developments, which we cannot predict with a high degree of confidence, and its impact on customer travel, including the duration of the outbreak, the continued spread and treatment of COVID-19, new information and developments that may emerge concerning the severity of COVID-19 and the actions of governments and individuals to contain COVID-19 or mitigate its impact, as well as the effect of any relaxation of current restrictions, among others. To the extent that travel activity in the U.S. continues to be materially and adversely affected by COVID-19, the overall business and financial results of the hospitality industry, as well as the business and financial results of the Company, would similarly continue to be materially and adversely impacted. See Note 1 for additional disclosures related to COVID-19 and its impact on the Company. Going Concern Under the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. In making our evaluation, we considered our financial position and liquidity sources, including forecasted future cash flows and our ability to meet contractual obligations that are due or may become due over the next 12 months. We determined that there is not substantial doubt about our ability to continue as a going concern over the next 12 months as of March 1, 2021. Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs Property and Equipment Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based upon total accumulated cost of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally five one We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its previously estimated useful life. If such events or circumstances are identified, management performs an analysis to compare the estimated undiscounted future cash flows from operations and the net proceeds from the ultimate disposition of a hotel to the carrying amount of the asset. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair value is recorded and an impairment loss is recognized. As a result of the COVID-19 pandemic, during 2020 we reviewed each of our hotel properties for impairment and concluded the carrying amount of each of our hotel properties, with the exception of Frenchman’s Reef as discussed in Note 3, is recoverable. Due to the continuing effects of the pandemic, however, estimated future cash flows could further decline and result in the recognition in future periods of an impairment charge on one or more of our hotel properties. We classify a hotel as held for sale in the period that we commit to a plan to sell the hotel, the sale of the hotel is probable within one year, and it is unlikely that actions required to complete the sale will significantly change or that the sale will be withdrawn. If these criteria are met, we record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and cease recording depreciation expense, and classify the assets and related liabilities as held for sale on the balance sheet. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are generally refundable upon guest cancellation of the related reservation within an established period of time prior to the reservation. Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. 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 all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the negative financial impact of the COVID-19 pandemic, we reassessed the realizability of deferred tax assets. As a result we recorded a valuation allowance of $24.9 million for the year ended December 31, 2020 on our deferred tax assets given our financial results and uncertainty about our ability to utilize our net operating loss carryforwards in future years. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly owned subsidiary of Bloodstone TRS, Inc., our existing taxable REIT subsidiary, or TRS, except for Frenchman’s Reef, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS, and Cavallo Point, The Lodge at the Golden Gate (“Cavallo Point”), which is leased to a wholly owned subsidiary of the Company, which we have elected to be treated as a TRS. We had no accruals for tax uncertainties as of December 31, 2020 and 2019. Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable contract assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period. Share-Based Compensation We account for share-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the accompanying consolidated statements of operations. Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. Restricted Cash Restricted cash primarily consists of cash held in reserve for replacement of furniture and fixtures generally held by our hotel managers and cash held in escrow pursuant to lender requirements. Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Debt issuance costs related to our Revolving Credit Facility (defined in Note 8) are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the Revolving Credit Facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations. Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees. Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. We aggregate our operating segments using the criteria established by U.S. GAAP, including the similarities of our product offering, types of customers and method of providing service. All of our properties react similarly to economic stimulus, such as business investment, changes in Gross Domestic Product, and changes in travel patterns. As such, all our operating segments meet the aggregation criteria, resulting in a single reportable segment represented by our consolidated financial results. Accounting for Impacts of Natural Disasters Assets destroyed or damaged as a result of natural disasters or other involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. Income resulting from business interruption insurance is not recognized until all contingencies related to the insurance recoveries are resolved. In September 2017, Hurricane Irma caused significant damage to Frenchman's Reef and Havana Cabana Key West. Frenchman's Reef was further impacted by Hurricane Maria. The Company filed insurance claims for the remediation and repair of property damage and business interruption resulting from the hurricanes, as well as from the 2017 wildfires in Northern California that impacted The Lodge at Sonoma Renaissance Resort & Spa. In July 2018, the Company settled the insurance claims for Havana Cabana Key West and The Lodge at Sonoma Renaissance Resort & Spa. The Havana Cabana Key West insurance claim was settled for $8.3 million, net of deductibles. The Lodge at Sonoma Renaissance Resort & Spa claim was settled for $1.3 million, net of deductibles. In June 2019, the Company settled the insurance claim for Frenchman's Reef related to the damages caused by Hurricane Maria for $1.4 million. In December 2019, the Company settled the insurance claim related to Hurricane Irma for total insurance payments of $246.8 million, of which $238.5 million related to Frenchman's Reef and $8.3 million related to the settlement previously agreed to for the Havana Cabana Key West. The settlement amount includes proceeds previously received of $85.0 million and $10.0 million during the years ended December 31, 2018 and 2017, respectively. We received $10.7 million, $142.5 million and $85.0 million in insurance proceeds during the years ended December 31, 2020, 2019 and 2018, respectively. For the year ended December 31, 2019, we recognized a $144.2 million gain related to the settlement of the property damage insurance claim at Frenchman's Reef. For the year ended December 31, 2018, we recognized a $1.7 million gain related to the settlement of the property damage insurance claim at the Havana Cabana Key West. Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which primarily changes the lessee's accounting for operating leases by requiring recognition of right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018. We adopted ASU No. 2016-02, along with its related clarifications and amendments (collectively, “ASC 842”), on January 1, 2019. Our consolidated financial statements as of December 31, 2020 and December 31, 2019 are presented in accordance with ASC 842. The primary impact of the new standard is to the treatment of our ground leases, which represent the majority of all of our operating lease payments. Upon adoption, our right-of-use assets were adjusted for deferred rent and favorable and unfavorable lease intangible amounts included on our balance sheet as of December 31, 2018. On January 1, 2019, we recognized lease liabilities totaling $101.2 million and right-of-use assets totaling $99.6 million. We adopted ASC 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized in accumulated deficit on the adoption date and prior periods were not restated. The adoption of the standard did not have a material impact to our results of operations, cash flows, or liquidity. On adoption of the standard, we elected all available practical expedients provided for in ASC 842, including: (i) no reassessment of whether any expired or existing contracts were or contained leases; (ii) no reassessment of the lease classification for any expired or existing leases; (iii) no reassessment of initial direct costs for any existing leases; and (iv) use of hindsight in determining the lease term and in assessing the likelihood that a purchase option will be exercised. The practical expedients were consistently applied to all existing leases as of January 1, 2019. We also elected an accounting policy to account for leases with an initial term of 12 months or less using existing guidance for operating leases. For lease agreements in which we are the lessor, we have analyzed the standard and determined that there was no material impact to the recognition, measurement, or presentation of these revenues. Room revenues, which constitute the majority of our revenues, are considered short-term leases. We also earn revenues from certain retail leases at our hotel properties, which are included in other revenue. The Company has evaluated all other new ASUs issued by the FASB and has concluded that they do not have a material effect on the Company's consolidated financial statements as of December 31, 2020. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment as of December 31, 2020 and 2019 consists of the following (in thousands): 2020 2019 Land $ 618,210 $ 617,695 Land improvements 7,994 7,994 Buildings 2,724,277 2,751,590 Furniture, fixtures and equipment 539,729 534,802 Construction in progress 37,481 126,464 3,927,691 4,038,545 Less: accumulated depreciation (1,110,335) (1,011,776) $ 2,817,356 $ 3,026,769 As of December 31, 2020 and 2019, we had accrued capital expenditures of $3.9 million and $13.1 million, respectively. On March 2, 2020, we acquired the remaining 4.5% interest in the land underlying the Kimpton Shorebreak Resort located in Huntington Beach, California, for a purchase price of $1.6 million. We now own 100% of the interest in the land underlying the hotel. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We are subject to operating leases, the most significant of which are ground leases. We are the lessee to ground leases under eight of our hotels and one parking garage. The lease liabilities for our operating leases assume the exercise of all available extension options, as we believe they are reasonably certain to be exercised. Additional information regarding the terms of our ground leases can be found in Note 11. As of December 31, 2020, our operating leases have a weighted-average remaining lease term of 66 years and a weighted-average discount rate of 5.77%. The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 11,091 $ 11,248 Variable lease payments $ 295 $ 1,466 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,214 $ 3,239 Maturities of lease liabilities are as follows (in thousands): Year Ending December 31, As of December 31, 2020 2021 $ 3,496 2022 3,940 2023 3,997 2024 3,976 2025 4,035 Thereafter 755,089 Total lease payments 774,533 Less imputed interest (669,560) Total lease liabilities $ 104,973 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity Common Shares We are authorized to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors. We have an “at-the-market” equity offering program (the “ATM Program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200 million. During the year ended December 31, 2020, we sold 10,680,856 shares of common stock at an average price of $8.23 per share for gross proceeds of $87.9 million, less $1.1 million of fees paid to the applicable sales agent and other offering costs. As of March 1, 2021, shares of common stock having an aggregate offering price of up to $112.1 million remained available for sale under the ATM Program. We had a share repurchase program (the “Share Repurchase Program”), which authorized us to repurchase shares of our common stock having an aggregate price of up to $250 million. During the year ended December 31, 2020, we repurchased 1,119,438 shares of our common stock at an average price of $8.91 per share for a total purchase price of $10.0 million. These shares were all repurchased prior to March 4, 2020. The Share Repurchase Program expired on November 5, 2020. Preferred Shares We are authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. In August and September 2020, we issued a total of 4,760,000 shares of Series A Preferred Stock with a liquidation preference of $25.00 per share, for gross proceeds of $119.0 million. In connection with the offering, we incurred $4.5 million of offering costs. On or after August 31, 2025, the Series A Preferred Stock will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to, but not including, the redemption date. Operating Partnership Units In connection with the acquisition of Cavallo Point in December 2018, we issued 796,684 common OP units to third parties, otherwise unaffiliated with the Company, at $11.76 per unit. Each common OP unit is redeemable at the option of the holder. Holders of common OP units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. Long-Term Incentive Partnership units (“LTIP units”), which are also referred to as profits interest units, may be issued to eligible participants under the 2016 Plan (as defined in Note 6 below) for the performance of services to, or for the benefit of, our operating partnership. LTIP units are a class of partnership unit in our operating partnership and will receive, whether vested or not, the same per-unit distributions as the outstanding common OP units, which equal per-share dividends on shares of our common stock. Initially, LTIP units have a capital account balance of zero, do not receive an allocation of operating income (loss), and do not have full parity with common OP units with respect to liquidating distributions. If such parity is reached, vested LTIP units are converted into an equal number of common OP units, and thereafter will possess all of the rights and interests of common OP units, including the right to exchange the common OP units for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option, for shares of our common stock on a one-for-one basis, subject to adjustment upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions. See Note 6 for additional disclosures related to LTIP units. There were 855,191 and 792,131 common OP units held by unaffiliated third parties and executive officers of the Company as of December 31, 2020 and 2019, respectively. There were 243,809 and 244,366 LTIP units outstanding as of December 31, 2020 and 2019, respectively. All vested LTIP units have reached economic parity with common OP units and have been converted into common OP units. Dividends and Distributions We have paid the following dividends to holders of our common stock and distributions to holders of common OP units and LTIP units for the years ended December 31, 2020 and 2019, and through the date of this report: Payment Date Record Date Dividend January 14, 2019 January 4, 2019 $ 0.125 April 12, 2019 March 29, 2019 $ 0.125 July 12, 2019 June 28, 2019 $ 0.125 October 11, 2019 September 30, 2019 $ 0.125 January 13, 2020 January 2, 2020 $ 0.125 Our board of directors suspended the quarterly common dividend commencing with the first quarter dividend that would have been paid in April 2020. The resumption in quarterly common dividends will be determined by our board of directors after considering our projected taxable income, obligations under our financing agreements, expected capital requirements, and risks affecting our business. We have paid the following dividends to holders of our Series A Preferred Stock during 2020, and through the date of this report: Payment Date Record Date Dividend September 30, 2020 September 30, 2020 $ 0.178 December 31, 2020 December 18, 2020 $ 0.516 |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans We are authorized to issue up to 6,082,664 shares of our common stock under our 2016 Equity Incentive Plan (the “2016 Plan”), of which we have issued or committed to issue 3,054,825 shares as of December 31, 2020. In addition to these shares, additional shares of common stock could be issued in connection with the performance stock unit awards as further described below. Restricted Stock Awards Restricted stock awards issued to our officers and employees generally vest over a three-year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations. A summary of our restricted stock awards from January 1, 2018 to December 31, 2020 is as follows: Number of Weighted- Unvested balance at January 1, 2018 630,962 $ 10.66 Granted 349,091 10.19 Forfeited (51,061) 10.44 Vested (287,148) 11.02 Unvested balance at December 31, 2018 641,844 10.25 Granted 162,806 10.38 Forfeited (21,534) 10.37 Vested (310,117) 10.08 Unvested balance at December 31, 2019 472,999 10.40 Granted 344,997 9.39 Forfeited (22,857) 7.73 Vested (237,866) 10.54 Unvested balance at December 31, 2020 557,273 $ 9.83 The remaining share awards are expected to vest as follows: 244,490 during 2021, 139,307 during 2022, and 173,476 during 2023. As of December 31, 2020, the unrecognized compensation cost related to restricted stock awards was $3.3 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 24 months. For the years ended December 31, 2020, 2019, and 2018, we recorded $2.6 million, $2.6 million and $3.1 million, respectively, of compensation expense related to restricted stock awards. Performance Stock Units Performance stock units (“PSUs”) are restricted stock units that vest three years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). The actual number of shares of common stock issued to each executive officer is based on the Company’s performance as measured by two metrics: (1) relative total stockholder return and (2) hotel market share improvement. The achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group of publicly-traded lodging REITs is measured over a three-year performance period. There is no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group. The improvement in market share for each of our hotels is measured over a three-year performance period based on a report prepared for each hotel by STR Global, a well-recognized benchmarking service for the hospitality industry. There is no payout of shares of our common stock if the percentage of our hotels with market share improvements is less than 30%. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if the percentage of our hotels with market share improvements is greater than or equal to 75%. The ratio of total PSUs issued to executive officers is divided between the two metrics as follows: Grant Year Vesting Year Total Shareholder Return Hotel Market Share 2015 2018 100 % — % 2016 2019 75 % 25 % 2017 2020 50 % 50 % 2018 2021 50 % (1) 50 % 2019 2022 50 % (1) 50 % 2020 2023 50 % (1) 50 % ______________________ (1) The number of PSUs to be earned is limited to target if the Company's total stockholder return is negative for the performance period. We measure compensation expense for the PSUs based upon the fair value of the award at the grant date. Compensation expense is recognized on a straight-line basis over the three-year performance period and is included in corporate expenses in the accompanying consolidated statements of operations. The grant date fair value of the portion of the PSUs based on our relative total stockholder return is determined using a Monte Carlo simulation performed by a third-party valuation firm. The grant date fair value of the portion of the PSUs based on improvement in market share for each of our hotels is the closing price of our common stock on the grant date. The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions: Award Grant Date Volatility Risk-Free Rate Fair Value at Grant Date March 2, 2018 26.9 % 2.40 % $ 9.52 April 2, 2018 26.9 % 2.37 % $ 9.00 March 1, 2019 24.3 % 2.54 % $ 9.68 February 25, 2020 21.4 % 1.16 % $ 8.52 A summary of our PSUs from January 1, 2018 to December 31, 2020 is as follows: Number of Weighted- Unvested balance at January 1, 2018 785,797 $ 10.42 Granted 293,111 9.82 Additional units from dividends 35,197 11.24 Vested (1) (218,514) 11.98 Forfeited (113,668) 9.86 Unvested balance at December 31, 2018 781,923 11.19 Granted 296,050 10.14 Additional units from dividends 40,662 10 Vested (2) (251,375) 8.80 Forfeited (70,728) 9.93 Unvested balance at December 31, 2019 796,532 11.16 Granted 352,035 9.02 Additional units from dividends 9,556 10.42 Vested (3) (245,937) 11.00 Unvested balance at December 31, 2020 912,186 $ 9.63 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2018 was equal to 51.75% of the PSU Target Award (2) The number of shares of common stock earned for the PSUs vested in 2019 was equal to 74.33% of the PSU Target Award. (3) The number of shares of common stock earned for the PSUs vested in 2020 was equal to 123.07% of the PSU Target Award. The remaining unvested target units are expected to vest as follows: 290,927 during 2021, 269,224 during 2022, and 352,035 in 2023. As of December 31, 2020, the unrecognized compensation cost related to the PSUs was $3.4 million and is expected to be recognized on a straight-line basis over a period of 22 months. For the years ended December 31, 2020, 2019, and 2018, we recorded approximately $2.7 million, $2.4 million, and $1.9 million, respectively, of compensation expense related to the PSUs. The compensation expense recorded for the year ended December 31, 2018 includes the reversal of $1.0 million of previously recognized compensation expense resulting from the forfeiture of PSUs by our former Executive Vice President and Chief Financial Officer. LTIP Units LTIP units are designed to offer executives a long-term incentive comparable to restricted stock, while allowing them a more favorable income tax treatment. Each LTIP unit awarded is deemed equivalent to an award of one share of common stock reserved under the 2016 Plan. At the time of award, LTIP units do not have full economic parity with common OP units, but can achieve such parity over time upon the occurrence of specified events in accordance with partnership tax rules. A summary of our LTIP units from January 1, 2019 to December 31, 2020 is as follows: Number of Weighted- Unvested balance at January 1, 2019 — $ — Granted 281,925 10.65 Forfeited (37.559) 10.65 Unvested balance at December 31, 2019 244,366 10.65 Granted 80,898 9.58 Vested (81,455) 10.65 Unvested balance at December 31, 2020 243,809 $ 10.29 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is calculated by dividing net income (loss) available to common stockholders that has been adjusted for dilutive securities by the weighted-average number of common shares outstanding including dilutive securities. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of EPS pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income (loss) available to common stockholders used in the basic and diluted EPS calculations. The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per-share data): Years Ended December 31, 2020 2019 2018 Numerator: Net (loss) income attributable to common stockholders $ (397,675) $ 183,487 $ 87,784 Dividends declared on unvested share-based compensation — (132) — Net (loss) income available to common stockholders $ (397,675) $ 183,355 $ 87,784 Denominator: Weighted-average number of common shares outstanding—basic 201,670,721 202,009,750 205,462,911 Effect of dilutive securities: Unvested restricted common stock — 156,146 215,655 Shares related to unvested PSUs — 575,734 452,584 Weighted-average number of common shares outstanding—diluted 201,670,721 202,741,630 206,131,150 (Loss) earnings per share: Net (loss) income per share available to common stockholders—basic $ (1.97) $ 0.91 $ 0.43 Net (loss) income per share available to common stockholders—diluted $ (1.97) $ 0.90 $ 0.43 For the year ended December 31, 2020, 44,045 of unvested PSU's were excluded from diluted weighted-average common shares outstanding, as their effect would be anti-dilutive. For the year ended December 31, 2019, there were no anti-dilutive securities that were excluded from the diluted weighted-average common shares outstanding. The common OP units held by the noncontrolling interest holders have been excluded from the denominator of the diluted EPS calculation as there would be no effect on the amounts since the common OP units' share of income or loss would also be added or subtracted to derive net income (loss) available to common stockholders. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | DebtThe following table sets forth information regarding the Company’s debt as of December 31, 2020 and 2019 (dollars in thousands): Principal Balance Loan Interest Rate as of December 31, 2020 Maturity Date 2020 2019 Salt Lake City Marriott Downtown at City Creek mortgage loan (1) 4.25 % November 2020 $ — $ 53,273 Salt Lake City Marriott Downtown at City Creek mortgage loan LIBOR + 3.25% (2) January 2022 (3) 47,250 — Westin Washington D.C. City Center mortgage loan 3.99 % January 2023 58,282 60,550 The Lodge at Sonoma Renaissance Resort & Spa mortgage loan 3.96 % April 2023 26,268 26,963 Westin San Diego Downtown mortgage loan 3.94 % April 2023 60,261 61,851 Courtyard New York Manhattan / Midtown East mortgage loan 4.40 % August 2024 79,535 81,107 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66 % May 2025 79,214 80,904 JW Marriott Denver Cherry Creek mortgage loan 4.33 % July 2025 60,052 61,253 Westin Boston Waterfront mortgage loan 4.36 % November 2025 186,840 190,725 New Market Tax Credit loan (4) 5.17 % December 2020 — 2,943 Unamortized debt issuance costs (2,553) (3,240) Total mortgage and other debt, net of unamortized debt issuance costs 595,149 616,329 Unsecured term loan LIBOR + 2.35% (5) October 2023 50,000 50,000 Unsecured term loan LIBOR + 2.35% (6) July 2024 350,000 350,000 Unamortized debt issuance costs (1,450) (1,230) Unsecured term loans, net of unamortized debt issuance costs 398,550 398,770 Senior unsecured credit facility LIBOR + 2.40% (7) July 2023 (8) 55,000 75,000 Total debt, net of unamortized debt issuance costs $ 1,048,699 $ 1,090,099 Weighted-Average Interest Rate 3.89% _____________ (1) The loan was repaid on June 25, 2020. (2) LIBOR is subject to a floor of 1.0%. (3) The loan may be extended for an additional year upon satisfaction of certain conditions. (4) Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018. The loan matured and was repaid on December 7, 2020. (5) We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023. (6) We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (7) Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (8) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. The aggregate debt maturities as of December 31, 2020 are as follows (in thousands): 2021 $ 15,318 2022 59,546 2023 194,650 2024 432,381 2025 295,807 Thereafter — $ 997,702 Mortgage and Other Debt We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2020, eight of our 31 hotel properties were secured by mortgage debt. On June 25, 2020, we refinanced our only significant near-term debt maturity by closing on a $48.0 million mortgage loan secured by the Salt Lake City Marriott Downtown at City Creek (“Salt Lake City Marriott”). The loan proceeds were used to repay the existing $52.5 million mortgage loan secured by the Salt Lake City Marriott that was scheduled to mature in November 2020, with the balance funded by corporate cash on hand. The new loan matures in January 2022 and has an option to extend the maturity to January 2023, subject to the satisfaction of certain conditions. The new loan bears interest at LIBOR plus 3.25%. The LIBOR rate is subject to a floor of 1.0%. The loan requires principal payments of $150 thousand per month, with the remaining principal due at maturity. Due to the impact of COVID-19, we requested relief with respect to certain conditions of the loans on our hotels syndicated through commercial mortgage backed security (“CMBS”) pools. With the exception of the mortgage loan secured by the Westin Boston Waterfront, we have not received any of the requested relief. On July 16, 2020, we entered into an amendment to the mortgage loan secured by the Westin Boston Waterfront. The amendment allows us to use the hotel’s current reserve balance for replacement of furniture and fixtures (“FF&E Reserve”) for the debt service payments due for three months beginning August 2020. We are required to replenish any funds from the FF&E Reserve used for amounts due under the loan ratably over a 12-month period ending in June 2022. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios or debt yields that trigger “cash trap” provisions, as well as restrictions on incurring additional debt without lender consent. Such cash trap provisions are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio or debt yield is reached and maintained for a certain period of time. Such provisions do not provide the lender the right to accelerate repayment of the underlying debt. As of December 31, 2020, the debt service coverage ratios or debt yields for all of our mortgage loans were below the minimum thresholds such that the cash trap provision of each respective loan was triggered, with the exception of the mortgage loan secured by the Salt Lake City Marriott, which does not have a cash trap provision. We do not expect that such cash traps affect our ability to satisfy our short-term liquidity requirements. Senior Unsecured Credit Facility and Unsecured Term Loans We are party to credit agreements (the “Credit Agreements”) that provide for a $400 million senior unsecured credit facility (the “Revolving Credit Facility”), which matures in July 2023, a $350 million unsecured term loan maturing in July 2024 (the “Term Loan Facility”) and a $50 million unsecured term loan maturing in October 2023 (the "2023 Term Loan"). The maturity date for the Revolving Credit Facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. The Credit Agreement includes the right to increase the Revolving Credit Facility and Term Loan Facility in aggregate up to $1.2 billion, subject to lender approval. The interest rate on the Revolving Credit Facility is based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio. In addition to the interest payable on amounts outstanding under the Revolving Credit Facility, we are required to pay an amount equal to 0.20% of the unused portion of the Revolving Credit Facility if the average usage is greater than 50% or 0.30% of the unused portion of the Revolving Credit Facility if the average usage is less than or equal to 50%. As of December 31, 2020, we had $55.0 million in borrowings outstanding under the Revolving Credit Facility. We incurred interest and unused fees on the Revolving Credit Facility of $4.5 million, $3.7 million and $1.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. We incurred interest on the unsecured term loans of $13.4 million, $13.7 million and $10.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. On June 9, 2020, we entered into amendments (the “First Amendments”) to the Credit Agreements (as amended, the “Amended Credit Agreements”). The First Amendments waive the quarterly tested financial covenants from June 9, 2020 through the first quarter of 2021, unless we elect to terminate the waiver on an earlier date (such period between June 9, 2020 and the earlier of such date of termination and the end of the first quarter of 2021, the “Covenant Relief Period”). During the Covenant Relief Period and until the date we have demonstrated compliance with the financial covenants for the fiscal quarter following the end of the Covenant Relief Period (the “Restriction Period”), the First Amendments (i) require that the net cash proceeds from certain incurrences of indebtedness, equity issuances and asset dispositions will, subject to various exceptions, be applied as a mandatory prepayment of the amounts outstanding under the Amended Credit Agreements, (ii) impose an additional covenant that we and our subsidiaries maintain minimum liquidity, defined as unrestricted cash plus available capacity on the Revolving Credit Facility, of at least $100.0 million, and (iii) impose additional negative covenants that will limit our ability to incur additional indebtedness, pay dividends and distributions (except to the extent required to maintain REIT status), repurchase shares, make prepayments of other indebtedness, make capital expenditures, conduct asset dispositions or transfers and make investments, in each case subject to various exceptions. During the Restriction Period, acquisitions of encumbered hotels are permitted, subject to a $300 million limitation, and acquisitions of unencumbered hotels are permitted subject to a partial repayment of the outstanding balance on the Revolving Credit Facility or funded with junior capital. Following the end of the Covenant Relief Period, the First Amendments modify certain financial covenants until January 1, 2022 or unless we elect to terminate the period on an earlier date (the “Ratio Adjustment Period”), as follows: • Maximum Leverage Ratio is increased from 60% to 65%; • Unencumbered Leverage Ratio is increased from 60% to 65%; and • Unencumbered Implied Debt Service Coverage Ratio may not be less than 1.00 to 1.00 for the first two testing periods in the Ratio Adjustment Period, not less than 1.10 to 1.00 for the third testing period in the Ratio Adjustment Period and not less than 1.20 to 1.00 for all testing periods thereafter. During the Covenant Relief Period and until the earlier of (i) January 1, 2022 and (ii) the date on which we have demonstrated compliance with the financial covenants, without giving effect to the modifications imposed during the Ratio Adjustment Period for two consecutive quarters following the Covenant Relief Period, the equity interests of certain of our subsidiaries that own unencumbered properties are required to be pledged to secure the obligations owed under the Amended Credit Agreements. During the Covenant Relief Period and the Ratio Adjustment Period, the First Amendments also set the applicable interest rate to LIBOR plus a margin of 2.40% for the Revolving Credit Facility and LIBOR plus a margin of 2.35% for the Term Loan Facility and 2023 Term Loan. The First Amendments also add a LIBOR floor of 0.25% to the variable interest rate calculation. On August 14, 2020, we entered into second amendments to the Amended Credit Agreements that permit us to pay dividends on preferred stock up to $17.5 million annually. On January 20, 2021, we entered into third amendments to the Amended Credit Agreements that provides for the following modifications: • Extends the Covenant Relief Period through the fourth quarter of 2021, unless we elect to terminate the period on an earlier date; • Extends of the Ratio Adjustment Period until April 1, 2023, unless we elect to terminate the period on an earlier date, and further modifies certain financial covenants, as follows: • Maximum Leverage Ratio is increased from 60% to 65%; • Unencumbered Leverage Ratio is increased from 60% to 65%; and • Unencumbered Implied Debt Service Coverage Ratio may not be less than 1.00 to 1.00 • Increases the applicable interest rate as follows: (i) for all revolving loans outstanding, LIBOR plus a margin of 2.55% per annum, and (ii) for all term loans outstanding, LIBOR plus a margin of 2.40% per annum; • Increases the minimum liquidity covenant to $125.0 million; and |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries are subject to federal, state, local and/or foreign income taxes. Our provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2020 2019 2018 Current - Federal $ — $ 420 $ 66 State 79 541 984 Foreign 7 49 460 86 1,010 1,510 Deferred - Federal (13,766) 80 1,857 State (4,866) 132 (122) Foreign (32,819) 20,806 (444) Change in valuation allowance 24,913 — 300 (26,538) 21,018 1,591 Income tax (benefit) provision $ (26,452) $ 22,028 $ 3,101 A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Statutory federal tax (benefit) provision (1) $ (88,733) $ 43,313 $ 19,089 Tax impact of REIT election 37,394 (14,125) (14,439) State income tax (benefit) provision, net of federal tax benefit (3,782) 532 405 Foreign income tax expense (benefit) 3,618 (6,998) (2,927) Change in valuation allowance 24,913 — 300 Other 138 (694) 673 Income tax (benefit) provision $ (26,452) $ 22,028 $ 3,101 _____________________________ (1) Beginning January 1, 2018, the U.S. federal income tax rate decreased from 35% to 21%. Frenchman's Reef is owned by a subsidiary that has elected to be treated as a TRS, and is subject to U.S. Virgin Islands (“USVI”) income taxes. We are party to a tax agreement with the USVI that reduces the income tax rate to approximately 4.4%. In December 2019, we were granted a modification to the tax agreement that reduces the income tax rate to approximately 2.3% beginning January 1, 2020. This agreement expires in February 2030. Deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are paid. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. Deferred tax assets are included in prepaid and other assets and deferred tax liabilities are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The total deferred tax assets and liabilities are as follows (in thousands): 2020 2019 Federal Net operating loss carryforwards $ 13,960 $ — Deferred income 2,799 2,382 Other 24 529 Depreciation and amortization (7,028) (7,928) Less: Valuation allowance (9,166) — Federal - Deferred tax assets (liabilities), net $ 589 $ (5,017) State Net operating loss carryforwards $ 5,639 $ 2,572 Deferred income 712 735 Alternative minimum tax credit carryforwards 80 80 Other 7 167 Depreciation and amortization (1,787) (2,446) Less: Valuation allowance (4,313) (700) State - Deferred tax assets, net $ 338 $ 408 Foreign (USVI) Depreciation and amortization $ 12,134 $ (21,060) Land basis recorded in purchase accounting (2,617) (2,617) Less: Valuation allowance (12,134) — Foreign - Deferred tax liabilities, net $ (2,617) $ (23,677) As of December 31, 2020, we had deferred tax assets of $19.6 million consisting of federal and state net operating loss carryforwards. The state loss carryforwards generally expire in 2022 through 2040 if not utilized by then. Certain of the federal loss carryforwards expire in 2034; the remaining federal loss carryforwards do not expire. We analyze our deferred tax assets for each jurisdiction and record a valuation allowance when we deem it more likely than not that future results will not generate sufficient taxable income to realize the deferred tax assets. As of December 31, 2020, we have a valuation allowance of $25.6 million on our deferred tax assets as we can no longer be assured that we will be able to realize most of these assets due to uncertainties regarding how long the COVID-19 pandemic will last or what the long-term impact will be on our hotels' operations. |
Relationships with Managers and
Relationships with Managers and Franchisors | 12 Months Ended |
Dec. 31, 2020 | |
Relationships With Managers [Abstract] | |
Relationships with Managers and Franchisors | Relationships with Managers and Franchisors We are party to hotel management agreements for each of our hotels owned. Under our hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is generally payable as a percentage of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner's priority. We refer to this excess of operating profits over the owner's priority as “available cash flow.” The following is a summary of management fees for the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Base management fees $ 6,908 $ 21,712 $ 20,467 Incentive management fees — 5,705 5,805 Amortization of deferred income related to key money (227) (227) (2,398) Amortization of unfavorable contract liabilities (3,103) (1,715) (1,715) Total management fees, net $ 3,578 $ 25,475 $ 22,159 None of our hotels earned incentive management fees for the year ended December 31, 2020. Eight of our hotels earned incentive management fees for the year ended December 31, 2019. Nine of our hotels earned incentive management fees for the year ended December 31, 2018. Performance Termination Provisions Our management agreements provide us with termination rights upon a manager's failure to meet certain financial performance criteria and manager's decision not to cure the failure by making a cure payment. Key Money Our managers and franchisors have contributed to us certain amounts in exchange for the right to manage or franchise hotels we have acquired and in connection with the completion of certain brand enhancing capital projects. We refer to these amounts as “key money.” Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized against management fees or franchise fees on the accompanying consolidated statements of operations. We amortized $0.4 million of key money during the year ended December 31, 2020, $0.4 million during the year ended December 31, 2019, and $2.6 million during the year ended December 31, 2018. In connection with the termination of the management agreement for Frenchman's Reef, we accelerated the amortization of key money received from the hotel manager from the date of our notice of termination through the effective termination date of February 20, 2018. We recognized an additional $2.2 million of amortization of key money in connection with this acceleration during the year ended December 31, 2018. Franchise Agreements We have franchise agreements for 19 of our hotels as of December 31, 2020. Pursuant to these franchise agreements, we pay franchise fees based on a percentage of gross room sales, and, under certain agreements, a percentage based on gross food and beverage sales. Further, we pay certain other fees for marketing and reservation services. The following is a summary of franchise fees for the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Franchise fees $ 10,301 $ 27,102 $ 26,348 Amortization of deferred income related to key money (1) (170) (170) (170) Total franchise fees, net $ 10,131 $ 26,932 $ 26,178 _____________________________ (1) Relates to key money received for The Lexington Hotel. In January 2020, we entered into a franchise agreement with Marriott for the Westin Boston Waterfront. The franchise agreement expires in December 2026. In June 2020, our hotel formerly named the Sheraton Suites Key West became the Barbary Beach House Key West and is no longer subject to a franchise agreement. In August 2020, we entered into several agreements with Marriott covering a number of our properties as follows: • We terminated the existing management agreements with Marriott and entered into new franchise agreements with Marriott for the Atlanta Marriott Alpharetta, Salt Lake City Marriott, The Lodge at Sonoma Renaissance Resort & Spa, Renaissance Charleston Historic District Hotel, and Courtyard New York Manhattan/Fifth Avenue. The term of each of the new franchise agreements is generally equivalent to the term remaining under each of the management agreements that were terminated, including Marriott’s extension options. In connection with the change in hotel manager of the Renaissance Charleston Historic District Hotel, we recognized $1.4 million of accelerated amortization of the unfavorable management agreement liability. The accelerated amortization is included as a reduction to management fees on the accompanying consolidated statement of operations for the year ended December 31, 2020. • The franchise agreement for The Lodge at Sonoma Renaissance Resort & Spa provides us an option through July 2022 to convert the hotel to an Autograph Collection Hotel for the remaining franchise term. • We entered into a new franchise agreement for the Vail Marriott Mountain Resort to convert the brand to a Luxury Collection Hotel. The new franchise agreement has a term of 20 years, and the brand conversion will be effective upon the completion of an agreed-upon renovation. • The franchise agreement for The Lexington Hotel was amended to provide the Company with a right to terminate such agreement on or after April 2, 2021, subject to the payment of unamortized key money as of the date of termination and payment of a termination fee. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and Company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance, will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties. Ground Leases Additional information regarding our leases can be found in Note 4. Six of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel as of December 31, 2020: • The Bethesda Marriott Suites hotel is subject to a ground lease that runs until 2087. There are no renewal options. • The Courtyard New York Manhattan/Fifth Avenue is subject to a ground lease that runs until 2085, inclusive of one 49-year renewal option. • The Salt Lake City Marriott is subject to two ground leases: one ground lease covers the land under the hotel and the other ground lease covers the portion of the hotel that extends into the adjacent City Creek Center. We own a 21% interest in the land under the hotel. The term of the ground lease covering the land under the hotel runs through 2056, inclusive of renewal options. The term of the ground lease covering the extension into the City Creek Center is coterminous with the term of the ground lease covering the land under the hotel. As such, the term also runs through 2056, inclusive of renewal options. • The Westin Boston Waterfront is subject to a ground lease that runs until 2099. There are no renewal options. • The Hotel Palomar Phoenix is subject to a ground lease that runs until 2085, inclusive of three renewal options of five years each. • Cavallo Point is subject to a ground lease with the United States National Park Service that runs until 2066. There are no renewal options. A portion of the parking garage relating to the Worthington Renaissance Fort Worth Hotel is subject to three ground leases that cover, contiguously with each other, approximately one-fourth of the land on which the parking garage is constructed. Each of the ground leases has a term that runs through July 2067, inclusive of three 15-year renewal options. The remainder of the land on which the parking garage is constructed is owned by us in fee simple. A portion of the JW Marriott Denver Cherry Creek is subject to a ground lease that covers approximately 5,500 square feet. The term of the ground lease runs through December 2030, inclusive of two 5-year renewal options. The lease may be indefinitely extended thereafter in one-year increments. The remainder of the land on which the hotel is constructed is owned by us in fee simple. We lease the buildings and sublease the underlying land containing 28 of the 70 rooms at the Orchards Inn Sedona, which expires in 2070, including all extension options. The remainder of the land underlying the hotel is owned by us in fee simple. These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard New York Manhattan/Fifth Avenue, Westin Boston Waterfront, Salt Lake City Marriott, and Cavallo Point ground leases). Most of our ground leases require us to make payments for all charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property. In March 2020, we acquired the remaining 4.5% interest in the land underlying the Kimpton Shorebreak Resort located in Huntington Beach, California, for a purchase price of $1.6 million and are now no longer subject to a ground lease. The following table reflects the current and future annual rents under our ground leases: Property Term (1) Annual Rent Bethesda Marriott Suites Through 4/2087 $869,679 (2) Courtyard New York Manhattan/Fifth Avenue (3) 10/2017 - 9/2027 $1,132,812 10/2027 - 9/2037 $1,416,015 10/2037 - 9/2047 $1,770,019 10/2047 - 9/2057 $2,212,524 10/2057 - 9/2067 $2,765,655 10/2067 - 9/2077 $3,457,069 10/2077 - 9/2085 $4,321,336 Salt Lake City Marriott (Ground lease for hotel) (4) Through 12/2056 Greater of $132,000 or 2.6% of annual gross room sales Salt Lake City Marriott (Ground lease for extension) 1/2018 - 12/2056 (5) $13,500 Westin Boston Waterfront (6) (Base rent) 1/2016 - 12/2020 $750,000 1/2021 - 12/2025 $1,000,000 1/2026 - 12/2030 $1,500,000 1/2031 - 12/2035 $1,750,000 1/2036 - 5/2099 No base rent Westin Boston Waterfront (Percentage rent) 6/2016 - 5/2026 1.0% of annual gross revenue 6/2026 - 5/2036 1.5% of annual gross revenue 6/2036 - 5/2046 2.75% of annual gross revenue 6/2046 - 5/2056 3.0% of annual gross revenue 6/2056 - 5/2066 3.25% of annual gross revenue 6/2066 - 5/2099 3.5% of annual gross revenue JW Marriott Denver Cherry Creek 1/2016 - 12/2020 $50,000 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (7) $60,000 Orchards Inn Sedona Through 6/2018 $117,780 7/2018 - 12/2070 $123,499 (8) Hotel Palomar Phoenix (Base Rent) Through 3/2020 $16,875 4/2020 - 3/2021 $33,750 4/2021 - 3/2085 $34,594 (9) Hotel Palomar Phoenix (Government Property Lease Excise Tax) (10) 1/2022 - 12/2023 $390,000 1/2024 - 12/2033 $312,000 1/2034 - 12/2043 $234,000 1/2044 - 12/2053 $156,000 1/2054 - 12/2063 $78,000 1/2064 - 3/2085 $— Cavallo Point (Base Rent) Through 12/2018 $1 1/2019 - 12/2066 $67,034 (11) Cavallo Point (12) (Percentage Rent) Through 12/2018 1.0% of adjusted gross revenue over threshold 1/2019 - 12/2023 2.0% of adjusted gross revenue over threshold 1/2024 - 12/2028 3.0% of adjusted gross revenue over threshold 1/2029 - 12/2033 4.0% of adjusted gross revenue over threshold 1/2034 - 12/2066 5.0% of adjusted gross revenue over threshold Cavallo Point (13) (Participation Rent) Through 12/2066 10.0% of adjusted gross revenue over threshold Property Term (1) Annual Rent Worthington Renaissance Fort Worth Hotel garage ground lease 8/2013 - 7/2022 $40,400 8/2022 - 7/2037 $46,081 8/2037 - 7/2052 $51,763 8/2052 - 7/2067 $57,444 __________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2020. Rent increases annually by 5.5%. (3) The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2020. (4) We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel. (5) Rent will increase from the prior year's rent based on a Consumer Price Index calculation on each January 1, beginning January 1, 2019 and through the end of the lease. (6) Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. (7) Beginning January 2031, we have the right to renew the ground lease in one (8) Represents rent for the year ended December 31, 2020. Rent increases based on a Consumer Price Index calculation annually. (9) Represents rent for the year ended March 31, 2021. Rent increases annually each April by 2.5%. (10) As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute with payments beginning in 2022. (11) Base rent increased in January 2019 and resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. (12) Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent. (13) Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $40 million in 2018, $42 million in 2019, and $42 million plus an annual increase based on a Consumer Price Index calculation for 2020 and every year thereafter through the end of the lease term. |
Fair Value Measurements and Int
Fair Value Measurements and Interest Rate Swaps | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Interest Rate Swaps | Fair Value Measurements and Interest Rate Swaps The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2020 and 2019, in thousands, are as follows: December 31, 2020 December 31, 2019 Carrying Fair Value Carrying Fair Value Debt $ 1,048,699 $ 1,078,900 $ 1,090,099 $ 1,110,353 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs. The fair value of our debt is a Level 2 measurement under the fair value hierarchy (see Note 2). We estimate the fair value of our debt by discounting the future cash flows of each instrument at estimated market rates. The Company's interest rate derivatives, which are not designated or accounted for as accounting hedges, consisted of the following as of December 31, 2020 and 2019, in thousands: Fair Value of Assets (Liabilities) Hedged Debt Type Rate Fixed Index Effective Date Maturity Date Notional Amount December 31, 2020 December 31, 2019 $50 million term loan Swap 2.41 % 1-Month LIBOR January 7, 2019 October 18, 2023 $ 50,000 $ (3,231) $ (1,597) $350 million term loan Swap 1.70 % 1-Month LIBOR July 25, 2019 July 25, 2024 $ 175,000 (9,386) (948) $ (12,617) $ (2,545) The fair values of the interest rate swap agreements are included in accounts payable and accrued expenses on the accompanying consolidated balance sheet as of December 31, 2020. The fair value of our interest rate swaps is a Level 2 measurement under the fair value hierarchy. We estimate the fair value of the interest rate swap based on the interest rate yield curve and implied market volatility as inputs and adjusted for the counterparty's credit risk. We concluded the inputs for the credit risk valuation adjustment are Level 3 inputs, however these inputs are not significant to the fair value measurement in its entirety. The carrying value of our other financial instruments approximate fair value due to the short-term nature of these financial instruments. The following table presents the fair value of assets that are measured on a non-recurring basis (in thousands): Fair Value Measurements as of December 31, 2020 Total Level 1 Level 2 Level 3 Hotel properties $ 45,500 $ — $ — $ 45,500 |
Quarterly Operating Results (Un
Quarterly Operating Results (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Quarterly Operating Results (Unaudited) | Quarterly Operating Results (Unaudited) 2020 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 169,995 $ 20,379 $ 50,067 $ 59,047 Total operating expenses 189,513 88,902 111,870 278,078 Operating (loss) income $ (19,518) $ (68,523) $ (61,803) $ (219,031) Net (loss) income $ (34,692) $ (73,387) $ (79,635) $ (208,313) Net (loss) income attributable to common stockholders $ (34,559) $ (72,782) $ (80,437) $ (209,897) Net (loss) income per share available to common stockholders—basic $ (0.17) $ (0.36) $ (0.40) $ (1.04) Net (loss) income per share available to common stockholders—diluted $ (0.17) $ (0.36) $ (0.40) $ (1.04) 2019 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 202,375 $ 257,918 $ 240,279 $ 237,519 Total operating expenses 185,885 211,960 211,033 75,214 Operating income $ 16,490 $ 45,958 $ 29,246 $ 162,305 Net income $ 8,980 $ 29,074 $ 11,574 $ 134,583 Net income attributable to common stockholders $ 8,945 $ 28,960 $ 11,529 $ 134,053 Net income per share available to common stockholders—basic $ 0.04 $ 0.14 $ 0.06 $ 0.67 Net income per share available to common stockholders—diluted $ 0.04 $ 0.14 $ 0.06 $ 0.66 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | DiamondRock Hospitality Company Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2020 (in thousands) Costs Initial Cost Capitalized Gross Amount at End of Year Building and Subsequent to Building and Accumulated Net Book Year of Depreciation Description Encumbrances Land Improvements Acquisition Land Improvements Total Depreciation Value Acquisition Life Atlanta Marriott Alpharetta $ — $ 3,623 $ 33,503 $ 2,974 $ 3,623 $ 36,477 $ 40,100 $ (13,560) $ 26,540 2005 40 years Barbary Beach House Key West — 49,592 42,958 13,840 49,592 56,798 106,390 (6,651) 99,739 2015 40 years Bethesda Marriott Suites — — 45,656 7,362 — 53,018 53,018 (19,444) 33,574 2004 40 years Cavallo Point, The Lodge at Golden Gate — — 123,100 2,963 — 126,063 126,063 (9,027) 117,036 2018 40 years Chicago Marriott Downtown, Magnificent Mile — 36,900 347,921 97,210 36,900 445,131 482,031 (143,767) 338,264 2006 40 years The Gwen Hotel — 31,650 76,961 22,899 31,650 99,860 131,510 (30,100) 101,410 2006 40 years Courtyard Denver Downtown — 9,400 36,180 6,308 9,400 42,488 51,888 (9,284) 42,604 2011 40 years Courtyard New York Manhattan/Fifth Avenue — — 34,685 5,113 — 39,798 39,798 (15,519) 24,279 2004 40 years Courtyard New York Manhattan/Midtown East (79,535) 16,500 54,812 6,556 16,500 61,368 77,868 (23,401) 54,467 2004 40 years Frenchman's Reef & Morning Star Marriott Beach Resort — 17,713 50,697 (43,361) 17,713 7,336 25,049 — 25,049 2005 40 years Havana Cabana Key West — 32,888 13,371 5,570 32,888 18,941 51,829 (2,622) 49,207 2014 40 years Hilton Boston Downtown/Faneuil Hall — 23,262 128,628 15,211 23,262 143,839 167,101 (29,374) 137,727 2012 40 years Hilton Burlington Lake Champlain — 9,197 40,644 6,720 9,197 47,364 56,561 (9,218) 47,343 2012 40 years Hilton Garden Inn New York/Times Square Central — 60,300 88,896 869 60,300 89,765 150,065 (14,255) 135,810 2014 40 years Hotel Emblem San Francisco — 7,856 21,085 8,728 7,856 29,813 37,669 (4,703) 32,966 2012 40 years Hotel Palomar Phoenix — — 59,703 (61) — 59,642 59,642 (4,286) 55,356 2018 40 years JW Marriott Denver Cherry Creek (60,052) 9,200 63,183 11,074 9,200 74,257 83,457 (15,858) 67,599 2011 40 years Kimpton Shorebreak Resort — 19,908 37,525 4,680 20,423 41,690 62,113 (5,988) 56,125 2015 40 years The Landing Lake Tahoe Resort & Spa — 14,816 24,351 862 14,816 25,213 40,029 (1,838) 38,191 2018 40 years L'Auberge de Sedona — 39,384 22,204 2,002 39,384 24,206 63,590 (3,460) 60,130 2017 40 years The Lexington Hotel — 92,000 229,368 26,805 92,000 256,173 348,173 (58,877) 289,296 2011 40 years Orchards Inn Sedona — 9,726 10,180 158 9,726 10,338 20,064 (1,075) 18,989 2017 40 years Renaissance Charleston Historic District Hotel — 5,900 32,511 9,411 5,900 41,922 47,822 (9,206) 38,616 2010 40 years Salt Lake City Marriott Downtown at City Creek (47,250) — 45,815 11,015 855 55,975 56,830 (19,755) 37,075 2004 40 years The Lodge at Sonoma Renaissance Resort and Spa (26,268) 3,951 22,720 11,465 3,951 34,185 38,136 (14,310) 23,826 2004 40 years Vail Marriott Mountain Resort — 5,800 52,463 26,109 5,800 78,572 84,372 (22,643) 61,729 2005 40 years Westin Boston Waterfront (186,840) — 273,696 35,183 — 308,879 308,879 (103,983) 204,896 2007 40 years Westin Fort Lauderdale Beach Resort — 54,293 83,227 11,568 54,293 94,795 149,088 (13,837) 135,251 2014 40 years Westin San Diego Downtown (60,261) 22,902 95,617 9,438 22,902 105,055 127,957 (21,887) 106,070 2012 40 years Westin Washington D.C City Center (58,282) 24,579 122,229 13,170 24,579 135,399 159,978 (28,158) 131,820 2012 40 years Worthington Renaissance Fort Worth Hotel (79,214) 15,500 63,428 24,483 15,500 87,911 103,411 (27,457) 75,954 2005 40 years Total $ (597,702) $ 616,840 $ 2,377,317 $ 356,324 $ 618,210 $ 2,732,271 $ 3,350,481 $ (683,543) $ 2,666,938 Notes: A) The change in total cost of properties for the fiscal years ended December 31, 2020, 2019 and 2018 is as follows (in thousands): Balance at December 31, 2017 $ 3,025,089 Additions: Acquisitions 221,970 Capital expenditures 60,950 Deductions: Dispositions and other — Balance at December 31, 2018 3,308,009 Additions: Acquisitions — Capital expenditures 69,270 Deductions: Dispositions and other — Balance at December 31, 2019 3,377,279 Additions: Acquisitions — Capital expenditures 34,512 Deductions: Impairment losses (61,310) Dispositions — Balance at December 31, 2020 $ 3,350,481 B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2020, 2019 and 2018 is as follows (in thousands): Balance at December 31, 2017 $ 492,871 Depreciation and amortization 63,997 Dispositions and other — Balance at December 31, 2018 556,868 Depreciation and amortization 68,543 Dispositions and other — Balance at December 31, 2019 625,411 Depreciation and amortization 73,362 Impairment losses (15,230) Dispositions — Balance at December 31, 2020 $ 683,543 C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $3,311,291 as of December 31, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. Currently, one of the most significant risks and uncertainties is the potential length and severity of the ongoing COVID-19 pandemic. The COVID-19 pandemic has reduced travel and adversely affected the hospitality industry in general. We believe that the actual and threatened spread of COVID-19 globally or in the regions in which we operate, or the future widespread outbreak of infectious or contagious disease, has impeded and will continue to impede national and international travel in general compared to pre-pandemic levels. The extent to which our business will continue to be affected by COVID-19 will largely depend on future developments, which we cannot predict with a high degree of confidence, and its impact on customer travel, including the duration of the outbreak, the continued spread and treatment of COVID-19, new information and developments that may emerge concerning the severity of COVID-19 and the actions of governments and individuals to contain COVID-19 or mitigate its impact, as well as the effect of any relaxation of current restrictions, among others. To the extent that travel activity in the U.S. continues to be materially and adversely affected by COVID-19, the overall business and financial results of the hospitality industry, as well as the business and financial results of the Company, would similarly continue to be materially and adversely impacted. See Note 1 for additional disclosures related to COVID-19 and its impact on the Company. |
Going Concern | Going ConcernUnder the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management has the responsibility to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. In making our evaluation, we considered our financial position and liquidity sources, including forecasted future cash flows and our ability to meet contractual obligations that are due or may become due over the next 12 months. We determined that there is not substantial doubt about our ability to continue as a going concern over the next 12 months as of March 1, 2021. |
Fair Value Measurements | Fair Value Measurements In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between assumptions based on market data (observable inputs) and a reporting entity’s own assumptions (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: • Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities • Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets in markets that are not active and model-derived valuations whose inputs are observable • Level 3 - Model-derived valuations with unobservable inputs |
Property and Equipment | Property and Equipment Investment purchases of hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets that are not businesses are accounted for as asset acquisitions and recorded at relative fair value based upon total accumulated cost of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally five one We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties, current or projected losses from operations, and an expectation that the property is more likely than not to be sold significantly before the end of its previously estimated useful life. If such events or circumstances are identified, management performs an analysis to compare the estimated undiscounted future cash flows from operations and the net proceeds from the ultimate disposition of a hotel to the carrying amount of the asset. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair value is recorded and an impairment loss is recognized. As a result of the COVID-19 pandemic, during 2020 we reviewed each of our hotel properties for impairment and concluded the carrying amount of each of our hotel properties, with the exception of Frenchman’s Reef as discussed in Note 3, is recoverable. Due to the continuing effects of the pandemic, however, estimated future cash flows could further decline and result in the recognition in future periods of an impairment charge on one or more of our hotel properties. We classify a hotel as held for sale in the period that we commit to a plan to sell the hotel, the sale of the hotel is probable within one year, and it is unlikely that actions required to complete the sale will significantly change or that the sale will be withdrawn. If these criteria are met, we record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and cease recording depreciation expense, and classify the assets and related liabilities as held for sale on the balance sheet. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Revenue Recognition | Revenue Recognition Revenues from hotel operations are recognized when the goods or services are provided. Revenues consist of room sales, food and beverage sales, and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the customer. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the customer, such as for restaurant dining services or banquet services. Other revenues are recognized at the point in time or over the time period that goods or services are provided to the customer. Certain ancillary services are provided by third parties and we assess whether we are the principal or agent in these arrangements. If we are the agent, revenue is recognized based upon the commission earned from the third party. If we are the principal, we recognize revenue based upon the gross sales price. Advance deposits are recorded as liabilities when a customer or group of customers provides a deposit for a future stay or banquet event at our hotels. Advance deposits are converted to revenue when the services are provided to the customer or when a customer with a noncancelable reservation fails to arrive for part or all of the reservation. Conversely, advance deposits are |
Income Taxes | Income Taxes We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. 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 all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Due to the negative financial impact of the COVID-19 pandemic, we reassessed the realizability of deferred tax assets. As a result we recorded a valuation allowance of $24.9 million for the year ended December 31, 2020 on our deferred tax assets given our financial results and uncertainty about our ability to utilize our net operating loss carryforwards in future years. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built-in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. |
Intangible Assets and Liabilities | Intangible Assets and LiabilitiesIntangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable contract assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants. No adjustment is made for shares that are anti-dilutive during a period. |
Share-Based Compensation | Share-Based Compensation We account for share-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
Comprehensive Income | Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. |
Derivative Instruments | Derivative Instruments In the normal course of business, we are exposed to the effects of interest rate changes. We may enter into derivative instruments, including interest rate swaps and caps, to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. We have not elected hedge accounting treatment for the changes in the fair value of derivatives. Changes in the fair value of derivatives are recorded each period and are included in interest expense in the accompanying consolidated statements of operations. |
Noncontrolling Interests | Noncontrolling Interests The noncontrolling interest is the portion of equity in our consolidated operating partnership not attributable, directly or indirectly, to the Company. Such noncontrolling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations, revenues, expenses and net income or loss from our less-than-wholly-owned operating partnership are reported within the consolidated amounts, including both the amounts attributable to the Company and noncontrolling interests. Income or loss is allocated to noncontrolling interests based on their weighted average ownership percentage for the applicable period. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of cash held in reserve for replacement of furniture and fixtures generally held by our hotel managers and cash held in escrow pursuant to lender requirements. |
Debt Issuance Costs | Debt Issuance Costs Financing costs are recorded at cost as a component of the debt carrying amount and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method that approximates the effective interest method over the remaining life of the debt and is included in interest expense in the accompanying consolidated statements of operations. Debt issuance costs related to our Revolving Credit Facility (defined in Note 8) are included within prepaid and other assets on the accompanying consolidated balance sheets. These debt issuance costs are amortized ratably over the term of the Revolving Credit Facility, regardless of whether there are any outstanding borrowings, and the amortization is included in interest expense in the accompanying consolidated statements of operations. |
Due to/from Hotel Managers | Due to/from Hotel Managers The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions receivable from managers and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. |
Key Money | Key Money Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement, the term of the franchise agreement, or other systematic and rational period, if appropriate. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to management fees or franchise fees. |
Leases | Leases We determine if an arrangement is a lease or contains an embedded lease at inception. For agreements with both lease and nonlease components (e.g., common-area maintenance costs), we do not separate the nonlease components from the lease components, but account for these components as one. We determine the lease classification (operating or finance) at lease inception. Right-of-use assets and lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. The discount rate used to determine the present value of the lease payments is our incremental borrowing rate as of the lease commencement date, as the implicit rate is not readily determinable. The right-of-use assets also include any initial direct costs and any lease payments made at or before the commencement date, and is reduced for any unrestricted incentives received at or before the commencement date. Options to extend or terminate the lease are included in the recognition of our right-of-use assets and lease liabilities when it is reasonably certain that we will exercise the option. Variable payments that are based on an index or a rate are included in the recognition of our right-of-use assets and lease liabilities using the index or rate at lease commencement; however, changes to these lease payments due to rate or index updates are recorded as rent expense in the period incurred. Contingent rentals based on a percentage of sales in excess of stipulated amounts are not included in the measurement of the lease liability and right-of-use asset but will be recognized as variable lease expense when they are incurred. Leases that contain provisions that increase the fixed minimum lease payments based on previously incurred variable lease payments related to performance will be remeasured, as these payments now represent an increase in the fixed minimum payments for the remainder of the lease term. However, leases with provisions that increase minimum lease payments based on changes in a reference index or rate (e.g. Consumer Price Index) will not be remeasured as such changes do not constitute a resolution of a contingency. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our cash and cash equivalents. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. |
Segment Reporting | Segment Reporting Each one of our hotels is an operating segment. We evaluate each of our properties on an individual basis to assess performance, the level of capital expenditures, and acquisition or disposition transactions. Our evaluation of individual properties is not focused on property type (e.g. urban, suburban, or resort), brand, geographic location, or industry classification. |
Accounting for Impacts of Natural Disasters | Accounting for Impacts of Natural DisastersAssets destroyed or damaged as a result of natural disasters or other involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. Income resulting from business interruption insurance is not recognized until all contingencies related to the insurance recoveries are resolved. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) , which primarily changes the lessee's accounting for operating leases by requiring recognition of right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018. We adopted ASU No. 2016-02, along with its related clarifications and amendments (collectively, “ASC 842”), on January 1, 2019. Our consolidated financial statements as of December 31, 2020 and December 31, 2019 are presented in accordance with ASC 842. The primary impact of the new standard is to the treatment of our ground leases, which represent the majority of all of our operating lease payments. Upon adoption, our right-of-use assets were adjusted for deferred rent and favorable and unfavorable lease intangible amounts included on our balance sheet as of December 31, 2018. On January 1, 2019, we recognized lease liabilities totaling $101.2 million and right-of-use assets totaling $99.6 million. We adopted ASC 842 using the modified retrospective approach whereby the cumulative effect of adoption was recognized in accumulated deficit on the adoption date and prior periods were not restated. The adoption of the standard did not have a material impact to our results of operations, cash flows, or liquidity. On adoption of the standard, we elected all available practical expedients provided for in ASC 842, including: (i) no reassessment of whether any expired or existing contracts were or contained leases; (ii) no reassessment of the lease classification for any expired or existing leases; (iii) no reassessment of initial direct costs for any existing leases; and (iv) use of hindsight in determining the lease term and in assessing the likelihood that a purchase option will be exercised. The practical expedients were consistently applied to all existing leases as of January 1, 2019. We also elected an accounting policy to account for leases with an initial term of 12 months or less using existing guidance for operating leases. For lease agreements in which we are the lessor, we have analyzed the standard and determined that there was no material impact to the recognition, measurement, or presentation of these revenues. Room revenues, which constitute the majority of our revenues, are considered short-term leases. We also earn revenues from certain retail leases at our hotel properties, which are included in other revenue. The Company has evaluated all other new ASUs issued by the FASB and has concluded that they do not have a material effect on the Company's consolidated financial statements as of December 31, 2020. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment as of December 31, 2020 and 2019 consists of the following (in thousands): 2020 2019 Land $ 618,210 $ 617,695 Land improvements 7,994 7,994 Buildings 2,724,277 2,751,590 Furniture, fixtures and equipment 539,729 534,802 Construction in progress 37,481 126,464 3,927,691 4,038,545 Less: accumulated depreciation (1,110,335) (1,011,776) $ 2,817,356 $ 3,026,769 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Expense and Other Information | The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands): Year Ended December 31, 2020 2019 Operating lease cost $ 11,091 $ 11,248 Variable lease payments $ 295 $ 1,466 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,214 $ 3,239 |
Summary of Operating Lease Maturities | Maturities of lease liabilities are as follows (in thousands): Year Ending December 31, As of December 31, 2020 2021 $ 3,496 2022 3,940 2023 3,997 2024 3,976 2025 4,035 Thereafter 755,089 Total lease payments 774,533 Less imputed interest (669,560) Total lease liabilities $ 104,973 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Dividends Payable | We have paid the following dividends to holders of our common stock and distributions to holders of common OP units and LTIP units for the years ended December 31, 2020 and 2019, and through the date of this report: Payment Date Record Date Dividend January 14, 2019 January 4, 2019 $ 0.125 April 12, 2019 March 29, 2019 $ 0.125 July 12, 2019 June 28, 2019 $ 0.125 October 11, 2019 September 30, 2019 $ 0.125 January 13, 2020 January 2, 2020 $ 0.125 We have paid the following dividends to holders of our Series A Preferred Stock during 2020, and through the date of this report: Payment Date Record Date Dividend September 30, 2020 September 30, 2020 $ 0.178 December 31, 2020 December 18, 2020 $ 0.516 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share Based Compensation Restricted Stock Activity | A summary of our restricted stock awards from January 1, 2018 to December 31, 2020 is as follows: Number of Weighted- Unvested balance at January 1, 2018 630,962 $ 10.66 Granted 349,091 10.19 Forfeited (51,061) 10.44 Vested (287,148) 11.02 Unvested balance at December 31, 2018 641,844 10.25 Granted 162,806 10.38 Forfeited (21,534) 10.37 Vested (310,117) 10.08 Unvested balance at December 31, 2019 472,999 10.40 Granted 344,997 9.39 Forfeited (22,857) 7.73 Vested (237,866) 10.54 Unvested balance at December 31, 2020 557,273 $ 9.83 |
Schedule of Performance Shares Issued | The ratio of total PSUs issued to executive officers is divided between the two metrics as follows: Grant Year Vesting Year Total Shareholder Return Hotel Market Share 2015 2018 100 % — % 2016 2019 75 % 25 % 2017 2020 50 % 50 % 2018 2021 50 % (1) 50 % 2019 2022 50 % (1) 50 % 2020 2023 50 % (1) 50 % ______________________ |
Fair Value Valuation Assumptions | The determination of the grant-date fair values of outstanding awards based on our relative total stockholder return included the following assumptions: Award Grant Date Volatility Risk-Free Rate Fair Value at Grant Date March 2, 2018 26.9 % 2.40 % $ 9.52 April 2, 2018 26.9 % 2.37 % $ 9.00 March 1, 2019 24.3 % 2.54 % $ 9.68 February 25, 2020 21.4 % 1.16 % $ 8.52 |
Schedule of Nonvested Performance-based Units Activity | A summary of our PSUs from January 1, 2018 to December 31, 2020 is as follows: Number of Weighted- Unvested balance at January 1, 2018 785,797 $ 10.42 Granted 293,111 9.82 Additional units from dividends 35,197 11.24 Vested (1) (218,514) 11.98 Forfeited (113,668) 9.86 Unvested balance at December 31, 2018 781,923 11.19 Granted 296,050 10.14 Additional units from dividends 40,662 10 Vested (2) (251,375) 8.80 Forfeited (70,728) 9.93 Unvested balance at December 31, 2019 796,532 11.16 Granted 352,035 9.02 Additional units from dividends 9,556 10.42 Vested (3) (245,937) 11.00 Unvested balance at December 31, 2020 912,186 $ 9.63 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2018 was equal to 51.75% of the PSU Target Award (2) The number of shares of common stock earned for the PSUs vested in 2019 was equal to 74.33% of the PSU Target Award. |
Summary of LTIP units | A summary of our LTIP units from January 1, 2019 to December 31, 2020 is as follows: Number of Weighted- Unvested balance at January 1, 2019 — $ — Granted 281,925 10.65 Forfeited (37.559) 10.65 Unvested balance at December 31, 2019 244,366 10.65 Granted 80,898 9.58 Vested (81,455) 10.65 Unvested balance at December 31, 2020 243,809 $ 10.29 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | The following is a reconciliation of the calculation of basic and diluted EPS (in thousands, except share and per-share data): Years Ended December 31, 2020 2019 2018 Numerator: Net (loss) income attributable to common stockholders $ (397,675) $ 183,487 $ 87,784 Dividends declared on unvested share-based compensation — (132) — Net (loss) income available to common stockholders $ (397,675) $ 183,355 $ 87,784 Denominator: Weighted-average number of common shares outstanding—basic 201,670,721 202,009,750 205,462,911 Effect of dilutive securities: Unvested restricted common stock — 156,146 215,655 Shares related to unvested PSUs — 575,734 452,584 Weighted-average number of common shares outstanding—diluted 201,670,721 202,741,630 206,131,150 (Loss) earnings per share: Net (loss) income per share available to common stockholders—basic $ (1.97) $ 0.91 $ 0.43 Net (loss) income per share available to common stockholders—diluted $ (1.97) $ 0.90 $ 0.43 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | The following table sets forth information regarding the Company’s debt as of December 31, 2020 and 2019 (dollars in thousands): Principal Balance Loan Interest Rate as of December 31, 2020 Maturity Date 2020 2019 Salt Lake City Marriott Downtown at City Creek mortgage loan (1) 4.25 % November 2020 $ — $ 53,273 Salt Lake City Marriott Downtown at City Creek mortgage loan LIBOR + 3.25% (2) January 2022 (3) 47,250 — Westin Washington D.C. City Center mortgage loan 3.99 % January 2023 58,282 60,550 The Lodge at Sonoma Renaissance Resort & Spa mortgage loan 3.96 % April 2023 26,268 26,963 Westin San Diego Downtown mortgage loan 3.94 % April 2023 60,261 61,851 Courtyard New York Manhattan / Midtown East mortgage loan 4.40 % August 2024 79,535 81,107 Worthington Renaissance Fort Worth Hotel mortgage loan 3.66 % May 2025 79,214 80,904 JW Marriott Denver Cherry Creek mortgage loan 4.33 % July 2025 60,052 61,253 Westin Boston Waterfront mortgage loan 4.36 % November 2025 186,840 190,725 New Market Tax Credit loan (4) 5.17 % December 2020 — 2,943 Unamortized debt issuance costs (2,553) (3,240) Total mortgage and other debt, net of unamortized debt issuance costs 595,149 616,329 Unsecured term loan LIBOR + 2.35% (5) October 2023 50,000 50,000 Unsecured term loan LIBOR + 2.35% (6) July 2024 350,000 350,000 Unamortized debt issuance costs (1,450) (1,230) Unsecured term loans, net of unamortized debt issuance costs 398,550 398,770 Senior unsecured credit facility LIBOR + 2.40% (7) July 2023 (8) 55,000 75,000 Total debt, net of unamortized debt issuance costs $ 1,048,699 $ 1,090,099 Weighted-Average Interest Rate 3.89% _____________ (1) The loan was repaid on June 25, 2020. (2) LIBOR is subject to a floor of 1.0%. (3) The loan may be extended for an additional year upon satisfaction of certain conditions. (4) Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018. The loan matured and was repaid on December 7, 2020. (5) We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023. (6) We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (7) Effective June 9, 2020, LIBOR is subject to a floor of 0.25%. (8) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary |
Schedule of Maturities of Long-Term Debt | The aggregate debt maturities as of December 31, 2020 are as follows (in thousands): 2021 $ 15,318 2022 59,546 2023 194,650 2024 432,381 2025 295,807 Thereafter — $ 997,702 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Our provision (benefit) for income taxes consists of the following (in thousands): Year Ended December 31, 2020 2019 2018 Current - Federal $ — $ 420 $ 66 State 79 541 984 Foreign 7 49 460 86 1,010 1,510 Deferred - Federal (13,766) 80 1,857 State (4,866) 132 (122) Foreign (32,819) 20,806 (444) Change in valuation allowance 24,913 — 300 (26,538) 21,018 1,591 Income tax (benefit) provision $ (26,452) $ 22,028 $ 3,101 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2020 2019 2018 Statutory federal tax (benefit) provision (1) $ (88,733) $ 43,313 $ 19,089 Tax impact of REIT election 37,394 (14,125) (14,439) State income tax (benefit) provision, net of federal tax benefit (3,782) 532 405 Foreign income tax expense (benefit) 3,618 (6,998) (2,927) Change in valuation allowance 24,913 — 300 Other 138 (694) 673 Income tax (benefit) provision $ (26,452) $ 22,028 $ 3,101 _____________________________ |
Schedule of Deferred Tax Assets and Liabilities | The total deferred tax assets and liabilities are as follows (in thousands): 2020 2019 Federal Net operating loss carryforwards $ 13,960 $ — Deferred income 2,799 2,382 Other 24 529 Depreciation and amortization (7,028) (7,928) Less: Valuation allowance (9,166) — Federal - Deferred tax assets (liabilities), net $ 589 $ (5,017) State Net operating loss carryforwards $ 5,639 $ 2,572 Deferred income 712 735 Alternative minimum tax credit carryforwards 80 80 Other 7 167 Depreciation and amortization (1,787) (2,446) Less: Valuation allowance (4,313) (700) State - Deferred tax assets, net $ 338 $ 408 Foreign (USVI) Depreciation and amortization $ 12,134 $ (21,060) Land basis recorded in purchase accounting (2,617) (2,617) Less: Valuation allowance (12,134) — Foreign - Deferred tax liabilities, net $ (2,617) $ (23,677) |
Relationships with Managers a_2
Relationships with Managers and Franchisors (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Relationships With Managers [Abstract] | |
Summary of Management Fees from Continuing Operations | The following is a summary of management fees for the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Base management fees $ 6,908 $ 21,712 $ 20,467 Incentive management fees — 5,705 5,805 Amortization of deferred income related to key money (227) (227) (2,398) Amortization of unfavorable contract liabilities (3,103) (1,715) (1,715) Total management fees, net $ 3,578 $ 25,475 $ 22,159 |
Schedule of Franchise Fees | The following is a summary of franchise fees for the years ended December 31, 2020, 2019 and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Franchise fees $ 10,301 $ 27,102 $ 26,348 Amortization of deferred income related to key money (1) (170) (170) (170) Total franchise fees, net $ 10,131 $ 26,932 $ 26,178 _____________________________ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Current and Future Minimum Rental Payments for Ground Leases | The following table reflects the current and future annual rents under our ground leases: Property Term (1) Annual Rent Bethesda Marriott Suites Through 4/2087 $869,679 (2) Courtyard New York Manhattan/Fifth Avenue (3) 10/2017 - 9/2027 $1,132,812 10/2027 - 9/2037 $1,416,015 10/2037 - 9/2047 $1,770,019 10/2047 - 9/2057 $2,212,524 10/2057 - 9/2067 $2,765,655 10/2067 - 9/2077 $3,457,069 10/2077 - 9/2085 $4,321,336 Salt Lake City Marriott (Ground lease for hotel) (4) Through 12/2056 Greater of $132,000 or 2.6% of annual gross room sales Salt Lake City Marriott (Ground lease for extension) 1/2018 - 12/2056 (5) $13,500 Westin Boston Waterfront (6) (Base rent) 1/2016 - 12/2020 $750,000 1/2021 - 12/2025 $1,000,000 1/2026 - 12/2030 $1,500,000 1/2031 - 12/2035 $1,750,000 1/2036 - 5/2099 No base rent Westin Boston Waterfront (Percentage rent) 6/2016 - 5/2026 1.0% of annual gross revenue 6/2026 - 5/2036 1.5% of annual gross revenue 6/2036 - 5/2046 2.75% of annual gross revenue 6/2046 - 5/2056 3.0% of annual gross revenue 6/2056 - 5/2066 3.25% of annual gross revenue 6/2066 - 5/2099 3.5% of annual gross revenue JW Marriott Denver Cherry Creek 1/2016 - 12/2020 $50,000 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (7) $60,000 Orchards Inn Sedona Through 6/2018 $117,780 7/2018 - 12/2070 $123,499 (8) Hotel Palomar Phoenix (Base Rent) Through 3/2020 $16,875 4/2020 - 3/2021 $33,750 4/2021 - 3/2085 $34,594 (9) Hotel Palomar Phoenix (Government Property Lease Excise Tax) (10) 1/2022 - 12/2023 $390,000 1/2024 - 12/2033 $312,000 1/2034 - 12/2043 $234,000 1/2044 - 12/2053 $156,000 1/2054 - 12/2063 $78,000 1/2064 - 3/2085 $— Cavallo Point (Base Rent) Through 12/2018 $1 1/2019 - 12/2066 $67,034 (11) Cavallo Point (12) (Percentage Rent) Through 12/2018 1.0% of adjusted gross revenue over threshold 1/2019 - 12/2023 2.0% of adjusted gross revenue over threshold 1/2024 - 12/2028 3.0% of adjusted gross revenue over threshold 1/2029 - 12/2033 4.0% of adjusted gross revenue over threshold 1/2034 - 12/2066 5.0% of adjusted gross revenue over threshold Cavallo Point (13) (Participation Rent) Through 12/2066 10.0% of adjusted gross revenue over threshold Property Term (1) Annual Rent Worthington Renaissance Fort Worth Hotel garage ground lease 8/2013 - 7/2022 $40,400 8/2022 - 7/2037 $46,081 8/2037 - 7/2052 $51,763 8/2052 - 7/2067 $57,444 __________ (1) These terms assume our exercise of all renewal options. (2) Represents rent for the year ended December 31, 2020. Rent increases annually by 5.5%. (3) The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2020. (4) We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel. (5) Rent will increase from the prior year's rent based on a Consumer Price Index calculation on each January 1, beginning January 1, 2019 and through the end of the lease. (6) Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. (7) Beginning January 2031, we have the right to renew the ground lease in one (8) Represents rent for the year ended December 31, 2020. Rent increases based on a Consumer Price Index calculation annually. (9) Represents rent for the year ended March 31, 2021. Rent increases annually each April by 2.5%. (10) As lessee of government property, the hotel is subject to a Government Property Lease Excise Tax under Arizona state statute with payments beginning in 2022. (11) Base rent increased in January 2019 and resets every five years based on the average of the previous three years of adjusted gross revenues, as defined in the ground lease, multiplied by 75%. (12) Percentage rent is applied to annual adjusted gross revenues, as defined in the ground lease, between $30 million and the participation rent threshold. Base rent is deducted from the percentage rent. (13) Participation rent is applied to annual adjusted gross revenues, as defined in the ground lease, over $40 million in 2018, $42 million in 2019, and $42 million plus an annual increase based on a Consumer Price Index calculation for 2020 and every year thereafter through the end of the lease term. |
Fair Value Measurements and I_2
Fair Value Measurements and Interest Rate Swaps (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Certain Financial Assets and Liabilities and Other Financial Instruments | The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2020 and 2019, in thousands, are as follows: December 31, 2020 December 31, 2019 Carrying Fair Value Carrying Fair Value Debt $ 1,048,699 $ 1,078,900 $ 1,090,099 $ 1,110,353 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs. |
Schedule of Interest Rate Derivatives | The Company's interest rate derivatives, which are not designated or accounted for as accounting hedges, consisted of the following as of December 31, 2020 and 2019, in thousands: Fair Value of Assets (Liabilities) Hedged Debt Type Rate Fixed Index Effective Date Maturity Date Notional Amount December 31, 2020 December 31, 2019 $50 million term loan Swap 2.41 % 1-Month LIBOR January 7, 2019 October 18, 2023 $ 50,000 $ (3,231) $ (1,597) $350 million term loan Swap 1.70 % 1-Month LIBOR July 25, 2019 July 25, 2024 $ 175,000 (9,386) (948) $ (12,617) $ (2,545) |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following table presents the fair value of assets that are measured on a non-recurring basis (in thousands): Fair Value Measurements as of December 31, 2020 Total Level 1 Level 2 Level 3 Hotel properties $ 45,500 $ — $ — $ 45,500 |
Quarterly Operating Results (_2
Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | 2020 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 169,995 $ 20,379 $ 50,067 $ 59,047 Total operating expenses 189,513 88,902 111,870 278,078 Operating (loss) income $ (19,518) $ (68,523) $ (61,803) $ (219,031) Net (loss) income $ (34,692) $ (73,387) $ (79,635) $ (208,313) Net (loss) income attributable to common stockholders $ (34,559) $ (72,782) $ (80,437) $ (209,897) Net (loss) income per share available to common stockholders—basic $ (0.17) $ (0.36) $ (0.40) $ (1.04) Net (loss) income per share available to common stockholders—diluted $ (0.17) $ (0.36) $ (0.40) $ (1.04) 2019 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 202,375 $ 257,918 $ 240,279 $ 237,519 Total operating expenses 185,885 211,960 211,033 75,214 Operating income $ 16,490 $ 45,958 $ 29,246 $ 162,305 Net income $ 8,980 $ 29,074 $ 11,574 $ 134,583 Net income attributable to common stockholders $ 8,945 $ 28,960 $ 11,529 $ 134,053 Net income per share available to common stockholders—basic $ 0.04 $ 0.14 $ 0.06 $ 0.67 Net income per share available to common stockholders—diluted $ 0.04 $ 0.14 $ 0.06 $ 0.66 |
Organization (Details)
Organization (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)hotelroomshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 09, 2020USD ($) | Apr. 30, 2020hotel | |
Real Estate Properties [Line Items] | |||||
Number of hotels | 31 | 30 | |||
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | room | 10,102 | ||||
Preferred stock, dividend rate | 8.25% | ||||
Proceeds from sale of preferred stock, net | $ | $ 114,471,000 | $ 0 | $ 0 | ||
Proceeds from sale of common stock, net | $ | 86,829,000 | 0 | 92,679,000 | ||
Cash and cash equivalents | $ | $ 111,796,000 | $ 122,524,000 | $ 43,863,000 | ||
Series A Preferred Stock | |||||
Real Estate Properties [Line Items] | |||||
Shares sold (in shares) | shares | 4,760,000 | ||||
Preferred stock, dividend rate | 8.25% | ||||
Proceeds from sale of preferred stock, net | $ | $ 114,500,000 | ||||
Common Stock | |||||
Real Estate Properties [Line Items] | |||||
Shares sold (in shares) | shares | 10,680,856 | ||||
Proceeds from sale of common stock, net | $ | $ 86,800,000 | ||||
Atlanta, Georgia | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Boston, Massachusetts | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 2 | ||||
Burlington, Vermont | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Charleston, South Carolina | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Chicago, Illinois | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 2 | ||||
Denver, Colorado | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 2 | ||||
Fort Lauderdale, Florida | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Fort Worth, Texas | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Huntington Beach, California | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Sedona, Arizona | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 2 | ||||
Key West, Florida | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 2 | ||||
New York, New York | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 4 | ||||
Phoenix, Arizona | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Salt Lake City, Utah | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
San Diego, California | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
San Francisco, California | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 2 | ||||
South Lake Tahoe, California | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Sonoma, California | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Washington D.C. | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 2 | ||||
St. Thomas, U.S. Virgin Islands | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
Vail, Colorado | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 1 | ||||
DiamondRock Hospitality Limited Partnership | |||||
Real Estate Properties [Line Items] | |||||
General partner, ownership interest | 99.60% | ||||
Limited partner, ownership interest | 0.40% | ||||
Suspended Operations, COVID-19 | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 3 | 20 | |||
Re-opened Operations, COVID-19 | |||||
Real Estate Properties [Line Items] | |||||
Number of hotels | 17 | ||||
Unsecured Term Loan | |||||
Real Estate Properties [Line Items] | |||||
Principal amount | $ | $ 400,000,000 | ||||
Revolving Credit Facility | Line of Credit | |||||
Real Estate Properties [Line Items] | |||||
Maximum borrowing capacity | $ | $ 400,000,000 | $ 400,000,000 | |||
Remaining borrowing capacity | $ | $ 345,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Jun. 30, 2019 | Jul. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Property, Plant and Equipment [Line Items] | ||||||||
Change in valuation allowance | $ 24,913 | $ 0 | $ 300 | |||||
Accrual for tax uncertainties | $ 0 | 0 | 0 | |||||
Proceeds from business interruption insurance | 246,800 | 10,700 | 142,500 | 85,000 | $ 10,000 | |||
Insured event, gain | 0 | 144,192 | 1,724 | |||||
Lease liabilities | 103,625 | 104,973 | 103,625 | |||||
Right-of-use assets | 98,145 | $ 96,673 | 98,145 | |||||
Minimum | Buildings, Land Improvements, and Building Improvements | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Useful life | 5 years | |||||||
Minimum | Furniture, Fixtures and Equipment | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Useful life | 1 year | |||||||
Maximum | Buildings, Land Improvements, and Building Improvements | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Useful life | 40 years | |||||||
Maximum | Furniture, Fixtures and Equipment | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Useful life | 10 years | |||||||
Frenchman's Reef | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Proceeds from business interruption insurance | $ 238,500 | |||||||
Proceeds from insurance settlement, business interruption | $ 1,400 | |||||||
Insured event, gain | $ 144,200 | |||||||
Havana Cabana Key West | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Proceeds from business interruption insurance | $ 8,300 | |||||||
Insured event, gain | $ 1,700 | |||||||
The Lodge at Sonoma | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Proceeds from insurance settlement, business interruption | $ 1,300 | |||||||
Accounting Standards Update 2016-02 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Lease liabilities | $ 101,200 | |||||||
Right-of-use assets | $ 99,600 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property and Equipment | ||
Property and equipment, gross | $ 3,927,691 | $ 4,038,545 |
Less: accumulated depreciation | (1,110,335) | (1,011,776) |
Property and equipment, net | 2,817,356 | 3,026,769 |
Land | ||
Property and Equipment | ||
Property and equipment, gross | 618,210 | 617,695 |
Land improvements | ||
Property and Equipment | ||
Property and equipment, gross | 7,994 | 7,994 |
Buildings | ||
Property and Equipment | ||
Property and equipment, gross | 2,724,277 | 2,751,590 |
Furniture, fixtures and equipment | ||
Property and Equipment | ||
Property and equipment, gross | 539,729 | 534,802 |
Construction in progress | ||
Property and Equipment | ||
Property and equipment, gross | $ 37,481 | $ 126,464 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands | Mar. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||||
Accrued capital expenditures | $ 3,900 | $ 13,100 | |||
Payments to acquire land | $ 1,585 | 0 | $ 0 | ||
Percentage ownership | 100.00% | 100.00% | |||
Impairment losses | $ 174,100 | $ 174,120 | $ 0 | $ 0 | |
Kimpton Shorebreak Resort | |||||
Property, Plant and Equipment [Line Items] | |||||
Interest acquired in land | 4.50% | ||||
Payments to acquire land | $ 1,600 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Dec. 31, 2020hotelground_lease |
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term | 66 years |
Weighted-average discount rate | 5.77% |
Buildings | |
Lessee, Lease, Description [Line Items] | |
Number of operating leases | hotel | 8 |
Parking Garage | |
Lessee, Lease, Description [Line Items] | |
Number of operating leases | ground_lease | 1 |
Leases - Lease Cost and Other I
Leases - Lease Cost and Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 11,091 | $ 11,248 |
Variable lease payments | 295 | 1,466 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 3,214 | $ 3,239 |
Leases - Operating Lease Maturi
Leases - Operating Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2021 | $ 3,496 | |
2022 | 3,940 | |
2023 | 3,997 | |
2024 | 3,976 | |
2025 | 4,035 | |
Thereafter | 755,089 | |
Total lease payments | 774,533 | |
Less imputed interest | (669,560) | |
Total lease liabilities | $ 104,973 | $ 103,625 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
Dec. 31, 2018$ / sharesshares | Sep. 30, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)vote_per_share$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Mar. 01, 2021USD ($) | |
Dividends Payable [Line Items] | ||||||
Common stock, shares authorized (in shares) | shares | 400,000,000 | 400,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Votes per common share | vote_per_share | 1 | |||||
Value amount of shares authorized to be repurchased (up to) | $ | $ 250,000,000 | |||||
Common stock repurchased | $ | $ 10,000,000 | $ 42,828,000 | $ 32,182,000 | |||
Preferred stock, shares authorized (in shares) | shares | 10,000,000 | 10,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Preferred stock, dividend rate | 8.25% | |||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | |||
Preferred stock, redemption price (in dollars per share) | $ / shares | $ 25 | |||||
Limited partnership, price per unit (in dollars per share) | $ / shares | $ 11.76 | $ 11.76 | ||||
Option to redeem for common stock ratio | 1 | 1 | ||||
Common Stock | ||||||
Dividends Payable [Line Items] | ||||||
Shares sold (in shares) | shares | 10,680,856 | |||||
Shares sold, price per share (in dollars per share) | $ / shares | $ 8.23 | |||||
Net proceeds from shares sold | $ | $ 87,900,000 | |||||
Placement fees and expenses | $ | $ 1,100,000 | |||||
Series A Preferred Stock | ||||||
Dividends Payable [Line Items] | ||||||
Shares sold (in shares) | shares | 4,760,000 | |||||
Placement fees and expenses | $ | $ 4,500,000 | |||||
Preferred stock, dividend rate | 8.25% | |||||
Gross proceeds from sale of stock | $ | $ 119,000,000 | |||||
Unaffiliated Third Parties | ||||||
Dividends Payable [Line Items] | ||||||
Common units issued (in shares) | shares | 796,684 | 796,684 | ||||
Operating partnerships units held (in shares) | shares | 855,191 | 792,131 | ||||
Common Stock | ||||||
Dividends Payable [Line Items] | ||||||
Aggregate offering price (up to) | $ | $ 200,000,000 | |||||
Shares repurchased (in shares) | shares | 1,119,438 | 4,428,947 | 3,384,359 | |||
Repurchased shares, average price per share (in dollars per share) | $ / shares | $ 8.91 | |||||
Subsequent Event | ||||||
Dividends Payable [Line Items] | ||||||
Amount remaining under offering program | $ | $ 112,100,000 | |||||
Long-Term Incentive Plan Unit | ||||||
Dividends Payable [Line Items] | ||||||
Units outstanding (in shares) | shares | 0 | 243,809 | 244,366 | 0 |
Equity - Schedule of Dividends
Equity - Schedule of Dividends Payable (Details) - $ / shares | Dec. 31, 2020 | Sep. 30, 2020 | Jan. 13, 2020 | Oct. 11, 2019 | Jul. 12, 2019 | Apr. 12, 2019 | Jan. 14, 2019 |
Equity [Abstract] | |||||||
Common stock, dividends per share (in dollars per share) | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | ||
Preferred stock, dividends per share (in dollars per share) | $ 0.516 | $ 0.178 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 3 years | ||
Awards expected to vest in 2021 (in shares) | 244,490 | ||
Awards expected to vest in 2022 (in shares) | 139,307 | ||
Awards expected to vest in 2023 (in shares) | 173,476 | ||
Unrecognized compensation cost | $ 3,300,000 | ||
Unrecognized compensation expense related to compensation awards, period for recognition (in months) | 24 months | ||
Compensation expense | $ 2,600,000 | $ 2,600,000 | $ 3,100,000 |
Number of shares, vested (in shares) | 237,866 | 310,117 | 287,148 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 3 years | ||
Awards expected to vest in 2021 (in shares) | 290,927 | ||
Awards expected to vest in 2022 (in shares) | 269,224 | ||
Awards expected to vest in 2023 (in shares) | 352,035 | ||
Unrecognized compensation cost | $ 3,400,000 | ||
Unrecognized compensation expense related to compensation awards, period for recognition (in months) | 22 months | ||
Compensation expense | $ 2,700,000 | $ 2,400,000 | $ 1,900,000 |
Performance period (in years) | 3 years | ||
Percentage of target award of maximum possible payout to executives | 150.00% | ||
Compensation expense, forfeitures | $ 1,000,000 | ||
Number of shares, vested (in shares) | 245,937 | 251,375 | 218,514 |
Performance Shares | Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of total stockholder return for payout of shares | 30.00% | ||
Percentage of target award of maximum possible payout to executives | 150.00% | ||
Long-Term Incentive Plan Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Awards expected to vest in 2021 (in shares) | 108,421 | ||
Awards expected to vest in 2022 (in shares) | 108,422 | ||
Awards expected to vest in 2023 (in shares) | 26,966 | ||
Unrecognized compensation cost | $ 1,600,000 | ||
Unrecognized compensation expense related to compensation awards, period for recognition (in months) | 18 months | ||
Compensation expense | $ 1,100,000 | $ 700,000 | $ 0 |
Number of shares, vested (in shares) | 81,455 | ||
2016 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option and Incentive plan, shares authorized (in shares) | 6,082,664 | ||
Number of shares issued or committed to issue (in shares) | 3,054,825 | ||
Maximum | Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of total stockholder return for payout of shares | 30.00% | ||
Minimum | Performance Shares | Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of total stockholder return for payout of shares | 75.00% |
Stock Incentive Plans - Restric
Stock Incentive Plans - Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | |||
Beginning balance (in shares) | 472,999 | 641,844 | 630,962 |
Granted (in shares) | 344,997 | 162,806 | 349,091 |
Forfeited (in shares) | (22,857) | (21,534) | (51,061) |
Vested (in shares) | (237,866) | (310,117) | (287,148) |
Ending balance (in shares) | 557,273 | 472,999 | 641,844 |
Weighted- Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 10.40 | $ 10.25 | $ 10.66 |
Fair Value at Grant Date (in dollars per share) | 9.39 | 10.38 | 10.19 |
Weighted-average grant date fair value, Forfeited (in dollars per share) | 7.73 | 10.37 | 10.44 |
Weighted-average grant date fair value, Vested (in dollars per share) | 10.54 | 10.08 | 11.02 |
Ending balance (in dollars per share) | $ 9.83 | $ 10.40 | $ 10.25 |
Stock Incentive Plans - Perform
Stock Incentive Plans - Performance Stock Units Issued (Details) - Executive Officer - Performance Shares | 12 Months Ended |
Dec. 31, 2020 | |
2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shareholder Return | 100.00% |
Hotel Market Share | 0.00% |
2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shareholder Return | 75.00% |
Hotel Market Share | 25.00% |
2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shareholder Return | 50.00% |
Hotel Market Share | 50.00% |
2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shareholder Return | 50.00% |
Hotel Market Share | 50.00% |
2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shareholder Return | 50.00% |
Hotel Market Share | 50.00% |
2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Shareholder Return | 50.00% |
Hotel Market Share | 50.00% |
Stock Incentive Plans - Fair Va
Stock Incentive Plans - Fair Value Valuation Assumptions (Details) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair Value at Grant Date (in dollars per share) | $ 9.02 | $ 10.14 | $ 9.82 |
March 2, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 26.90% | ||
Risk-Free Rate | 2.40% | ||
Fair Value at Grant Date (in dollars per share) | $ 9.52 | ||
April 2, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 26.90% | ||
Risk-Free Rate | 2.37% | ||
Fair Value at Grant Date (in dollars per share) | $ 9 | ||
March 1, 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 24.30% | ||
Risk-Free Rate | 2.54% | ||
Fair Value at Grant Date (in dollars per share) | $ 9.68 | ||
February 25 , 2020 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 21.40% | ||
Risk-Free Rate | 1.16% | ||
Fair Value at Grant Date (in dollars per share) | $ 8.52 |
Stock Incentive Plans - Perfo_2
Stock Incentive Plans - Performance Stock Units (Details) - Performance Shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Units | |||
Beginning balance (in shares) | 796,532 | 781,923 | 785,797 |
Granted (in shares) | 352,035 | 296,050 | 293,111 |
Additional units from dividends (in shares) | 9,556 | 40,662 | 35,197 |
Vested (in shares) | (245,937) | (251,375) | (218,514) |
Forfeited (in shares) | (70,728) | (113,668) | |
Ending balance (in shares) | 912,186 | 796,532 | 781,923 |
Weighted- Average Grant Date Fair Value | |||
Beginning balance (in dollars per share) | $ 11.16 | $ 11.19 | $ 10.42 |
Granted (in dollars per share) | 9.02 | 10.14 | 9.82 |
Additional unit from dividends (in dollars per share) | 10.42 | 10 | 11.24 |
Vested (in dollars per share) | 11 | 8.80 | 11.98 |
Forfeited (in dollars per share) | 9.93 | 9.86 | |
Ending balance (in dollars per share) | $ 9.63 | $ 11.16 | $ 11.19 |
Stock of common stock earned for the PSUs vested (as a percent) | 123.07% | 74.33% | 51.75% |
Stock Incentive Plans - Stock A
Stock Incentive Plans - Stock Awards Activity (Details) - Long-Term Incentive Plan Unit - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Units | ||
Beginning balance (in shares) | 244,366 | 0 |
Granted (in shares) | 80,898 | 281,925 |
Forfeited (in shares) | (37,559) | |
Vested (in shares) | (81,455) | |
Ending balance (in shares) | 243,809 | 244,366 |
Weighted- Average Grant Date Fair Value | ||
Beginning balance (in dollars per share) | $ 10.65 | $ 0 |
Granted (in dollars per share) | 9.58 | 10.65 |
Forfeited (in dollars per share) | 10.65 | |
Vested (in dollars per share) | 10.65 | |
Ending balance (in dollars per share) | $ 10.29 | $ 10.65 |
Earnings (Loss) Per Share - Cal
Earnings (Loss) Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net (loss) income attributable to common stockholders | $ (209,897) | $ (80,437) | $ (72,782) | $ (34,559) | $ 134,053 | $ 11,529 | $ 28,960 | $ 8,945 | $ (397,675) | $ 183,487 | $ 87,784 |
Dividends declared on unvested share-based compensation | 0 | (132) | 0 | ||||||||
Net (loss) income available to common stockholders | $ (397,675) | $ 183,355 | $ 87,784 | ||||||||
Denominator: | |||||||||||
Weighted-average number of common shares outstanding—basic (in shares) | 201,670,721 | 202,009,750 | 205,462,911 | ||||||||
Effect of dilutive securities: | |||||||||||
Weighted-average number of common shares outstanding—diluted (in shares) | 201,670,721 | 202,741,630 | 206,131,150 | ||||||||
(Loss) earnings per share: | |||||||||||
Net (loss) income per share available to common stockholders—basic (in dollars per share) | $ (1.04) | $ (0.40) | $ (0.36) | $ (0.17) | $ 0.67 | $ 0.06 | $ 0.14 | $ 0.04 | $ (1.97) | $ 0.91 | $ 0.43 |
Net (loss) income per share available to common stockholders—diluted (in dollars per share) | $ (1.04) | $ (0.40) | $ (0.36) | $ (0.17) | $ 0.66 | $ 0.06 | $ 0.14 | $ 0.04 | $ (1.97) | $ 0.90 | $ 0.43 |
Unvested restricted common stock | |||||||||||
Effect of dilutive securities: | |||||||||||
Unvested restricted common stock and shares related to unvested PSUs (in shares) | 0 | 156,146 | 215,655 | ||||||||
Shares related to unvested PSUs | |||||||||||
Effect of dilutive securities: | |||||||||||
Unvested restricted common stock and shares related to unvested PSUs (in shares) | 0 | 575,734 | 452,584 |
Earnings (Loss) Per Share - Nar
Earnings (Loss) Per Share - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares (in shares) | 44,045 | 0 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands | Jun. 25, 2020 | Jun. 09, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Principal balance | $ 997,702 | |||
Total mortgage and other debt, net of unamortized debt issuance costs | 595,149 | $ 616,329 | ||
Total debt | 1,048,699 | 1,090,099 | ||
Senior unsecured credit facility | $ 55,000 | 75,000 | ||
Weighted-Average Interest Rate | 3.89% | |||
Mortgages | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ (2,553) | (3,240) | ||
Total mortgage and other debt, net of unamortized debt issuance costs | 595,149 | 616,329 | ||
Unsecured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | (1,450) | (1,230) | ||
Total debt | 398,550 | 398,770 | ||
Unsecured Term Loan | Unsecured Term Loan Due October 2023 | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 50,000 | 50,000 | ||
Unsecured Term Loan | Unsecured Term Loan Due October 2023 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.35% | |||
Unsecured Term Loan | Unsecured Term Loan Due October 2023 | LIBOR | Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.41% | |||
Unsecured Term Loan | Unsecured Term Loan Due July 2024 | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 350,000 | 350,000 | ||
Unsecured Term Loan | Unsecured Term Loan Due July 2024 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.35% | |||
Unsecured Term Loan | Unsecured Term Loan, $175 million | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 175,000 | |||
Unsecured Term Loan | Unsecured Term Loan, $175 million | London Interbank Offered Rate (LIBOR) Swap Rate | Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.70% | |||
Senior Unsecured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured credit facility | 75,000 | |||
Senior Unsecured Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Principal balance | $ 350,000 | |||
Senior unsecured credit facility | $ 55,000 | |||
Senior Unsecured Credit Facility | Revolving Credit Facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.40% | |||
Salt Lake City Marriott Downtown at City Creek mortgage loan (1) | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 4.25% | |||
Principal balance | $ 0 | 53,273 | ||
Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 3.25% | |||
Principal balance | $ 48,000 | $ 47,250 | 0 | |
Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.25% | |||
Westin Washington D.C. City Center mortgage loan | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 3.99% | |||
Principal balance | $ 58,282 | 60,550 | ||
The Lodge at Sonoma Renaissance Resort & Spa mortgage loan | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 3.96% | |||
Principal balance | $ 26,268 | 26,963 | ||
Westin San Diego Downtown | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 3.94% | |||
Principal balance | $ 60,261 | 61,851 | ||
Courtyard New York Manhattan/Midtown East | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 4.40% | |||
Principal balance | $ 79,535 | 81,107 | ||
Worthington Renaissance Fort Worth Hotel | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 3.66% | |||
Principal balance | $ 79,214 | 80,904 | ||
JW Marriott Denver Cherry Creek | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 4.33% | |||
Principal balance | $ 60,052 | 61,253 | ||
Westin Boston Waterfront | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 4.36% | |||
Principal balance | $ 186,840 | 190,725 | ||
New Market Tax Credit loan | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Interest Rate as of December 31, 2020 | 5.17% | |||
Principal balance | $ 0 | $ 2,943 | ||
Minimum | Unsecured Term Loan | Unsecured Term Loan, $175 million | London Interbank Offered Rate (LIBOR) Swap Rate | Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
Minimum | Senior Unsecured Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
Minimum | Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% | |||
Minimum | Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages | London Interbank Offered Rate (LIBOR) Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.00% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 15,318 |
2022 | 59,546 |
2023 | 194,650 |
2024 | 432,381 |
2025 | 295,807 |
Thereafter | 0 |
Total debt | $ 997,702 |
Debt - Mortgage and Other Debt
Debt - Mortgage and Other Debt (Details) $ in Thousands | Jun. 25, 2020USD ($) | Dec. 31, 2020USD ($)hotel | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 31, 2022USD ($) | Apr. 30, 2020hotel |
Debt Instrument [Line Items] | ||||||
Number of hotels | hotel | 31 | 30 | ||||
Principal balance | $ 997,702 | |||||
Debt repayment | $ 14,406 | $ 14,195 | $ 13,612 | |||
Atlanta, Georgia | ||||||
Debt Instrument [Line Items] | ||||||
Number of hotels | hotel | 1 | |||||
Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Number of hotels | hotel | 8 | |||||
Salt Lake City Marriott Downtown at City Creek mortgage loan | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Principal balance | $ 48,000 | $ 47,250 | $ 0 | |||
Debt repayment | $ 52,500 | |||||
Salt Lake City Marriott Downtown at City Creek mortgage loan | Forecast | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Monthly principal payment | $ 150 | |||||
Salt Lake City Marriott Downtown at City Creek mortgage loan | LIBOR | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.25% | |||||
Salt Lake City Marriott Downtown at City Creek mortgage loan | LIBOR | Minimum | Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% |
Debt - Senior Unsecured Credit
Debt - Senior Unsecured Credit Facility and Unsecured Term Loans (Details) | Jan. 20, 2021USD ($) | Jun. 09, 2020USD ($) | Dec. 31, 2021 | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2021 | Mar. 31, 2023 | Jan. 01, 2022 | Apr. 01, 2021 | Aug. 14, 2020USD ($) |
Line of Credit Facility [Line Items] | ||||||||||||
Principal balance | $ 997,702,000 | |||||||||||
Percent of unused portion line of credit facility triggering lower commitment fee (as a percent) | 50.00% | |||||||||||
Senior unsecured credit facility | $ 55,000,000 | $ 75,000,000 | ||||||||||
Maximum annual preferred dividends | $ 17,500,000 | |||||||||||
Minimum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility, unused capacity, commitment fee (as a percent) | 0.20% | |||||||||||
Maximum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Line of credit facility, unused capacity, commitment fee (as a percent) | 0.30% | |||||||||||
Senior Unsecured Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Senior unsecured credit facility | 75,000,000 | |||||||||||
Unsecured Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Accordion feature, higher borrowing capacity | $ 1,200,000,000 | |||||||||||
Interest incurred on the facility | 13,400,000 | 13,700,000 | $ 10,600,000 | |||||||||
Revolving Credit Facility | Senior Unsecured Credit Facility | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 400,000,000 | 400,000,000 | ||||||||||
Principal balance | 350,000,000 | |||||||||||
Senior unsecured credit facility | 55,000,000 | |||||||||||
Interest and unused credit facility fees | $ 4,500,000 | 3,700,000 | $ 1,200,000 | |||||||||
Revolving Credit Facility | Senior Unsecured Credit Facility | LIBOR | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Basis spread on variable rate | 2.40% | |||||||||||
Revolving Credit Facility | Senior Unsecured Credit Facility | London Interbank Offered Rate (LIBOR) Swap Rate | Minimum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Basis spread on variable rate | 0.25% | |||||||||||
Unsecured Term Loan Due October 2023 | Unsecured Term Loan | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Principal balance | $ 50,000,000 | $ 50,000,000 | ||||||||||
Unsecured Term Loan Due October 2023 | Unsecured Term Loan | LIBOR | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Basis spread on variable rate | 2.35% | |||||||||||
Subsequent Event | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Minimum liquidity covenant | $ 125,000,000 | $ 100,000,000 | ||||||||||
Covenant, acquisition limitation | $ 300,000,000 | |||||||||||
Maximum annual preferred dividends | $ 25,000,000 | |||||||||||
Subsequent Event | Senior Unsecured Credit Facility | LIBOR | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Basis spread on variable rate | 2.55% | |||||||||||
Subsequent Event | Revolving Credit Facility | Senior Unsecured Credit Facility | LIBOR | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Basis spread on variable rate | 2.40% | |||||||||||
Testing Period One | Subsequent Event | Minimum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Unencumbered implied debt service coverage ratio | 1 | 1 | ||||||||||
Testing Period Two | Subsequent Event | Minimum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Unencumbered implied debt service coverage ratio | 1 | |||||||||||
Forecast | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Maximum leverage ratio (as a percent) | 0.60 | 0.65 | 0.65 | |||||||||
Unencumbered leverage ratio | 60.00% | 65.00% | 65.00% | |||||||||
Forecast | Unsecured Term Loan Due October 2023 | Unsecured Term Loan | LIBOR | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Basis spread on variable rate | 2.35% | |||||||||||
Forecast | Testing Period Three | Minimum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Unencumbered implied debt service coverage ratio | 1.10 | |||||||||||
Forecast | Testing Periods Thereafter | Minimum | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Unencumbered implied debt service coverage ratio | 1.20 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Income Tax Expense (Benefit) | |||
Federal | $ 0 | $ 420 | $ 66 |
State | 79 | 541 | 984 |
Foreign | 7 | 49 | 460 |
Current Income Tax Expense (Benefit) | 86 | 1,010 | 1,510 |
Deferred Income Tax Expense (Benefit) | |||
Federal | (13,766) | 80 | 1,857 |
State | (4,866) | 132 | (122) |
Foreign | (32,819) | 20,806 | (444) |
Change in valuation allowance | 24,913 | 0 | 300 |
Deferred Income Tax Expense (Benefit) | (26,538) | 21,018 | 1,591 |
Income tax (benefit) provision | $ (26,452) | $ 22,028 | $ 3,101 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory federal tax provision | $ (88,733) | $ 43,313 | $ 19,089 |
Tax impact of REIT election | 37,394 | (14,125) | (14,439) |
State income tax (benefit) provision, net of federal tax benefit | (3,782) | 532 | 405 |
Foreign income tax expense (benefit) | 3,618 | (6,998) | (2,927) |
Change in valuation allowance | 24,913 | 0 | 300 |
Other | 138 | (694) | 673 |
Income tax (benefit) provision | $ (26,452) | $ 22,028 | $ 3,101 |
Income Taxes - Total Deferred T
Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 19,600 | |
Less: Valuation allowance | (25,600) | |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 13,960 | $ 0 |
Deferred income | 2,799 | 2,382 |
Other | 24 | 529 |
Depreciation and amortization | (7,028) | (7,928) |
Less: Valuation allowance | (9,166) | 0 |
Deferred tax assets, net | 589 | |
Deferred tax liabilities, net | (5,017) | |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 5,639 | 2,572 |
Deferred income | 712 | 735 |
Other | 7 | 167 |
Alternative minimum tax credit carryforwards | 80 | 80 |
Depreciation and amortization | (1,787) | (2,446) |
Less: Valuation allowance | (4,313) | (700) |
Deferred tax assets, net | 338 | 408 |
Foreign (USVI) | ||
Operating Loss Carryforwards [Line Items] | ||
Depreciation and amortization | (21,060) | |
Depreciation and amortization | 12,134 | |
Land basis recorded in purchase accounting | (2,617) | (2,617) |
Less: Valuation allowance | (12,134) | 0 |
Deferred tax liabilities, net | $ (2,617) | $ (23,677) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2020 |
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 19,600 | ||
Valuation allowance | 25,600 | ||
Frenchman's Reef & Morning Star Marriott Beach Resort | |||
Income Tax Contingency [Line Items] | |||
New adjusted tax rate after the reduction (as a percent) | 2.30% | 4.40% | |
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 0 | 13,960 | |
Valuation allowance | 0 | 9,166 | |
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 2,572 | 5,639 | |
Valuation allowance | $ 700 | $ 4,313 |
Relationships with Managers a_3
Relationships with Managers and Franchisors - Schedule of Management Fees (Details) - Management fees - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capitalized Contract Cost [Line Items] | |||
Base management fees | $ 6,908 | $ 21,712 | $ 20,467 |
Incentive management fees | 0 | 5,705 | 5,805 |
Amortization of deferred income related to key money | (227) | (227) | (2,398) |
Amortization of unfavorable contract liabilities | (3,103) | (1,715) | (1,715) |
Total management fees, net | $ 3,578 | $ 25,475 | $ 22,159 |
Relationships with Managers a_4
Relationships with Managers and Franchisors - Narrative (Details) $ in Thousands | Aug. 27, 2020 | Mar. 31, 2018USD ($) | Dec. 31, 2020USD ($)hotel | Dec. 31, 2019USD ($)hotel | Dec. 31, 2018USD ($)hotel |
Real Estate Properties [Line Items] | |||||
Number of hotels that earned incentive management fees | hotel | 0 | 8 | 9 | ||
Amortization | $ 396 | $ 396 | $ 2,568 | ||
Number of franchised hotels | hotel | 19 | ||||
Renaissance Charleston Historic District Hotel | |||||
Real Estate Properties [Line Items] | |||||
Management fee, accelerated amortization expense | $ 1,400 | ||||
Vail Marriott Mountain Resort | |||||
Real Estate Properties [Line Items] | |||||
Franchise agreement term | 20 years | ||||
JW Marriott Denver Cherry Creek | |||||
Real Estate Properties [Line Items] | |||||
Renewal term | 10 years | ||||
Westin Washington D.C. City Center mortgage loan | |||||
Real Estate Properties [Line Items] | |||||
Renewal term | 10 years | ||||
Westin San Diego Downtown | |||||
Real Estate Properties [Line Items] | |||||
Renewal term | 10 years | ||||
Key Money | |||||
Real Estate Properties [Line Items] | |||||
Amortization | $ 400 | $ 400 | $ 2,600 | ||
Key Money | Frenchman's Reef & Morning Star Marriott Beach Resort | |||||
Real Estate Properties [Line Items] | |||||
Amortization | $ 2,200 |
Relationships with Managers a_5
Relationships with Managers and Franchisors - Franchise Fees (Details) - Franchise fees - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capitalized Contract Cost [Line Items] | |||
Franchise fees | $ 10,301 | $ 27,102 | $ 26,348 |
Amortization of deferred income related to key money | (170) | (170) | (170) |
Total management fees, net | $ 10,131 | $ 26,932 | $ 26,178 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)ft²roomrenewal_termground_leasehotel | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real Estate Properties [Line Items] | ||||
Number of properties subject to ground leases | hotel | 6 | |||
Acquisition of interest in the land underlying the Kimpton Shorebreak Resort | $ | $ 1,585 | $ 0 | $ 0 | |
Bethesda Marriott Suites | ||||
Real Estate Properties [Line Items] | ||||
Number of renewal periods (in ones) | 0 | |||
Courtyard New York Manhattan/Fifth Avenue | ||||
Real Estate Properties [Line Items] | ||||
Number of renewal periods (in ones) | 1 | |||
Ground leases renewal option (in years) | 49 years | |||
Salt Lake City Marriott Downtown at City Creek mortgage loan | ||||
Real Estate Properties [Line Items] | ||||
Number of properties subject to ground leases | ground_lease | 2 | |||
Interest in land under hotel (as a percent of ownership) | 21.00% | |||
Westin Boston Waterfront mortgage loan | ||||
Real Estate Properties [Line Items] | ||||
Number of renewal periods (in ones) | 0 | |||
Cavallo Point (Base Rent) | ||||
Real Estate Properties [Line Items] | ||||
Number of renewal periods (in ones) | 0 | |||
Worthington Renaissance Fort Worth Hotel mortgage loan | ||||
Real Estate Properties [Line Items] | ||||
Number of properties subject to ground leases | ground_lease | 3 | |||
Number of renewal periods (in ones) | 3 | |||
Ground leases renewal option (in years) | 15 years | |||
Percentage of land on which the parking garage is constructed | 25.00% | |||
JW Marriott Denver Cherry Creek | ||||
Real Estate Properties [Line Items] | ||||
Number of renewal periods (in ones) | 2 | |||
Ground leases renewal option (in years) | 5 years | |||
Area of real estate property (in square feet) | ft² | 5,500 | |||
Incremental renewal option (in years) | 1 year | |||
Kimpton Shorebreak Resort | ||||
Real Estate Properties [Line Items] | ||||
Percent interest in land acquired | 4.50% | |||
Acquisition of interest in the land underlying the Kimpton Shorebreak Resort | $ | $ 1,600 | |||
First Set of Renewal Options | Hotel Palomar Phoenix (Base Rent) | ||||
Real Estate Properties [Line Items] | ||||
Number of renewal periods (in ones) | 3 | |||
Ground leases renewal option (in years) | 5 years | |||
Orchards Inn Sedona | ||||
Real Estate Properties [Line Items] | ||||
Number of rooms | room | 28 | |||
Number of rooms acquired (in rooms) | room | 70 |
Commitments and Contingencies_2
Commitments and Contingencies - Ground Leases Annual Rent (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2031 | Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Bethesda Marriott Suites | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual increase in rent | 5.50% | ||||
Courtyard New York Manhattan/Fifth Avenue | Maximum | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 5.00% | ||||
Salt Lake City Marriott | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Ownership percentage of hotel land | 21.00% | ||||
Annual rent reimbursed by hotel | 21.00% | ||||
Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Term | 30 years | ||||
Westin Boston Waterfront mortgage loan | Maximum | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 2.50% | ||||
Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual increase in rent | 2.50% | ||||
Cavallo Point (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Percentage rent | $ 30,000,000 | ||||
Participation rent | 42,000,000 | $ 42,000,000 | $ 40,000,000 | ||
Through 4/2087 | Bethesda Marriott Suites | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 869,679 | ||||
10/2017 - 9/2027 | Courtyard New York Manhattan/Fifth Avenue | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 1,132,812 | ||||
10/2027 - 9/2037 | Courtyard New York Manhattan/Fifth Avenue | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 1,416,015 | ||||
10/2037 - 9/2047 | Courtyard New York Manhattan/Fifth Avenue | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 1,770,019 | ||||
10/2047 - 9/2057 | Courtyard New York Manhattan/Fifth Avenue | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 2,212,524 | ||||
10/2057 - 9/2067 | Courtyard New York Manhattan/Fifth Avenue | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 2,765,655 | ||||
10/2067 - 9/2077 | Courtyard New York Manhattan/Fifth Avenue | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 3,457,069 | ||||
10/2077 - 9/2085 | Courtyard New York Manhattan/Fifth Avenue | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 4,321,336 | ||||
Through 12/2056 | Salt Lake City Marriott | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | $ 132,000 | ||||
Annual rent expense (as a percentage of gross room sales) | 2.60% | ||||
1/2018 - 12/2056 | Salt Lake City Marriott | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | $ 13,500 | ||||
1/2016 - 12/2020 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 750,000 | ||||
1/2021 - 12/2025 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 1,000,000 | ||||
1/2021 - 12/2025 | JW Marriott Denver Cherry Creek | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 55,000 | ||||
1/2026 - 12/2030 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 1,500,000 | ||||
1/2026 - 12/2030 | JW Marriott Denver Cherry Creek | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 60,000 | ||||
1/2031 - 12/2035 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 1,750,000 | ||||
1/2036 - 5/2099 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | $ 0 | ||||
6/2016 - 5/2026 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 1.00% | ||||
6/2026 - 5/2036 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 1.50% | ||||
6/2036 - 5/2046 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 2.75% | ||||
6/2046 - 5/2056 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 3.00% | ||||
6/2056 - 5/2066 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 3.25% | ||||
6/2066 - 5/2099 | Westin Boston Waterfront mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 3.50% | ||||
1/2016 - 12/2020 | JW Marriott Denver Cherry Creek | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | $ 50,000 | ||||
Through 6/2018 | Orchards Inn Sedona | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 117,780 | ||||
7/2018 - 12/2070 | Orchards Inn Sedona | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 123,499 | ||||
Through 3/2020 | Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 16,875 | ||||
4/2020 - 3/2021 | Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 33,750 | ||||
4/2021 - 3/2085 | Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 34,594 | ||||
1/2022 - 12/2023 | Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 390,000 | ||||
1/2024 - 12/2033 | Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 312,000 | ||||
1/2034 - 12/2043 | Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 234,000 | ||||
1/2044 - 12/2053 | Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 156,000 | ||||
1/2054 - 12/2063 | Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 78,000 | ||||
1/2064 - 3/2085 | Hotel Palomar Phoenix (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 0 | ||||
Through 12/2018 | Cavallo Point (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | $ 1 | ||||
Annual rent (as a percentage of gross revenue) | 1.00% | ||||
1/2019 - 12/2066 | Cavallo Point (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | $ 67,034 | ||||
Rent increase (in years) | 5 years | ||||
Average adjusted gross revenues, period | 3 years | ||||
Adjusted gross revenues, multiplying percentage | 75.00% | ||||
1/2019 - 12/2023 | Cavallo Point (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 2.00% | ||||
1/2024 - 12/2028 | Cavallo Point (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 3.00% | ||||
1/2029 - 12/2033 | Cavallo Point (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 4.00% | ||||
1/2034 - 12/2066 | Cavallo Point (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 5.00% | ||||
Through 12/2066 | Cavallo Point (Base Rent) | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent (as a percentage of gross revenue) | 10.00% | ||||
8/2013 - 7/2022 | Worthington Renaissance Fort Worth Hotel mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | $ 40,400 | ||||
8/2022 - 7/2037 | Worthington Renaissance Fort Worth Hotel mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 46,081 | ||||
8/2037 - 7/2052 | Worthington Renaissance Fort Worth Hotel mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | 51,763 | ||||
8/2052 - 7/2067 | Worthington Renaissance Fort Worth Hotel mortgage loan | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual rent | $ 57,444 | ||||
Forecast | JW Marriott Denver Cherry Creek | |||||
Schedule of Ground Leased Assets [Line Items] | |||||
Annual increase in rent | 3.00% | ||||
Rent increase (in years) | 1 year |
Fair Value Measurements and I_3
Fair Value Measurements and Interest Rate Swaps - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | $ 1,048,699 | $ 1,090,099 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | 1,048,699 | 1,090,099 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value | $ 1,078,900 | $ 1,110,353 |
Fair Value Measurements and I_4
Fair Value Measurements and Interest Rate Swaps - Interest Rate Swap (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jun. 09, 2020 | Dec. 31, 2019 |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Fair Value of Assets (Liabilities) | $ (12,617) | $ (2,545) | |
Interest Rate Swap | $50 million term loan | |||
Derivative [Line Items] | |||
Rate Fixed | 2.41% | ||
Notional Amount | $ 50 | ||
Fair Value of Assets (Liabilities) | $ (3,231) | (1,597) | |
Interest Rate Swap | $350 million term loan | |||
Derivative [Line Items] | |||
Rate Fixed | 1.70% | ||
Notional Amount | $ 175 | ||
Fair Value of Assets (Liabilities) | (9,386) | $ (948) | |
Unsecured Term Loan | |||
Derivative [Line Items] | |||
Hedged Debt | $ 400,000 | ||
Unsecured Term Loan | $50 million term loan | |||
Derivative [Line Items] | |||
Hedged Debt | 50,000 | ||
Unsecured Term Loan | $350 million term loan | |||
Derivative [Line Items] | |||
Hedged Debt | $ 350,000 |
Fair Value Measurements and I_5
Fair Value Measurements and Interest Rate Swaps - Fair Value, Assets Measured on Recurring and Nonrecurring Basis (Details) - Fair Value, Nonrecurring $ in Thousands | Dec. 31, 2020USD ($) |
Hotel properties | $ 45,500 |
Level 1 | |
Hotel properties | 0 |
Level 2 | |
Hotel properties | 0 |
Level 3 | |
Hotel properties | $ 45,500 |
Fair Value Measurements and I_6
Fair Value Measurements and Interest Rate Swaps - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Impairment losses | $ 174,100 | $ 174,120 | $ 0 | $ 0 |
Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Hotel properties, measurement input | 0.115 | 0.115 | ||
Valuation Technique, Discounted Cash Flow | Measurement Input, Terminal Capitalization Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Hotel properties, measurement input | 0.085 | 0.085 |
Quarterly Operating Results (_3
Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenues | $ 59,047 | $ 50,067 | $ 20,379 | $ 169,995 | $ 237,519 | $ 240,279 | $ 257,918 | $ 202,375 | $ 299,488 | $ 938,091 | $ 863,704 |
Total operating expenses | 278,078 | 111,870 | 88,902 | 189,513 | 75,214 | 211,033 | 211,960 | 185,885 | 668,363 | 684,092 | 733,643 |
Operating (loss) income | (219,031) | (61,803) | (68,523) | (19,518) | 162,305 | 29,246 | 45,958 | 16,490 | |||
Net (loss) income | (208,313) | (79,635) | (73,387) | (34,692) | 134,583 | 11,574 | 29,074 | 8,980 | (396,027) | 184,211 | 87,796 |
Net (loss) income attributable to common stockholders | $ (209,897) | $ (80,437) | $ (72,782) | $ (34,559) | $ 134,053 | $ 11,529 | $ 28,960 | $ 8,945 | $ (397,675) | $ 183,487 | $ 87,784 |
Net (loss) income per share available to common stockholders—basic (in dollars per share) | $ (1.04) | $ (0.40) | $ (0.36) | $ (0.17) | $ 0.67 | $ 0.06 | $ 0.14 | $ 0.04 | $ (1.97) | $ 0.91 | $ 0.43 |
Net (loss) income per share available to common stockholders—diluted (in dollars per share) | $ (1.04) | $ (0.40) | $ (0.36) | $ (0.17) | $ 0.66 | $ 0.06 | $ 0.14 | $ 0.04 | $ (1.97) | $ 0.90 | $ 0.43 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (597,702) | |||
Initial Cost - Land | 616,840 | |||
Initial Cost - Buildings and Improvements | 2,377,317 | |||
Costs Capitalized Subsequent to Acquisition | 356,324 | |||
Gross Amount at End of Year - Land | 618,210 | |||
Gross Amount at End of Year - Buildings and Improvements | 2,732,271 | |||
Gross Amount at End of Year - Total | $ 3,377,279 | $ 3,377,279 | $ 3,308,009 | 3,350,481 |
Accumulated Depreciation | (683,543) | (625,411) | (556,868) | (683,543) |
Net Book Value | 2,666,938 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||
Balance at beginning of period | 3,377,279 | 3,308,009 | 3,025,089 | |
Acquisitions | ||||
Acquisitions | 0 | 0 | 221,970 | |
Capital expenditures | 34,512 | 69,270 | 60,950 | |
Deductions: | ||||
Impairment losses | (61,310) | |||
Dispositions | 0 | 0 | 0 | |
Balance at end of period | 3,350,481 | 3,377,279 | 3,308,009 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of period | 625,411 | 556,868 | 492,871 | |
Depreciation and amortization | 73,362 | 68,543 | 63,997 | |
Impairment losses | (15,230) | |||
Dispositions | 0 | 0 | 0 | |
Balance at end of period | 683,543 | $ 625,411 | $ 556,868 | |
Aggregate cost of properties for Federal income tax purposes | 3,311,291 | |||
Atlanta Marriott Alpharetta | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 3,623 | |||
Initial Cost - Buildings and Improvements | 33,503 | |||
Costs Capitalized Subsequent to Acquisition | 2,974 | |||
Gross Amount at End of Year - Land | 3,623 | |||
Gross Amount at End of Year - Buildings and Improvements | 36,477 | |||
Gross Amount at End of Year - Total | 40,100 | 40,100 | ||
Accumulated Depreciation | $ (13,560) | (13,560) | ||
Net Book Value | 26,540 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 40,100 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 13,560 | |||
Barbary Beach House Key West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 49,592 | |||
Initial Cost - Buildings and Improvements | 42,958 | |||
Costs Capitalized Subsequent to Acquisition | 13,840 | |||
Gross Amount at End of Year - Land | 49,592 | |||
Gross Amount at End of Year - Buildings and Improvements | 56,798 | |||
Gross Amount at End of Year - Total | 106,390 | 106,390 | ||
Accumulated Depreciation | $ (6,651) | (6,651) | ||
Net Book Value | 99,739 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 106,390 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 6,651 | |||
Bethesda Marriott Suites | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 45,656 | |||
Costs Capitalized Subsequent to Acquisition | 7,362 | |||
Gross Amount at End of Year - Land | 0 | |||
Gross Amount at End of Year - Buildings and Improvements | 53,018 | |||
Gross Amount at End of Year - Total | 53,018 | 53,018 | ||
Accumulated Depreciation | $ (19,444) | (19,444) | ||
Net Book Value | 33,574 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 53,018 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 19,444 | |||
Cavallo Point, The Lodge at Golden Gate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 123,100 | |||
Costs Capitalized Subsequent to Acquisition | 2,963 | |||
Gross Amount at End of Year - Land | 0 | |||
Gross Amount at End of Year - Buildings and Improvements | 126,063 | |||
Gross Amount at End of Year - Total | 126,063 | 126,063 | ||
Accumulated Depreciation | $ (9,027) | (9,027) | ||
Net Book Value | 117,036 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 126,063 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 9,027 | |||
Chicago Marriott Downtown, Magnificent Mile | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 36,900 | |||
Initial Cost - Buildings and Improvements | 347,921 | |||
Costs Capitalized Subsequent to Acquisition | 97,210 | |||
Gross Amount at End of Year - Land | 36,900 | |||
Gross Amount at End of Year - Buildings and Improvements | 445,131 | |||
Gross Amount at End of Year - Total | 482,031 | 482,031 | ||
Accumulated Depreciation | $ (143,767) | (143,767) | ||
Net Book Value | 338,264 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 482,031 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 143,767 | |||
The Gwen Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 31,650 | |||
Initial Cost - Buildings and Improvements | 76,961 | |||
Costs Capitalized Subsequent to Acquisition | 22,899 | |||
Gross Amount at End of Year - Land | 31,650 | |||
Gross Amount at End of Year - Buildings and Improvements | 99,860 | |||
Gross Amount at End of Year - Total | 131,510 | 131,510 | ||
Accumulated Depreciation | $ (30,100) | (30,100) | ||
Net Book Value | 101,410 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 131,510 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 30,100 | |||
Courtyard Denver Downtown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 9,400 | |||
Initial Cost - Buildings and Improvements | 36,180 | |||
Costs Capitalized Subsequent to Acquisition | 6,308 | |||
Gross Amount at End of Year - Land | 9,400 | |||
Gross Amount at End of Year - Buildings and Improvements | 42,488 | |||
Gross Amount at End of Year - Total | 51,888 | 51,888 | ||
Accumulated Depreciation | $ (9,284) | (9,284) | ||
Net Book Value | 42,604 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 51,888 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 9,284 | |||
Courtyard New York Manhattan/Fifth Avenue [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 34,685 | |||
Costs Capitalized Subsequent to Acquisition | 5,113 | |||
Gross Amount at End of Year - Land | 0 | |||
Gross Amount at End of Year - Buildings and Improvements | 39,798 | |||
Gross Amount at End of Year - Total | 39,798 | 39,798 | ||
Accumulated Depreciation | $ (15,519) | (15,519) | ||
Net Book Value | 24,279 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 39,798 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 15,519 | |||
Courtyard New York Manhattan/Midtown East | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (79,535) | |||
Initial Cost - Land | 16,500 | |||
Initial Cost - Buildings and Improvements | 54,812 | |||
Costs Capitalized Subsequent to Acquisition | 6,556 | |||
Gross Amount at End of Year - Land | 16,500 | |||
Gross Amount at End of Year - Buildings and Improvements | 61,368 | |||
Gross Amount at End of Year - Total | 77,868 | 77,868 | ||
Accumulated Depreciation | $ (23,401) | (23,401) | ||
Net Book Value | 54,467 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 77,868 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 23,401 | |||
Frenchman's Reef & Morning Star Marriott Beach Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 17,713 | |||
Initial Cost - Buildings and Improvements | 50,697 | |||
Costs Capitalized Subsequent to Acquisition | (43,361) | |||
Gross Amount at End of Year - Land | 17,713 | |||
Gross Amount at End of Year - Buildings and Improvements | 7,336 | |||
Gross Amount at End of Year - Total | 25,049 | 25,049 | ||
Accumulated Depreciation | $ 0 | 0 | ||
Net Book Value | 25,049 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 25,049 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 0 | |||
Havana Cabana Key West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 32,888 | |||
Initial Cost - Buildings and Improvements | 13,371 | |||
Costs Capitalized Subsequent to Acquisition | 5,570 | |||
Gross Amount at End of Year - Land | 32,888 | |||
Gross Amount at End of Year - Buildings and Improvements | 18,941 | |||
Gross Amount at End of Year - Total | 51,829 | 51,829 | ||
Accumulated Depreciation | $ (2,622) | (2,622) | ||
Net Book Value | 49,207 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 51,829 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 2,622 | |||
Hilton Boston Downtown/Faneuil Hall | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 23,262 | |||
Initial Cost - Buildings and Improvements | 128,628 | |||
Costs Capitalized Subsequent to Acquisition | 15,211 | |||
Gross Amount at End of Year - Land | 23,262 | |||
Gross Amount at End of Year - Buildings and Improvements | 143,839 | |||
Gross Amount at End of Year - Total | 167,101 | 167,101 | ||
Accumulated Depreciation | $ (29,374) | (29,374) | ||
Net Book Value | 137,727 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 167,101 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 29,374 | |||
Hilton Burlington Lake Champlain | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 9,197 | |||
Initial Cost - Buildings and Improvements | 40,644 | |||
Costs Capitalized Subsequent to Acquisition | 6,720 | |||
Gross Amount at End of Year - Land | 9,197 | |||
Gross Amount at End of Year - Buildings and Improvements | 47,364 | |||
Gross Amount at End of Year - Total | 56,561 | 56,561 | ||
Accumulated Depreciation | $ (9,218) | (9,218) | ||
Net Book Value | 47,343 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 56,561 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 9,218 | |||
Hilton Garden Inn New York/Times Square Central | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 60,300 | |||
Initial Cost - Buildings and Improvements | 88,896 | |||
Costs Capitalized Subsequent to Acquisition | 869 | |||
Gross Amount at End of Year - Land | 60,300 | |||
Gross Amount at End of Year - Buildings and Improvements | 89,765 | |||
Gross Amount at End of Year - Total | 150,065 | 150,065 | ||
Accumulated Depreciation | $ (14,255) | (14,255) | ||
Net Book Value | 135,810 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 150,065 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 14,255 | |||
Hotel Emblem San Francisco | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 7,856 | |||
Initial Cost - Buildings and Improvements | 21,085 | |||
Costs Capitalized Subsequent to Acquisition | 8,728 | |||
Gross Amount at End of Year - Land | 7,856 | |||
Gross Amount at End of Year - Buildings and Improvements | 29,813 | |||
Gross Amount at End of Year - Total | 37,669 | 37,669 | ||
Accumulated Depreciation | $ (4,703) | (4,703) | ||
Net Book Value | 32,966 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 37,669 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 4,703 | |||
Hotel Palomar Phoenix (Base Rent) | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 59,703 | |||
Costs Capitalized Subsequent to Acquisition | (61) | |||
Gross Amount at End of Year - Land | 0 | |||
Gross Amount at End of Year - Buildings and Improvements | 59,642 | |||
Gross Amount at End of Year - Total | 59,642 | 59,642 | ||
Accumulated Depreciation | $ (4,286) | (4,286) | ||
Net Book Value | 55,356 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 59,642 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 4,286 | |||
JW Marriott Denver Cherry Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (60,052) | |||
Initial Cost - Land | 9,200 | |||
Initial Cost - Buildings and Improvements | 63,183 | |||
Costs Capitalized Subsequent to Acquisition | 11,074 | |||
Gross Amount at End of Year - Land | 9,200 | |||
Gross Amount at End of Year - Buildings and Improvements | 74,257 | |||
Gross Amount at End of Year - Total | 83,457 | 83,457 | ||
Accumulated Depreciation | $ (15,858) | (15,858) | ||
Net Book Value | 67,599 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 83,457 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 15,858 | |||
Kimpton Shorebreak Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 19,908 | |||
Initial Cost - Buildings and Improvements | 37,525 | |||
Costs Capitalized Subsequent to Acquisition | 4,680 | |||
Gross Amount at End of Year - Land | 20,423 | |||
Gross Amount at End of Year - Buildings and Improvements | 41,690 | |||
Gross Amount at End of Year - Total | 62,113 | 62,113 | ||
Accumulated Depreciation | $ (5,988) | (5,988) | ||
Net Book Value | 56,125 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 62,113 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 5,988 | |||
The Landing Lake Tahoe Resort & Spa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 14,816 | |||
Initial Cost - Buildings and Improvements | 24,351 | |||
Costs Capitalized Subsequent to Acquisition | 862 | |||
Gross Amount at End of Year - Land | 14,816 | |||
Gross Amount at End of Year - Buildings and Improvements | 25,213 | |||
Gross Amount at End of Year - Total | 40,029 | 40,029 | ||
Accumulated Depreciation | $ (1,838) | (1,838) | ||
Net Book Value | 38,191 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 40,029 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 1,838 | |||
L'Auberge de Sedona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 39,384 | |||
Initial Cost - Buildings and Improvements | 22,204 | |||
Costs Capitalized Subsequent to Acquisition | 2,002 | |||
Gross Amount at End of Year - Land | 39,384 | |||
Gross Amount at End of Year - Buildings and Improvements | 24,206 | |||
Gross Amount at End of Year - Total | 63,590 | 63,590 | ||
Accumulated Depreciation | $ (3,460) | (3,460) | ||
Net Book Value | 60,130 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 63,590 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 3,460 | |||
The Lexington Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 92,000 | |||
Initial Cost - Buildings and Improvements | 229,368 | |||
Costs Capitalized Subsequent to Acquisition | 26,805 | |||
Gross Amount at End of Year - Land | 92,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 256,173 | |||
Gross Amount at End of Year - Total | 348,173 | 348,173 | ||
Accumulated Depreciation | $ (58,877) | (58,877) | ||
Net Book Value | 289,296 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 348,173 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 58,877 | |||
Orchards Inn Sedona | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 9,726 | |||
Initial Cost - Buildings and Improvements | 10,180 | |||
Costs Capitalized Subsequent to Acquisition | 158 | |||
Gross Amount at End of Year - Land | 9,726 | |||
Gross Amount at End of Year - Buildings and Improvements | 10,338 | |||
Gross Amount at End of Year - Total | 20,064 | 20,064 | ||
Accumulated Depreciation | $ (1,075) | (1,075) | ||
Net Book Value | 18,989 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 20,064 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 1,075 | |||
Renaissance Charleston Historic District Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 5,900 | |||
Initial Cost - Buildings and Improvements | 32,511 | |||
Costs Capitalized Subsequent to Acquisition | 9,411 | |||
Gross Amount at End of Year - Land | 5,900 | |||
Gross Amount at End of Year - Buildings and Improvements | 41,922 | |||
Gross Amount at End of Year - Total | 47,822 | 47,822 | ||
Accumulated Depreciation | $ (9,206) | (9,206) | ||
Net Book Value | 38,616 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 47,822 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 9,206 | |||
Salt Lake City Marriott Downtown at City Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (47,250) | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 45,815 | |||
Costs Capitalized Subsequent to Acquisition | 11,015 | |||
Gross Amount at End of Year - Land | 855 | |||
Gross Amount at End of Year - Buildings and Improvements | 55,975 | |||
Gross Amount at End of Year - Total | 56,830 | 56,830 | ||
Accumulated Depreciation | $ (19,755) | (19,755) | ||
Net Book Value | 37,075 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 56,830 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 19,755 | |||
The Lodge at Sonoma Renaissance Resort and Spa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (26,268) | |||
Initial Cost - Land | 3,951 | |||
Initial Cost - Buildings and Improvements | 22,720 | |||
Costs Capitalized Subsequent to Acquisition | 11,465 | |||
Gross Amount at End of Year - Land | 3,951 | |||
Gross Amount at End of Year - Buildings and Improvements | 34,185 | |||
Gross Amount at End of Year - Total | 38,136 | 38,136 | ||
Accumulated Depreciation | $ (14,310) | (14,310) | ||
Net Book Value | 23,826 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 38,136 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 14,310 | |||
Vail Marriott Mountain Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 5,800 | |||
Initial Cost - Buildings and Improvements | 52,463 | |||
Costs Capitalized Subsequent to Acquisition | 26,109 | |||
Gross Amount at End of Year - Land | 5,800 | |||
Gross Amount at End of Year - Buildings and Improvements | 78,572 | |||
Gross Amount at End of Year - Total | 84,372 | 84,372 | ||
Accumulated Depreciation | $ (22,643) | (22,643) | ||
Net Book Value | 61,729 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 84,372 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 22,643 | |||
Westin Boston Waterfront | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (186,840) | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 273,696 | |||
Costs Capitalized Subsequent to Acquisition | 35,183 | |||
Gross Amount at End of Year - Land | 0 | |||
Gross Amount at End of Year - Buildings and Improvements | 308,879 | |||
Gross Amount at End of Year - Total | 308,879 | 308,879 | ||
Accumulated Depreciation | $ (103,983) | (103,983) | ||
Net Book Value | 204,896 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 308,879 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 103,983 | |||
Westin Fort Lauderdale Beach Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 54,293 | |||
Initial Cost - Buildings and Improvements | 83,227 | |||
Costs Capitalized Subsequent to Acquisition | 11,568 | |||
Gross Amount at End of Year - Land | 54,293 | |||
Gross Amount at End of Year - Buildings and Improvements | 94,795 | |||
Gross Amount at End of Year - Total | 149,088 | 149,088 | ||
Accumulated Depreciation | $ (13,837) | (13,837) | ||
Net Book Value | 135,251 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 149,088 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 13,837 | |||
Westin San Diego Downtown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (60,261) | |||
Initial Cost - Land | 22,902 | |||
Initial Cost - Buildings and Improvements | 95,617 | |||
Costs Capitalized Subsequent to Acquisition | 9,438 | |||
Gross Amount at End of Year - Land | 22,902 | |||
Gross Amount at End of Year - Buildings and Improvements | 105,055 | |||
Gross Amount at End of Year - Total | 127,957 | 127,957 | ||
Accumulated Depreciation | $ (21,887) | (21,887) | ||
Net Book Value | 106,070 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 127,957 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 21,887 | |||
Westin Washington D.C City Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (58,282) | |||
Initial Cost - Land | 24,579 | |||
Initial Cost - Buildings and Improvements | 122,229 | |||
Costs Capitalized Subsequent to Acquisition | 13,170 | |||
Gross Amount at End of Year - Land | 24,579 | |||
Gross Amount at End of Year - Buildings and Improvements | 135,399 | |||
Gross Amount at End of Year - Total | 159,978 | 159,978 | ||
Accumulated Depreciation | $ (28,158) | (28,158) | ||
Net Book Value | 131,820 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 159,978 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | 28,158 | |||
Worthington Renaissance Fort Worth Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (79,214) | |||
Initial Cost - Land | 15,500 | |||
Initial Cost - Buildings and Improvements | 63,428 | |||
Costs Capitalized Subsequent to Acquisition | 24,483 | |||
Gross Amount at End of Year - Land | 15,500 | |||
Gross Amount at End of Year - Buildings and Improvements | 87,911 | |||
Gross Amount at End of Year - Total | 103,411 | 103,411 | ||
Accumulated Depreciation | $ (27,457) | (27,457) | ||
Net Book Value | $ 75,954 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 103,411 | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | $ 27,457 |